'.yj T'j '! 'TJWRTP'Rr f'rWt.'W.'-"- ' -WWaGWBWThlWftM V W . "W" VfflTWT T 'TBr'" v- .. .lVlPITOi!rrSr"', .. v i ' a. a ijti',1 .f I'l .- a t .tw -t u,-ii'ik ii.ti r n u t ' & - ' .its.- .- i .. -j". v "!.. "ir-aaMmmm i-t -hi- UBLIO LEDGi3R4HitAiEfcmfe. WEDNESDAY; JANtlMf 1918 Ii'fi' TV. ,. V uttu ?; r: '; i. j ATM. IWT " OM It e LNB"VV BNQLAND ILFtOAD' 4BKAL ta i1M ... . cr "' 8HCNANQO a light Company l CONSC-L. El 1M0 r f I' A' ry BROCK CO. L nRHKLIII MTNUT STREET YT1I1LAI)KHHIA - JMore for Four Money now be obtained rrSm good investments wan at any time ior .many years. ''4, Let us submit for j. 'tjjrour consideration sonic I'tiinvestmcnt succestions fvthat are timely. VSanJ for Circular L 28 ' A. B. Leach & Co. K: Incorporated LijK'llS South Fourth Strati Cbtcaso New York Jlo.lon llurfalo 'Italtltnort 8t. Loulii Minneapolis m- Hh -c..-.-f .-' tome Tax Primer vfWtJw bdWldoal TKpirer r internal Revenue Bureau : 190 Questions and Answers on the rtneome Tax Law I thli official educational tttM the law is fully cov-l-nd its technical phased rie convenience of indl- , subject to tax, we tinted this information nnhlet form. . A con I furnished upon request National City Company Ckattnul St, Phildlphi Ifnk" Chicago San Fraaciac MHi t-iiuDuttn ,Mrf Tarn A'tlei Actplnti u Oil & Gas Company Refiner Distributor ry-of 2000 barrala dally ca. 108 tank care. :11im Llna from wella to rail. m- butlnc atatloni. on quarterlr JIldend bails. I Jan. 103 and S t-itra. Mi dividend laat year. dally market fat around H.. CLARKE, Inc. NITON R. At.KX.tNDKIt ,nneaiaeni i-a7neri i 'ncnt 1140 Hpruee ' Hiruange uiui:.. I'Uila.. 1'a. ni iNew xorK city &-. .i b -uii. riiu..l. u.l.Mx pUil'u.Bt iiimrr oin( AVlf. 1 Eicilon (or Directors will be olianklng1 liouae on TuCMiay, "'HOWAnD WOLFK. Caihler. MlfAI, MEET1XC3 JEKN TBUHT COM1MNV . Ilillaatph:t al Jl'etlnit or the Htockholdera rn avunt Company will be held y. January llh, 10IH. at 12 , at the office of the Company, trln Oarden atreela, l'liliadri. eh tlrno an election will be held Sectors toitervo'for a term of Uj .,.,, m. i luintcu. necreiary. tit Month ? Years- f has cald its stoclc- Pi,' holders a dividend. m h( tfMA. . ... Ma Lli4 UUfrpub i continuous. ttK -ore reserves , wlBcieh, for ssv-,, rs, the Company is inT to (tepwis below . 0-foot .level In or 4W. to 'these rc- . '"ia.aj' I'EIWHIIIIJ ! I 1 I mi 'rUs.'"'. em.-' ---1MI r nan u I kl.&J:i,iu'akSS i-LTiort '.U.Von this, rc- ,C, laNsWiiinHHPV INDUSTRIAL STOCKS STAKT NEW- YEAR WITH GOOD GAINS lfaotor Shares Are Strongest, With General Motors Up More Than Twelve Points. Steel Attracts Interest , NEW Y6llK, Jnn. 2. Stock trndlriK In the new year started with another tlcmonstrutlon of bull power which many believed to Indicate the nppearnnco of Important banking Interests and institution, which, after reducing lines of Btock early In December, have now taken h new position, bccaimo of tax pur poses having been completely served, and nrb putting stocks back In their assets, which they .forced on tho mnrket ut much lower levels. Thero was plenty of bullish Incentives' found In tho moriilng's news, with the general belief that peace "Is In the nlr" being confidently ac cepted by many as''tho prime factor In the speculative situation. Tho movements of prices in tho llrst hour was at times violent, with advances ranging from 2 to nioro than 12 points being made in many . stocks. Most Interest was attached to the trading In tho steel Industrials, with United States Steel common moving up more than 2 points to 93V4, and Ugthlchem Steel "II" advancing -74 to 7D&. The demand fop stocks was lilcrt-ascd during the early trading by tho Washington news of tho application of the Attorney General for a post ponement of a trial of the trust cases, the assumption on tho Street being that these suits will bo deferred untllthe end of the war. Tho motor stocks its a group were tho strongest leatures, , General Motorsmoving up 12',J points to 11G. Texas Company mado an advance of moro than 7 points to 10V4, nnd General Electric rose more than B points to 138.. Tho end of tho first hour was marked by u turn in the trading dis position. Then the railroad stocks generally, which had nonshared lu tho early hdvance, wreo under pressure, with Union 1'aclflc fulling from 115 to 113'4 nnd Heading dropped from 72 to 71. Motor Stocks Offer Opportunity for Profit , In tho last week there has been considerable buying of securities of the same typo that figured In tho great peace market of n year ago. At that time the severe decline In secutltles had not taught the speculator the virtue of caution, nnd the mere fact that peace was tinder discussion owns considered ample excuse for n speculation. Now, however, nn alto gether different situation obtains nnd, whllo thero arc many who nro gieatly Impressed by the view entertnined In high banking quarter tliut pcaco "Is around the corner," tho buying has been very discriminating and careful. Motor stocks unquestionably have the greatest peace potentialities, untl there may bo some slgnlllcance to the recent rise, though at tho samo time It cannot bo overlooked thot theso stocks were us greatly undervalued In the' depression ns they wero overvalued at tho time the public would buy anything thut had the word "motor" attached to It. Wall street, being far removed from the seat of production of the Industry, found it dilUctilt to measure with Its usual accuracy the effect of the war on the automobile trade. There are none who any longer deny that pleasure-car production lias been curtailed and will be still further re duced, but It Is manifest that the original estimates were altogether out of line. In a few Instances tho ftutput of pleasure vehicles will be re duced to BO or 40 per cent of normal, but ns a general rule It Is not Relieved that 1918 will bee an average reduction of more than 30 per cent. Tills Is offset by the demand for motortrucks and orders from tho Government for munitions which It Is estimated will total a billion dollars. Already orders of this type have been placed thafiiro of un aggregate of about a half n billion dollars. Railroad Shares Change Whole Market Kor the llrst tlmo In many years It can be said of the railroad stocks that they were Instrumental ln'brlnglng about a complete change of tho Investment and speculative outlook. It Is not thought, however, that the speculation In the railway Issues will continue much longer, ns once tho Government completes Its program of control and guarantee of earnings, tho faqtor of uncertainty which Is so necessary to u sustained speculation will have been removed. In utber words, the high-grade railroad stocks should moc In a narrow groove, with their principle governing Influence tho cost of capi tal. In the minor rails and mere speculntlvq Issues there will remain the possibility of Improvement of their physical condition during the war nnd a return to shareholders after the war of strengthened properties that may stimulate somo activity. In tho minor railroad bonds, that Is tho speculative material, thero will probably continue to be nn nctlvo market with the possibility of somo additional gains, as there arc a num ber of theso bonds that nro selling far too low considering that their Interest Is now definitely assured. . It Is expected that the sales of tho V. W. Woolworth Company this year will Increase $10,500,000, or about 12 per cent. The total gross for the year Is estimated nt between $97,000,000 nnd $98,000,000, on which the profits should bo about 914 per cent, or a reduction of slightly less than one-half of 1 per cent from tho ratio of profit of 1911!. 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 Thp belief In oil circles Is that tho weeding out of tho railroad tangle should facilitate tho movement of tank enrs and bo a boon to tho Industry. Tho difficulties encountered tho last few months In shipping refined products hnvo been exceedingly discouraging, particularly In the East. At present thero nro approximately B8.000 tank cars In operation In con nection with tho petroleum Industry and, of these, about 24,000 arc owned and operated by refining and marketing companies. Tho Union Tank I.lno owns 17,000, whereas railroads control about 10,000 and tank car builders and tunk-llno companies 8000. Total dividends from 1917 earnings of the Indiana Pipe I.lno Com puny amounted to $12 a share, or '$1,200,000. The company's recently announced disbursement of $2 and $3 extra was charged against -1918 revenues. In 191C tho company earned $1,300,830 and carried $400,836 to surplus. Slnco trafilc during 1917 was about on a 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 East arc said to bo In Immediate need of 100,000 tons of pig Iron, with their supplies almost at the point of exhaustion. Despite the shortage of steel, which has cut down production In somo lines to 65 per cent of capacity, signs nro appar ent of enlivened buying by Interests who were' missing not long ago, most notably nutomobllo manufacturers. Contracts for 31,000 tons of steel shapes and plates have been placed for tho construction of ten 9400-ton cargo boats to bo built by tho Pcnsacola Shipbuilding Company. In order that the material for tho large number of ships which must bo kept In operation across tho Atlantic between the American armies In Franco and their base of supplies may bo produced as quickly as posslblo every effort Is being made to nld tho National Government In completing this work as speedily as possible under present conditions. The State of New York and the Merchants' Association are working Jointly In providing labor, homes and means of transportation to and from the yards, and have arranged for a training school, which will be opened on Staten Island on January 7. Big Growth of Reserve, Banks A great deal of Interest Is uttached to tho forthcoming reposjs of the Federal Ileserve banks, which arc-expected to show n phenomenal growth over 1916, with the earnings for the last six months Illustrating the value of the system during the period of huge Government financing. Although, of course, thero Is no way of forecasting what the results since July 1 have been, the earnings for tho full year may be anticipated from tho showing for tho first half of tho year. The combined system during that period earned a gross of $4,141,528, with current expenses of $1,378,883. and net earnings of $2,762,645, equal to 9.3 per cent on tho calculated average paid-in capital. New York Stock Sales New York Bond Sales Sales in Philadelphia NEWS OF THE FINANCIAL WORLD-NEW YORK AND PHILADELPHIA STOCK PRICES RAPID TRANSIT CERTIFICATES SOAR AND ARE MOST ACTIVE HOME ISSUE Belief TJiat Approval of New Lease, With Guaranteed Dividend, Is Virtually Certain Causes Full Point Advance Other Stocks Gain r.t t tlof Ulan Aiaraoo'dMlnee... lf Low 15.05 p. m. ... rVaVa Junoan . A !-( h'm Mfg ,. Am llcrt .Sugar. .. . Am (an . . . . , Am Car & Filv. .. ; Am Intct.iatiuaa .. Ann ottoioi ... Amnido&t, AmllldeALpf.... Am l.Ljscet I.fiiwd uf I0W 40 2!i . IS . 71 , rs't . fujj . iVi . 1!7 . 12'i . 4'J!i . Wi . ns', . 611, . 78! i .mill ia'i Hi',- lll'i . i.-, 2i ; . it . fij's r.2' . Ni 4 (1 . 117 ( MO'i ."S j ll'J J . M ...IN I '-a n io n7 71 .nsjj 72 MM JiVj 20! i 20' i ftV 8l'f r.2! II) 355, (WIS li ,l'i &'t i :n id M'i ro'i 7.p) i It 11 oi.'j jii ai'j fii" ,m Am Loromillto AmSmetftlt .... Am Sme;t a it pf. . . AmSum.itraTou.. Am Kiwi I'ouiilr.c) Am To It. I Am Tabsrco . . Am Woo en . . Am Writing pap pf . Am Zinc I, & s, Anaconda Cowt . Atch To,) ft S r . . All (lu f ft W I Italtl tn Loco.. . . na to A. Ohio . . licth ehem Sti'e ; Ucth Mco C aij 11 1 c 7" 7ll'' licth chem StiH! pf. . IV,' ys! i I Hruokyn ItaplJ Tun 17' j 1 Hurm mother . . na'j . Iluttc A Superior . . t'i'j Ca Petroleum. .. II It I Ca IVtroiMimpf .. . ,'is'i I I anadlan I'acl.lc ....Ml), t: .(entu heath Co.. . lit ii.!; terrotle I'asco I 31 l handler Motor . ... 07'J I t'tiesapiuko A Ohio . . flIJi thl tln-atWett S'i LhMlrcat West pf... 2I) thl Mil A St 1' KJ'j ! Chi Ml & St ,' pf . . 7.S Chi A .Vutlhmt u."i CKUI'tc 2.1 c in Ai'iipcprtc. :,(,', , cm Ai'-pcpftc. civ L hi e ( oppor 17 Chlno C'oppi't I'J'i Col Kue A I ton .... .Mi', CoumfiatA Kef .. :t Con-o ()a 8.V,' lornrroJ Iter Ill I Corn Prod Iti-tpf .... H)'j i Cruel ho Mnel ,Vt', Cuba Cano Sua . 2.".' Cuba Cane Sub pf. . "il , Del A lluloi Kir'j IV hart West ..170 , Dome Mini' .... s',' i DMI ers Securities . ;i,', ill',' nil',' Krle IVJj ir.'i lfi1,' I'r.e 1st pf .!, Kr.i-2ilpf it)' j, . (ia-tonWmAW Ill (trnera Electric . .l.'li'i Onera Motors . . . .1,1 i4 , liucxtrlch H KCo .. . UT, ((teat North pf. . . tl'i (ircat Nets for Orel' 27 (Ircene-CanancaCop. ,'ls I Knots Central . . p.! Inter Agrlfult pf .'J7'' Inspiration Copper . 17 , lnlerboroCon i . S'i 1 Interboro Con pf . tV,' Inter Mrr Mar . . Vi Inter Mcr Mar pr . ,SPj Inter I'apir . . . . i"i Inter Nlc'te' . ;;i)ij', Kansas City So . . 18' Kansas City So pf . . Ju. Kellj SprliiElletd Tire 44! i ivemiivoli copper.. l-ack.Sleil b'hlsh Va''ey . .. . l.oulsv. lc A Nash . 1 Max .Motors . Max Motors lstpf Max Motors 2d pf Mexican Pet . . Miami Copper .... Minn AM l,ne-.. Mldtau htee' . . Mo Kan A 'lex . . . Mo Kan A Tex pf. . , MoPaotrclfs ... Mopacpf trtfs .. NatCondAC Nat I.niin AS Nat head Nov Con Cop H"4 N) 024 lit) 1 1 1 t-h S-.K S3 no. s?nn Amtlo-Hrrm-h in, SIN'fl Am Tel clt -If.., lllOll an .la 10011 ltn.f A OhnivjUi ThV. liifiMi Oi A hip irn ) J.1 iii'i loim -hl il I it I -In.. 74. 1 in (in my f I'nria i;.. M', anion ijrto ctmv ) Her I) .Ml hiiiii .V Y i' ft II I! 14 .ilHHI j V .' ft II I'M. Ileum X V Itwy r.ii .... IMllHl Inter!) Met 44" .loim Piter Mrr tr IK. UOOn l.lli llomlK 3 ',4s . IIOIHI (In U IMuill Nor I'.ie 4 .-.("'(I South I'ne 4 tirilll ,o cv 3a Illilil Tejina Co fla .Vim ! H St, a f .la. II linn L'K of (Itl I ,'ia l.-.llilil ,n :.H llllll.. . 50IHI do 34a l!KM... I)W KH'i H.1 no isH TB'i 7I .1 p'Jh M lull r.u ntu ni ns ns.Kl os.ris 111.2(1 117.10 1)7. in II t Ta 7.1 iin: s 111". .-.II HI4 12:03 M , h.l 1MI Tll'4 74. st nn IMS HI lnU IH4 '4 II71J li.-,4 IMS lis 7 i 11.14 lll'i ssU IMlSJ 1IH 1174 D14 li 1 1I24 lll'i New York Curb ., Aetna ftf 0J"4 i Chevrolet ,(J ' Coadcn ft Co ,.,.. , Curtlaa 1" ! I.eh Vill Coal tHlea t(l!a Maitma ('op Ml, llll-alan 34 -.V 'ituaalan 4 ,?, K, tiecH Ci it' Ht .loaeph 1-hiI nSJJ Submarine Cult Jliitora Cn Vinle i: Wrlsht-M.irtln .. .. f,i prer Hid 7a. tim 7 2U 7M III III 1.1 11', US so Aak -! 7.1 1.1 1,1 ;.o lllah I no Beth St 1 7S 7114 20 Dald Ioc 00 00 loo Klco Ktor BOW SO'i ISO Asp pf do 30 174 1ns CNA t J4 ISOl.k Sup C 13 ttVj l.ll.eli Xnv. H 02H isifl'enn lilt 41 V.i UPhllaKlec ih'm !! 1311)1' It T t c 2S 2R 100 Heading.. 1211 72 10 Sinclair (1 ,30i SB1), 220 Ton Ilel.. Mi 3t 113 V (I 1 ..12 12 410.1 U S Steel 1)2 Dili SWnrl&S It 14 ',4 IKIMIS nuh i.ow jijotio i;i & rco Tr 4s.. 72 V! 12 30(10 l.lb Bonds 3 'is., nx.,11 OH a (is ' lino do Is.. 07.20 J 1)7.20 IV4 V 12:0.1 Net P.M. rhr. 1 "31!. no BOVi no 21 12K 03V4 47 23 2K 72V4 20y, 3, 72 02 V4 12:0.1 P.M. Vi v M V, V 14 A 2 JM. Net rhiie. .10 is', 4l l.'Uh i.v. Wi Wi 21 i li".' i;r i.-'- i:'i :tj',' :'ii.'j liii'.' au 41) 7.s Iii'i 17 12! '.TJ ":ii '..14' 2S'j 4lTj 7s!i .MONEY-LENDINT. KATES I I'llll..lii:i I'lllA Call per cent; time, G'dOa, per cent. Commercial paper, three to four months, G'.iWii I per cent ; six mouths, D'.-jtiK?, per cent. Kescrvc Hanks' Discount Kates (Ifneliil rittra nf illacount for inch of tho tv-lo Kidrnl dlatrlcta ore na follmva' -im- 21Ji i" i:s I Moalon . . . , New Vork . , I'lllladelnhln icievtlur.d ,. It clinioixl Atlnntu I'hlrHUO . . . St. Lollla . . ' . Mlnnciipidls .11 Ji Kiillhitn City :a of it; ll.illaa San rratK-laeo tiler I'm .. I .. a .. 4 .. i .. i .. i .. i .. i .. t ::! .. 4 1.1 up to mi 14 14 14 '!" ' 4 4 14 14 I 44 14 14 liil up to nn 4 4 K 14 '? '!' 14 ''! 14 14 INACTIVE PIIILA. STOCKS Following irro quotations for Inactive Mocks listed on tho Philadelphia Sttck Kxchango and In whlcli tiler wero no trans ictlons tod . Tho plce given Is the last previous close: Alliance Ilia .. 10 l.eli Nav pta pf ""'4 Am Una War . 14 1.11 l-roa . '-' Amer Mill ... Ill l.ittic ntnuylklll .11 Amrr stores . XI Mlnihlll '-' Am Storca trrf I)-1 N -rlh Cnt .... -1 Huff ft Suaii t o .10 I'enna Salt ... Wl I Ilillt ft Huau pf oil PUT .',. I Cam Iron 114 1'hlln C -'), I Cam Steel 11.1 Pulla Trne 0 Con Trne N J iih'4 llwys Co lien.. 44 I (len Aaphnlt .. 144 l!n fun N J...2n.1 i Ki' 'JVI rret.. .14 I' M Steel pref. I"4. Key Tel lal if. 174 W .1 n Hen-noro 4:14 ' Keyatono 1V1 .. s4 V1 Coal .... 7ll I I.eh Vni Tram. S74 Vunt llwy rt .. tli l-eli Vol Tr pf.. St Financial Briefs j Chauneey 1. Colwrll and W. V,'. Con nelly havo been admitted as General artncrs to tho firm of C.issntt & Co. Philadelphia slocks started tho new year strong, but generally Innctlve to day, with ltnpld Transit trust certificates nttractlnB nearly attention. More .than 1300 shares of that Issue channel! hands durlnp tho first hour and tho price moved up a full point to 2D before mid day, the highest level reached on the present movement. Confidence was heard In board rooms throughout the tlnnnc'nl district that further Improve nieflt might be expected, ns It Isvlitually certain that the new lease, with Its guarantee of 5 per cent dividends, will be favorably received by Select Council 'tonic now, Tho largcrt advance for home shares was recorded by United Clas Improve ment, which soared 2 points, to 72, and good-s zed gains were nlso recorded bj Klectrlc Storage Mattery, lnsuranci Company of North America, Lehlgl Navigation, Philadelphia Klectrlc ant Warwick Iron. General Asphalt pre ferred nnd Lake Superior Corporatlot wero unchanged. i Steel common was nctlvo and ad vanced more than 2 points, will e smal transactions In llethlchem Steel "IP nnd Haldwln Loeomot ve took place with tho former up nearly Z'A point! and tho latter gaining l',s. Pcnnsyl vanla Itallroad was market! up a quar ter, whllo Heading was off the Bami amount, Liberty Hands did little, but hel steady, the 3 ',4 s being unchanged and the 4s n llttlo higher. RENEWEP STRENGTH TRADING IS QUIET IN COTTON MARKET IN THE CORN PIT All Deliveries Make New High) Fears That Heavy Snow's Ovej Records for tho Season. West Will Frustrate Liverpool Buys Crop Movement !!l irn! ; in v j nMj ;n'4 174, Ills', 111 17'i S , Hi 2.1' i V. :iti'; .:ii) j 107' S'1'4 IHS.' 11) !K) 2S 40' t s I.v' -"-"i S14 2U4 2!)',' II', 22.4 S.1 ao)j .12.' . 50 ,' .111!: 22' i . h)' . L'SI'j "t 4.; . 0'i) . 10 . r.'i . 17K :i7',' . 114 IS'j . New York Air Dra'co n :i:it tip, 57 Ut!i 274 .is 1SI i il1,' ip-j . il'- 'jii r 17'.' as'j 42! 1!) IIS :i2.4 77; 1'1'l'j 2(i'l .riS 22' i NI 204 !)'4 II (I'i 'i'i'i li 174 ;ts 42' lS'l US 71 :i.v 711 l'OKEIGN EXCHANGE ' Ni:W YollK, Jan. 2 1!ip New Ycui opened with a nominal nnirl.it f r for eign exchange. llUhlness was lit 11 mini, mum nnd there wen- no npprtvlnble ehungi-H in rates fiom the final flgur.-s of Mi.nduy. Quotations were: I'emnnd Hcrling 4.7.'i',, cables 4.7rt 7-tC. Sixty-day bills, nominally, 1.71'S tjf 1.71 'a ; ulnety-ilti), l.(i',4 j i.iis'.i.. l-'rano cables, 5.7ia,, checks 3.7.Tj. I.lro cables 8.3ii, i-hecks 8.37. Swiss cables 4. 314, checks 4.37 Pesetas cables 24.45. checks 24.10. (iullders cables 14, 1 hecks 1.1'a. Itulile cables 134, checks 13. Stockholm cables 334, checks 334. Christian!'! cables 334, checks 32,. Copenhagen cables 32, checks 31'... INACTIVE NEW YORK STOCKS Following nic quotations for inactive New York stocks nnd In which there wero no transactions today. Ti0 price given Is the last previous sale: . . .. ,....... 11 S,-l All.ima i,,',. "---" .'lurri ,c j; .,f ..,. Iiuui.. -i . mi x, u u 4, ..; James A. Longwell has been admitted 1 to tho firm of J. W. Sparks & Co. LIVE STOCK QUOTATIONS rillC.UlO. .Ian. :. lldOS Matlmatril re. clpia today, at. (inn head, tomorrow, ni.iiiui ' head. Markft alow and irencrally atcadv at I Monday' aenii;e. Ton, tlll.lllli hulk, tlll.nn lll.UO. Ilcht. II.VSil! HI. 7il; mlxid, I1I1.2.11I 1(1. In); heavy. Ilil.-J.1fi 111.1111. ruush f il.'J.1ifi 111.411: a),rkcrs. J Hi,; 30 1 11 11.1 : nlui. iviht 1.1. -.1. Rood to choice, tlll.V.ill 10.1MI. IVITTI V 1.. n.l ,..,- . I n. I. ... , ... . ..,i,,ri ,r , n lUll.t.v. l." OOil head; tomorrow. t.l.Uilll head. Market ateady to Hie lower llensta. 17.M1S1 14: rmii and hlfera J.l.auMll .til; .loekera and feed- era. IH.ll.1iH 10.4111 cnlvea. Is.,1iltl 111; poor to medium, ;.noin.;i.i. SIIKKP Itlm:ited recelpta today, I4.OI10 I head: tomorrow. l.l.nnii hend. .1t.irl.et I atronir and lOe hlch-r lhan Monday'a aver- i5in.-.SilrA.lw''.W,1-?..,'.,JS,r,,,0.r"t-?"-'VJ5 I Prices steady at 22.79.1 basis for nil. .,... .'..:."...-" --r.:."-: :i- 'i- "'. w .,,,.. ..... . , ui'i.uui WfniPrn. 41,1, .,7I i ,. i., NI1W YOltK. Jan 2. ( CIIlCAdU, Jan. 2. Tho cotton market showed renewed i. T)e tone of tho corn market win stroiigtlu,ut tho opening, on Liverpool Utcuily to a shade easier this morning buying nnd continued support from trido 'i.ut trading was quiet. It wns fenrcc sources. that heavy snow over tho West woulc Klrst prices weic 12 to 24 points ftuitrate the efforts to move the crop higher, nil deliveries making new high but strength In securities led to furthet records for the season, with January .talk about peace. sc i ng at inn ai-cent lexci. wnue amy Jnmmr. OIM;nej unchanged at $1.'.C nvin tti'U'C lliu wv-irui iiuii r. i' .j .. irum '.i i ui l ...'-' - I a"""" . "".-. n. il VS." . H M 11.-. ' I Artsnnce liuiu i --. mii Acme -- .,,,,, n'-'i Ai!MSl&:: -: V-V.i!!??'' '" " iti o"i "".:,." , v.. ""'"" pi.. . Am or tmii i- -yn uiumic & M n., a i',i tirf . sS Vllt 111, i .. t '. "I '.'" !.'....Vi ,r nn iI)l v - - - , Alii Kxpn" ''i 'i'Malt'.... Noi a .""..""-.- M Am Mall I Am Smell Am smei Am Sumatra ff 0.1 ..or'r -tt .104 Am Ton nf new K.I .vorf T v;.''V.'h.. L'l4 5!!! T ft T 3d pf (C",4 North a).."' "l ' Am T s i-iioi. ohi I.-, :t vy. Am Woolen prat s Ohio n..' . 45 Am Klne & I. pr 4U rini;..- 7..!" -. .. rt . -. ... -. ::-.,, u mifn v"" V, '.'. v r. ni'4 Hoi l- yncna nn. ,,, Huylng of .May by a broker with Liv erpool connections was the early trading feature, but the advance was checked by realizing. Somo of the spot houses nl&o seemed to bo selling, causing reactions of a few points right after tho call. Momlay'a It 11:30 loae Open a.m. n.m. 12 n . :ill) 31.110 .11.(1.1 31. OS .-11.00 . an. al .-1(1.4.1 30..VJ :iii.(i:i an. .17 . vii. no 30. o.i a. i. in a.i.2.1 3.1.22 , BII.II3 ill. .11 V1I.S2 IMMU VII. SO . 1-K.I1K VMO . 31. .1.1 January March May . . July .., October .Spot . . Liverpool Cotton LIVIlltl'OOL. Jan. 2. There was a retal demand for spot cotton today with I. CATTl.t: Mail .1.10 head. Market KANSAS CITV. Jan. mated receipts today, 1: Hteodv. IKlllS HecelptB today. IS,. ml. hend. Mar ket alow. Ill,- lower. Itaniie. 113 V I.I.K.1. HIIKi:i' Iteeclpta today. 12.. mi) head. .Mar ket nlcudy. . KOt'TII OMAHA, .tun. a. HOGS Mall mated recelpta today. U2H.I head. .Market ateadv. IJaiur". till. 4. I. 1.1.7.1. CATTt.i; Kstlmated ncelpts today, 0701) head. Market ateady. KHFXI' Katlmnud reielpta today. .1200 Lead. Market steady. Cars. 4111. IS 2:i S2 .'!! 04 -II'. ()' Nat Cloak A"4i. ",X Nat IJn w, p'f '' -nt l.eu,l ,',' ''..'. ,'p'ref:: r,04 SVlW,HU' ' ell PI A 04 N 1, T ft V,..'" .' ' " natni ff W .NorV i' -? P' 30 j 2t!i 1.1 174 US 12) i 1!) US 714 Atao Oil er. 11.1 r. I New York Central 1 New York C A M I, New Yori N II A II New York O A:V Xorfo k A West , , Northern Pacific . . Ohio Cities (ias.. 1 Owens Hot Mach . 1 Pacific Mall Pennsylvania It It 1 PcopKsCiasChU. ' Per. M rjuctte. . .. Philadelphia Co . . I Pitts A W Va 1 Pitts Coal 1 Pitts Coa pf . . . Picrce-Arrow 1 Pu man Co Ity Stee Sprlns . . . Hay Con C0pin.r Heading lleadlns; .M pf . Ilepublron A S ... . St I, San Fran Seaboard AT L, Seaboard Air I, pf .. "Sears Hoebk A Co 1 Miatturk-Arlzona ,SlhcalrOI,AKef 1 Southern Pacific . iSoufhern fry Southern Ity pf. Sup Steel Mudebaker Co. . I Ten Cop & Cftem . Texas Co ! Tobacco Union Pact United 1 United Clear United rru;t IU)j llll'j M4)j ll!))a lUSIndAcoho' lliUf us UH117 I jUSIlubber 52!j 5l)i 51 5 ' USSmllcfAM 4.r 4U!i 4S1.- du. 1 v rsoteei. pu, US Stee pf IDs Utah Copper. ., ' Utah Securities 1 a-Caro Chem .Wabash .. . Wabash pf A 4 aDasnpin JJ 21) 0,1 n-j nest .liaijinoti n;, j4 j4, jj- Westing K&M 4i 41)i 40,'J 414' WoolHoithCo ll:.4 RAILliOAIJ EARNINGS ClINTIt.U. Ill' IIIKmiJIA IUt7 ' Inereaae Noiilnt,er Kross .... tt..lV.1,n.,0 t23.l,1i'.M ," .il'.'.SL'i) 311.17s Ll"en uiontha' eroaa 1I.3S7..13.1 2,017, -Jllil Net 3, llll.Ol:) 23S. lllil PENNSYLVANIA SVSTUM Llnca Uaat November nper. rev. ,2T, '-'113. 4.12 $2,S.)3.2!l.1 Hallway oikt. rev... 3.417..12I 2.07S.47(1 l.lesen montha - Total operiitlliB rov. 30.1,233. RSI .1.1,307.021 . Hallway opcr. rev... ISII.U31,II33 'S.237,420 ' dllng old contract, nn upturn of eleven ...... t,..i.... ........ nnnu l..l.u l)n. ipuiIUB. r,,lli-n uu .w,. ,,.i.-.-. ,. ce'pts 3200, nil American. Kiitures steady In early dealings. Spot old cm I tracts: American, middling fair, 23.99.1; good middling, 23.31.1; middling, '22.79(1; low middling, 22.C2d ; good or dinary, 21.20(1. " Relined Suar Unchanged NliW YOltIC, Jan. 2. The refined sugar market remains unchanged, with the Amerl.'iin Sugar Iteflnlng Company quottlng fine granulated at 8.15c iiuii the National at 8.35c. The l-'edcrnl and the Warner companies and Arhuekle IJrotli ers continue withdrawn. The last halo In Cuban raws was at COOac. May started nt ?1.24i to (1.243, iigalnsl J1.24?i at the end Monday. Tin receipts here today were 191 cars. The insuket nt Llxerpool wns rlrn because ' of light supply. Tho move ment In Argentina Is Increasing: and tin quality Is better. Oats wero Irregular, but the posltlot of the cash article remained firm, mvint to the recent demand for export. March opened He lower at 77-4C May started at 75,ifii 75?ic ngnlns 75-iic nt the end Monday, and niovej up to 7CV4e. Tho receipts here todaj were 214 cars. The tone at Liverpool was firm. Tin yield in Argentina Is disappointing. The receipts of wheat at Mlnncapolli j ml Duluth today were 30!) cars, agalns' 312 cars a year ago; at Winnipeg 891 cars, compared with 941 cars; at Chi cagi) 13 cars, against 98 cars. The market at Liverpool xvos Steady Change in Hanking Firm N W YoltK. Jan. 2. Hrnwn Broth ers & Co. announce that the partner ship heretofore existing between Brown Shipley & Co. and Brown Brothers & Co., New York, Philadelphia, nnd Boston terminated on December 31 last. Browr Brothers A- Co. will continue the busi ness In America and Brown, Shipley S Co. In Oreat Britain, without any othei change In the constitution of the firms each acting as the correspondent of tin other as heretofore. Atl Coa.t I.lne S.14 ,, ;im let pr. " Itald Loco pref. B3, ,''.,, r'n'' Pllor IS4 Il t oni" '"" i- IVorla i. ,'." v .'124 sVj. :i2j am' :ffi!tia-W;io8S fi V-''"'. 214' 21.4 21 21 it?Myn IJn Oaa.10.5 .J Urn vt. is 'J!!?' :si!' 'L1' 'si7' liSn-n1w'-".-: ;L to h:-'' ,.., ..'.. J?!' .'. llutterlck ..... lO'.i ."e'-Arrow j,f t,j K' J5'i ui 4 J)"j Cal I acnini. u . Pitt. 7,, '"' "-'". 5"i Cent S Am T..IIJ4 ),li' '.""J.prrt. 78 " ?,- Col ft So lal pf 6" U"""'f-U Car ,l5. I -1 I CM A A ton.... 7 iff"'! r"ar pf u.-, , 47 474' 47 47 4 cm ft Alton pf 234 ,',-' & si : 1,! . , I IS 12'i 124 12!,' 'c,C,ft Viuthr. . IS4 Head,n 2d p'fe'r t, 2.i 27 "7 "7 .. Col ft So 1st nf 47. "' I ft ,s prc. ,".',. Tic xi- on- .7n Co ft So 2d pf. 424 .""fOl Dutch . ' 111, ' 4-.' Tr fl' ?1 ' I' Comp Tat. Ilec. 27 Mb S.rv Corp ." 1 SS?i 4.j lb lo (1) Cont Can .... s.i Sll Hpc pref )..- Sn con O n I. & P. ' . "ee Ami r'r M ' ml , . 'ont lilt Cal M 174 ?' (- ft S 1' .,, .'". 11. iii4 ii24 U24 ,iiaf.8. fewwiv: ii I7i 1S4 47; 4St; Deere, ft Copt. U.) S an, Jilll,,t." 'ii,. ) .i-ii. .en" oil Den ft 100 ur . " fiar.u j m., r i ? : ;',' ,' " -V.V r,1 , ne'roit i:dion 12:. sti.debaker e pf ; 24 .24 7lj 7." j i:imi Htnr Hat., .isii Sluts MniSr " !!!,, Ill' lien Chemical .:.... sup sti ,, ' '- ; J-;' , 71 si 7", M (eneral Clear.. 3U4 Temi Copper ',. 1 ,',' ' ' '' J M Hen I'lear pf . S4 Tex A .a . r '-' I'll) lien Motor Pf.. 77 T., , ".'; I'I i T. . 7..- 7.- ti- Goodrich H K pf ln Third a,c'5-' '.!!' i Ornnl.v Mln.... .i Tide,, a ,,''.. . ;. .;,. -r,. ' !!EK?.1"ftCH il tI9 " 4, 21)4 204 2 lj Havana Wee.. .101 T Ki i, i .J V," 1 SI'l' Si S.T. Ilomcatak. .... f.l T St V.ftVvnf" ,? "I'i "ti.- 'Mi; Int Aurlcul .... lo'.i T st l -,,i ,,,1v ?' .-') 1.4 -l,'4 i in. viclfti nf. .1(1.1 rw ' .' 't.r" Pi eta 111 94' fl'JJi' 5'JL" lw.- WntraT. .. 4tt ..rj?..V'. T. 0IT4 - Mo'irrwood Tiu ,. Noicmher oper. i.aiiwny oper. rev. Kleen months Total operating rev Hullwuy oper. rev Lines Won rev.. i:i.S31.12.1 l.U21,oiil ,14. I72.S37 . 20.407,017 I.:i.in,is2 1,1112,7.1.1 12, POO, 711 S.ll!l,U'.l.1 Lines Laat and UVit ., nimiT oper. rev.. 4I,1L'I,.,.,K Hallway o)er. rev.. .1.33H,3'.'(1 ! Kln,etl llllitCH- lolal operatlni: rev. 4.13 71)0. 7IR icainu.y oper. rv. .. M1.43:),s.11 HI.SUD.Il.l SUL'THCRN HA1I.WAY SYSTLM 1.3N3.2ni 4.1.111.47s 3.1S1.233 4S.277.4II oveinocr b'roas . . . Net Mve months' Kroaa. Net JK.4i'.r,7.l! 2,471.4.1.1 H),H.I2.3li.l 11.711.1.227 AND ni!.n:tL 8..I21.S4S 1.8.17,1111 C1.M.I.NXATI. NIIW Oltt.KANS TI1XAH PACIFIC November Kross ... i..ihs.!i.ii ,.,-el . 2II2.S7.1 I-lve montliH' sroan., .1,7lJI,37 1 -Nl'' 1.I(S,1VJ2 tn.niiH 22.1,221 .171,13!) 'llOM.tlil At.AllA.MA CIHCAT SOI'TIILHN .Miyriniier 4,-roas ... J.1IS.II.1 ,.,r ; HIS.HIII 1'ilt. inonllm' itroaa. . 3.IP3 2SI Nr' !)2l,:iil2 .l).'trtaec. tl1K.()7l) 2S.IISS 7 "1.0.13 i7.U22 .. I'I Ml .. lli'j .. 2S4' Sl',1 .. mix .. 5-h . . .'is' .. 41)4 . 124' mo BAR SILVER L First Lien Bonds To Yield About Can nnd Electricity arc cs.ientlah which cannot be done without under oiij onidl ttons. An InvestmeM in Public Utility bonds in amply secured. Eastern States Public Service Co. First Lien S. V. 5 & G?'0 Gold Bonds Dated l'-b. I, 1017 Due Feb. I. 1012 (Denominations, HI 00 $300 IOOO These llomls arc the practical equivalent of a First Mortage, hcing secured hy deposit of more than 90 per cent of all underlying securities, both stocks and bonds, of subsidiary companies. The franchises arc cither perpetual or of long maturity. The property is conservatively valued far m excess of the bonded debt. Detailed circular on request. PWfiRWKS&Jfo New- Stock York iNcon.ponATi:n Kxchango lil.lg., Philadelphia Boston 50 1414 Inivn Petit nf..l01 Jewel Tea .... 33ti Keok ft I) M... l.arleda Can... SO l.aaa i;rie w.. li'- ,..-"" .jiie on v'":r.a? .r.f..ii3u Cap, IIU r.p.2 Hi "n llai; ft i.u ".. I'nltni n. " o ill 14u!i 14M; 111 l.aie l.ria ,v . . o- i-Mi,i,v '".- - "i I Prod 401. II ill- ' '-k Erie 4 W pf 17V, " fjrir at pf .-,,) ,',?. .fr'.ti .:!' .'.'" l.-o Kul. ft Tire 12 JI" 'P "t ,rf. 73 arl'le 115 U.i ut-i 111 I.I ft M Tob..l.U !' '" ''an Hrd 1.1J Alloy stiw!... :tll ;i7Ja ;)7 374 , Lit & M Tob..l72 ;'' ","" Inv. r,.' L'lcarStsni ) 1 '1" .ni- winon Co ..... 48Vi I,.n'd "f 'nv pr. 1.1 lw. ' .'.".,' ...... .."... J-!1 Wilson Co pref. till ': J',1 I' ft P. 42 ', Ind Alco pf v IT 2 f?!" il" I" "I. U S lleallv linn , , Today Vest. Loiidon(pence) 434 .. Laat Wed. li'lo Iltell Low 434 434 HIRKCTOttV OF Af'OtTNTANTH Certlfle.1 I'nbllc Aeroiinliinl. i.awhi;nck ij. hhown ft cii Lie ft M Toll pt. 11104 i.onir in cia pr. -iu Iirlllard ). .1.10 JIK1T pref.. 74 Mac lay Co .... 734 aiacauy 1-0 pi.. 01 '"; l iiaiaon. i:. 1; a 13th Moor. Real Lslate Truit 11M- Tax Heporta Audita T- TIIK .ANNUAL KI.IX!TII)NS I'KNN .MUTUAL I.ll'K IVS.,77. ANf'K miini, " 4ASIK- 5 1. ma iuw j:i 1 A"rsr,",vk' -: v.A"i":.n- ia . Philadelphia. ii.mi:. l'Jt 1JSHI3I i 'Manh. ln '.'"'.-IO'! Wabaan ;,fV. Y The Annual lJUctlon for WmV -f;""' , hi'.' 8.'! 814' 81'i Mar ePt Rlra. 4.14 Wella.F.riro .. 704 riffle- if the i-oinnanr In . h'1 1 lh' IDS 12 ll'i MlMay D-Pt St Pf 101 Weal Pao II It, k2 liSudlnJ Mnh 5nfl u-J ' '.he ' '"n -Mutual 141- -ill- Vl'ie '..'.' Mex Pet pref. 00 Weatlmrhouie ph Pa" MiWj.nt ""i- I'hlladel- .." .. d,.!f :,t'l Mich Central... llu lal pref r,2',i ' tjera ife ImS ftiin".""1" '. ,8,. bo- 0 t4 ) IB.' M K t T pre. H4 Wtllya overland 7:ii ll" Ino "our" ot. I0'"" . nd 3;oo Vm. 14 llh It 111: I Mont Power . . t',34 VUIy-Over pref 714 JOHN IIUMI'li!ti;yj ....'......... .... -..-. ....,,.., ... ut, . -- mm , rraaurrr eiorris ot r.s.-n .10 heelALK 10", 10 10 Wheel&LK pf .... 22 , Wilson A Co .. . .45 White Motors 30! ;7)i 30'' Wl lys-Orerland . . . :()j m 4j jj'j 10 NEW YORK COFFEE MARKET NEW YOltK. Jan. 2 The market for coffee futures opened i-trong ut un nil- ., ' -ance of 7 to IS points. Trudlng yas .'17! j' brisk In the March, July, September and 2! DIVIDENDS DECLARED Kureka Plpo, Lino Company, reaulai- nuar. terly to, Miyablo February 1 to atock of tec ord January 15. December positions. September December March .... May July Today's openinic K.3HWS.37 N.lKlfiH.III 7.S4d7,H3 S.OO S. 1.1 418.20 Monday's cloao S.22 S.47 7.7S 7.112 S 01 Kr- K 'ITK.I. NATIONAL 114x7" OF l'lllllKM'll, ". Th. Annual Llectlonr T.lr'cVot'. oVIk flank .will Ix, held at tho nJnklns ?1Ioum f WM.T. CONnAD. . Caahler. K9- tUAStxUiS NA14U.N.11, ll.l.M. " '-' th".'.'"'.""We.t of Kroad , i-niiaoeipnia. December 2U. IW17 .fM t the n.nk.i, Houm on J Ittnuarr H nt on nnd 1 Will Ha. Tuevdv, a-r -"-" :r w wvum, upiwaan tna, hau. .. i o'clock p. fn. T " "' w J. wii, PROBE OF MEAT "TRUST" HERE BEGINS TOMORROW Butchers Summoned to Tell of Al t leged Combine Which Con trols "Trimmings" The altered combination effected In Philadelphia by the meat interests will b th 'subject of the Investigation to be started, tomorrow by the Kel'ral Trade Commission'. Many butchers and smal! meat dealers throughout the city will he called upon to testify a to their kaewtodale.of a. combine. The hearing aaa aamqwMV 11, v.17 F uatumco UUIIU- J., HtMwy, $. member of (HMlalM-'kM around butcher shops and meat statu. Tho trimmings are worked up Into ferti lizer. It Is alleged thnt the entire In dustry Is controlled by the American Agricultural Chemical Comnanv nt v.w York, and that repreentatles at this j North tlratx street concern control virtually the entire bust. Ir.eoa In Philadelphia through agents who have been brought Into the so-called trust. 1 TWO MEN ASPHYXIATED Fail to Heed Warning of G. I. upon xteuring i Two men who failed to heed the warn ing of tho United Gas Improvement Com pany to turn off all gas lights beforo re tiring were asphyxiated as they slept. The flames' In gas stoxes were extin guished by tho low pressure, and a'a they slept ,the flow returned when the pres sure again became normal. The men are John Murray, forty years old, real estate assessor of the Thirty second,. Ward for. twenty years, isna treet. and Ilenrv Ihn,.. wick, fifty yoars old, 1130 Crease street. KAISER EDITS A BOOK .u?n,e, f h Prlnc'!B ,lti-'"e will be 1 Volume Contains AH Speches He thd M. U Shoemaker Company, manu- 1 TI n 11 j . "i"' "a facturers of Jerlllliers. at DelawarTave- I Ias Delivered During War nue and Venango street. Employes of this firm are expected to testify to the exlsten.ee of a meat refuse and trim mlngu truit. Secret; Service Agent Mattfciw QrlN fin, who hag been making a preliminary . Tf"g" ol '00 cnafges, .will turn in Ma,pn law IX1ND0N'. Jan. 2. Kmperor William of Ucrmany has edited a three-volume work on "Kaiser William In Wartime." which will comprise all the speeches tho Kmperor has delivered durlncr th war. Proofs are being revised and will be submitted to ths general staff, and the vmet, Morjt W. iiaudt. . CaahUr. ' 1 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. " P $275,000.00 Surplus & Undivided Profits -.1,120,000.00 OFFICERS SAMUEL BELL!1!?" 1" JharleAblc6oke':::::::: Viet-ty&nt JOHN D. ADAIR , . W'CUhifT . WM.iA. NirKERT .." "' ......mj. vatnur CASSATT & CO. Bankers PHILADELPHIA Beg to announce that Mr. Chauneey P. Colwell and Mr. W. W. Connelly have this day been admitted as general partners to this firm; January 1st, 1918. Brown Brothers & Go. fOl'RTH AND CHKSnmVT STREETS PHILADELPHIA Deposits received and interest allowed For out-of-town accounts Instrkt) of usina- n... v i ' deposItefm.y be sent by mail ,nde WU f ffl,' mrnta of account nprtndf,.!!., .".. "' uwm state. '1 t I ; I, .' -;''iJl 'r iC v --- T -- llFJJttsW'SUJ I toMM fllMJifliiafii I .mi T----" 3 ..r . -.
Significant historical Pennsylvania newspapers