'.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
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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
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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
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'4
II71J
li.-,4
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lis
7 i
11.14
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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
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Wi
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7.s
Iii'i
17
12!
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2S'j
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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
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.. i
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.. t
::!
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1.1 up
to mi
14
14
14
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'
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.
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