f
r .
,
"m-k
EX'ENING LBbaER-PHILADELPHIA, OTURIWiV JlfcY' 12? 1017 "H
i - - - j f ,
I ;
14
If
r
H-
II
I
IIEIMY, BROCK & CO.
BANKERS '
It
INVESTMENT
SECURITIES
GOVERNMENT
MUNICIPAL
RAILROAD
AND
PUDLIC SERVICE
CORPORATION
DOND3
:06 CHESTNUT STREET
Philadelphia
Citizens Gas &
Electric Company
Consolidated Mtge.
6 Gold Bonds
Guaranteed principal and
interest by endorsement by
the American Gas Company.
Applicable earnings
about double the amount
required without nny
recourse to the Amer
ican Gas Company's
guarantee.
Tax refundable in Penn
sylvania and free from
2 Income Tax.
Price and descriptive circular on request
Bonbright& Company
MORRIS WISTAR STROUD. Jr.
Manager
437 Chestnut St., Philadelphia
New York Iloitou Chltnco Detroit
Lnndin Pari
William 1. Jlonhrlght A Co. nonbrlght Co
FINANCIAL NEWS 1
&gLgtark$eo.
BANKERS
(Established 1837)
321 Chestnut Street I
Philadelphia !
f U A rt-ktilr nt Inr-n Mrnlnt. SA
'"t
m
r,..nll of l.rvn ..rnlnpa
uf comnanles In 111,, nil Inrin.trt
holders uf ell linr . luiee imrtlel
pntcd In tll r.'i"Tlij lliroiuli
crab dWbli utls as.l stm-k melon..
fl well an bnihlwtmr market pr"f
Its. ln.llrplloni cilnt to a ran
tlouaoce uf (bit ptospeiltj.
I A roraprrhrnslre article on Ibe
present situation In oil li con
tained In th current I. sum of mi.
fortnightly publication. A
"Investment Opportunities"
tj Thla number, as well aa suc
ceeding tssu-e, will ba iftit with
out charge upon request for
D2PU Including 'ur booklet e
plaining
"The Twenty Payment Plan"
SI3ffXEESIg
" IwrvimrwyEarltie
(E'Ublleued 1009)
40 Ecnan5: Plae- New Vor.
Fl
!,, iiiilUh'iWhV,))'.),,)).!, l..,l,l!ffji
FOUNDED 1803
The Provident
Life and Truat Company of Philadelphia
Sot only what a Trust Comphny dot, but ooui
it dots If, counts.
II AND CHESTNUT STREETS
With Every Stroke
of the Pump
n Otage-Homlny Oil
' n Elk Bajtn PJtroIeum
0 Ssfulpa Oil & Relininj
OklJhoma Trod. & Ref.
are doing their big share In supplying
the acuta demand for tb product uf
tbelr toted poola.
All four of theae olla are aubstan
tlal dividend payers yielding 5 par
cent to 12 par cent on preaent market
prlcea.
You ahould know about their history
--location tha men back of them
and their future possibilities.
Rend fer analytical reports on any of
theae companlea check the atork or
stocks you are Interested In, rut out
advertisement and mall wltli request,
JOKES & BAKER
stock nnpnr.iig
Widener Bldg., Philadelphia
Ball, Walnut 1800.1
Keystone, Race 2380.
Ka York notion
Cklter rittabartb
IXreer Jtfiwf f Wire
RALLY FOLLOWS DECLINE IN STOCKS
- AT OPENING OF THE NEW YORK MARKET
All of Gains Are Not Maintained at the Close, However,
Tightening Df Money, Due to Withdrawals by &ov-
. ernment, Having Much to Do With Movement
NEW YORK, July 12.
The stock market today was unusually confused. Following tho buoyant
closing yesterday, prices declined with sonic violence In the early dealings,
extreme losses ranging from 2 to more than 6 points In some specialties,
Including a drop of 2 points In Steel common. Stop ordors were caught In
the last-mentioned Issue, and the whole market looked of a disordered appearance.
The declines were attrlbutaole to President Wilson's proclamation relative
to price fixing on commodities, tind an unfavorable sentiment had been caused
overnight by the decline In United States Liberty Loan bonds to below par.
The weakness In this Issue" did not become generally known until after
the close yesterday and was due to the disappointment over the rate of 3'4
per cent for the $3,000,000,000 new loan to be Issued In September.
Tho lolnt was made tha. the general public had taken fully in per cent
of the erlstlng loan and that the new Issue should command a higher rale.
The bonds, on transactions of about $f61,000, reached a new low of 90 45-SO..
A decided counter-current set In Inte-ln the day. when advances as violent
as had been the early declines took place In a number of Issues These brought
a number 6f stocks back to or above the opening level, and some of the specialties
scored large gains. Industrial Alcohol, from a low of 157, advanced to 165t
on a squeeze of shorti. The stock commanded a premium of 1 per cent In
the loan crowd. St. Paul rallied about 2 points, and there were improvements
In Missouri Pacific when issued and a number of other railroads.
All of the recoveries scored In the various stocks were not held to the
close. The money market had much to do with this action of the market.
Starting nt 214 per cent, It was not long beforo the rate on call funds,
had been advanced to 4 per cent. This tightening In money was' due to the
fact that the Government has made heavy withdrawals of deposits placed In
banks out of tho proceeds of the Liberty Loan.
Promptly at 2 p. m. announcement was made of the bids for the new
New York City stock offering, and details continued to be published during
the entire closing hour. Generally speaking, the chief comment In advance of
the completion of the details was disappointment over the fact that tho stock
mi under the figures that have been quote on the Curb, when Issued,
Bonds were somewhat Irregular. The Husslan Issues were strong. Nor
York t'lt new 4 '4s eased off Vi. pending the opening of the bids.
IRREGULAR PRICE CHANGES FOLLOW ,
FURTHER UPTURNS ON NEW YORK CURB
NEW YOR.K, July 12.
In the Curb market trading developed fair activity, with a further upturn
at the start. Before the first hour an Irregular price movement set In, due
in part to the heaviness In the big board. Prlco3 In the majority of issues,
however, were well maintained above the previous closing.
Chevrolet Motors opened up sharply about 44 points, due to the report
of a merger with the General Motors Company. Realizing brought about a
reaction of about 2 points. United Motors was almost entirely neglected, moving
at a range of . Standard Motors was fractionally lower. Butterworth Judson
was down 1V4.
The airplane Issues were strong, with heavy trading in Wrlght-Mnrtln,
which, after eaMng off a small fraction, moved up . Curtlss Aeroplane, while
quiet", ruled firm. Aetna Explosive Improved 'i, while Maxim Munitions
hold steady.
Oil stocks were generally firm, with considerable activity .n Oklahoma
Hominy, which moved up a full point, due to the reports o fbrlnglng In a new well.
Mining shares were comparatively quiet, with only slight price fluctuations.
NEW YORK STOCK SALES J
JtlKll.
Atlls-Chalmers Co. 31"4
do pref' HJ',4
Am Agr Chem . . . on
Am Beet Sugar. . . 0SH
Am Can Alt
Am Car & Kdry. . 1
Am lnt Corp (IB
Am Ice Sec II
do pref 84H
Am Cotton Oil. . . . 8s
Am It & Leather.. 13H
Am Linseed tfi
do pref nt
Am Locomotive . l&Vi
Am Malt 1W
do pref ttk
tw.
19
8SH
40"4
IH
SV4
lOTf,
MH
3
1SH
tfik
m
iH
AS
Net
Cloae. chue,
S0V4 IM.
83V4 "M
Vt
'w
Am Smelting inVa 103
INUUhTRIAI.S
Ye?, close.
Illd. AKked. ISI
Air Reduction " n
Am Htnrm 34 3d
Aetna Explosives i- 3 T-f
Am-Brlt Mfg IS
Am Marconi 3Mi 3
Am Writ Paper 3V4 4
Can Car Co .in 3S
Can Car & Fdy pref.... 70 IS
Charcoal Iron S'li OH ..
Chevrolet MotorJ . . . . i . 0(1 03 03"i
Cramp "
Curtlss Airplane 43 4V4 42
Carwen Tool 1 1 Va 15 1 1T4
Carbon Steel 101 101
nmerson Phono S-li 0
Federal .Dye 4(i
Hendee Mfg in 33
Kathodlon Bronze pref.. 1 Vi 2
Lake Torp Boat 1V4 Vi ?V4
Lehigh Coal Sales 73 so
Lima Locomotive . . . .., . . S4 M
Maxim Munitions IT
Marlln Arms ot 119
New York Shipbuilding .34 37
North Amer. Paper Pulp. 414 S4 5
Otis Llevator 33 80
Peerless Motor 13 l
Poole Engine 70 n
Redden Truck 103 107
Santa. Cecilia SO
Santa Cecilia pref S3 OS
Sclpps-Uooth S3
Standard Mr.tors 11 IS
Steel Alloys '4 " n'n
.submarine .'. . S0-n. soy, 31
St. Joseph Lead 1'.4 19 1V4
Todd Shipbuilding 83 88
Tr.ang Film ... s Hi 1 T4 1ft
fnlted Profit Sharing ... Vi
United States Steamshtp. 44 4 Mi V4
United Motors 53 S3V4 !Va
United Sugar 35 3
World's Film Vi
Wright-Martin Air n'a o nV
Zlne Concent 5 "Vt 3
STANDARD OIL STOCKS
Illinois- S08 SIS
Ohio ..'. 338 343
Prairie Pipe S77 S70 78
Stand Oil of .California. SSO 203
Stand Oil of New Jerrey.SBO 385
Stand Oil of New York.. 381 384 381
INiir.IT.NIlKNT OIL STOCKS
Barnett oil ft Gas Iti 3 3
Corden Oil 1W 134 13
Cosden & Co UT4 13W, 134
L k Basin 10 I0V4 ..
Federal Oil .' 4i, 4"4
Inter Petrol ( 13 lSVi IS
Houston Oil 30 S3 20
Mcrrltt Oil 374 374 tlV,
Midwest Refining ljS 147 147
LIBERTY BONDS DECLINE
lNDnrKNIir.NT OIL
n:d.
Met Petrol t
Ohio Fuel 18
Oklahoma Reflnlnt:
Osaga Ilomlny . . .
Rico Oil
Sapulpa Refining
Sequoyah .......
Sinclair
United West Oil..
STOCKS Continued
Yen. close.
.eked. iSfilol
li U4
10
n-K.
oi
Vi
10 10',i
1 Vi 1
234 37
4
MISINO STOCKS
Alatka Standard 30 32
Atlanta 10 11
Big Ledge - 3 S4
nisbee Copper (a pros) . . 4 4
Butto Copper & Zinc . . . O'K O1;
Butte New Yorl; 14 1
Cal & Jerome 14 4
Con Ariz 3 514
Emma Consolidated 1
First National- 3 34
Goldflcld Merge 3 7
Uotdfleld Cons 51 32
Goldfleld Florence 17 31
Goldfleld Kewanas 12 14
Green Monster T4 1
Hecla Mining 8y, 84
Uowe Sound 34 574
Jerome'Verde 1 ,', . 1 4
Jim Butler 81 83
Jumbo Extension 30 33
Magnate Copper 4 1
McKlnley-Darragh 33 36
Magma Copper 4H 48
Mother Lodo 334 a
Mines Co of America. ... 14 114
Nevada Hills 33 35
Nevada Wonder 1 14
Nlplsslng 7 14 1 4
Ohio Copper 14 1
Ray Hercules SM 4
Stewart tt.33
San Toy 14 16
Tonopah Extension 294 24
United Verde 374 38
West End Con 68 70
White Oaks 3
White Cap 1 , 1 ,',
Yerlngton 26 28
BONDS
Atlanta Charlotte 5s ....064 08
Bethlehem 5a 084 08 14
Cosden Oil 6s 00 101
Cosden & Co 6s 03 100
Cudahy ts OS 100
Erie 5s 084 984
New Haven 5s 034 064
Russian Govt 54s 78 80
do OVjs 884 01
Southern Railway 6s. . . . 1184 0894
Sinclair Oil 6s 00 OS
Todd Shipbuilding 6s 101 103
New York City 4js 103 1034
0fc
1
ioy,
ifc
334
31
104
24
io
14
li'
SA
U
84
6
51
8T4
'A
82
33
36
46
37
74
1A
11-33
!
27
08
0884
7Vi
01
0814
Sell Down to 99 45-50, a New Low, in
New York
Liberty JJonds sold at par here, but In New
York they declined to 09 46-50. a new low.
The decline In the bonds to below par,
bankers maintained, was not surprlslnp.
especially In taco of the announcement from
Washington that, the Yreaiur Department
contemplated putting out $3,000,000,000 ad
ditional bonds at 34 per cent on September
15 next. Obviously, many who purchased
the bonda did so In the belief that the next
Issue would bear 4 per cent, and the Wash
ington announcement put a damper on their
enthusiasm In this respect.
Some bankers, maintained tha,t It was not
surprising that the- bonds fell below the
offering prlc;. as was' perfectly natural
that they should eek a level commensu
rate with the conditions governing the- sit
uation as a who:c Other Government
bonds- have decM.ied below' their offering
quotation, and net much ;ilgi,lHcarcd Was
attached to the small fractional recession In
the Liberty Loan Issue.
It will be" recalled that Governor Strong.
of the New York Federal Reserve Bahk.
a short time ago, said' It was desirable that
there should be unrestricted trading In the
bonds in order that they might "seek their
natural pries level.
GOVERNMENT BONDS
;a retlaterrd.1030 .........
?a coupon losn ... . .....
3a rciletered 118
3a roupnn IU1H .... ;....
An reentered IBM
4 toHpAQ JOJ3 ...........
re'.lavred lOHI
? coupon ItMB . .
runama ?a rear te-ed 1830
Panama 2a rer etered 1SSJ
1-anama 8a reentered .001
Panama 3a coupon
SSU
HI
'116
ll
)
SO
NEW YORK STOCK OFFERING
City Controller Opens Bids for $55,
000,000 44 Per Cents
NEW YORK July 12 Controller Wil
liam A. Prcnderga't this afternoon opened
bids for S55.000.000 4Vj per cent gold corp
orate stcck of the city of New York, desig
nated as. follows: $47 500,000 payablo July
1, 1967, and $7,500,000 maturing annually
from July 1. 1918, to July 1, 1932.
Among the bidders were J. S. Bache Com
pany, $1,050,000 serial at 100.1975. ZIm
mermann & Forshay, $1,661,000 fifty-year
In various lots at from 100.25 to 101,(8; R.
H. Flero Company, $160,000 In lots of
10,000 each at 100.8134 to 101.7512.
Bar Silver Still Goes Up
Both New York and London quote bar
silver at new high prices again today.
Ah, advance of tine-fourth per cent In New
Yoik makea tho domestic figure 410 4 cents
and of one-eighth penco In London make
that price 40J penc. Of Interest Is the dls
patch from Toronto that American banker
have purchased 200,000 ounces of silver at
83 f, cents an ounce. This ta the highest
price the metal has touched In years. The
amount Involved In the transaction Is more
than $167,000.
I.aat HIT.
Tea, Thura. Illsh. Low,
40H 89H 40H
Today,
9
London (pence),
7l"
35 H
RAILROAD.EARNINGS
Bourse Firm
PARIS, July 12. The Bourse was nrro
today, With, proaaemng aaruanq -or w
vVtmint; - - - ' ' '
11
" It- '"" r ' 4 II
CANADIAN NORTHERN
1917
Klrat week July . ... $00,2,300
I'HtCAOO. INDIANAPOLIS AND 1.0U1SVILI.J
nrai HfiK juiy . . ent.i.n'vi tn.iu
'.'.o
Increaa'
11T.2W
from January 1.
VSM.dSl
n
Liir,nA-Miib A..I uiiivj
1'lrat week July.... . S883.81T S3U.10T
Gold Export for Japan
.JEW YORK. July 12 The Subtreaaury
transferred $1,100,000 to Sah 5"ranclco
thla, morning, 'icldental to txporta to
-4Japah - . .
Am Sum Tob Co . 33
Am Steel Fdy . . . 7014
Am Sugar 1214
Am Tel Z Tel ...121
Am Tob 103
do pr new I00I4
Am Wool 844
Ant 'fclnc Z Lead. 314
Anaconda
Atchison ....
Atl Gulf & W 1
Bald Loco Co
Bait & Ohio . . .
do pre(
Barrett Co pref.
Batopllaa Mln .
Beth Steel pref.
do B 13384
Brook Rap Tr. . . 00
Burns Bros 101
Butte & Sup Cop . 3014
Canadian Pacific
Cal Packing....
Central Leather
Chandler Motors
Chesa'S Ohio. . .
Chic Gt West pref 33V4
Chic M ft St P ... 724
do pref 110
ChIC ft Northwest. 100
Chic R I ft Pac w I 874
do full paid . . . 074
do G pc pref w I 084
do 7 pc pref w I 784
Chili Copper 31
Chlno Con Cop . . 51
Col Fuel ft Iron. .. 324
Col Gas ft Eec. ..41
Col & South 2.VU
Comp Tab 40
Consol Gas loo
31
804 70V
10014 1004
110 103
724 094
724 4114
AD4 691'
OS
03
80
77y4
854
11
44 4
33 2
134
S4 4
V4
734 4
18 24
69 "4
1084
2T4 1
704 V.
1184 120 U
110 120
103 193 I
1004 100
6314 34 V. Vt
31
704 4
1004 . .
loiy, 3
70 1
72 J-
69 14
804
894
109 100 100 24
tM
120
.160
. 38 V,
ooy,
. 034
60V4
14
12n
131
304
101
39
ISO
384
89
89
80
33
70
110
108
364
074
07
174
20
544
31V4
404
2314
40
100
IVa
120
1SI14 2
80 f 2
101 4
80 ..
1694 4
38Va
8914 T4
80 1
004 4
33
73
110
109 Vi
36V4 Vi
07V4 J- V
074 Vt
774 ..
204 Vi
54 4
31Va V
40Va Vi
28
40 ..
109
. . 1004 1004 1004 Vi
12
114
514
6
25
38
36
Cent Can . . .
f'orn Products ... 3
Crucible Steel . . . 864
do pref 103
Cuba Am Sug pfdloj
Cuba Cane Sugar. 13
do pref 00
Deere Co pref. ... 100
Del ft Hud 113
Den ft R O pref.
Dome Mines . . .
Distillers Secur .
OSS At pref.
Erlo
do 1st pref . . .
Gaston Williams
Gen Elec Co
Gen Motors
di pref
Goodrich B F
Gt North pref . . .
Gt North Ore subs 344
Greene Can Cop . . 41
Haskell & Barker.. 384
Homestake 101
lnt Agrtcul 104
do, pref 664
Inspiration Copper 61
Interb-Cons Corp.. 04
do pref 30
lnt Harv of N J. .
lnt Mer Marine. . .
do pref
Internl Paper
do sta
lnt Nickel
Kansas City South
Kelly Springfield . .
Kennecott Copper.
Lack Steel
Lehigh Valley . . .
Lee Rubber & Tiro 224
Loulsv & Nash ...1284 1284
Mackay Bros .
do pref . . .
Max Motors . . .
Mex Petrol . . .
Miami Con Cop
M & h't L new.
M S P & S S M
Mldvalo Steel .
11
21
6
24
38
36
33
314
103
103
42
00
100
112
124
11 '4
214
6
24
38
314
1.19 158 130
21 HOTi, 1214
91 01 01
51V4 50 1
104V4 104V4 1044
334
II
384
101
194
60
01
0
60
111 111 111
314 38 V 30
854
33
73
30
31
SO
41
02
02
33
834
103
102 1
43
00
ion
1134
134 V4
00V.
36',
734
40
Vh
Vi
3
4
3
4
1
33 V4 V4
41
384
101 14
10
504
fll4
0V4 . .
50 V,
1
4
4
884
30
72V4 14
40
60
44 Vi
04 Vi
02
22
SO
444
034
02
32V4
1284
814
.014
. 49
. 00
. 41
. 17
.102
. 014
. 0
. 1P4
. 33(4
, 68'-n
. 04
. 33
. 30
. 43V4
. 0914
. 23
S5'a
00
36.
04 Vi
3
38
00
52
784
2 IVa
40
34
604
58
40V
704
Mo Kan & Tex . .
do pref
Mo Pat
ido pref
Mont Power ....
Nat Acme
Nat Con & Cable
Nat Enam ft Stpd
do pref
Nevada Con Cop.
New O Tex & Mex
N Y Central
N Y N H & II
North Pacific
Ohio Gas
do rts
Ontario Silver . . .
Pacific Mall
Pan Am Pet pf . .
Penna R R
Po Gas & C
ePre Marquetto ct
Philadelphia Co.
Pitts '& West . .
do pref
Pitts Coal ctfs .
Pierce-Arrow . . .
do pref
Pressed Steel Car.-76a
Pullman Pal Car. 142
Ry Steel Spring. . 33V4
Ray Con Copper.
Reading
Rep Iron ft Steel. .
Royai Dutch
Saxon Motors
St L & Southwest .
Sinclair Oil
Seal) Air Line . . .
Savage Arms . . .
Shattuck Ariz....
Sloss-Shet S ft I. .
South Pac 93
Southern R R ... 27
Superior Steel ... 47
do 1st pref 102
Studebakcr 62 V4
do pref 03
Stutz Motors .... 40
Tcnn Cop ft Chem 17 V4
Texas ft Pacific. .. 174
Texas Co 103
do rts 23
Tobacco Products. 83
do pref 102
Trans & Williams. 45
Underw Type Co. . 084
union Paclnc
do pref
81
4
48
07 Mi
40
10
103
604
OH
114
80
57
94
3SV4
31
41
00
22
2S
80
30V4
IOIV4 1004 101
1324 1184 12
34
'.
-1 3
81 1
04
43 1
07V4 V4
41
(INACTIVE NEW YORK STOCKS
Following are quotations for Inactive
stocks irsted on the New York Block Ex
change' and In 'which there were no trans
actions today. The price given Is the last
previous close.
Adama Rvnreaa. .110 Manhattan vt., t
AA,....- ., 1- .. ..":...! -7 "
"v.iiw nuineir.
,IHI
13j4-Max Motor Ut nt 88
S lay Dent RlA.-a. Kftt
Amer at rrer.. myt May pept sta pf.103
",, cvei nm uia.iva
Am Cot Oil pref. 93
Am Expreaa ..,.100
Arner Hide & U pf 81
Amer l.oc pf. 103
Amer Smelt pf 113
Am Smelt pf A. . SH
do pref n B1VJ
Am Sumatra pre 98
Am Woolen pf . OS
Am Writ rap pf 10
Aieno D O lnt pf 63
Atchison pf . . 08
Atlantic Con it t. 110
Atl O & W I Pf 01
Iialdwln Ixko pf. ,,
narrett Co .lu?4
Barrett Co ab re. 114.,
neth Steel 1824
Ilrooklyn Un Oaa.103
llrown Shoe .... 7
llrunewlck 114
?il Petroleum . . '.'u
Cat Petrol pf . 80.
Cent leather pf.ll24
Cent & S Am Tel 110
Cerro de Taaco.. 344
Chi & Alton . . lit,,
do pref . . . -SH
Clil A Nun pf .14 IT
Cuett-Pbody pf .110.,
Col fc So lt pref SI'i
Con Oaa of Halt 111S
Con Can . . . 004
Cont Can pf ...Ha,,
Con lnt Cal Mln 17 4
Continental Inur r.4',4
Del l.ark & W..210
Den It 8
Detroit Edlaon. . .123
Fed M t 8 It
nn Chemical... 2ii
Oen Clitar Stores 33
Ooodrlch II P pf.l"4U
Uulf Ht SI let pf.liu
llirtman Corp . . 8J
llMHnn dec . . . 101
Illinois Centrnl . I113
lnt llarv N J pf 116
lnt Nickel pref .Ifi.t
lnt Paper pf ...10S
iwa Central ... 4H
Jewel Tea ... .17
Jewel Tea pf. Ion
KK C South pf . . 5.-.H
Keok & D M .. 4H
Klnua Co nn.P.llii
Kreas S 1! pf lust
I. Erie & Weet pf US
Laclede One .... 03
Ixma let rfa of d 4U
'ooro Wllea nil . IT
,l.orlllrd P Co... 205
May Dept Stores, 884
Men 1'etrol pf. . 01
Mich Cent ...,,119
m st pass si ; pf.iso.
Mo Par c otdtp 014
Mont Pow pref.TllS
Morris Reaex. . n
National Dlacult .110
Nat Lead ...... 57
Natl Lead pref.. 110
N n It Mex 2d pf s;
N T Chi 8t L.. 27
N Y U St L V. W'l
N y Ontario W 21
North Amn 00
Nor A South U4ta
Norf Weal of. S3
Nova Scotia Stl 03
Uhlo Fuel 474
"went Hot Mach tli
Tae Tel & Tel. . . ,'SU
Peo at Eaat 9
Pre Mm pr pf ct ns
Pitta C C & 8t L 72
Pltto Coal pf lis
Preaa St Car pf lot1,
Qulckallver 14
Qulckallver pf .. !
lty Steel Spa; pf n'
Readlnic lat pref 41
do 2d pf 431
Republic ( a S pf 1024
St I, S P pf t!9
Seaboard A L pf 28
Seara-llonburk .. l"d
Sloaa-Sherr B A I 64S
So P riko S till
S Porto It Sue rta 84
South Rwy pf . . . 63
H.vind Mlllinr ... 8s
do pi ti3i
Tidewater Oil .. . llij 1
f 61 L W ctfa Id
do pf ct 8
Twin City R ,T. . 83
Un nan A P 11
Un Rftt A P new 85
United Alloy Steel 44
Un Clear D pf...ll
United Drue .... 75
ti 8 Eiprea- .... in
U S Ind Ale pf.108
U S Realty Imp. lbi
U H lluu lat pf Kn
U 8 Smelt 4 R pf 50,
U 8 8 A Ref pf. 40
Utah Sec Corp.. . In
Va. Iron C A C 6S
Va-Car Chm pf.lim.
West Md 2d pf. 3n"i
Weat Pao pf . . . 45
Wllaon co pf....lt,S4
Woolworth 124
Wurth PAM pf A 7
New York Bond Sales
Slono Adams Kxprrsn 4a...
000 Amer AtT deb Sa. . . .
3700(10 Annlo-Krenrh 6a ....
Uono Amr For Sec As
11000 Amer Smelt A Itff 3s
innn Amer Tel ill 4. . .
403(10 iiu r.s
1000 do cvt 44"
2001) Ann Arbor t'
i!00ft Armour Co 44....
lonoo Atrhlaon Ren 4a
SOtin Hall A Ohio Sa
140011 1I0 4a
nntMi llrookln R T t
(Vino do Sa 1018
WOO Ronleaux
toon Can Oov Sa 1021
7IHIO, d') Ss 1026
30011 do Sa 1081
R(Hl(l Cent Leather lat Ss..
3000 CheaiA Ohio cv 4Vja.
innn do 44 a
3000 do conv Sa
SOO11 Chi A K II Is
mono c 11 A q Joint 4a
4111111 no Ken
Hiith
74
lnl..
034
80
02S
siS
ill)1,
S4
ill '4
90S
8(i
8.ili
, 01
0'
94'k
'.?
Ort
03'i
004
, 70
70
'"i4
33
on';
61
!.nw 3 p.m.
10000 ,lo res- 4a .... 03'i 03 05
10011 C M A St P rfd 44s. . 83 RS'd 83
50OII do ronv Sa 0S4 OKU 0SW
1(100 C It I A P rfd 4 71 71 T
10OOO do Sa one ata 72i 72s 724
H0OO do 4s .. 81 804 81
1000 Chinese rcta Sa 09 00 60
soon city of Paris Os B4S
anno Cum Prod Sa 31a nsi
5000 Die Sec Com Ss BS
4000 Krle conv 4s Ser It . S3
144000 French Republic 54 a 00
S00O Indiana Steel 5a 102
S00O Interb Met 44 ... 02H
-0OO' Interh R T ref Sa. . P.Vi
snin Inter Mer Mar fla. . . 0P4
2000 Internl Paper fi ...100
3'i0(i Jnpaneee ne.v O S 44 a 70
1000 Kan Cltv So Sa 844
80IKI Lacka Sleet S3 1923 084
200(1 do Sa 10S0 1II4(
nono Lake Shore ree 34 a. 784
tOOfl l,k Sh deb 4 11131.. 004
3000 I.lg A M T ' .. .100
'000 I-nrlllnrd Sa 00
171400 I.th llila wl 3lts 00 48-30 00 40-50 00 40-30
74 74
100 101
05s 03;.
0HS OH1.
02'i 02'4
S sti.
01 904
1)34 034
ni4 014
P0S llllfa
HS'i S84
117' 074
834 SS.
01'. 01 S
ns. nsH
B44 014
B04 004
BS4 0S4
034 034
004 004
78. 70
70 79
-'m U
33 33
BI14 004
r,Bi 094.
034 054
834 854
AM. 084
714 714
72, 72i
804 81
01) 60
014 044
ti84 in;
63 63
32 52
no'i nn'J
102 102
824 024
034 034
014 01 4
100 inn
70 70
8(4 844
01 08
1CI4 104i
784 784
1)01 90s,
904 B04
no oa
17
102
00
04
1IV4
31
38
04
334
30
4114
00
23
2SV4
00
38
1
14
14
1
4
1
1
IV4
63
3
28
90
32
73
19
374
324
64
564
30'
794
75
01V4
511
284
OOVi
92
63
10
31
43
13
02
25
05
141 143
33Vi 334
38
934
904
84
13
31
43
13
03
35
03
03 Va
36
'41
102
68
05
40
17
13
103 104
33 33
63 03 V4
101 103
43 48
08 98
136 131 135
80 80 80
4
1
IV4
Vt
!8
00
32 ..
78
30
SOVa
33 Va
04
66 1
40V V4
79
78 V4
38
95 Vi 1
01 1
Hum Marseilles 0a
1 nod Minn A St I, 4s . .
loon do Ss
soon Mt w -side of Chi
122(100 Mo Pac 4" w 1...
2000 Montana Power Sa..
.".Will N V Air Brake r,a...
31001) N V C A II lis
2000 N Y City 4 1038...
i'HOO do 4 4 10110
30OO do 4 4a 11)011
2000 do 4 4 Nov 1017.
loon N V Ont A W lat 4a.
400n X Y Rwy Ss
lonoo N Y Tel sen I4...
3000 Nor Pac gen 3a
loon Pac Coast lat Sa....
innn p.c Oaa 5s
noon Penr.a ten ct 4 4a...
2.',nn Pero Marquette Sa..
anno do 4a
(1000 Reading xen 4a.
I)44
. , 49
. 82.
:. 034
un'
1IS4
94,
43
!."4
113 4
SO 4
U3
Of
48
82",
03 4
00 4
u.v
3!Z
1
63
184
31
43
13
03
25
95
03
27
Vt
Vi
I
V4
V4
47 Vt
103
88 SVi
08 1
40 1
174
17 1
Vi
1
1
13001) Rwy Stl Spbs St If 131 0!)
.'IHHIII Bl I, A H K BJl
3000 do in w I
14WHI rto Her A
Innn do Ser 11
1000 Seaboard A I. ndj Sa.
loon do Sta 4s
2onn South Pac 4s
1(1000 do rv 4a
22000 do cv 5a
27(10(1 South Rwy Ben 4s..
KKin Texas Co 6s
Itulll Utah P I, A C Ss...
7ono V 8 8 1 II 111
.18300 II 8 Rubtier Ss .
Oiooo U S Steel a f Sa ...
K.O11 do a f ree Sa
innoo Union Pac 1st 4s . .
soon do cv 4s
1000 Un Rnya 8 F 4a
140011 U K of O R A I Sa..
S400D do 54 a 1018
700(1 do 54 a 1010
10000 do 54 a new 1919.
10000 do 54 s 1021
20011 Vn Rwya Sa
30n Welabach Sa
71)01) West r.lec Sa .
innn Weat Shora 4a
4000 West Union Sa
.1034 1034 1(134
.1115 103 105
. niu 014 014
. tlS 1)8 118
. OH 08 08
.ion 100 100
. (17 4 07 4
,.i li nnu
. 1134 03 4 03 S
. OJ'i 02 4 024
.1110, 100. 1004
1? HI . NT
114
84
704
no
no
04 N
ss,
70".
nn
. 113 '4 03
. 48 4 48
. (13 024
. 78 4 78 4
. 304 SO 4
. 73'. 73 4
. 784 784
. Sl4 814
. 0S4 084
. 1134 84
.1(13 103
. 89i 8i
.1034 1034
. 87 t.84
.101". 1044
.1034 1034
. 014 914
. 804 M4
. 34 34
. 0'J, 08
. no5, no'i
. 004 0O4
. 994 094
. 064 96
. 044 044
. 00 06
.1004 11104
824 824
"in v t
044
884
70 4
no
00
03
484
??4
784
814
08
1134
1113
80,
1034
87
11144
1034
014
34 ,
P04
n4
004
004
044
OS
lonu.
824
07
Japan's Gold Stock Increases
The gold stock of Japan has Increased
150 per cent since the start of the "war, ac
cording to the report prepared by Consul
General Scldmore at Yokohama, as follows,
''Japan's reserve of gold specie on June 2,
1917. totaled 860,000.000 yen ($128,280,000).
nccordlng to the returns of the defiartment
of finance, published In the Japan Chronicle.
Three hundred and three million yen ($180.
S94.00O) being held at home and 657.000.
000 yen ($277,386,000) abroad. Compared
with the ngures for May 23 last this' shows
an Increase of 56,000,000 yen ($27,888,000)
In the portion held at home, but a decrease
of J4.000.000 yen ($16,932,000) In that
abroad, or an aggregate Increase of
22,000,000 yen ($10,966,000).
RAPID TRANSIT CERTIFICATES BECpfig
ACTIVE AND STRONG IN LOCAL MARK'
Buying Is Attributed to Desire to Participate in Dividcj
Jj'hiladeipnia company oummun uoes up
on Good Earnings
The bright spot In the trading on the
Philadelphia Stock Exchange today was
furnished by Philadelphia Rapid Transit
trust certificates Activity did not develop
In tho certificates until business had been
under way for about half an hour, but It
did not take long to make up for lost
time, and by afternoon they were the most
active of the local group, some 2500 hav
Ing changed hands by 2 o'clock.
Under this demand the price was ad
vanced a half point to the highest point
In several weeks. There was no news to
nccount for 'the Improvement, and the
Street .assumed that It vas buying by those
who wanted to get In before the dividend,
as the return oil the Investment at the pres
ent time Is above the general Investment
market return. The understanding In the
Street Is that the directors will meet this
week for action on the semiannual dlvl
dend, nnd It will be at the rate of 24 per
cent per share. At the same time Union
Traction gained Hi points.
As far as the movement In price was
concerned, Philadelphia Company common
stock enjoyed the widest change. 11 1 one
time showing a gain of nearly 3 points.
Yesterday an advance of 24 points was
recorded. The strength In this stock was
accounted for In the Street by the fact
that the company Is showing very good
earnings In the gan department, which Is
reaping benefit from the Industrial ,2,
In Pittsburgh and by the high 'pr'S
mai vwii-ii fiiia iiuw PaeValilntP 1kT
1
response to tho continued higher nrle.
bar silver was shown In the mlnlne 7v:'
today, notn Tonopah Belmont. hiP'J
tho most active, nnd Tnnnnut, n.i H
Ing up fractionally. ' " 5
Taking It a" In all, the market iM
all-around Improvement In the Mini?
hour session today By late afternoiSS
stocks and 15 bonds had appeared 3v?
tape- Traders felt, however that 9"
could not be expected of the market i
some uncertainties are cleared un In ."
iHtnn Tl,rt l.ln ...I.I..1. .L- - ' . n vaiai
ii'b."'" "" .",,.. ..in. ii me rank an8 m
Is watching mostly Is the price to ba"2
for steel. From New York came tJT
Sales in Philadelphia
Low.
Net
chre.
35
104
00
36
30
18
77
26,
45
63
39
39
30
44
0
43
78
Cloae.
t33
33
104
2V4 4
00 1
f71 ..
Vt
V4
1
1
High.
Allla Ins. ..
30 Am Stores 35
0 Am Gas . 104
400 do war. 3
Am Rys pf 00
Bald Loco . .
Cambria Ir . .
Elee Stor. ..
60 Du Pont De v
N Pow Co 36
Gen Asp pf . .
20 lnt M M.. SO
Ins Co N A
586 Lk SupCrp 1
10 Leh Nav.. 77
110 Leh Val Tr 30
10 do pref. 43
Nev Cons. . . .
Penn Traf . . .
133 Penna R R 62
Penna Salt . .
730 Phlla Co. . 40
033 Phlla EIcc. 20
2535 PRT tr cts 30
Reading
050 Ton Bel . . . 4
210 Ton Mln. . 0
330 Un Trac. . 44
363 U G Imp. . 78
0223 US Steel. 127 133 12 1
10 War I & S. 0 0 0
21 Cramp & S 83 82 82 14
(tQuotatlon given Is yesterday's close.)
BONDS Net
High. 'Low. Close, chge.
$200 Am Gas &
Elec 5s.'. 02 03 031
1000 City 3J4s
1931 ... 94 04 04'
200 do 4s '4$. 100 100 100
4000 do 4s "40.100 100 100
1300 Elec ft Peo
Tr 4s . . 78
1000 Liberty
Bonds w 1.100
8000 Lehigh Val
gen 4V4s 95
1000 do cons
44s 2003 00
1000 Penna Co
temp ctfs
4 Vis ... 01
3000 Phlla Co
cons 5s.. 00
6000 Phlla Elec
1st 5h...100 100
10000 Phlla B &
t45
t61
36
t69
30
34
10
77
36
45
t3S
3
62
04
40
2014
30
00
4
6
44
78
2
Vi
Vi
A
1
73 75 2
100
10O
05 05
08 00
04 04
00
OO
07
07
70
68
06
70
100
07 2
70 1
00' 1
W 4s . .
3000 Un Rwy
Inv Cs.
300 Wclsbach
Co 5s. . . 06
3000 W N Y ft
Pa gn 4s 10
'INACTIVE I'HILA. STOCKS
The following are quotations for stocks
which did not sell today, and tho pries
given Is the last previous close:
Raldnin Loco pf.1004 Keyatono Tel
70
Rrlll J O 24
BuR A Sua t c. 634
Hun A Suaq pf.. 494
Cam Steel 100
Catawlasa 4at pf 32
Con Trao ft J... 73
Krlo 23.,
Utn Aaphalt .... 204
Lnhlgh Valley...
Mldvalo
P R T
Phlla Traction..
Welabicii
W .ler ASS
York Rwya pref..
124
112
01
(94
71)
44
.7
LOCAL MINING STOCKS -
TONOPAH STOCKS
nid Asked
'MacNamara 18 .211
Midway Oil .11
Mtipah Extension 14 .10
Montana r 2n ,2:t
North Star 11 .13
ltcacue Kula 22 .24
GOLDF1EMJ STOCKS
nlue Dull (It .n2
Booth t OS ,0(1
Combination Fraction 04 .011
DlamondOeld 11 II (12 .113
Daisy 02 ,03
Oro 01 .(12
Sandstorm Kendall 02 .113
Silver Pick 10 ,i
MISCELLANEOUS
Arizona United 27 .30
Nevada Hill 23 .211
lecopa Mining 27 .30
Granulated Sugar Unchanged
NEW YORK, July 12. Fine granulated
sugar remained unchanged, with the Amer
ican Sugar Refining Company and B. II.
Howell Son & Co. quoting 7.50c, .Arbuckle
Brothers quote at 7.75c and tho Federal
and Warner sugar refining companies at
Ec. The last sale In spot Cuban raws was
at 6.33c.
that the price agreed on would probibh?
$65 a ton It was figured that ,?..
steel companies, such ns the United -tiS!
Steel Corporation, could furnish ataisl
this price nnd make some profit but c!
about the little fellows' 'ij
Within the last few days $20,006 OM?
Government deposits have been 'calWli!
This Is understood to be In line wov'i
Intention of building up tho reserveii
tho Federal Reserve Banks None of Z
nmount has thus far been transferred ff
this city, but has been placed wthiJ
Federal Reserve Bank Call monertw
now been established on a 5 per cent w
here. 2?
a
JULY AND DECEMBEj
COTTON PRICES JUMP
I
Exchange Disturbed by Conflict
ing Private and U. S. Report?
of Texas Rains m
1
this morning only light rnlna were rmiZ
In the southwestern part nnd scattered iW
en In the eastern section The folloX
JemperntiuTs "ere recorded! nklanoma"2k
Monteomery. 70i Fort Smith nnd KnoniS.
72i Little Ilneli. sirmphU. Macon. IllrralaikS
NnsM 111. Atlanta and RaleUK , ATffl2
Corpua Ihrlstl. Meridian nnd ChatiiSS
70: Kan Antonio. (Mlrraton. Del RUi vuE
liurg nnd Augnatn. 78 ThomiiMllle, iVIlnlli
ton nnd .Jnekaonr lie, Bnt Shreveport.Se.
Orleans, Mobile, Pen.neola, Charleston 7
tnnnah and Tampa. 82. ,2
mT' wa f.1 Inrh. of t-reclpltalloa?3
Oklahoma nml Pensnroln, .02 Inrh at .i
Till. IO Inch at Montgomery nnd .Ilia
nt Cnhe.lon, S
NEW YORK, July.fl
Much lighter rains In Texas thanll
been looked for because ofprVate)ft
patches received hero late yesterSj
caused a general buying movement auX
cotton opening and prices were 1J toll
points net higher on the call. It was nofe
that bidders competed with each otner'.t
raising the levels beforo a supply waiit
countered, which at best was only rood
crate, coming from some commission hota
and uptown Interests. Liverpool sold lat
months on a small scale. Tho buying.
led by a prominent ring operator, but f.
street and New Orleans also purchase!!
After the call the market continued tr
and within a few minutes October andiPi
cember had advanced about 4 points furP
when selling was encountered and modern!
reactions followed. jjj
The early bulge carried the marktlfl
25.7Gc for October, or about 36 polntsm
higher. The bulk of the demand, howevr
was attributed to covering by some of ftp
terday's sellers, and after It hai
supplied the market became nervou;'ii
Irregular. Rumors that the National Clr
ners' Association had reports Indlcallnft
Improvement of 2.2 to' 2.4 per cent In tl
average condition of tho crop since Jl
last report' seemed to cause some scalttit
selling on the setback ")
Much comment was heard around tt
floor bofore tho opening that the rains i
Texas, which In part at least aided the d
cllno lato yesterday, were virtually ,lt
significant. The map showed 01 lnch(r
Oklahoma City, Okla., and the following.!
Texas: Fort Worth, .02; Taylor, .10 lnt
and Galveston, .12 Inch.
Tho receipts at the ports for Jl
day wcro estimated at 6000 bales, aril
11,192 bales last week, 4367 last year.fu
5555 hales In 1013. j
Yesterday' H
close ut 11 a. m 12m. IP
July 2(1.40 26 41 2(1.40 "-
September 23 "5
October ... 23.10 23. O 23 71 23.S0 '
December .. 23.45 25 ,i 25 80 23.61 IK
January .... 23 75 23 . ' 5
March 20 10 2." ! 1 jW
May 2(1 .1.1 "Si
Spot 211.113 ... gjj
DIVIDENDS DECLARED M
American Navigation Company. reculr4M
terly of 3 per cent, pasable July 20 to ticWJ
of record July 10. 1 . ,"
Peoplea Trust Company. rcgulnrsemlnJ
of 2 per cent, payable August 1 to atocknol
of record July so. .-9
I.r.dAI, ADVKUTISKMKNIS
DELAWARE CHARTER COSirAXTj
2
004 .Market Street
WILMINGTON, IlKLUYARE
Companies Incorporated under DelawaM U
Eatlmatea of cost furnished. p
i
DIVIDENDS '
LEIIIUH VALLEY RAILROAD L'OUrYlM
PhlUdelDhla. June .20. lVW
The Board of Directors ot the. Lehiia "J"
rtniirnatl l'ir.iran have inls la aociarw
- ."... .... ,'.. ... 1 ...i,
alt ncr e
auarivny uiv.uenu 01 inn un
lor SI.23 per .liurrl 011 lie P''lcrf?.,.-a
stockholders of record. June 30 1911.
quarterly dividend of tuo und one-half. Pr
lur SI S Per alinrel on " nm?hSa? m
xockiioldtrs of record. Juno 30, JUL. wis
J
..HI- .lulv 11. 1017.
CbetUs will be moiled
c 3. KtlLPJ
1 rese"!
V4
Unit Cigar Stores. 113 109 111 t
United Fruit 186 136 130 ..
Unit Rwy Inv ... 10 8 94 1
do pref 31 10
U S C I P & Fo.. t 22
U S Ind Alcohol. 165" 157
U S Rubber 81 61
V S Smelt ft Ref. .01 00
V S Steel 137 123
da pref 118 1 in
Utah Copper 103 108
Va Car Chem ... 41 41
Wabash 12
do pref A 60
do pref R 27
West Maryland... 31V4
West Union Tel.. 08
Westlngghouse Mfg 60
West Pao
do pref B
Wheel A J. E....
do 1st pref. ,, .
Willys Overland.,
do pref
Wis Central,
wllaon Co . . f.
16. V4
60
16
St
stn
13
48
11
o tv
33 Vi
163 2
61 V,
00 1
136 1
118 Vi
103
11 t ,
V4 V4
50
37
31
MV4 .
50 16
88 J9 1
I6V4 16
34 $4
V , '
0314 -
48
70i 1
13
49
28
21
93
60
16
34
33
08
48
70
Copper Market Dull . I
NEW YORK. July 12. There Is virtually
nothing doing In copper, while some of the
small dealers have made sales of small lots.
Vhe consumers are showing rio disposition to
enter the market on any fair sized scale and
as a .reseult condltlons.are more avlet than
they hivo'been. Quotation unchanged.'
V ' .' . t
m v ,: "'!
Post Assistant Reserve Agent
Arthur E. Post has been apointed assist
ant Federal Reserve agent of the Federal
Reservo Bank of Philadelphia. Mr. Post
has been assistant ti Richard L.Atistln.
Federal Reserve agent since the organization
of tho bank. The ofHco was created. by the
recent amendments to the banking act. ana
by virtue of It the Incumbent may. act' In
place of the-reserve agent during his ab.
sence. .Under the amendments the offloe
of deputy Federal agent, formerly held -by
a Class "C" director, has been abolished.
At the local reserve bank this position has
been filled by Henry B. Thompson, of WII
mlngton. He retains, however, the title
deputy chairman ot the board.
French Revenues Increase
PARIS. July 12. Recelpt3 of the French
Government from Indirect taxes In tho
month of June were 129.000.00Q francs
more than thosa In the preceding month,
and -01,000,000 francs more than tho re
ce'lpts of the same month In a normal
year. Deducting 70,000,000' francs re
ceived from duties on Imports, which In
clude war material, the dlfterenceln Cavor
of this June -over that .month In normal
years still ,1a 21,000,000 francs. The first
six months of 1917 show receipts of 640,
poO.OOO francs more? than the total for
the same period last year, and 357.000.000
francs moTAjha-n that for six months In a
normal yea'tv
, Few Chances in Metal Market
NEW YORK, July 12 w Cable received
at the, Now. York Metal Exchange this
morqlne . nuoted . nrtcea In London: Ppot
copper 180, futures 1,129 ipa. electrolytic
Hi. all unchanged, No sales. Spot tin
iUi. off, IU JutUrM 219, off U ios;
traits, 2(4 J0,,off it , sales, jpot 100 totja.
futures 50 toruk Lead spot 30 10s, futpres
(JO I0s both 'uncharged, Spelter aaot 54,
future r5",'-feelili"uWh4nr ' k"f
Pittsburgh Coal Company.
(of New Jersey)
PLAN OF READJUSTMENT
To Holders ct Certificates of Deposit for Shares of the Pittsburgh Coal Lorn
pany (of New Jersey) Issued under Plan and Agreement of Readjusxj
ment. dated February 1, 1916.
'You are hereby notified that appropriate corporate action has been taken,
for the carrying out of the Plan and Agreement of Readjustment, dated Febru
ary 1. 1916, and upon presentation to any of the Depositaries of the Committee,
namely. Union Truat Company of Pittsburgh, 1'lttaburglit Hankers Trust Com;
nany, New York Cltr, and Guarantee Truat and Safe Depoelt Company, rhU'
delphla,' and surrender of your Certificates of Deposit properly endorsed you
will receive the shares cf stock of tho Pittsburgh Coal dompany (of Pennsyl
vania) In accordance with the provisions of said Plan and Agreement of BJt
a,..Ju'Ltmen, namely, at the rate of $133 1-3 par value of preferred stock of the
Pittsburgh Coal Company (of Ponnoylvanla) for each $100 par value of P";
,n.ir stocl c' tne New Jersey Company and at the rate of $100 par value
or the common stock of tho Pennsylvania Canipany for each $100 par valoe
2vJ . -?imm9n J510" f.bo New Jersey Company deposited under the Plan
Fee fractional shares scrip will be Issued.
v.. ..'t!9 8a.lri,, ",m depositors receiving khares of tha preferred Block oj
the I tUburgh Coal Company (of Pennsylvania) will also receive front the
P.i2 i'i'.!8.? ca!h 2LV 2ena OIt BUch Preferred shares of the Pennsylvania Com,
pany amounting to $3.48 per share.
. .uTnJ. regVIar "XJend of 1V4 payable July 26th on the preferred share
of the New Jersey Company will be paid dlrect'y as heretofore.
nnJi2JltIfltlita wlU b? Prepared to deliver shares of the rennsylvanl'
aftTr JuTy 16 1917 payments ,n accordance with the foregoing notice on am
DEPOSITORS AltE UROED TO PRESENT THEIR CEHTIFIOATESf
?5SMi'JI;y...AP "CS!.K THE SHARES OV STOCK TO WHICH I TllgfJ
...... l.iiiiuiiu, ,to iiititAM AJAY
TKSKS.
RESULT IN INCREASED TAX KXj
F, J. Le MOYNE. Secretary,
Henry W. Oliver Building,
Pittsburgh, Pa.
EDWARD C. BAILLYe
Assistant Secretary,
24 Broad Street.
New York.
Dated July llth, 1917,
J. D. LYON,
A. W. MELLON. ,
GEORGE T. OLIVER,
J. B. FINLEY.
WPViiv It REA,
JOHN I. BISHOP, .
A, J. MILLER. v
HARRY BRONNER.
Readjustment Committee.
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