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I
EVENING liEDGEgr-PHILADELPHlX, BATUBDAY, NOVEMBER j,liL7
" '
GOSSIP OF THE STREET PHILADELPHIA COMMERCIAL MARKETS
NEW FORM OF FLOATING NOTE
ISSUE STIRS FINANCIAL CIRCLES
Investment Bankers Provide That Railroad Shall
Reduce Dividend to Establish Sinking
Fund Gossip of the Street
PHILADELPHIA MARKETS
(MAIN AND KLOUK
"AHI'AT ller-l-ili-. 1 03.S 1uli. Thaniijr
kct M-mlc uuolHtlnnn, mr lot" In exi'ort w
nlnr MitiM-rimirnt Unnilaril In-pi-ctlon): ; 7,8
i niiriniTii -print. .'..:iiCio. mini nun'i' t- ,,,
t 'o. ilurum wheat. r.'.S". cl.i, hunt !" -";..
'In. reel n Inter. "7 . iln. nft reil. I2.8..
" of men of tin up urniliK Si' h Im-h, I.""",1., .,V
: Ipmi No I, too iii) No 'J red. - '
THKItlv lias liccn u great ileal of talk recently ntnon-; lnvcstmri.t IntiKcrs as to
Hie necessity for InvctitliiK homo new form of tlfiAncIni. In view of the present
coinlltl,H which preclude the tioilldllty of puttlii! out any coiiHlilerahlc amount
( new' Issues utilcuM nt ciuirmuui expense.
It has rennilneil. however, for William A. Iltvil ,L Co., of Now York, with
ClHces here In the Morris Hiill-liii--, to Ntart Mitnethlii-- almost nrlKlnal.
In iiKrrelitK to float an Issue of JTr.0,000 notes for the Toronto Hallway Com
pany It I"1 nnilerstoutl they firm Imluccd the management of the- load to iif-ree
to cut tho dividend on the cutiltal stock fiom 8 to I per cent u ear nnd with
tno dlffci ente provide u uliildii- fund to retire tho notes when due.
It Is u -'Ucstloii whether this plan will he followed In number of Instances
-here new financing seems Imperative und where extension or maturing obligations
items Impossible. It has been freipiently pointed out that one of the weakest
points of the llnnnciiiR of corporations in this country is the failure to prolde
.deviate slnkltiK funds to meet matin Itlcs. Indeed. It Is hinted unite frequently
that where provisions are made for sinking funds they are not as rlKldlv canted
out us they should be. Of course, in tho case of such properties us railroads,
There the road and equipment are kept up In c-neul shupe, tho natural Increase
In values Is sulllclont to Riiuruntce retliiuni'lni, except In tho cases of somo coal
Hid lumber roads where the removal of tho materials which furnish the freight
may eventually lead to exhaustion nnd consequent deterioration of values in the
railroad nronertv. Hut the iiolnt in ,-nul,i,.,- li ,,-iti ...... -..... i. ...... ..
... . - , -, . ..,.....,.,. .,-., ,i,i tmj, iiiiiiivi 111:11 iiiiaiiiiin
be mdae iius.iuue u mis pian 01 a reduction of dividends during tho life of tho
thort-term notes so ns to provide a sinking fund for their maturity?
General Electric 6s Bring Ready Sale
The announcement of the placing on the market estcrduy moining by Lee
Higglnson & Co. of J10,O00,C0O CJeneral I'lcc-trlc per cent two-ear notes, to
be dated December 1, was almost Immediately followed by a telephone message, from
the New York branch to the representative of l.ce HlgghiMin A- Co. In this cltv that
IS.000,000 of the notes had been sold and they expected to close the books at 1
o'clock.
There have been ninny rumors within the last few days about new lltiaiiclng
by the (iencral Klectrlc. One report had it that they wire about to Issue
$10,000,000 In slock und ir.,U00.0OO In short-term notes, while from another
apparently reliable source came the news that them would be no new lluanclng.
a3 the (ovemment was making largo cash advances to the (loncral I'lt-culi on
account of the enormous (Jovernincnt contracts which are being eMculed by that
company nnd that, therefore, there would be no necessity tor further funds.
Tills attractive Issue of 0 per cent notes, which are otleied to tho public at
I3?i, or about u Ci per cent basis, is the best answer to these rumors. Si months
ago the Oener.il Ulertrlu issued $1.", 000,000 li per cent twocar iintei at '.'llj. or a
t.10 per cent basis, with the lesult that at II o'clock of the day they wen- offered
the books wcio closed with an oversubscription of $M,ooo,oi0.
l'rom lOOL' to 1917 the Cenei.il F.lectrlc lias icgulatly paid an S per cent clivl
dind on Its stock. Including this issue of Slo.Omi.oou tlieie aie now oulstaniling
137,000,000 In notes. Tho slock capitalization Is $lul.ouii.0oo.
Gasoline Production Boosts Earnings
Columbia l!as and Klictrle ronipaio's siatcinetit I tober shows .suriiliis
enrnlugs lor the tweho mouths ended October :;i of mini- $:(,ihmi.iiimi. This, accord
ing to a statement of A. U Leach .1 Co. Is U pur cent on the stock and compares
with the 1 per cent per annum late now being paid. "Net to the cry Mili-tuu-tiul
grow tli of tho companjV pis und electric business." said the statement, "tho
most encouraging fcatuie Is the new kiiiiu ol enrnlugs lioui the production of i
l,usolltie. This business, which is purely in the nature of a bj product, pmmiscM
earnings for the 5 ear ending December "I of uhoiit IJ.SOu.diiu net, or tiioru than I
aultioient to pay the yeaily dlvideinl of I per cent mi (Mluiuhlii sioeU."
I'rodiictliiii of gasoline for tbu woek cnilnl No ember :t luiide it new iccord
lor a single week--l!!i7,."i'JS gallons making the total pioductlnii Horn .Isi im.ii I to
thlsil.Ue !M78,(I1L' gallons.
(Jro.ss earnings of the comp.inj for October were tMCi.til I. ,ui luciease oxer the
tame month of l!ll of 17,'J per cent. Net earnings, JIlii'.i.r.iM. an Increase of 7.1
per cent. For the ten months to October III, the gloss earnings were $S,7l8,;i!i6,
sn Increase of :'n.7 per cent oxer the corresponding period of last jcar; net earnings,
J4,3ti7,L,OJ1 an increase of L'U.I per cent.
"Bargain Bonds" Apparently a Myth
Inxestors who ute coming Into the inaikol for bargain bonds which were
recently ipiotcd at xery low pi ices are already meeting xvitli dlMippolutnient. The
manager of one of the largest Investment liou.scs in this city said esierday that
he can find plenty of buyers, but no selleis at tho pi ices iiioted ten days ago.
At a matter of fact, he lemarked, many of these limitations merely meant "bid"
and "asked." but no actual sales took place at .those llguies. Ho remarked that
hi had been chasing after u number of bonds xvhosc quotations hud been quite
recently published, but could llnd no .sellers. "It Is xery significant," he said, "of
the change of conditions xvlien many houses are recalling their lists of c-rrcrlngs for
revision."
Salesmen for a number of bond houses who aro working tho out-of-town
districts aro reporting In many instances that the banks and customers are using
the stereotyped excuse of "Loaded up xvlth Liberty Bonds" until they are tired
hearing it. Some of them h.ixe suggested that their houses furnish them with
rubber stamps to save them tho trouble of writing tho fame excuse oxer and over
In their reports.
There are several nexv note issues pending and the beginning of the week will
bring out the announcements from several local concerns. Somo of these olfeiings
will be unusually attractive.
It Is rumored in some of the biokers' olllccs that u decision on the tailro.ul
rates increase case will be handed down before Thanksgixing.
New Financing of Public Utilities
Prospects of more or less nexv tlnanclng for the near future in the public utility
field are indicated. The last fcxv days have, for instance, brought out the rpport
that the United Light and Itallxvays Company has authorized a nexv issue of
$1,000,000 6 per cent bond-secured gold notes. The position of the company la"
Indicated by the fact that Its net earnings for the year ended .September SO last
vera more than one and one-seventh times all charges. Including Interest on tho
new notes, In spite of the adverse conditions of tho year. The proceeds of this
issue are to be used to retire $750,000 6 per cent notes, due January I, 1918, and to
take care of additions, extensions and improvements to the company's properties.
The company's earnings, in spite of tho general heavy Increases In operating ex
penses, have shoxvn bteady increases, both In gross und net. Kor the txxelve mouths
ended September 30, 1917, tho gross earnings xvcre $7,353,009, as against $6,758.-140
In 1916 and $6,167,603 in 1915. Net earnings for the txxelve months ended Septem
ber 30, 1917, were $2,774,811, as compared with $'.',074,841 In 1916 and $2,386,919
111 1915.
Railroads End Abuse by Intracity Embargo
A custom which, under the present war conditions, has groxxn into an abuse
is about to be corrected by the three big railroad companies which servo this city
the Pennsylvania, the Baltimore and Ohio and the Itcading acting In unison.
It seemsthat It has become a custom for shippers to use tho various freight
terminals Insldo the city for reconslgnmunls of goods, thus choking up the freight
traffic through intracity shipments, xvhich should be delivered by truck. That Is,
a consignee nicy sell tho contents of u car or part of a car which has arrived
at a btutlou In West Philadelphia to a buyer In the Kensington district and order
the shipment reconsigncd to the nearest station in Kensington.
The local committee on car service hi co-operation with the Railroads' War
Hoard, at Washington, has determined to cut out this custom und relloxo the freight
congestion by discontinuing the practice simultaneously on all three roads by
declaring an embargo on this intracity trafllc beginning December 1, 1917,
The Philadelphia district committee on cur service lias issued un explanatory
booklet on the subject for shippers, xvhich gives, in addition, tho vlexvs of large
hlppers In other large cities who recommend tho uso of motortrucks for frcipht
rrvlce in the shorter huuls In order to relieve the situation.
14.
nrril
iln. soft i-mI, J2.'J'J. Nil. 3 rnl. '.'.SI; t". '"V.
nil. IS in. No I rnl. I:: 17, ilo. enft rnl.
IS IB. Whlti' whi-at rilnlUelv mhi l,r'1'1' ",
ml. (MIp.i So nrf ) No fl, rnl or "" "n'J
"amiile." will In Imuuht on th'lr merlti". imi
in tin m lit hIioip 1i iimliT No. I..
rntlN Kpi'pIiiIh. 2231 IiupIi Surl'lli'S wprn
vpry pinall nml the nmrkpt xmih noiiiltMi . u1""
liitloiip XWsti'i-n. So 2 jpllon. nominal. ""
No il rltoM. imniln.il. rto. No. 4 llox. in"
llml Ho No r. pllow , ,
OATH ItiM'Hpl". 2Vi.11 ln'Kti The inarkpl
Mim iisiiln li- hlRh. r uniW lls'lit orfrrlliK' ami
Klmnapr milaMo ilIMivb. bill Iraib- fl iiuim
Utioiiittonn: No 2 hlir, 7(I71ip ptniuliira
xxhllp iT't'iiSr. Nu 3 xWiltr. 774l7;'ii.', No
1 Mlillp, 7i1i7i!'ip . .. ,,.
ri.dt'lt Iti'nltitB. 177 t.l.1 ami l.l.ni.14.'
lli. In pmlm Tin- niarkit for ppot buoiIs waa
inil-'t. Inn mill llniltK pri aipmlllv IipM ""
tatlona. per I ml llw In oml. Wlnlpr airalant.
SIM IIIMIll 2 KalKiia. clour. J'l ".'ill til 1": "'?
p.ili'iil. Iln n.-ii 11 is, aprliiK. lirKt. clour, pj
Iii .ViMlii 7... it", iln. ilo mill plill'inplitP ll'iV'
i o in- ilo. Iwlcnra' tvli-ni i-eot 111 Mitrll i.i.
ilo. tut. nf mill ulilpm-nt. tliir.ii'ii lnti.i. !
filiilh l.ratiil" lit ano 12 -IK llllll. rlinloo
nn.l fuiH-i imipnt ItlRuwl'J ilo ilo. rpaiil.ir
arnili" . Inior siralalit Iln inl in 2.1. patent,
flu "".i in . i
HVi: ri.otlt m In liuht fpquput at fnrnipr
niiii x .- iiuott. ti r.ni in. ,ib to iiuatlly.
IMIOVISIOXS
n, nuirUif ruled linn l.ut Irailo a ciuM
nn.l IiubpH f a Jol.l.liu .iiariipt.r , TIip 'l'i;'J
Icina follow- I'm- iKof, m ."la amoKPil ami air
Orloil ni ,..u...rt. .. r ,.. ,., Mtnol,i-il. -Ilo.
dlj nnil MPKirrn .ppf. Unui kl s ami '""'VK'
;n.iKni ami alr-drlort. nte llppr lini"
T orlc. funillx- iTACtr." itm S 1.
uT -i 4 Se: ilo Ulnni.t. 1oe. -V'l"
S'l'io: ilo. ,i. i-mnkPil. 2im27'i,c ""T,
hum.. hi,p,. ,u j. curr.,, , In l.raml ami
utiibp 2si, iffj'.iljr. Hnni pinokr.l. w'-lorn
i'iirp, :,?!' ,t, ,1 ImiiPloP". lie
I'linlp ulioiiliirrp, S. ! piiroil 1oop. -o'lc ki.
to. mnokr.l, iTiCjp ii,.iur In rlcklo BPi'orilInx,
i .iMT.ia.'. loo.. ni. llriNikfant l.acnii " ,'
'rami unit ax-i-atp . Itv or wpatpm i'utp'I. "
'. xi. atprn. irilin-,1 tlerioa ni. ilo. cin.
liil-i. an.- i..,r, ur riv. Itptllc-rpti.lt'rpi. "
urip- anc, rJi ,,uri, llty vottli-r-ncipreu,
llll'., 31 i".
KKFlXEl) SUfJARS
TIip iimrkpt ruloil iirm on a laisla
u, iira line aranuUtrd.
DAIIIY IMtODUCTS
KITTCIt- iiifprlnei of film loiU '
I lull t Hint Iho ti,.trU..I -.il..1 llrm Hllil
lilalii'l-. Inn ln.lt k.iIo tnil.- aa imuil "II S-il-
nr.l.n mihiiuI. i 1111011111011" Wi'ili rn. aiillil
p.iiknl i ri.itn. r. .ir.i. I7i liluli sporlnu
(.iKiilf Isi hi,, nir.i Hriln. lll 4ll'ii'. tlralH.
41'jtll.V- M.nnili lldlli- tirllila. lli-irli.
film ."ile. .nir.a .111,1 (am. Ml. tlrnta
I til I",- r, on llitrii -pmlil liriuela of
mint" 'oi.i.iint iii r. t ii .-.Ti
Wilis ni. , ,, ,tfB!..B iM-ro ai'iirrr nn.l
llrinlx li.-l.l It. frn.-1'i iti.r slink una ilall anil
n.iilc i;iiotnti mi I'rn' mwi in-art. v
lirvta I1ii to .h I" r stamlar.1 i'n"' i-'im nt
fiipt". Ill ;n p r i i. . .on.li 112 r.wri sn
p'-r i.i;..- w. niirn ixini ilri. II." i 1; no t
mi' llrala Sit Tn I r i in- n-.-..lil-i SI-- 4 ''
1.120 n. r i ..... r.-frli;. nilnr -Mr i 1l I" I"-''
in-.- Iir-t Iln. no p. hoi. N J'l i-.il'u in Si fin-v
n-l.i-1,,1 ,i.vi in n Joll.lny at r.siiVi- i r ili n
i III.II.si: -Tr.nl. w.i inil-l lull prli - -r
llrniH In M Tin immuHoii" ram-pil .i follow"
V X'nrk fnll-i r.'inn fume .Inn- 2""1,.,"";,
i l.ils hialior ilo ,l. fr, Hh m nl- I , t .S.t'i'l'
S-.'i-: .In .lo fr-Hli in.nl . fair t" t"".1. 22'-i
fit 2.1-
.tS.y'".,,"l..",K,, of """t diai-rlptlons xcltli
ii-inand aliporlilnit tho llmllpil onprlnas TIip
J iiiS"'"1" !,,',' H" follnxxa Turkpja, frp-h-iinni
'-iWii'' '!'""" ' "" clo wpntrrii.
o'lr'. ii'lA'!"1 lln' "''' frrah.klllpil. rr lb.
r. rJ.'y- 'l.V;1."r.! x-lprn, l--t 3032ci inrkpxa
iln-pickpit, fancy prlpi-ip.1, 27ci il. xcpl-hlnn
un ami oci-r aplprp. snUr ilo, wplghlni- 4
li upippp, 2..',r ilo, wvlichlnK .n'4 11.9 iiplrrp,
'i. on. xcrlKlilnit :i llt anl-rp. "lirfoi.'
foul-. Irpil. In l.l.U f.in-- .l,.....t. t.j ...... i.
,", '4 H. ami oxor aplcpr. 2iici iln v-lKliliiit
4 llm aplppp, 2,'ip; -lnll-r "l-p. lUdfLMe. OM
rooatpra. dry-plcknl. 22c lirollliiu clilckrn.
wplahlne Pills ll bpIp-p Jor-ey fanp. mw
3I.P. Irsliila fanry. .nnir.n.np, olh-r noarby. 2
3'ip; wmtprn. '.'Sfifnno. rn,ipna itilikpna. i.
em. XM-lithlni' I lln nnd uxor apln'i-. 2iV2Hp,
rlilrk-n. xv'"lirn. wplahlnir .n'n 1l. iiplpro,
ii- dci. xcp-lorn. xcplulilnic 2' rt 3 Ibi aplprp,
S1i22i' Dark", xviatprii, 22S.V cl-pp...
tii'nrl.v. s.nit'JV' do wi'.-iprn. 22i clulnpn".
-prlnc. por pilr xc-lalilim 3'-, f II.. p,r pair,
'i..pii1 il". pniill-r al-p" 7iiftfsii(' s,iiu,i',4, por
doiPii XVhllp, xcclshtnic II to 12 llii pr'r ilozpn,
in S.i'-fil ,". do. Mi-iHhiin li lo in pi ppf
'""'". "i.7..nil.2.i, do. xxplnhlnif s lb, pit
clorc li. It 7..'fr. ir,, do. xcPlahlnc 7 llw for
rlozpii. SM 7.W I 2... do. n-lolilnir dWli'i lb. l.Pr
i!"2:1.'- 5" 3 ": dark. 1M ;-,, Miialt and No.
2. i.V'rn ;,-,.
T-lnnd. por quart. 12JHS . Wtrcr". N"
York. P-r ion bnnrhp". Ilffl nn ,-?F1'"!S''
i loriuii
f.pr lia
inmnpl
huninpr.
mtlSS do. Danl-h, prpd. ppr toll,
inlon. jnpw loiK, .iinp.iicnup. iifi
. rT ion Ininphp". Itffl IM. ,'?F.'1.'!nl
da. i.or li. I3TI .10. ('iipumlior". 1 lorlda.
lamppr. I3f. Uphp", Klnrbla arppn, ipr
-r, l.'f.i 1'pn-. Klorl.U and Virginia, tic-r
or. I.ntfl Cabbaap Npw Vnrk. """rJ'S'
Iipr ioi
;inffr-i
Ohio and
'JXL
Mar Ask $29,000,000 More Stftck
BOSTON, Nov. 24. At a meottn-f of
General rtlectrlo directors today it was
voted to ask dtockliolders to authorize an
ls-.uo of (20,000,000 Block, The directors
adxocated a upcclnt ticmtannunl dividend in
btoek nt par ,"2 per share.
Sstralar
BOSTOK, Nov, 2CHi-W-UW'(
facturln-f Company hA- declared k'T
semiannual dividend of $25 & share I
extra dividend of 120, both payable ,1
cember 1 to stock of record November ,
.Six months ago an extra of $S x-ras
in addition to tho usual J2C paymont. . '.
FRKSH I-'KUITS
in
of s.3.".c
c r.inl.prrlp prp d'lll and n-ik Oib-r fruit
(.-n..rillv rilled Pl.-ii.lc CJimtallon' .lo'iltlnli.
Iiffll Klnit II.MHfll. Snv I4'.f"i".n. Tici'lllc
''l":r. ""'i Wlni-Kiii 13f" Hubbard. Inn. 13
. 2.1. Hri-nlne. J3WH Ititdnln. .t r.udfil.
..".".'i' I'c'uic it r.ii-m r,n siixmnii nvinvaip.
4rn Itbirk TnlB. I4l.i, llrlnipa'" llold-n. loll"
:.-,, !,r.k." !'". clino .n hi York linpprlnl.
.Ifi.. H-n Ibixl . innri .xhpI-h wp.iprn. t-r
'JVS"-'''""lain, li SVrfS :" Wlnnr llanana IS
JC'.,t'1'l'"nl"'-l-. II .MlfilS 7" IIoiiip Itpatitx
J13.i9i2 2.i Pi-ll-lnu. IIMcilM Klin-. It.-IIW
-'.ol MiiMiinn Wln-ittip $ i 7.-, ta s 2". . w'lntir
IViirillilu. 7.".W2 2.", Hrllpc. II .VIW2 2" Now.
,.?,l,n ,.'.!,'l".!l '"'"''. Mm n.ni.i. it.2.-."f2:
11-11- 1 bur II .,,-,W2 Atpl n-iirbx. j.pr Iihiii
!.,rr,,:,i1' '1 ' "'". do, do. ppr '.-bti.li. I.npki-t.
..nifl2.. l.pliinti p-r box 12 .'.n'J II lliliaun-,
l r bun. li II 2lf2 ."il Hr.ilis--". f'all'ortil i.
"i-r box 1 3IHI.-I. do I'lnrldi. t"T l.ix It 7..f
I .i0 limp-fruit, rinrlda. p-r l. II 7.".Jf1 23:
do I'.irln llli-.i p-r Iki 2 .Mini n '.',,, I'm,..
i pnipi. i nrin lino ppr f rate, 3 2 .XTil Clr.ll.iB.
N-iv Xork .-r 3 1b Im.k-t. ni'fl-i- ,o. ,
1'i-r 1 . Ill luiakil. 2.".iul- do. Ciillfiirnli To.
I. .' .-r .nit-, sn,.', , mi, ,( ,)n Mh),,,.,,, ,,r
'.V'.l' -..".."'i' '- ''o do. Mum nt, I. p-- ,nt
?'. ""..'" ''" '" ''onil-limi. .p-r i ralo. II -nit
1 tin I'-iirn N- Xork. p-r bu.li ln.ki t
"V'k-1. J-i,n. SIi-I,i,mi. Jj-f3. t'-nr Npxv
Xork .-r M. s,., k, , -, .-,ik. Sh-liloli lili
IV.ir Ni w Xork. S-ik-1. p-r k-ir I" Ml'"
i riii rriw ji r-c i -r -r.il- 12 2",'n 3 .n.
Str.mli-rrlrH. c i II-
tnillniin. npr Inn.lb luia. No. 1. I2W3 70I."C". -,
lltfl ,".il. do. California, t-r InO-lb. bait. I- "Ur
3. Mushroom", ppr l-lu. banket. HOT
CLOSING LIVE STOCK PRICES
"IllfWtlO Nov 21 tldtlrl llPi'Pltila. 23.00(1
lipadl Molldax. 4II.0IIU head Mark-t I IIP l"'''
than rtpr.lax' axpraap. Hulk. 117 impvic i" i
limit. 117 UI(17liO: mlxpd. I17.4IIW1!: Iicaxy,
If IllHalki. n-i.tl 117 111 I? .".
I'A-H l.li-iiccplptV, ' luiK) head. Markrt
sVlKi:i' llppplpt. 71100 head. Market xveak,
112.111). l.Htllb". 117 3..
SfDfTIt OMAHA. Nov 21 -
3i'.ni li-iid Market Tic lopr. ,
I'ATTI.I" IlPi-plpt". 21111 head. Market -toady.
rlllKIlt Kite hit". ."00 head. Market Pteudy.
KANSAS CITV Nov, 21 fATTM" llecelpt".
nun l.n.1.1 M irbpl ilnll nn.l ik-iiW
1IOUS- Iteiilpta. 41101) head, Market steady,
to Tip loner.
Hltl"i:i' None.
, d? 1c
ll.l ilo tT 1.1.1 t'141 I 1
form i i-r pint. Slid .'lid
VEGETABLES
I'rlip rul-.l it.a.lv on i bob - to. k of mont
it. pi rfpti-n. but luic-r nor- op-riittni: onlv In
n "llla.1 xc ix l-uotntioiF. XVhll- pnl.itoei.. .1-r
p-. p. r ' IuhIi b.ii.k-t (3'l 11..I No t 7..P
.. . '-' "l"1"i-"' xviiii- poinioi. p-r inn
11111 1 iiiuii fj -jiiii -.- ... --ru Xoil;. 12"
POULTKY
1.IVI: TIip innrk-t n niil-l nud nltbout
lllinot Pant ibiiiiKr I'ljoMtlnllK- Toil N. I'-c t"
nuillti sniis.li. ron.tir Is. .prlnu i bli kens
not U'libnrna in-onllni In iiuilltx, 1!i'2.v.
while 1,-Khnrn lutisn, dink". !' I.ln 21 Jr
Sit- do. I ii.Uh li Itiiiiinr SD'oS-'- lurk-en 2i'
S'i- -.-. h. ssiisdi. i. til il is. coiinir p-r p.ilr,
cm li-Pilni.' llsfiis lit upiii. ttu- .innU-r el.'..
TiH'Mi- ruIuiiih old p. r iulr. iiiiWiWo, t'l-pon
old n-r p.ilr. Sl'fsr.i. do mhius. p-r pair,
snf' .'Si
lil!i:SSIi I he niarkci nil I llrm on line
ion i.xti: rim i i.xx-inrM'itiN
iici.r x x n.ii m i. i:
h.Xl.l.sli: Hru.-s XII mill It. tuna
.in ! in
J III. pst-rli SI T.liJ-n w.. . . . .,..1...... .. i..
j.-i per -lnh biPk. t (33 lb) linn, pw.il"
No I 7.".. lilt in Nn 1 fn-.li r.i.lptp '.'-.'p
Id- So 2 lnfs"i- se. t iii.tntiiip .I-r-c
p. r iinini.-r Vo I II mi. n s II -nt si
Coterc Sin York n r bun. h. su'fi'.o. I.etPu. -p-r
hiiiiii. r .".lie -i II 7". CiuMtlo-r l.onu
luliitd i-r ijot II lieot ",r. do. .. York p. r
box. II lufi 1 o., Ilrun-la Spi..ul t.i.iu-
Niivcmbcr 20, 1917
RESOURCES
Loans and Investments. ..STJlT.o'.tl.GO
Duo from Bunks
Clcarine; House Exchange.'!
Cash and Kcscrvo
$9,051,927.89
LIABILITIES
Capital Stock
Surplus and Net Profits.
Reserved for Tuxes
Circulation
Deposits
United States Deposits.
r.n
tnlli-ulU
,-hl w ) ii r In .
turn l h.iI ir
lift. r. -t '.ill
Mttii
v Nuv -7 or
ll t . il- Hint il h
1th ph.irin.Mt nil- .it tr .il.
i'itii.ii to i - t- 1 i unui' m
iM"rtutiitv fir nlwim ni m!
Int. ri it th- main
Tu sd
IMlirr llflp iint-il U mi
ru 1 1 !' i4Hunk H
In !il-i N" J
.ik IK
Market Street
National Bank
of I'lill-ADiai'iIlA
NOViCMItnil 'MTU, 1!17
RliSOUUCKS
I.O.H1S anil Iiixitinrntn. . .$1 1 tJS3.fiJl.S7
Cutciiiicri' l.l.iliillty Ac-
count nf Acceiitiiiuoii . Ti!l',.('.i,ii (if,
Kuc finiii It, inks .. H. 727, 737 i1
i:cluuiKcs Inr ('li'.irltiK
Hciiim- 17.1.217 :t.i
I '.ii-li nlii' ItcM-rxc .. . . :i.ill.lcUS.7'i
S18,C3:i,o:i2.i:j
MAHII.ITIKS
capital stnclc ji.onn.nno no
SurnltiM and .Vet I'loflts.. I..r4(l.l1 ."" nu
I'lri'tll.itinii r.'iD.OUli.OO
Ac'ccpl.tnces imiler "inii-
iiii'rcl.il LottiT-c (if Credit 7tiO.CCU.GG
Liability t Kcileral I!o-
heixe ll.lllU 1.0(10.000 00
ivposlla 13.711.2011.87
$18,G33.0.-i2.i:i
W. P. S1NNETT,
Cashier.
FOUNDED 181-T
The National Bank
of Germantown
PHILADELPHIA
November 12", 1017
RESOURCES
UeMjiircc-s. Uci.cn.-) and Inxct-t-
iiieiits fi.7.)0.ar.8 21
Due from HuuUs LT.8.hb!).7.:
Cafli and Kcserxc (.HO, 137 OS
Ciistoniera' I.laliilltieH. I.etterH
of Credit clr.ixvn at'aln.st 7.G18 01
Fourth Street
National Bank
Philadelphia, November IX), 1017.
RESOURCES
Loans and Discounts $55,(M6,o95.69
Customers' Liability under Letters of Credit and
Acceptances
Due from Hanks
Excliaiiucs for Clearing House
Cash and Reserve
'. J(tfp"B
1 1 """-"""""sa-ii EM
B ..TheFirsi IJm
&mffl NATIONAL BANIC li
m V B of Philadelphia. , I'JI
ubl.UfSr Condensed report at ctose of business 'm "'i?5H
" Novcml)er 20( 1917 l;r';ih-3H
IIOdM ttec-Iplic, 315 Chcttnut St. RFOnTTRrT-S I .F '7ltM
Loans and Investments $30,410,172.84 'vQM
"VM. .. t.a-t Due from Banks 6,227,334.99 rVfH
,'r",,,l"t Exchanges for Clearing House 1,394,268.31 $!
ki-nton lr.xnxn Cash and Reserve 3,717,090.28 ViFm
Vice l'r-lden ' C ?rV
. vifB rre-idfnt LIABILITIES v3
ZSFS HAiiiiY j. haas Capital $1,500,000.00 ,,3
fliSZ. V JuMr xJ l'" rr"ll"1t Surplus and Un. -?ISI
rafram O Timh v AMinrw di'vided Profits.. $1,926,066.82 . M
feKilH cIll'iZ Unearned Discount 157.501.19 2,083,568.01 M
HVvV w1l llliml Bills Payable to Federal Re M
Tnk;?VT) 11 J 'HA. h. james serve Bank 1,000,000.00 WM
lr I W CM" Deposits 37,165,298.41 'M
rafo CA11I-H. CIIAITIIB , i
D A.-'t c.ihirr Tot-1 $41,748,866.42 Hm
DIRECTORS N JSJ
V. IV. AM-lt inNKI.JN U'Ol.llJ" "lltiMAM A. IAW i
rllAs. . rim.l JVIiiiin- nri .ioiki-ii it. MrC'Al.l, cjhl
jnoi-1-ii S. ri,.nK siTixi'v i'" !Triiisov ritKU'K Mcn-VKN ym
WM.TIIV l'I.RK hlll-l.l I... IIU11II1---10-. J. HKMtV hfATTERrrOOD . m
in l.'JSl'.Oii i tKi ir. u. i LiiTis iriviNiiToN i:. Joxr.s ' w. van dkb , y ;JH
i80',107!5ij L . - I "1
$41)0,000.0(1 V?4 iJMxVX n
WO. 158.78 fUfc'-J'S "1
11,000.00 f. lffegil - :l rl
."0,000.00 H f!3iBci'r ,fi ? V
(i.i'iiw.-liio.l l I rsD9K2ei i
l.:;oo.ooo.oo f :pvf ,d
v v-rV'r x;-
",rL
Ezy t
cri u c.v"- tic'
. rii AXnu ':,.
jm
1
$9,051,927.89
JOHN G. SONNEUOllN, Cashier.
881.8M.97
... 17,11 0,717.29
'2,0;)9,()00.7:5
8,5159,703.95
983,618,234.63
NATIONAL BANK
Statement of Condition at the Close of Business
November 20, 1917
RESOURCES
Loans and Investments $63,470,337.06
Acceptances and Letters of Credit 5,513,118.26
Due from Banks 16,994,709.62
Exchange for Clearing House 2,505,521.71
Cash and Reserve 8,217,548.88
LIABILITIES
Capital Stock
Surplus ijsij.OOO.OOO.OO
Net Profits 1 ,059,9 Ui.28
Reserved for Taxes 20.000.00
Circulation
?a,ooo,ooo.oo
7,079,91b2S
'195,800.00
Letters of Credit Issued to Customers and Accept
ances , 880,290.97
Deposits ! 72,156,227.38
$83,618,234.63
AITIIIINT'C 111 lll'.KCIMNTX, OKI'llll TION S AMI OTIIIMtS Mll.lCITr.il
roicnuiN i:''iiA.N"ii" iioih.iit ami mi.i. i,i:tti:iic or cki:iix i.-isued
E. I'. .MIAMIAt'KI!!. President. ,
. r. i. ItlMJEK', Vlcr-Prcfcldent IV. A. UL'I.KI.I'V, A.st. Cit-lilcr
n. J. CI.AUK, Vlco-rrci. ami Cashier. '. 1". MIA"., JU Asst. Caslilor
W. K, UAKI'T, Vlce-I'rcslilent. V. It, JlU.Ml'lIIti;YH, Asst. Cashier.
DIRECTORS
SIDNI-T 1. TTI.En. Chairman
rn.Nif t. rAT'rnnso.s' jamkh m wii.i.cox wii.i.iam ji votis
1VII.MAM A DICK WILLIAM de KUArt-T IIClllUli: DALLAS DIXON
IV 11 NICHOLSON 1'HANK 11 HOClMtS JONATHAN C NEFF
I ItANl'IS I CiOWC.V CiLlllll'.i: 1C. JOHNSON LIIAS A. DANIEL.
ISAAC It c'LOrilHMt JUKI'I'H l: WIl'ENEIl A E NEWIIOI l JH.
E I 11 -' P-- '
IIVItHl A III.KWIND
Mil Ml. HI
I'ONT
STEEL TRADE BUSY
ON FEDERAL ORDERS
More Fixing of Prices and Dif
ferentials on Various Products
Are Features of Market
Ni:V VOHIC. Nov. -:t.
More, fixing if priced and dlffereiitlalH on
".IrlouK procluctH, and tliaa-:ontliiuatloii of
trdern from the Government. a well uh tho
domestic cuisumers. at what Btcel men
refer lo ua a fair rate, were the features
ot the Hteel niutlcet durlns the lant weelt.
It la tutted thnt the gradual fixing of
prlt-ea for all prt-luclH has eliminated any
tendency to enter Into competition for talet,
and has put the chnsumer and the seller
on a footing whercsthey know what to ex
pect and what to look fe.-r. However, It la
tated that, except In one or two Instances,
the regular- consumer will be compelled to
Walt some time for deliveries. as the Oov
rrimtnt's requirements will be supplied
Braf ami in nurnlUH that might remain
books of tho manufacturerH, which hion
been iilllnt up fur a j-e.ir or inore.
Additional differentials und prices will ho
announced next week. It Is learned, und
from this time on tlio nolle of the com
mittee on steel unci sttel products will he
carried forward with a rush, us the various
t-uhcommlttees aro now 114111111111 their In
illvlduul lines, which Is cluing much to aid
thb main committee.
Tho taking oer of control of tin Im
ports Is another Important factor. For
home time the situation ho far as the tin
ore hupply. Is concerned has been causing
mine anxiety, and It Is considered like).
that the subcommittee on tin will be able
to work out tho situation so us to cause
the leabt posulble disturbance.
I'luclng of orders for ship steel Is being
Indulged in quite freely ut present, and
wlthlng u comparatively short thno work
on the etsels for the Kmergency Kleei
Corporation will bo under way ut the
larges) steel shipyards, which havo grown
up like mushrooms since It was decided to
establish a large merchant marine to over
come the shipping losses us u result of
the uctlvltles of the Oerman U-boats.
Other Financial News on Page 16
Total $5,687,293.03
LIABILITIES
Capital Stock $2ilfi.10ii on
Surplus and Net Vrollts unil.7117.41
circulation ia7,riu.im
Deposits l.ciiJ, 871.05
Customers' Letter of I redlt
drawn against i,b!8.0l
Total
$5,687,293.03
JOHN C. KNOX, Ca-bler.
THIRD
National Bank
uiiiiuiniiiiiiiiiniimnmiimiHI ' lllirill
TjTTjtr" rrj "mm
Ft' Kai mh ln Ea
tiiimiiiiiiiiiiiiiiiiMiiiiiiMiHiniiiiiir
INCORPORATED 1803
THE PHILADELPHIA
NATIONAL BANK
PHILADELPHIA
fiiMiinoN at n.osi:
or
11117
MjM.NES"!
RESOURCES
Loans und Investments... ,$7,006,22 1.27
Due from Bunks 1,601,020.80
Cash und Reserve l.loD.Ol'Ul
Excrumues for Clearini?
House C 12421.80
$10,409,286.28
LIABILITIES
Capital Stock $000,000.00
ciSKSn ::::: n i ioooo
Deposits 8,794,142.04
$10,409,286.28
W. CLIFFORD. WOOD,
Cashieri
C
Philadelphia, Nov. 20, 1917
RESOURCES
l.o;m., Mild Discounts $72,592,755.97
Customers' Liability under Letters of
Credit and Acceptances 8,997,426.36
Due from Banks 30,201,039.42
Exchanges for Clearing House..--. 6,641,807.48
Cash and Reserve . 10,601,986.63
$129,035,015.86
LIABILITIES
Capital Stock $1,500,000.00
Surplus and Net Profits (Earned) 5,468,264.00
Reserved for Taxes 150,000.00
I Letters of Credit 6,230,314.69 Ef
: Accentances i.ooo.iu.y
Accentances ot otner uaiiKS aoui 4iu,wu,uu
i (Individual 62,110,937.31
- ucpvau ""--- .- ","'"- lift 707 fine on -
( U. . LiOV. l),V40.11V.' nVlui)Uc-u.-iW
$129,035,015.86
LKVl I. HUE, rrrld-nt.
CIIAItl.l.x I'. ni.INN, Jr.. Vice ITcn. GKOHOE F. UENTES. ,.t. rhlfr.
UII.I.IA'l S. JI.Ul0. Vice rr. hTEI'llEN E. HUnr. At. Canlilrr.
1IUKACE fOKTEhCUE. 'lci- Vrt. IIAVIII W. hTEWART. Ant. Ci-hler
II I1UWAKI1 WUlHi At. I'ttntal-T. THANK I. hTEI'JIENS. An-t. Ca.hlcr
EIH1AK UOSS, Iltr. furtlto Dtpt,
Rlfliarcl A-1iliurl
(iron ff , .
Alfrwl O. llarrlt-in
Jrci'-IKMrrada,.
Hunclal Marian
It, lPule llc-non
1
DIRECTORS
Sumuel Kfi
I'lerre H. dci I'ont
Tliomm H. (luUw
A& H. Mini
Sumuel "I, Vsurlsla
Mllllm II. Uaiui-r
WallarA 1). Nluimon
hainul . Warrlner
Aim ('. IlInkfT
Klilrldcci K. John-oa
J. lloHard lw
J. K-ar.l-r Mltrhell
lVIIIUm M. (imltr-r
m"""111"11 ' IIIHIIIIIIIIIIIII Illlllllllllll llrTTTTTTTTITJ
I
niHMniMian
$96,701,235.53
LIABILITIES
Capital $ 2,000,000.00
Surplus and Profits 5,351,303,00
Circulation 1,080,800.00
Acceptances and Letters of Credit 5,513,118.26
Due Federal Reserve Bank (Re-Discounts) 2,245,000.00
Deposits 80,511,014.27
$96,701,235.53
JOSEPH WAYNE, Jr., Prc.ident
EVAN RANDOLPH, Vice Preiident
CHAS. M. ASHTON, Ca-hier
A. W. PICKFORD. Ant. Ca.hier
ALFRED BARRATT, A.tt. Cashier
DIRECTORS
1 RAM l.i II. lti:i) l, liulriiiuii or the ll-iiml
liiinlrl II.iiieIi Cienr-c .'li I'iiiIiIi-ii "MorrN It. lln-klii-
ii... I....... i- .rl..nn, .1 run. I. 11. It-'..... Jr. Artliur . .Morton
. rrnl-rlilc Mi-dtr Win. W. 1'r.ul-r. .Ir. IMllluin 4u Tiirnrr
Hubert lolanil lii-iire !. Ilii'.riiiriirtcn A. J.
lliii. rulmlit El' .In.riili lliicnc Jr.
Inliii t.rllitiel l.ciin Kundolpli
.li: DEI'll-lT lltl.Ei TO KENT
futility
"lin. P. lliirba
illllllllllllllllllll
Our
South America Trade
is increasing in spite of the scarcity of ships.
We have direct correspondents in all the
large centers in South America, and can
promptly handle commercial transactions.
Comiptrollrr'-' Statement
u.-iOimc'ES
J.oaim and Investments. $3S,::02,SS-.. '
Due from isanuK lmuu.sim .1
I'lfttirlnor llntlsci l.X-
i-lmngca l.B!S.211.!2
(iit.h unci llracno 4,7Stf,4D8.01
Customers' J.t.ililllty on
KorolRii Credits und ...
.ceeptani.ea ":,8D1,0:G 41
"57,185,438.08
AUII.1TIEK
;i,ooo.ooo.oo
Capital
nnrpius una Act. I'roms
(Earned) :, 610, 052.53
Circulation 193,300.00
Depcisits 43,357,160.04
I'oielBti Credits and
Acceptances 2,834,0:6.41
DlhcounU vith Federal
IteserxeUank tiecured
by Liberty Bonds.... 600,000.00
757,185,438.38
mnccTons
JOHN" .1. JIaeDO.VALD
WILSON" CATHKHWOOD
VM. L StllM-LKU
JOHN' S. WKNTZ
thos. .i. JKKming
JOSCPH H. PAUVIN
VM. H. FOLWELL
WALTKP. A. UAILET
CHAS. S. CAIWELL
1'R.VN'It H. MOSS
ni:o. w. b. uoncnTS
MKRHITT N. WILLIT8, Jr.
LOUIS It. PACU
J. li BAUM
DAVID C. BRADLET
PAUL THOMPSON
J.
OFrlCERS
ClIAS. S. CALW1XI-".'resident
M. K tVlLLlTS.
Vice-President
THOS. J. JCFPRICS,
Vice-President
NEWTON W. CORSON,
Cashier.
ALLEN M. MjVTTHEWS.
Asst. Cashier,
ALBERT N. UOGQ, Ast Cashier.
tVjL 'BCt'V
Corn Exchange National Bank H:
rHiLAUtLirniA
Chestnut SecoNO
j "Si i,
.JcWli
"
. f.
..
' i
m " ir'tfiiiwiiiamwinmiWiW!!!
..".' - " mm ..... ..... mm h
i,r usea to worK on m -""' VM "v
rt hh mid
v
JUtt
.a1"
U
x
1 i
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