- ,t"s;Tmr jiTw
iNNG "PtBtfo' LEDLGERteitADiErPHtA, WEDNESDAY, JANUARY 1918
.(
.
NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES
t..
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MVJ.rr7
II.
IMVES
1W'
'iTATM
,LoAN,
.NEW BNOLAND
U I. ROAD
ORAL
HM .
4 A SMENANOO
', light Company
'A CONtOL. 61
S?. 1M0
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nov &
i. nwwn an wv.
jflJINKEItS
ITNUT STREET
S,MIU1)EUHIA
4
' N,
EA5
r,.
'4'
Pore for
Pour Money
in, now be obtained
im tood investments
f-than at any time for
jtrtanv vcars.
Let us submit for
,iyour consideration some
'investment suggestions
! if 4tnnlt
H'tf J -- rv. i oo .
B. Leach & Co.
.
r; Inrorporatrtl
'11S South Fourth Street
JMctco New York Ilo. Ion lluffalo
kaltimora St. loula Jllnntnixjlls
!" . I I
come Tax Primer
rV Ua bJitidoil Tatpartr
l" BM. ....&. -.-.a....... .. TS..B.....
Aniciiiai icvc,iuc uuinu
Jwt prepared a list of
tnan
100 Questions and
Answers on the
triiome Tax Law
raw omciai coucauunai
the law is fullv cov-
and its technical phased
ttfl
the convenience of indl-
subject to tax, we
rinted this information
nphlet form. A copy
i furnished ucon reauest
flip literature PE-150.
ul
w
National Citv
Company
?4
1 .V,'
iS2
I.CkMtnut 5L, Philadelphia
' Tk Chicago
7ii
p,.Mfl Icrm Aefel
San Fraaeiac
Pitliburth
.4 ccr .(
INDUSTRIAL STOCKS START
NEW YEAR WITH GOOD GAINS
ibotov Shares Are Strongest, With General
Motors Up More Than Twelve Points.
Steel Attracts Interest
, NI'.W y6IUC, Jan. 2.
Stock trading In the new year started with another demonstration of
bull power which many believed to Indicate the nppcarnnce of Important
banking Interest!) and Institutions, which, nfter rcdiicliiB lines of stock
early In December, have naw taken a new position, because of tnx pur
poses ImvliiK been completely served, and nr'o puttliiR stocks back In their
assets, which they .forced on the mnrket ut much lower levels.
There, was plenty of bullish Incentives found In the. morrilnR's news,
with tho general belief that peace "Is In the air" being confidently ac
cepted by many nrf'tlie prime factor In the speculative situation,
Tho movements of prices In tho llrst hour was at times lolent, with
advances ranging from 2 to more than 12 points being made In many .
stocks. Most interest was attached to the finding In the steel Industrials,
with United States Steel common moving up more than 2 points to S3Vi,
and IJrthlchcm Steel "ll" advancing to 78H.
The demand for stocks was Increased during the early trading by tho
Washington news uf tho application of the Attorney (Sencral for n post
ponement of a trial of the trust cases, the assumption on the Street
bc:ng that theso suits will he defened uutlltbu end of the war.
Tho motor stocks ns n group weio tho strongest leatures, .l.eneral
Motorsmovlng up 12'J points to 11C. Texas Company made an advance
of more than 7 points to 1GV4, nnd (leiicral Klcctrlc rose more than !
points to 118.
Tho end of tho first hour was marked by u turn In the trading dis
position. Then the railroad stocks generally, which bad tmhf shared in tho
early advance, wree under pressure, with Union l'acllle falling from IIS
to 113H mid Heading dropped from 72 to 71.
Hlotor Stocks Offer Opportunity for Profit ,
In tho Inst week there has been considerable bujlng of secinltles of the
same typo that figured in the great peace marktt of u c:ir ago. At
that time the lev ere decline In securities had not taught the speculator
the virtue of caution, nnd tho mere fact that peace was under discussion
4was considered ample excuse for n speculation. Now, however, an alto
gether different situation obtains and, while tlicro are many who aro
gieatly Impressed by the view entertained In high honking quarter that
peace "Is around the corner," tho buying has been very discriminating
and careful.
Motor stocks unquestionably huve the greatest peace potentialities,
nnd there may bo some significance to the recent rise, though at the
fc.imo time It cannot be overlooked that theso stocks were us greatly
undervalued In the depression as they wcro overvalued at the time tho
public would buy anything that had the word "motor" nttaehed to it.
Wall street, being far removed from the sent of production of tho Industry,
found It difllcult to measure with Its usual accuracy the effect of the war
on the automobile trade. There arc none who any longer deny that
pleasure-car production has been curtailed and will lie still further re
duced, but It Is manifest that tho original estimates were altogether out
of line. In a few instances the output of pleasure vihlclcs will be re
duced to CO or 40 per cent of normal, but as a general rule it Is not
believed that 1918 will see an nveragu reduction of more than 30 per rent.
1 Tills Is offset by the demand for motortrucks and orders from tho
Government for munitions which It Is estimated will total u billion dollais.
Already orders of this type have been placed that' are of an aggregate of
about n half a billion dollars.
' Railroad Shares Change Whole Market
1'or the first time In many years It can be said of the railroad stocks
I Hint they were instrumental Infringing about a complete change of the
investment and speculative outlook. It Is not thought, however, that the
speculation In tho railway Issues will continue much longer, as once the
Government completes its program of control anil guarantee of earnings,
the faqtor of uncertainty which Is so necebsary to a sustained speculation
will have been lemovcd.
In other words, the high-grade railroad stocks should move in a
narrow groove, with their principle governing Inlluence the cost of capi
tal. In tho minor rails and mere speculative. Issues there will remain
the possibility of Improvement of their phjslcal condition during the war
and a return to shareholders after the war of strengthened properties
New York Stock Sales'
Alas a do it Mine.
A asla luneati . ,.
A (v-( da m Alfg .
Am" Heel Hucar. .
Am (an . .
AmCar APilr. ..
I Am Inter lattuna .
1 Am f ntt..-. ...
I'IKI l. ,
AmiHilo&l, . .
AmllUcALpf .
Am l.Ljseel
I.fhW(l uf
Itleh Low
1 2. -OS
p. m.
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id
Ash
Mi
Am
Am ljOi-omrthc
AtnSmctA.lt . ..
Am Sme;t A It rf.
AmSum.itraToti .
Amtileol lou.ilrcf
Am In & VI
Am Tobawo
Am Woo en
Am Writing I'jp if .
Am Zinc I, s s
Amcomlv Co,)p.'r
Atoli Toj Si' ...
AtKluf&WI
ILililnln lico
Ha to A. Ohio
IktheheniMiv
lleth Mi-e I' a-.s II t c 7.1
llethehcmStre nf . Is
brook jn It-iulJ Trail IT'i
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New York Bond Sales
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tllinil UK of (III ft t .11
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117.211 117.10 07. in
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Sales in Philadelphia
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ins
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New York Curb
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Hurinllrothir
Huttc & ,Su,wrlor
1 Ca I'rtrok'um
I Ca I'ctrot'iim pf
I I anaiiian I 'act lr . .
(enlra LealhCo .
I crro ilc Pasco . .
' ( handler Motor .
I In iJtH'ako v Ohio .
(.hi tlroatWVst .. .
I Ihidreat Went pf..
llilMlUVMI'
1 ChlJ Ml ASl.'.if . .
Chi A NortlmiM . .
-' It I A 1' t c . . .
C It I A PCpOUfti-
: It I A I' 7 pc Pf to
I I'hleCdiiin'r. . . .
C'lllllO (.'OPIHT . .
I Col Kue A Iron. ..
I Co um Ciai A II it
I Conw (ij . .
Corn Tro I Itcf
1 Corn I'roii Itcf pf
Crurlhe Mii'l
(Julia Caao "ui
Cubi Cane Sub pf
IMA II11I01 . .
Do' hack A West . .
Dome Mlln'l
Dlsll insecurities .
hrln
I'r.e 1st pf . ,
I'r.i' 2cl Uf .
(iaston Win AW . .,
ficnera I'li-ctrlc
(irm ra Motors
di odrlrh II F Co .
I (ireat North pf
driatN Ctsfor Ore 1
(irecne-CananiM Cop
I Hnols Cinlral
Inter Acrlcult pf
Inspiration Copper
Interboro Con
Ititerboro Con pf
Inter Mor Mar
Inter Mer M ir pr
Inter l'apr
Inter Nine
Kansas CP o
KansisCit) Sipf
112'
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IJ4 Ins ON A 24
ISO I.k Klip C 12
l.1I.eh Nnv. 62 Vi
isifl'enn It It 47
1.1 1'lill.l Kleo 23
1.119 r ktic 2r,
100 Heading.. 7214
in Sinclair (J 29154
22ii Ton lie!., .l
11.1 V CI.. 72
41(1.1 1' S Steel II2
.1 War I &S H4
IIIIMIS
lllsh Low
$2000 i:i A IVn
Tr Is.. 72 ''.
:inno l.lb Ilotuls
.1'Ih. . oh. .11 us ,
1 1 (HI do Is.. 117.20 117
1.CIW
7
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fill',
An
24
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231.
2S
72
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72
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P.M. chKe.
7S H-3
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All
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7214
29 IV4
I RAPID TRANSIT CERTIFICATES SOAR
1 AND ARE MOST ACTIVE HOME ISSUE
Belief Tliat Approval of New Lease, With Guaranteed
Dividend, Is Virtually Certain Causes Full Point
Advance Other Stocks Gain
a A
72
U2T
BV4
12 Hi
1.M
A
3
2
Net
ihae. I
IIS
97.
8(1 .10
INACTIVE PIIII.A. STOCKS
I'bllouing irro tiuotatlniis for Inactive
Mocks listed 011 the Philadelphia Stick
Kxchange and In which there wcro no
trans ictlcnis tod . Tho piMce given Is
the last previous elofe:
Philadelphia slocks started tho new
year strong, but gencrnlly Inactive to
day, with Hnpld Tranflt trust certificates
ottractlng nearly attention. Moro than
1300 shares of thnt Issue changed hands
during the first hour and the price
moved up a full point to 2D before mid
da, the highest level reached on the
present movement. Confidence was
heard In board rooms throughout the
flnanc'al district that further Improve
tneftt might be expected, ns It Is virtually
certain that tho new lease, with Its
guarantee of S per cent dividends, villi
be favorably recclv'ed by Select Council
tomorrow.
The InrgcFt ndvnnco for homo shares
was recorded by United (las Improve
ment, vi hlch soared 2 points, to 72, and
good-s zed gains were also recorded bj
Hlectrlc Storage Ilnttcry, Jnsuranci
Company of North America, Lehlgl
Navigation, Philadelphia lcctrlc un
Warwick Iron. Oeneral Asphalt pre
fcrred nnd Lake Superior Corporatloi
weio unchanged. 1
Steel common wns nctlvo nnd ad
vanced more than 2 points, whle smal
transactions In Ilethlehem Steel "IP
nnd Ilalduln Looomotvc took place
with tho former up nearly 3Vi point!
and the latter gaining l's. 1'ennsyl
vanla Railroad was marked up a quar
ter, while Heading was off the sunn
amount.
Liberty llomls did little, but belt
steady, the 3'fcs being unchanged and
the 4s n llttlo higher.
Ill
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MONKY-LENIH.NT, uatks
.',, 1',!', I llllt.Alli:i 1'IIIA Call B 1 er cent
l . I l,n r.mr.a. nor .-nut rnmnirfelnl i 1'UlT HUH'! if
..' ". . .. . ... I ( um Iron...
paper, tnrio to four moiuiis, o,jjin-'4 mm sieej
per eeni
IPs'
I
:ii
ill
ol
AllLmre Ina .. Ill
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Anier .Mill ... to
Ami r stons . nj
Am Stnrea I rrf HJ
null a: r-usij i c .ill
.ill
l.eli Nsv pis nf ..I't
1. 1 1 lima -
l.lllli- mliuylltlll .11
Mini hill . .. "-'
N ..lh Cnt . "-'
I'enna H.ill ... S"
i- it r
RENEWED STRENGTHj TRADING IS QUIET
Klx inoiitliH, 5fi5 percent. on Trar N J
i 'irn lFi)f,jl
Id' 2
7h!l
4C, I'hlli "n -'',
11.1 I'nilii Trne .. i0
iul'4 ltws Co (Jen. . 4'i
14' I'n 1 'ns N J 20-1.,
.11 I' S Sleel iirrf I'll".
J't IV" .1 A Hiaflloro li'4
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17
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Unint-tn IImIJ lltb..nnl llnlnu I K'y Tfl lat llf
-"' v- " .....i...- -.nvu.. .. Knialnn. Tl hdl'. ll'.i i-nl
(Ifflelal rslia nf itlsrnunt for mrh of Hie i l.eh hI Trnns 'J7' If.ri. ltwy pf
leln I'til-nil ill.trlitB lire n fullans , l-ell Vnl Tr pf . 3S
-lluMi '
1.1 il. 1.11 up .....
i'"M 11 iimnrmi itrirra
IN COTTON MARKET
All Deliveries Make New High
Records for the Season.
Liverpool Buys
IN THE CORN PIT
Fears That Heavy Snows Ovei
West Will Frustrate
Crop Movement
M
nil lloptnn
(,(l Ni w York ,
.- , I'lilMilelnllliL
..,, CleV4liil.il .
I'i 1 ItUlimiiml
Adnntii . .
ChllHUU
M. I.nula
MlntieiipiilN
Kiitihas City
li.tlMa
32 .
Inur
Pas
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211',
Kellj hprliiclklil lire 41'
Keniiivnil Copper
LarkMeil
behluli W'ey
l.oulsv, le A Nash
Max Motors
Md Motors 1st pf
Max Motors 'Jd pf
Mexican IVt .
Miami Copper
Minn AM I, new
Mliliae Mee' .
Mo Kaa A 'lex
Mo Kan A Tex pf
Mo Pao tr etfs . .
Mol'acpf trtfs
Nat Cond A C
.12.",
.,11 .
lll'i
3.i:
711
.17
111'
32'
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IOKEIGN KXCHANGK
Ni:V Yoltls", Jnn 2 The New Vein
opeiKil wilh a nominal niarKit f r Pu
ilgn evihangi' Iluslne!i was at a mint,
iiiiiin nnd tin-it? iiem 1111 npinn iuMp
I'li.mgeM in 1 ales fioni the final figures nf
Mi.iiiI.i. Quotations were"
Demand sterling 4 7Si,, rallies
4 7ii 7-l(i SKty-diiy bills, nominally.
I. "I'i si 4.71 ij ; iiliicl-il.i). Ifl'ii
4.ii;i'2
l-'riuie e.ibles, 5.71 a, checKs S 73'...
Lire cables 8.30, 1 lucks 8 37
Swiss tables 4.3I'2, i-hei l.s 4 37
Pesetas tables 21.45, clinks 2). in.
(iullders tables II, tlinl.s I3iw.
Ilulile tables 13',, checks 13.
Sloikholni cables 3.'Pi, ihecks 33'i.
Clirlbtl.uil-i tables 33'i, 1 hecks 32-i.
Copi'iihiigeii tallies 32, clieiks 31',..
IXACTIVK NEW YORK STOCKS
I'ollowlng ate 'piolatlons for Inactive
New Yoil: mucks nnd In whkh there
were no transactions today Ti0 i)rcc
given Is the last previous sale:
Ail.inm i:iirts 11.1 Jlorrls 1; .. ..,
Atlwinee Hum pf 20'a Vnt Aim ?:', I
AJ.IX iiuuit . -iiu lilfetlllt 1(7,1
ClMUiiiey I. ('ohull and V. W. Con
nelly linvu been admitted as general
partneis to Hio linn of Ca-nilt A Co.
James A. Lnngwell has been admitted
to tho lirm of J. Sparks fc Co.
LIVE STOCK QUOTATIONS
I ciiic.vdo. .inn. " 110ns i:iii.i.i..,i r.
relpm iniiaj. ,'ss.iiihi heiul tnmnrruw. In nun
nHil .Vpirkft elnw Mini itpiicrally etpuilv ut
Miiiih'h i'lff 'I'iiii. till HO, Imlk llitiiil
l HI mi, llkht, 1.1 soli HI 711, nilxi.l, llil'.'lfi
III Ml, hen - Sill J.KMI1 nil. rolloh $lll-J.1!ii
1II.4H 0rkprs. tin .1)14111 11.1. pics, XTJli
IS 2.1. K.101I to ehtilti. tin L'.IHi III no.
r-Ai-'ei.!! I'.iim.in.i ....i.. ... i. .,.
1 oiii 1 heHil. toninrrois. 1.1 nun hemi ' .viHrio-t
Meaily to 111. liiwcr ll-nves. S7..1(li 14: o
nn.l hi-lferK 1.1 :iui It an, .toilers sn.1 fe.-.l-
rre (II ll..l to 411, eiiliex. I-.".ll'il PI poor to
nuilluni. 17 ikiji 10.31.
Mli:i:p llmlmitt.l nulpli tmiay, 1 1. nun
heml, inmnrron, l.l.iniii honil Jlurket
etronu nn.l lile hluhor IhHti Mtimla.'s nser
I'Be .Native, fll aid l.i 7.1: nesurn. $1 "ii'n
I.I 20. se.irllnitn. 112 7.1 i 1 1 mi Lump". M3
tili.no. wteorn, i:i 7.1i 17 1.1
KANSAS CITV. .Ian 2 CATTI.K Ill
nialed receipts to.los. 12.110(1 lif.ul. .Market
steitlv
HdliS lleielptn tuil.ts, IS.Ilflll he-id. Mar
ket slim- in.- piM.r ItHime. II.I1I lil.s,-,.
Klli;i:l' U111I1UH n.O.n, 12 linn lieaj. Jlar-ki-t
sttuib.
MlfTH IIMAIIV. .Inn 2. ItuUS Hull
matirl receipts tmlaj. II2HH lieail. Market
eteiulv. Bjibi. sin 1115, 111 7,-,
CATTI.i; natlniateil ricelpts tml.ij. C7IIO I
lii-ail .Vl.irktt ulimlj
KlfF.lll' IXImadil reielptn tnJai. .12110
l.cail .Mnrkel nleaili. Cars. 4111. t
NI1W YllltIC, Jail 2.
The totton market showed lencwcd
strengthen the opening, on Liverpool
buying and icntlimed support from irnle
sources
1 Klrst prices weie 12 to 24 points
higher, all deliveries making new high
iiecords for the seavjn, with January .tnlk about peaie.
; selling ai me ai-ceni level, wiino .nay
Isold above the 30-cent mark
Iluylng of May by a broker with Liv
erpool connections was tho early trailing
feature, but the advance was checked
by realizing.
Some of the spot houses also seemed
to be selling, causing reactions of a
few points right after the call.
Mumlay's 11 II. .10
tipen n. ni
CHICAOU. Jan. 2
. The tone of tho com market win
Heady to a shade easier this morning
lut Hailing wns quiet. It wns fenrct
that heavy snow over the West woulc
fiuitr.tte the ('(Tints to move the crop
lut strength in securities led to futthei
lime Onen n.m n.m 12 n
January . nn.sn 31 no 31 o.l ai.os :u iri
M.mli .. .. .'lll.al :m.4.1 311 .12 30 n'l 311.17
May 211 tm 30 111 30 III .in 2.1 3" 22
July 211 111 2'l (IS 2:i.s.' 2II.IU 211. Ml
Oidilier ... 2S (Is 21. Sll
.Spot . . . 31 11.1 . . . . ....
Liverpool Cotton
LIVmtl'OOL. Jnn 2 Thcie was a
ret.il demand for spot lotton today with
prices steady at 22. "Oil basis for mid
dling old contract, an upturn nf eleven
points. Sales wire 2n(in bale". lie
ce'pts 3200, nil American Kiltllies
steiid.v In arly dialing". Spot old con
tracts: Ameilcan, middling fair,
23 99d; good middling, 23.31d; middling,
22 "I'd; low middling, 22C2d; good ordinal-.
21.2Cii.
Kefmed Su;,'ar Unchanged
NUW YUKIC. Jan. 2. Tho refined
sugar market icninlns uncliunged, with
the Amerlt'.iu Sugar Uiflnlng Company
iiuottiug fine granulated at 8.1..C and the
January opened unchanged nt $1 LC'i,
May started at $l.24i to $1.24',
against $1 24a, nt the end Monday Tin
lecelpts here today were 1D1 cars.
The maiket at Liverpool was flrn
because ' of light mpply. Tho move
nient In Argentina Is lncrcaslngi and tilt
iU.illty Is better.
Oats were li regular, but the posltloi
of the cash article lemalned firm, rnvlni
to the iccent demand for export.
Match opened 'ie lower at 77",e
May started at 75Ti Hi 75 (-', agalns
7fa4 0 at the end Monday, and mover
up to 7Ci,c. Tho receipts here todaj
vere 214 ears.
The tone at Liverpool was firm Tin
yield In Argentina Is disappointing.
The receipts of wheat at Mlnneapoth
j ml liuluth today were 30!) cars, agalns'
312 cars a year ago; at Winnipeg 691
lars, comp.ned with 941 cars; at Chi
cago 15 t.irs. against 9S cars
The market at Llvcipool wns Meailv
Change in Hanking Firm
N W YOIIK. Jan. 2. Ilrowu liroth
ers & Co announte that the partner
s.ilp heietofore existing between Ill-own
Shipley fc Co. nnd Urovvn Urothers
Co., New York, I'lilladetphia and llostou
terminated on December 31 last. Rrowt
Urothers A- Co. will continue the busl
ness in America and Urovvn, Shipley S
Co. In (ireat Urltaln, without anv othei
eliiiiige In the constitution of the firms
each acting as the coi respondent of tin
other as berctofoie.
. llli. 1111. AI..X IIUIIU'T .Mill lllklllt ..T.. -
2.'. "7'j !,'. "71, "m ?;r, hi i.f n v V,u',"Pf..liia KMIIfntl. I." V nvivr-c National at s.3oc. I lie leilcial mm the
.-Tr,' :7s .-7n ,s '"m'",, f' ss n. iVktJ''Vl UAILKOAI) KAUMNGS Warner companies and Arln.ckle Ilroth-
. ., - .... .'.'? ' '.'. .-..-Vf .r till .V . l-r.i " l,r H"i'a CUVnt.U. OP (IKOIKHA .m ..,.., II, .nf. llli.lr.iuii. Tim I.i.i liiI. In
s'p; l s"l s' ''.' .'l';." I.".:, iii-i".- ,.:,''-.Mp'h? i't ,.. V!)l... :.r. ('"ban raws was at li.iidSc
,i, .,,, ,iT ;,7, rtiii -'"-" i ,: --,i i.-mj prt,r ,.,. ...... ...... i hium ... . i ,n..i,i'ii'i J.'.ni.u.l
- ' 3 ' ."l' .I'I Am Mult . " Senllu Ml '- ' ...N" "' .ll'.'.S.'il 311,17s ...
V. 'I IP4 !l4 Am Mali pref .. 4 V v I.oek.. '' y,',, l.ljven nionllis' t-r.iiis ll.3s7.iU1 s.oij.'jiiii
wi ic, 11 .11.. SS:,iff..,iS!!i,llVil. ! I s.ii.i.ia 23s.,..,
IP ;.(!' IP. IP., ., kimur tircf KHI -Nf ii Y.'V. '"t Pf 4ll l'K.VXSVI.V.VVIA sv-STl-M li
... '.. -J,,.olr nf 11.1 .V,..V V ' -" Pf .".ll'i .. ... II
i" -V" .'-"l" ....... v.i v.w. s .s0,,.h ..in' sancs i;at . ...
... .... .... All. ion in UC .-. A,.,. . ... ...... -. ... ! llll. Ill
:t 1 .1-1 3 T 1 T 91 Uf !" Snr h i- "' '"' .-jujeniner oper. rev. . J2T.2II3. 112 S2.VIH.21I1 I
i I". I.". Am T 4 Culile .1.1 Ohi.i'Wi?" ... lll'i "allvv ay o-r. rev. . . 3.4 17.32 1 '2.07S.47I1 II
in.'
Ivi
I7M
21':
17
Am TIT
A . T J0 I
Am Woolen prf sii
Am 7.1ne. 1. Pf fo
l.r new i. s'orf a v,.,",. -in,
3d Pf t'2'4 N fll, a)"' "r "'
Culile .1.1 bhliJVlS'' '"'j
Ohio (1JH
rtts.. it. loiai opiratlliir rev. ."Hi.l.'i.la (hl T. nnr mi
"fiiiirm fc.ii.-- " I . .- ---- --.-....,...
null lliuy Slliuui.liu some uuiivuy. in inu iiiuiur iiiiuimii iiunu-., mui i t;- " ---- - ... . ... a .-. ..-. Aimo I ( '"s P ' (liven, n' I i r- iiuiniiiy oper, rev... tili.o 11,1133 s, 237, 420
the speculative material, there will probably contlnuo to be an active x con Hip ' ' iV'j w" ?vS V)' Av"u"Vi pK IIo VMi" ''''""'i"''4 l.ln.s Went
market with tho possibility of somo additional gains, us there lire a iium- New York Air llra'.e in Us us ' US ,'j f.r,Ti UnV! ssT? ''"'-Am flit i,V jii'4 I it'Sll" t?"ropS?r- C-V ' 'ipm'oo'i .I'ln'S'-li
bcr of theso bonds that aro selling fur too low considering that their I New .ork Central . 71', ."2 71 71'i nalJ Loco pre. M "iVrVV". .'' prll,r l'"eii months- ' ' "
, , . , . i. . , New ork"CA MI, p', II t nhln pref. .i't p,'',' ' . ... OS Total u rail ng rev. .11R, I72.S3T 12 OlVl 7Sn
interest Is now definitely assurul. . New Yor.-N H A II 3". 3i', 'ij'j ;)7'i ",rr',, oo "ri imi '''" '" '' "'' ' ,itt"KU wer- vsn.w.uii U.iiIi.bm
It is expected that the sales of the 1 W. Woolvvorth Company this New York O AW 21W 2P, 21 21 li'rkfyn l.'n'aaslioj .J. arn pre'f'. 4" ) Lines ll.ist uml We.t
year will Increase $10,500,1)00. or about 12 per cent. The totul gross for Sorfo k. A West KIP, Kip, 1(11', 101',' "r.0"" !J,h"" .','n I'l-re'e ?v rr' 'i .NWniiier nK.r. r.v . 41,l2l..i.is 4,tr.ii,47s
Northira imc lie . .hi'; Is7 h'l'.' !s7 ; kk l'l ffA''n,( : 'h ,.' , 'm. I ! rev" ""',','0-u '3.101.2.13
Ohio Cities (lis .37'. ,'ls', 37 i 3,'i "" l-aeklns Co ,3 'j"'". Wi, pn ' J. ! l 'I oi"r" ln rev 4:,3 71,11 7IR 4S"4ti
lanncMail. .. Jl . ..... n.l Alton.... 7, ' ".O'Stl far pr p-, l-UCTIICRX iiaimvav kvhtpu
fev!"1?"" -il S "V dTpf!,;.' ".i" ii ,N-".'-uu;.7il.1.2,l,
Philamlphla Co ".I 27 27 27 t c Si f So Ut nf 471 'l. & &";,', ,. -l 11.711.1.227 l.s.",7.1il
PitlsAVVVa.. . '!. -..-,1. !: -Jl." Col A So. 2(1 rt I J'i .'W' Wuleli . . . n ' I CINCINNATI. xi!- ,.i.,t..v .....
eros . .
)ii& Gas Company
Refiner Diitributor
ilmf-of jooo barrels dally ca-
1U3 xanic carr.
Vln. T.lnA tmm w.tli In rail.
&t
Witlnc Btitlont.
oo quarterly dividend baits.
.Jan. 10 3 and 3 extra.
MK dividend la.t year.
4dally marki-'t tmt ip.ir.f
-Vf
CLARKE, Inc.
N R. Ai.rcAsnra
IReald.-nt Pn-tn. .
'. -nwii 114 Sprueo '
xebants uldK.. l'ulla.. V.
m ni. . naw rork city
.w
fUIlA. NATIONAL 1I.V.NK
A.lPOia. 1-ircvmtirr sth. 1S17.
I X.ctlon for Director, win b.
'.WI. patwtren tha hour, or fa
WAUD WOtFE. Ca.hl.r.
VAV MEETINC3
IBRN TBL'HT lO.VII'VNV
"... riUladelphla
i fieciiPK oi tne stockholdiirs
l jtu.i tomo-iny will be held
January Ith. 1UIS. at u
mt tbi. onleo of the Company,
Ting uarucu pireei.. I'miauel.
li time n election will ba held
Ir.ctora to.ttrva'for a term of i
.'W. C, HAIlTEn. Hecretary.
Month
lYears-
&a paid its stock-
! holders a dividend.
.thls time output
hv continuous.
wth' -ore reserves
sufflcienr' -for ssv-
wrs, the Company is
inr' to depths bellovv
ou-iootjievei m or
Mid to 'these rc-
it" " ' '
-r . H,4 i
T-U" w, thfa ror
?ER
.M spun
filtJJalll.
tBEr
jW-W WW901 ,
the year Is estimated at between $97,000,000 and $9S,000,000, on which tho
protits should be about 9H per cent, or n reduction of slightly less than
one-half of 1 per cent from the ratio of profit of 1910. This would Indi
cate earnings for the stock of close to 17 per cent before deduction for
the war tax.
Rail Relief to Help Oil Business
i Thp belief in oil circles la that tho weeding out of tho inllroad tangle
' should facilitate the movement of tank cars and bo a boon to the industry.
Tho dltllculties encountered the last few months In shipping refined
I products hnvo been exceedingly dlscom aging, particularly In the i;.ist.
At present there are approximately 58,000 tanli cars In operation In con
nection with tho petroleum Industiy and, of tho.o, about 24,000 are owned
and operated by rellnliig and marketing companies. The Vnlon Tank
I.lno owns 17,000, whereas railroads control about 10,000 and tank car
builders mid tank-lino companies S000.
Total dividends from 1917 earnings of the Indiana 1'ipo Lino Com
pany amounted to $12 a share, or '$1,200,000. Tho company's recently
announced disbursement of $2 and $3 extra was iliarged against 1918
revenues. In 1910 tho company earned $1,300,830 nnd carried $100,836 to
surplus. Slnco tratllc during 1917 was about on n level with tho year
previous It is not expected much change will bo shown when tho figures
for tho last twelve months are available.
Pig-Iron Production Improves .
Production of pig iron in tho Pittsburgh district has Improved, coin
cident with tho taking" over by the Government of tho railroads and a
readier movement of coke. Consumers In the Kaat ore said to bo in
Immediate need of 100,000 tons of pig iron, with their supplies almost at
tho point of exhaustion. Despite, tho shortage of steel, which has cut
down production In somo lines to 05 per 'cent of capacity, signs aro appar
ent of enlivened buying by Interests who wcro missing not long ago.
most notably automobile manufacturers. Contracts for 31,000 tons of
steel shapes nnd plates havo been placed for tho construction of ten
9100-ton cargo boats to bo built by tho l'ensacol.i Shipbuilding Company.
In order that the material for tho large number of ships which must
bo kept In operntlon across tho Atlantic between the American armies In
France and their base of supplies may be produced us quickly as possible
every effort is being made to aid tho National Oovernment In completing
this work as speedily an possible under present conditions.
The State of New York and tho Merchants' Association aro working
jointly In providing labor, homes and means of transportation to and
from tho yards, and have arranged for a training school, which will be
I opened on Staten Island on January 7.
, Dig Growth of Reserve Banks
I A great deal of Interest Is attached to the forthcoming repots of the
I Federal Reserve banks, which are.eJtpccted to show a phenomenal growth
l over 1916, with the earnings for tho last six months Illustrating the value
of tho system during the period of huge Oovernment financing. Although,
of course, there is no way of forecasting what the results since July 1
have been, tho earnings for the full ear may be anticipated from tho
showing for the first half of tho year.
The combined Bstem during that period earned a gross of $4,141,02(1,
1 with current ixpenres of $1,378,883. and net earnings of $2,762,645, equal
to 9.8 per cent on tho calculated average puid-ln capital.
Siml..r ntinr rrti t'.r 'inn n. a.i l.i. .in-
Hallway oier. rev... 3,'417..121 2!o7S.47(l
I.Ihv.-i, month.-- .
Total opt ratine rev. 30.1.
' Pitts Coal .... I,", -Hi I.", 0J
Pitts Coa pf S()
Pieree-Arrow . . 3r,'j -. .
I'n manCo 113!., 112', IP". 112.
Kj Stce .spring . 17', ls, 471; 4s1,
Itaj Con C!lpi.r 2.1 i 23'; 231, 2i'j
Heading 72'. VJ'j "I'i 72'j
lte-iilliik".M t'f 31'.
Itepul, Iron A s . 71 M 7!l'j M
st I. .sail Pran 13 ,
seaboard A r I. 7'j 7Ji i Vi
seabo-ird Air I, pf . 1 1
Scars Itoebk A Co Hi lib',' II,". ll.V,
-sliattuck-Arizona Iii'i
MhralrOI A Kef . . us,' ytpf ;-)'i 2 'i
southern Paeillc . Sl'j M'i M!i M
1 Southern rty . 215. 21',' 2.11," 2 1 '4
I Southern Ity pf . ..Ma 7,9!,' ,yji," ,y.p4
l.s'upMeel . . . .'is'i
I Mudebaker Co . . 4UW u.' 50 5 '
1 Ten Cop A Chem 2'i
Ten Co l.'l'l U0!i 1414' lit
Tobacco Prod .. 4!j 51 4 1'; at)
Union Pacl'lc . .ll.r, U, 114 t ;
I United Alloy Sttv' .. 3D 37), :)7 371,
United Cigar Star i '12, i j yu,
I United Iru.t . . .11.1',, m.tj iu)i Uli'j
lUSIndAcoho' . .llil'i lis 111-4 117
USltubber. . . . !,, flpj 51 51
USbmllefAM .. .4.1 4l!!j -15'4' 4 P.
USSteel iioj; u.iJi !IJ; j.l
USStee pf Vii ui nsj ,) 1
Utah Copper hli K Sll.' SI'.
Utah Securities . . . . H); l; nn j(i
Va-CaroChem. ... 3l)i 31'.' 31'f .'fll.
Wabash !l '.P,' u ip;
WabashpfA . .. . If, HI, II .
Wabash pf II . . . . 22 23 23 "I
West Mar) land . ... 11'; ll'i ll'i u,
Westing K A M . 40JJ 4l'i 10,'i 41,.
UoolHoithCo .. . 112'j
Wheel A I.K .. . ti, 10 10 10
I heel I. K pf 22 1
Wilson A Co 45
I White Motors 3P 37Ji Ufi'i 371,
1 1) s-Ou'rland . . jui 2l)j 2J'i 21
Comp Tan llee. .! -" n-rv Corn.
font can . i '' mi ispc rir,.f vs,
rt.... .-. r. 1. t I. mi -Sitvacrn A ....1 v . ,
, oil ..... ... -,, ., , . -....in
font ,1H ' ai ..1 ll-i - . a- M J-
Prr ".-.
cui.a Am r-uB nil in '-"";f"ii pref 11 i
Cuha Am sun 141 ' jo I' II SuVaV li-
re Co pf HI .Stand Mnm 'i-',.
Ien Hio Or . il stanl j l,Vi r J-'
Detroit IMImoii 12.". Mn,l,-H,"fc ',f )'
l-.lee Htor lat .j;'i fjtula jnl0I. '. !,
lien Chenileal !.... Sup Mil )s, nr,., ;' 4
lienera, vn.nr ...--? in, t'ontirr .... '
t!en Clear pf . ;'. lex A .J."r '-'.
Cen Motor. I.f . 77 Txa i; ', i
C.oodrlrh II K pf H"i Third Avo '" IS
nmnhv Mln (II TM.U.!1.. ;.: 17 ,
i November
.il .
1 rive ninntliM'
N t . . . .
PAciric.
fl.IISS.1l 1,1 fll.llllH
-ii.'.Ki.i 22.1.221
Kross.. 3,701.371 1.71, III'I
....... 1,1(1,1, su j .iiis.ii; i
At.AIIAMA Cilli:.VT M)l'Tlll:itN
.Miveiniier grons .. fills, tin
,.,'N" ins.sii
1 lv.. iminlhs' Krosa . 3,li'l,2sl
N1"' II2I.3H.'
1. i ri afi.
flls.dTil
2S.I1SS
"nil nil
HAK SILVKIt
i.
First
Lien
Bonds
To -
Yield
About
64.'
in Mcctrtrttu arc esirnttate whlih
ninnut br ionc without niufer riny tiniil
(loin. An fiiresfMiri.e In i'ubffc Vtllltu
bonds fi limply secured.
Eastern States Public Service Go.
First Lien S. V. 59'c & G& Gold Bonds
Haled l'-h. 1. 1017 Hue Feb. I, 1011
ftlenoinlnatlons, SIU0 fSOO IC0U
Thcc llomls arc the practical equivalent of a First
MortaKc, licing secured liy deposit of more than
90 per cent of all itnderlving securities, hotii
stocks and bonds, of subsidiary companies. The
franchises arc cither perpetual or of long maturity.
The property is conservatively valued far in
excess of the bonded debt.
Detailed irtular on tequest.
StOl I,
New Voil
INCOItl'OUATI-IP
i:ih.ilige lililg., Philadelphia
ltostoi,
IJc i:rle VV of IT'i !."' "' 1st Pf .10
i.en nun Tire 12 ; r,vi".. a nr. 73
, , , Toilay Vest
.oinloiilprnce) 43'3
I. nst
Weil.
litis
1 1 lull Low
43', 4:11,
DIKIK'TimY OK .UCIU.NT.ts.TS
Cerlllle.1 I'nlille Aeroiiiilunln
. ';,""'-.-N,i,' ' HIK'VV.V co
I.I A si Ton., l.il ,.',:",' "l-'n iiru 1.111
11. 4 f Tnl. I7 (llliiil lv In.- -.1'
IVIIaon Co .... 43li fii W Inv pf. n' I
I.l A M Tob pt 111111,4 " '".nre" is ' T
l.onB I.l c( Pf. 40 '. 5 Ind Aleo pf s;
I-orlllard V. .130 " M Realty Imp I.-.i,
M K A t nref . 711 V H Iteallv linn ' .--j
II I .1 III' ai, MSTATL1 H'llllL.lii ..--.
ISMTWft'Ki-i':
" ' I fl
1'. A.
.o..,,''.';.rBe Ka W'alaon. (
1311.1 I Inor. fteal Uatuta T,
rux Iteiwru
DIVIDE.NDS DECLAKEU
Kureka Pipe Lino Compnny. reirular nuar.
terly til. paj.blo F.bruiry 1 to aioik of itc.
ord January 15.
nref . I " n Ilea lv Imi.
Maetay Co .... 7.1 ,. It pref .. . f,n
Mackay Co pf.. SS C H Hub lit pf 11.1
Manhattan Hell. 1 a C A .' ..., 511
Manhat 13 ....102 Wabaah pref ll, 111
May Dept Ktra 4.1't 1Vella.Krirn ... 7nli
May D-pt HI vi P'l VVet P.10 II 11, 1714
Mex Pet pref DO We.tlnBhou.o
Mleh Central., llu Ut pref .. .. ,V."1
M K A T prif. s Wlllja Overland 73i,
Xlont I'ovver l.3a Vlllja-Over pmf 71U
Mont l'oner pr. IHV-, IV la Central 3(1
Morris A !.x 3d
NEW YORK COFFEE MARKET
NKW YOUK. Jan. 2 Tho market for
coffee futures opened trong ut an ad-
vanie of 7 to 18 points. Trading was
brisk In tho March, July, September and
December positions. '
Today's Monday's
opening cioao
nepienioer s.vnirisaT
December s tlOfiK 114
March 7.S4(f7.S3
May h.,111
July 8.1UiR.20 sui
ANNUAI.KMX'TIONS
2Sf ,,,K v&lLiY.im'XwuTtoML
, rhllHdf IphU, December iit
The Annual Kl.itlon for nlnV r;,,,i?.,I'
iiri in uiri'n vniim u 1 i.a h,i.i .. .
ir.
time- of the Company. In ,h, li v,.,"1'
HulldlPK. Mirth and W.ta.i.''"...'.',"'?'1
Phla, Pa . on -Holiday. JuVmirS 7' mis"!" ''
tvve.a Iho Hour, of io'.iii, a.,,",r,Hn7,, HS'i,'
JOIIN IIUjpim:v8
Stirelary and Tr,..,,.'
TI1K I l:NTIt.l. .S .VI I (ISA,. ..-
OK rilll.l)KM'lll '"'
'i-
llrimli.a 1 ...-
The Annual niecllon for I)lre6tor' Vf li...
i.siik mil ih! no, 1, at mq Hank nc lloila,.
luesdai. January 811.. mis i......"9 ?0
a m. and 12
"'
11
WM.
Y. CO,'HAD.
..nitr.
-,Jf","i.'"l t cf llroai
-rniiaaeipnia, December 2tl. 1U1T.
ba
.-.l '
ta,
'iZ4.
" 'r r
"
PR0DE OF MEAT "TRUST"
HERE BEGINS TOMORROW
Butchers Summoned to Teli of AI
, leged Combine Which Con
trols "Trimmings"
The tillered combination effected In
Philadelphia by the mrat Interests will
be this subject of the Investigation to be
'started tomorrow by tha Federal Trade
Commission. Many butchers and small
-meat dealers throughout tha city will
be -tailed upon to testify as to their
nl4fp of, combine. The hearing
M iHiwwi in me rosionice uuua-
.J.sHeiiuy( member of
y.
around butcher chops and meat stalls.
Tho trimmings; aro worked up Into ferti
lizer. It Is alleged thnt the eutPe In
dustry Is continued bv the Am.-l-.ir.
Agricultural Chemical Company, of New ' second Ward for, twenty years,
.-.. . .a.. .. ' ' Vna4 Vt, f fvnfa, ... ..i .
iorK, unu nai repre'cniuuves 01 this
concern control virtually the entire busl
r.eos In Philadelphia through agents who
have been brought Into the so-called
trust.
TWO !IEN ASPHYXIATED
Fail to Heed Warning of lT'G. I.
upon jteuring 1
Two men who failed to heed the warn
ing of the United das Improvement Com
pany to turn oft all gas lights beforo re
tiring were asphyxiated as they slept.
The names' In gas stoves were extin
guished by tho low pressure, and as they
slept the flow returned when the pres
sure again became normal.
The men are John Hurray, forty years
old. real estate assesior of the Thirty.
1803
The An.lual Klt-cMon r. r.i... ...'. T.1'.
s: i:'d..r, ja?fcf "i!t pz.'t-isjv
7.79 .on and t o'clock T "p. m. ' " "u" " "
-. 11, 1JAIIIJT.
. C.hl.r.
North (Jratz street, and Ilenrv i!,i-
vvlik, fifty years old, 1130 Crease street.
KAISER EDITS A BOOK
,hPnsr0J thnrln(;1i'a' '" will be! Yolume Contains All Sncchea Ho
" Kn,)""a!:er Company, nianu- Wo Ts ",-?,,? "
..- vwnvicu jLuriii); trur
facturers of Jertillters. at Delannr. .1..
nue nnd Venango street. Hmployrs of
this firm are expected to testify to the
existence of a. meat refuse and trim
mlngj tru.t.
Secret' Bervlce Agent Matthew nrir.
pn. who has been maklno a preliminary
MVMtlcatlon of the charges, win m-n
ot uh' mi the mhjiqt to
LONDON, Jan. 2 Kmperor William
of Uermany has edited a three-volume
work on "Kaiser William In Wartime,"
whlph will comprise all the ope.clien the
Kmperor has delivered during the war.
Proof are belnp revised and vI be
submitted to tho general stall and lh
AS
Corporation's. Firms and Individuals who
contemplate setting aside a reserve for taxes or
other purposes are invited to make this strong
Commercial Bank their depository.
SPilal $275,000.00
Surplus & Undivided '
Profits -.1,120,000.00
OFFICERS
SAMUEL BELL VlP
'CHAKLBS'BB:60KB,..... ViP7SSStt
JOHN D. ADAIR I'A-W
CASSATT & CO.
Bankers
PHILADELPHIA
Beg to announce that
1 '
Mr. Chauhcey P. Colwell
and
Mr. W. W. Connelly
have this day been admitted
as general partners to this firm.
January 1st, 1918.
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Brown Brothers & Co.
Fourth and Chestnvt Streets
PIIILADULPlll.V
Deposits received and interest allowed
for out-of-town accounts instead of ualn. .. v. .
deposits may be sent by ma!! ind w. UU ? rnlshtt
irtents of account nerln,U-.ll- . .." "' ,urPlau state-
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