iw met imvcs 'i ' to rrATSs fc l&TY LOAN H 14S . NEW ENGLAND RAILROAD OENEriAL St 1S4 i 4INQ V 8HENANQO Vt 4k LIGHT COMPANY IT A CONSOL. Si 1720 Y, IROCK CO. CHESTNUT STREET raitJUJELrHiA 19 1 SJWS OF THE FINANCIAL WORLD-NEW YORK AND PHILADELPHIA STOCK PRICES STRENGTH BECOMES MORE PRONOUNCED IN NEW YORK il? New York Stock Sales' jewYork Bond Sales J 1 1 Sales in Philadelphia MavUfJo'dMinei .'U Jimpj'i . i AIIIvChVmMfc . Railroad Issues Kespond to Concentrated j'1'"' Buying- by Vigorous Advances Rumor ol Federal Control of Mines tic ft Selected Utility Securities ija'lhe title of our itio,l mMfnt- rirritl ir -, liirti describes si desira jolc Investments two ponds, two notes ana two preferred Mocks. 53 jielding from about T -a m mm f ft o- to .y fiw r ? -" fV Send'for a topy r of this circular. ionbriglit & Company ii uomuu wiRTAn stroud, it. Stanaser Chestnut bt. Philadelphia ism I'aru W Chlrago j-cuuu Ni:V VOItK. .Ian 3 The development of strength vvlilili lincl been tioltd in tho stoiU market rcr slnto the Government announced tlie Inking over of lall road operation") a week ngo became inoie pionuiincril nn the Kto k IIi chingo today, when there niu nn extensive hroadcnlns nt Undine vvjlli many of the rnllioad Issufcs responding to ctinecnlialed liuvlns vvlllt Ikomiis cqlns. . Ilcccsslons weie noted In xonip Issue., Including United Stutcn Steel nnd llcllilehcnr Ktecl "n," nt Iho stall, lull the-n lo-es vvric offset In ndnnecs In other Issue', and before ninny nilnulcs another violent up waid movement was In proKirsa wlileli was nt flint most prnnniimed In nettling, that stock moving up innic thin 3 pninlx to 70 Uirton Pacini-, whleh sold tnrlv nt III. moved up to IIS. and New York Ccntial moro tlnn iceoveird the dividend of 1', per tent which II sold ex nt Ihr opening. , Ills" psil of this Im tensed strength was duo (o Iho nppc.iranco of outside billing lii litgo volutnr Wcstriu vvlie housed nnd commission houses gcnrr.illj weie flooded vvllh bii'lng nidcr, nnd the demand fiom this sotireo was ulllrlcnt lo nhvnili a cood aupplv that came fiom pinnt-tnhlng sales A licllet prevallcil In somo riiuiteis that pi it of Ihe bulng of Ihr oat stocks, at least wcrn'dtio to the icpoitn tint the (iovernment Intended taking over the mines nt a guirniitecd fall leluin nn the output Some of the spechltlcs fluctuated over n wide range, Ononl Motoi which sold enily at 11?, moving up to tl", and Industrlil Alcohol nd vanccd to 121, both new high pi ices for lldi movement licllilclicm Steel "P," after selling nt "T-a. moved up to Rl arid United States Steel common, which li.id rented In 01' advanced to tut Close . 14 . '-!' . I'll . '.Vi . If)' . ll'l . 7m . AT'i . L'7i' . IT, 7ns llth Si l'l'i "lil'l 1.1 'is" i Am Can rf l mCar Ardr . m Inlornalloml vm Lolton 1)11 , , AinflMoAI. ni 111,1c A. I,if rn I Insced Ani I.ln'crd nf m teomitlvr "i7'i A7 rnSmct.Vlt. . hi 81 vm Sumatra -l ol . (,J hl't I Vuhtccl loundnei I, I ... I niSujirltrf i)i inj'j i m'lr& lol Kit,', pill Vm 'IoIjjcco I).", ... m Wooen to ... Am W rlllnc I'ippf .!, .. vmincl,AH M'j ITi Anai-ondaCoprrr (i.'" ll Mi hi op A HI' s'i'j '.'("i Mih'lopX Sl'iif s.' S.' MKmfX W I Km', IUI' Maldnln Um l,, til' MsloX Ohio .'.."I .".J II ilto A Ohio hf .".I, . . . I RelrVehrmMiTl 7l)'i llcth Mn-mia II t f MJ', Mclhehpmhtii-liir ill HronUvn llapli 'Inn IR', l'i I'J'4 ' Vl 'f'l S'P, lll'i iiii'i ini'i 1 l!0J I ! in". t Iti'i I! 'Js '.V.'a M II 1 10." j ini'i l!.1.,)n Aniln Irnrh .4 umoo ,vtthlon urn i . sa'4 2mw rhru A uhlocv I'tsTO llfmo rtn rv (n ... 77't Ijnuo riit ti ij jntni ! ni tiKin Inicrh II r ret f.. !' (STOflo I lbrlr .1'4 . . l.1 I IIIOKO do I. . , MM I iron ! Kl i . '" tilth I" S". .siHiO Mo V tn If 1IIMO N V I' I. .l'l 1 Iihkiii N V i' 11 .,. irmo v V .V It I II lrioon s V liny f Tcoi olllh Itw' f . niOH Trxt I'rl 15 . .non r h nuhi-r " 5HIHIII LK nf On H .nun ,ta ;,n mis I.'oihi ,i, r.',n tf.'l :." sj' in n '!! n:' p' tit'i SS'4 K.l'j 7 7T PI. DS.5II (MI.PO .: li Ml 111 "'. !, 7Ti Ml tis' 014 11 01 n m sss SV ?(l in4 fi.: , niitx 1 bt.sii r. 1 I'n't Ml in i"i' 77'. i7' on' nl. New York Curb 1 nitii mo rtaid ixc i IS Cam Iron 41 IDS Kleo. Mor il 50 H ft 11 T 10 tstsi.k Sup r n; tut lh Nav. Si 10l.eli Val, At ISOMIdvale.. 4t',4 Sit renn 11 U 4,i 4 l'hlla Klce -! IJOOI RTlr sn fll neadln.. 7.V.; .S5Ton Bel , Mi, snoUn Tract IJ'i MU'O 1 .. ,3 .MJnt'-H f,te( ' I do prcf.lOi Federal Ownership of Railroads Discussed Yhether thete li lo bo 1'edrrnl nwiiet'hlp of tho tallio.ids m a run sldet allot! tint Ihe nloclfmniket will mil Ikiioic In philnrr a valuation on railroad shales now tint Ufc fiovcr nmrnt his giniantcod theli eatnliiK Thero mo rather definite Indlintlons tint we ate headed In the rtlioitlon of public ownership of the transportation ailctles 'Ihe dileirnliilns far lor, however, will probiblv he Ihe tcs;trp of sillsfnctlon lendeied the pub lie tluiliiK the period of tlie war, when bv Its verv nature the 1 rcut.it I'm of the operation of the loads must necessaiilv make for Individual dis comfort. Holders of the belter smile of rallroid shires and bonds would t probablv reallro considerably more tlnn tlin present quotations foi their fcpcurllles If the Government took over (ho owneishlp of the rouls. It would not bo surprising If the railroad stocks moved over 11 narrow and cautious course until such time as them Is a rle.u .uid dellnllc Inter prelatlon of the Item. of net operating revenues Ku.iianleed bv the (iov ernment. It will bo recalled lint In tlie list stapes of Hie war revenue . ' hill the situation seemed quite ileal, bill later ilirfldiltles developed Hut oUZtXOin 01 Rubbtr ntatcd nmost bewildering et of rlirrrmstarriei IK! 10' j It .! 110 1,1, 'i lll'i .11 71 .".I s Jl'l IV, 7s 17', IJ'4 .', .l-"j S'l'. il". ''!' fj4i V&F&W Iliastres Favorable Sumptoms of the Market Its 24 Rubber Factories T TTho democratic spirit of co operation und piocicss tint has KLSTx- iwao uruii i.unuus us me j rivUDDer 1 Ity asjurcs the. sue- ,aouch to locate In 'Akron. THE AKRON ASSOCIATES Hew Industries to Akron ft 'factory They will help furnish jWier mIi.,1,1. sltcn and lend eierv ressonabln asststnrn 1,1 rlablo business men whn vvt.1. U o i,iitll.bllRh lnannfnrtiirlnv i Wants In Akion op lclnlty. All communications strictly con Mntltl. Address f AKRON ASSOCIATES ?& Building, Akron, Ohio 14s-ere farm, near Prince- N. J., valued at $17,000. ill exchange for enough tea- interest-bearing aecuri- I to net $800 per annum, re Sfcjiiji c .i.-:- 1 . ..-1..- neSSUa . 4IICI1 UI.IKCI 1HIUC, H07, Ledger Office. Mlt Ono of Iho most favorable sjmptoms of the stock market tin last week or more Ins been the tecovciv and Mcatet nitlvllj In ciuiitles entitled to an Investment ratine One of the.p Is Unltid Stales Sleel prefencd, which has iccovciecl more than 7 points fiom tlie low or a few wjpiKh auo. General Hlcctilc has been dolnt; bcllei and likewise Amei Ican Telephonei and Telegraph In the bond mirkot there has developed a broader Inquliy, thniiRlr this has been less pionounced rlnn in the case of htocks, whose position is not n closely assoehted with the capital market. It can be said of the slltntlon that thcic Is a sreatet degreo of confidence on the part of the Investors tlnn in a number of months. The relief afforded the ralhoads constituted the 1mIp element bencitli tlrls chnnRlnir sentiment, which throughout hid bee. In Ins" nnM.iiiis ps etiological. Good Year for New Corporations The courage of American business men to emb.uk on new eiitei prlscs despite war conditions and their uncertainties as well 11s flntnil.il problems is shown In the fact that the car 1917 moved to he Ihe banner ono In the foimatlou of new enletpilses and was the laispst, mvp nnl, when tho Steel Corporation, was oisanled, for the amount of capital placed In and Iho number of new companies organized, in n1P pastern States concerns with a capital of $1,000,000 01 moic repicscnlcd a total of $3,693,243,700. This Is an Increase over 1511 of $1.023,997. Imi and $.',260,976,700 over 1915. Figures arc available covering the aggregate value of .!S7 lopiescnt ui live London secuillles for Decembei This shows ,1 lower valuation tlnn for any month of the war, the decline amounting to $l(,9.i00 0i)fl, 01 1 ! per cent, following n loss In November of $268,510,000, m . pel cent Tlie total decie.ise for the ear amounted lo $785,450 000 and since the om mencement of the war $3,8"i,000,ooo. Hums mothers llutti-.VNipcrlor il Petroleum lal I'ctroeum f Canadian I'.n Iflc-rfntralleathCo IrntnllealhCopr l-firod' Pasco l handler Motor t hesapeaVe A Ohio ilil (heatWcvt ChlOratet id rhlMiUst p (hlMUAMPpf r It I f. P l e . i n 1 a p r. pi- tf ti f n 1 a r 7 pi if b ( hll Oipper ( hinoi oppor el tuel.V Iron Co inn (ai , l.i' 1 onu' (,a ("nni Prill ftef nrn I'lud Id I pf I ruiltMl Me,1! I ( riir'hli'Siif! ,f I I lib 1 ( 1110 M11: 1 1 libit inesiicpf IHA. Ilirltoii Del 1 11 1. A cl Dm A llinli pf I tonio Mtiifs llv'ersS"iuril,i,4 I rie I ne v pf ' I ric'd pf fiaslon W in .1 enenl rteilrn r.eneu1 Motor nrodilih II t I " fiicjt Noilli pr l.icat N I l(or(lie P tireciie t maneai op I l.nolsf enlral Inter Vcrlcult pf Inspiration topper InterlwioCiin Interhorot-nnpf Inter Mer Mar Inter Mer Mar pf Inter Pipt Inter SliVe hinsulltv so Kelly prlngfAcIil lire 11 Ivennri ottLoppcr I sckMe.l I chlsli a' ev imilM.lleA ali Max Motor Mai Jlolort hi pf Mat Motor Jillif Mav Depl store Mevican I'et Miami Copper Minn ASt l.n Mldvao Mee' Mo Kan A let I Mo Pactntf I MoPacpf trclf Montana Toner National Venn NatrondS ( Sat I mm As Nat I.ead Nci ton I op IUf'4 1 71 MS s . it'. IC, IT J : i, nn, in ..s 4 si 1 -7S .'JO'i 11(1,, .!7'4 ir,' S'l 17', .'i'4 Si' a .iO'li .") 1 Is - 4 S(l III1 Ml' 1 srt', '.' id'i III I'.'i 11 iV'i WJ'i l'l'i 's7', .11 , o7 '.1V4 in 1 r.j'i S")"l IUI 1 1,11 .-,i. sit 7'1'i ill 10', III'. 10', It It" ct SV: ini'i i.i', SI I Ml', el it,' 111 H'.'i it Vein l,plollfs rtf I he relet Vlolor- I Xlen To furllfs Aemplne , I -,th Vulley leal !tles ' VtriCini I'nppcr llu.-ltn .",' . nuliii s's wra Topper Ht tn.rpll l.en,l siir.ninrtiie llnal I nlte1 Vlolors 1'tllte I er.le lltteii-lnn Wrlthi vturiiti Wrltlit Vlsrtln Pief IIM 7 Ins s 70 VI III II 1 t r r ro'. .is i,'i an lio. s' . n 7V ii it ."o !o!j in JS5II 1,1b Donds .T,s. nn.ln sun do 1s , PI intran Heading gen 4s. !; 1 l.HT An in u si At 41 td'l. lfm ,.1 SH 41 ii 7: 9t4 1004 BONDS Dlfh liiv 15 0 r i. SI 41 I, An 111 U',4 a a 4',4 4'i S nn 7M4 AS ll!i , I04 " Net Che I H I I I 5 I ti I- 5 ,i I V, I M I tin us.-: si! 1 j ui r vt s 97 SI' Net rhlte 1 ', RAPTn TRANSTT CERTIFICATES GAIN AGAIN AND CONTINUE ACTIVITY There Is Also a Fair Turnover in Lake Superior Cor poration, but It Opens Lower Reading Scores Big Advance I III', llO'l IbVj 1,0', mon i:y.li:xhino rails r,iiit,ni:i.riii.-i'.iii Prr ,cnt; lime. r.4ir.f, per . -til '''"","r.1r nsper. Ihren lo four months. r'ji.. pei ,pnt . rlx months, .'.'sl?!.-, per icnl t'ORKIGN KXCHAXGK vi:vvvol!k- .bin 3 'I beio "as very 7l'i .Ml'4 IV, Vli 1 1 1 I.I' I" .MS in' jf'. r,i i.t'i 17 11', fnrtbet stndliig In J -lfi uliles nomlnillv. u IV 1 II, 111 .1) 'ill - 1 .-,o', '.ii ios iv, ji.'j .11': i'iV'i . t .. t.liinrit little reature to Hie porciKii '"""-' market In the .arlv rleallnaa "'''V-"' the eieptlon or a Italian pclianKe Oimlnttnns weie l,9n,1 sieilinir I 7r 3 I 76 7. in SIMv-day bill I 71 ', if I 71 '2 . nlnet -dsv j coi 1 - .... , .. ,. . ? -. riatlP 1 ahles , 1 - riirm- i l.lle cables 8 It clieiks 8 l'i Swiss (ablcs I 3". 1 hecks 1 17 liultdeis 11', rlierks t.1'4 Pesetas tables Jl 15. checks .'I 3 liable tables 17. t berks 1J Morkluilni tables 31, theiks r.14 t'hilsilanla rabies 3r,'4.ibeeks 32V j t'niienhicen cables 3P. checks -!! ', I'ar'm Hourse Sleaily PMIIS .'.in 3 The, llmir-o wa ste.idv tnrlov A(JRKi: OS VOTING TRUST IXACTTVn rillLA. STOCKS l'olloiInc are nuolillons for Inactive lock listed r,n tlie rhlladelphlx Stock nxthange and In vthleli thete were no transactions todav, The, price given Is the list previous close: , Am a- VVr . l'i Tittle Schuylkill At ' .Vmr .still in Minhlll 1 , Amir Ptores SJ North I'ent 1 , Am flores pief 0-' North Pe ' . I fluff Funn I e no Phlln Co turn rf Alii Ton Trae N .1 ', PUT 'J J, lien Asphtlt t1T, nJ Co lien I'. Key Tel pref A I t'n Cos N 1 20V Kev Tel 1st tf I7'i 'Inn Mlnlnc I , Kevntnn -lei S'4 W .1 ret shore II', l.h Vl 'Iran :7'i West Poal I t.eh Vl Ir pf A Wm Prime Jeh v pis pf Aii'i lork ltnj pf i.it Pros . - Hapld Transit lrul fcrlincalcs con tinued to nttract most attention In trad ing on the Philadelphia Slock Kxchangc loday, taking Ihe market leadership from the start. At the opening; the certificates were bid up a fraction, to 30. And they held steady at that figure throughout Ihe foienoon, with Ihe turnover the, latgest of that In any home Issue and nearlv as great as the business In United Stales Steel common Lake Stipeilor foiporation was also artlvc, hut was Inclined lo weakness earlv in the session, dropping hslf a point bv the end of Ihe first hour, 1aler It recovered a qinrter and Hie demand Increased Ixfore middnv, l.e I Igli Navigation was higher, nrfll gains 7V, Financial Briefs RANKERS STUDY TRADK H. K. Mulfonl to' Address 1'hilnilcl phln Chapter Tomoriow Evcninp; ".Developing t'nirlgn Trade will be thp subjeit of It K Mulford, vice presi dent of the If. K" Mulford Company at tho January meeting tomorrow evening of tho Philadelphia Chapter American Institute of Hanking The, chapter Is endesvorlng to secure enrollment of 300 as Pour Minute Men ' to speik on public toplPs it the theatres, moving picture shows, pte A meeting tonight the matter villi were also recotded by Union 'Jractlpn arid Tonopah Belmont. iHectr.e, Storage nalterv. Philadelphia Electric. Phlla adclphla Traction nnd United CUs Im provement changed hands at jestcrdaj s last-salo price. Tlallroad shares were Irregular, Head ing being up 2 la points nnd Lehigh t.-ti... .auMrlne n dollar, whlln Penu. Isvlva'nla nallroad early losl moro than Mnl llee reeoverlnc nait of tho loss. Steel common ndvanced toward mid .. .IiihWih 4 lin. first 1 day, arier neing reti .....,.,, .,,.; .,.nj hour, ana a sinnu e.,m ,-, ,,' ,..v....... was recirded at 10. a Bain of moto than 5 polrfts over tho list previous sale Liberty Bonds were uulet nnd sleadv. ToNDON STOCK MARKET Domestic Issues Mako Good (Jnfns, Sentiment Cheerful LONDON". .1an. 3. Sentiment eon. tlntted cheerful on the Stock Uxchange, tedav. Specialties vverb strong as a liill of the reduction In tales for de plts PiomestlP, Issues m ido the great eit ,alns rirand Trunk and South African Klines were huojant. Tlt,n fn, HennR I of tlOllllS ana SlOCh ., ,AKI, ,!, m.li.n ..III 1,a hills Ifili.ffi I of I'oit Wa.vne and Northern Indiana i 'plr!(,lltert ror ,amiaiy the topic Is Ti action Companv with the, Central .., hr)ft stAmp, an,j vvt Savings Certlfl- iales" 'Ihe banking rlares will resume on Wednesdas. Januar.v 9 Ml AVolfe I il' II.' lll'i II.' .:sV :is ST, UU Trust Companv of New vera, wnrcn expired December 31. has necn exrenaeti Indefinitely by the protective committee I nomas New hall of (be banning nrm of i: II Smith '" vv ho has a com- i mission as lieutenant in the Naval P servp. Is now under stood to be In Kng- , land, where his special mission In the Government service will bring him In 'tlnso co-operation with Admiral Sims. romnnnder or the United Slates naval ; ! forces In the wai xone linden M Dravton his retlied fiom the film of lira Inn, Pennington A folket Tli AimioiiiIh x output of topiiei III Pciember was 22,600,000 pounds, No vember. 21.660 000 pounds; October n HMcement bis been reiibed on a 22.336,469 pounds ''r vear 1317. 23". -, ....,'", ? . ' , ,n.Mnlllon of the I 621.469 pounds, for 191b. 3J6,900,00n ,,,,,,,,. v. , "-- - - -,E Mthleon fanaillfln PactOe riies Ohio t Paul t.rle Prls 1t pref Illinois Central t.outs X Nash Central Paeinc Pennsvhanta rteanlnir ondon N V. 2 so cnuiv. nn't ss'. r,i 7,ms .11', .M'S A1 AO'4 Jl jn aj roil ns m't 117 IIC, 71 71 S tn an", -a 7" si, 12n 114U 1(10 US'. 4 411 llnlp nnd Kilburn Plan Provides for Stock Dcposrt for I'ivo Yenis 17', N4 17'. IV. Si 1 . 17', Jl i s", 17', s'4 17', HI' i M", -V, JO , .'.I .12', .11 J'' .".' TL1' ."rs4 .ir1, o"1, ui'. ni'i iii 21 17', si'. .r, m ii'i i. .'i'i ti 1. 9' 4 If ,t'l lb' j 11 JJh W'4 Ml', Id, IP.'j 'l'i ll'a J24 2J4 Nl . .MP, III", r, j'i tt'i M'. Ml', in1, Hi'j 'i'i ii, 17', 17 Nes ork lr HraVe lis Suggestions How to Invest Send for Circular I. 1 13 :y3fcB. LEACH & CO. ..Irs 115 South 1th St. , FREIGHT TIE-UP HALTS CORN SALES Ofatlook for Movement of Grain Continues Uncertain and Trade Is Moderate .iif..i. ii.: rats vv...vrii uiuun vThi. remarkable progress mads Wcthls companv during the past amtr'iyears In shown In a sneclal J) sis of tho property which wo a just issued, inis win no or eual Interest to all stockhold . A. few extra, copies arc nvall- Tto Innulrcrs who are Interested I our Bervice. Unclose 3c In stamps f Circular No. 271 irs INVESTORS SERVICE ?v John ifr. Pre.. aU fit. Tel. 3173 1 Cort. New TorU. i"--i ' ANNCAf. KI.KCTION1 r(MB 1'KNN MUTUAL l.ltK INStK- , An, r. t.u,,,7.i rh lUri-lrhla. lleceniber 3J. 1017 i Annual Klecllon for nine lni,tea lo E-tPf" renra will t,- held at tho Horns inn tonipsn 111 ins i enn iiuiini , (Sixth and tValnur la , Phlladel. , i.. on ManilaT. January 7. Ills. b,. L tlaa hours ot 10 00 a in. and 3.00 t m. Psif JOHN JIUMninKTS. tp rnt.i.i, -.wu.,,. I.RIN IIM.T UEVTIIKK IURM sT tlllt'AGU. Jan. 3. Illinois anil VVI rnnsliv tnaettted v.eo(her tnnuxtifa and frUar. prohablr llfht anon, alonlr rl.lnc (emntralure. Vlls.ourl 1 n,ettle,l tonljlil ami 1 rldar Tilth rl-lnr temperature, probably llihl natr, evcept fair In norlhneat portion VltnnVsata lnae4tled tonlcht with snow in coat portion, wanner In aoulh nnd tremo east nortlcna. Irlday renerallv fair. Iowa Vlostlr claodj- and warmer 1n nltht Tilth llfht anawa In eaat and renlryl portions, rrldejr nartlr rloudr. proliahjv snow In eitreme east rnirllon, warmer In east and south. .. . . . , , . North Ilakola Parllr rlonoV tool, lit nd r rldar. colder rYldajr and In evtremo northweatern tonltht. riontll Ilakola Tienerallr fair lonlthl and rrUtar. warmer In eoulhea.1 anil renin,! tonliht. ...,.,,. , Nebra-Ua Generallr fa r tnnltht and Friday, warmer In east and south central '"uanVa T.enerallr fair tonlshl and 1 rl aj. warmer tonlcht and In aouthraat vl'nUtna- Partly rloodr loidllit oiiil I'rldsv. prolmblr rnln or aiuivr we,l or the lllilne. folder Prlday end In northnenl lo- "''.jamlni .enerallr fair tonlslil and Friday, eteent prnbahls rale ee- .noe- In etlreme nortliuesl. eolder T rldar after noon In evtreme north. fMJC CKM-Hil. NATION Ak UA.NU, ' morning an, JTiof rillUlet.PHIA morning "( liectmber 14. 117. ' small, The Annual Klecllon for Dlrectora of thla ,, , . ba held at the llanklnc Houaa un January l- m. lb. ll. Wll, T, between It CON n AD. Cashier. ISKX1N ATIONAI. TtAK ut Street nest sr Hroaa . htlndelphla. fefeinher 2S. lnfT. ual nlerrlon for Plrerlora will l, vtw Hanking nous nn Tuesday. . 11S,. b-lien thtf hours of 12 1 o Cloc-K p, ni. w. .....a, , mi. l'i. l Caahler ITMW'KSTKRN .NAf'l. HANK aaelpnia. rmtf i,ec. .in. jaw. at election m ,'irrciors win no , iTtanklna' Houaa nn Taaaday. Mil, Between u.w a, m. and r.INFOfJD CV N1CB. Chirr. , AnVEHTiar-MKNTs CHARLta K. lMaLR.MIl lttera trata I tae above eatato having been i rrovident Ufa and Truat Com- alSsna. ail peraona inaruiaa la ara requeaiea to inaxo pay- aa navin-r ciainia in present yt tfalay at the ofllra of said aaaatniilat.. i-niiaoeipnia. ABA a.'WINQ. Trealdent. C11IOAOO, Jan 3 Trade In coin was rnodciato this nd chapges In prices were outlook for the movement mnilmied uncertain and brokers ism emphasis on tho strength In the position of tho cash articles, nlscusslou was resumed about the advisability of i hang ing tho maximum quotation It was said somo of the railroads had more cars. January opened nt H.26'aH 1.26S, as-tln-t l.26"t at the end jeslerday, and May at Hl'i to Jt.24J. against I J! :t', the llnal quotation of vesterday. The tone at Liverpool was steady. Hot unsettled weather was reported In 'Ar gentina, whleh Is favorable for corn. , iitpiuents from that, country ror the, , week were estimated at 560,000 bushe's, BUT.; agaln't 2,483.000 bushels last esr. ' rii re.etnta here todav were-198 cars. INACTIVK NKW YOHK STOCKS 1'ollow.ng ate nnolallnns foi inittlve New Yolk slocks and in whlth tbeie weie no tiansactionsjlodav "I he pi lee given Is Hie lasl pievious ale Ailimi express 11" lo null t lire IJ Vdlan Hum ! I.le VI 'l.,b C.r Willi,, limn nf Jil'i l.n. f. M Tnr, r?j VJnx Itubher Mi l.u M ib rr Inii', Vm .Vtrl flim 7i linc lei els pf la Vm Art Chin pr ; 1 orlllaid P IMi vm i r p pr nn mm r pier 7', Vm Utpieaa .s', vlacKs io pf ,Ss Vm r-ocn rref ill Mi,ImIIbi IHIi t Vm Malt viex Pet pref 'hi Vr.l Malt pref ,"' Vllcli Central I in .in s.iiieiL j,,., I.,,, u jv a -r pier Mil fmelt pf V HOI, Mnrrla hii'l .111 Vm (-melt II in Alorrla K or ill. vm Sncar pref ind vt Pt P A MM M ST Am SumjtrH pf PV Nail ill-cult tint Am Soh pf new Hi snt Illscult pf III", Vm T t 'I 3d pf PJ'j Sat fiojl. A t Ml Am T Cable .S', Nat fit. s pf 111,11, . Am Woolen pref s I Nat Knam H btn 3V, Am Zlne Ir 1, pf 40 Nat hn Kip pf in A-so li O lit pf :2 Nat Ix-ad pref HI 'A.so Oil t', oia cotu rut ns V O VV I pf 611 V V Pork 111. I Vtl lllrm All S' V O T A Mex Jl IMI Cnaat Un- Kl', M n It .Vt rl pf til Paid l.ocn pret Ii 1 Nt ft rt M S I pf .Mi', tinrreit c s-. Norr snuth -JI. tlarrelt Co p' Inc. Nnrf Veel pf 7",', l!KIn iTt. His ins uhlo 1'uel 1 nron e-no 1,1 (lino rjMs rile III tlurna llrot ,07 oens Hot prer ns Iiulterlck . in', ivin-vm rvt pr tin Cal PacUlliT Co IV lan-Vm P prior , Cent H Am r IIS', pref tt US Col a St Isi vi .Ml Teorla Kaal ', I I hi .Minn . I'lerce-Arrmv pf Ml Chi Alton pf si I, r c c i ,sr r. mi I hi N VV pf 11T, rteadins 1l pref .11 I I lu-tl.nilv if 110 Pub !r Corp Inn', Col f .south 1;'a saaie Anns .VO I I ol A. s(1 U pf 1,, n.ar, rto pref in. Col o -Jrl pf t Ji, so p rt Miaar 11 Inmu'lab Itr a7 Slanil Vlllllne V, 'ill '" " bland Jllllllis Pf .lll f. II I, ' Pf Htudehakrr PI ) font Jnt lal M I7'i Sup Ml 1st pref sr, !Cuha Am cu; lll'i'lexaa Co rrla 111 iiiln inibujtfO'. Tlileviatee Oil jus, liecr, .v c. ,,f yt lobsceo Pro,t of sa Hen lli, l.r il T St I, V 1 7', De'loP Ktlalii PJS -r fit 1, V tlfa S'i Kleo iior nn ssi, r-nt I, IV pf .111 i lieu I'lieiiural I ' T St I. I'd pf ila IK Mineral Clear 30'4 Tv.ln City It T , , Hen CiKr ,1 11. I'licierwnon Tipe HO Hen Motors pf 77 I'ml-rivH 'P nf lini. cioodrlth n Pir Ml rn llau I Pan in. csranbv Jim ri pn ne p , w . - Hulf Mates Sll S7 r'nlt C(r Mr pr Jllj flute bt M 1st pf.piv Pnltert Drub r.'i uariman . orp . .i. pnlrt liru let pf nil Haakell I llaik 31 .Pnld Dric Jd pf 7'. Havana Kler mi l'nitco Pap Urd IS'. Ilomeatake .. Kit V s Ktnrena stm . Ilatl-n HANK EiiaT January :. 10 1. By IMa day declared a s-- .L, r-. . .-.-... ..itssas-fion on v':?S8; r ti.'iiciim. c' 5eM.HI iaajer. I 'itmp-TtWTsf Oata vera sllghtlvi easier, altbtiugh It was said that exporters had made targe purchases. In, the last twenty-four hours. Talk about peace checked buying. January opened 4n lower, at 7,c. and later sold at 7SUc May started at It to 75ic. aralnst 7Sie at the end yes. terday. and later sold at W-c. Tlie re celnts here today were 220 cars. The tone at JAverpool was steady. ShlDmenta from Argentine for the week were estimated at 3:0,0011 nusneis. I against none a ear ago. The receipts of wheat at Minneapolis and Duluth today were l cars, against 170 earn, last week: at Winnipeg 129 ear,' compared with 24 S cars; at Ctrl. 14. cars. MWlnst.43 carl. t xaverpowi was nrm. xH'th'wk 14. Inl Asrleul Int ur pref Int Nickel pf Iowa Central loo Cent pf Jewel Tea . Kan Cv Ho pf 10', 1' H ln-1 Alio pf 1,, ,.. i' e, inn aiko pr !.. , .,ac,i 17', 1' n neatly Imp I.V, H5?. Nch ork Central Ne Ol.l 51 I Ne i tirk N II A II Nc 'vorkO & NorfokA West North Vinerlcaii Notthern Paeltlc. Ohio Cities (lis Ontario Milling OaentPot Macli Pcnnvvlianla II It People (iasf hi Tere Marquelte Plillue plila o PlllsiVS a Pitts Coal Pills toil pf Pierce-rro Prcs-edS Car Pif$td ! Car pf Pu linan f o Itj Steel Pprlns Hay ton tflppcr fteading UradlnB -Jd pf Id pub Iron s Hepuhlron & S pr Itoval Dutch I r savon Motors M I, Mn I ran Seaboard rl. Seaboard Mr I, pt Sear Itoebk 4 o shattmk-Ulrona Slos blielt l & I Slnc'alr Oil A Kef Sothern I'atlflt: Soulhcrn II loulhein Ity pf . Sup Sleel Mudchaker to slut' Motor I en Cop A. I lieni I etas Co Ihlpl Avenue lobairo Trol . Union T' lfle United Allor steel United ClsarSnr'i I'nllcd. Hjs In United Ilvs Inpf U S C I P A V V S C 1 P A V p( United I'ru.t USInd Mtohol L S Itubher I'snubtierW pf b S Snt Itef A M . UHFmnifA M pf I1, ir, :ri j 1 in; , 11 Vi',' iv, I()"4 M'j I'I' ll'l 71 'il'.' Jl'. 105', is', ll'l 7U'4 .ll", 20' . 101 SI,', .,' "lV, "l'l'i SU'4 IS', 4 "4 i'i'4 I'I ll'l 71 '.l"'4 21' 10.1' j hli'j .JS', 4r,'4 'iVt'a Male A Kllliuin t'ompjtiv Ml slotl. to be issued will be depos'led under a voting trust agi cement foi .1 peilod of live vents 'Ihe ttustees villi be W li Haldviln president ot the Otis. i;icv.itoi Companv Alba II Johnson. I president of the Italduln Locomotive VA'oiks Vttbui II l.ea, Ucoige O. 1'os tei ptesldent of the American Piano I'nnipauv, and Joseph II Bowel, vice pieslilenl of the l.lbcilv National Bank 'the nuthoiUeil preferred stock of the ne loinpanv will total $1.000 000. and $61 lib of tlie new stock will bo cn cbaiiged foi eath $100 of the old. Divi dends will be ciiiuuHtive fiom .lanuaiv 1 nt the nte of S pel lent, foi 1018. 6 pei cent fm 1919 and 7 per cent tbeie aftei I lie new companv will authorise $1 0011 nun heilil I, pet cent notes, which will be offered to stockholders at 93 with a bonus of new common slock equal .il pal In Hie pilncipal of the notes .Silver Production Decreases WVMIIViriOY. Jan 3 The lepo'il of I lie fulled States Geological huivev shows p induction of sliver tluilng 1917 of 71 241 300 tine ounces, as compared with 71411802 in 1916 Hold ptoduc lloti was 4.0S3 389 ounces, valued nt $81 l,"b bOii as compared witli a value hi 191b of $92.390 300 Utah led In sll-. ver output with 14,315,300 nunies 11 nd" Cilifoinli led all the states 111 gnbl pic ducllnn wltli 1 006,969 ounces HAK SII.VEIt Irfiiidoii ls.el lotj 4 P. 1 T Hal I h,,r H'. -rurs IIISll l.nw 43'. 4 1', pounds, for 1315, 235 500,000 pounds. 'I Im New Votk Subtreasury gained $2 001,000 from tlie banks .esterddv. making cash net gain since Friday of $2,515,000. NKW YOHK COFPEEf MAUKHT Ni:V "VOP.K. Jan S Trading In colTee fiitutes was again active at tlie slait and. while prices weie Iricgular at Hie opening, being I polnL losver on 1 Maicli. Jiav unchanged and other months showing advances of S to to points, the undertone was generally linn Aftei tlie call fiulbei gains weie made Teelernay a I lone s mat s r.7 s ntro ft t,i S -ll.'S -1 S 70BS77 S HJ,, M H4 7 nw7.S 1 n",ffK nn , s ivw tn s linn R Jl I a inw s . . S 3'ftS 10 s 4S8S IP DIVIDENDS DECLARED j Nartonsl Security Hank, resutar aeml I unmi.il Hi per ent pa able on demand 1 Mtdneal neflnine Comnanv, rerulsr nuarfprl 1 a ehare, pavab'e Icbruary 15 to stock of record January is United Drui Company, regular ouarl'rlv 14 per cent on preferred payable reb rusrv 1 to alock of record January IS Union Oil Companv. regular nuarterlj' "f Jl.r.n a ahare and usual ejlra nf ti. bnlli useable lanuarj in. nooka close January Hrookbu citv Itathoad Company rcsntar quarterly of "J1, per cnt pajabto .Ian nary 15 Uooks close January 3. reopen Januat In Columbia Avenue 'lrut Companv flared tho reaulsr semiannual 1 p,r tenl pavablo nn demand will te, turn hefnie tho elemental v bank ing class on Hie subject of the transit , southern' Paclflc ilpsrlment Hanking A and Banking 11 ' Jlnton raeitie ..ill m.ni incrAttiA,. fnv the first nf n .1 " teel KMles ol four leetuies en accounting bv s-- n.. v,r, Kran I, .N'onl. I Siijtar Company I'aytt fcxtra " The Consulate nance" will be held TtKNVIJU, Col.. Jan 3. Tho 1'lah. ( pi I l.e evening of January 19 in the Idaho Rugir Companv has declared the If.llroout of the Citv Club. 313 South regular quarterly dividend of 2 per cenl Hi nnd street. land nn cstra dividend of 1 per cent. SUSAWM, JLQto&MH?, ' fa 0 CHESTNUT STREET s(aOfV AT FIFTH lodav'a upeninir VukusI , B September . S6,WR .., October November . . llecembcr . . sSSaSDi lnuar rcbritao vrircii . s jr. VVaV . S J9 0 8 30 run . . ., Julj . 9 3708 h SECURITY AND SERVICE IN selecting your bank ol deposit and discount, you will want Security in the form ol capital and surplus to protect your deposit. You will want a trained, far-seeing, management to render you Service and to safely invest your deposit in order that you may have it when you want it. This bank offers both Security and Safety for the depositor in its line-up. Capital $1,000,000 Eirned Surplus and Undivided Profits $3,941,000 baa d dividend of Eighth National Increases Dividend lilteclcts of Hie i:ighth National Hank hive placed the stock oi a 20 per cent pei minimi bests l,j declaring a semi annual dividend of 10 per cent, payable nu demand as a regular dlbburseiiient 1'or pome lime the bank has paid 8 pel tent tegular and 2 per tent extra at each semiannual peilod Traction Co. Pajs Stock Dividend .N'r.W VOP.lv. Jan 3 'Hie American Light and Tt action Company has de clared Hie tegular quarleily dividends of l' per iVnt on preferred slock and 2'.. per cent on common stock and a dividend of 2'j shares of common slock on eveiy 100 shares ot common slock outstanding, all pajable I'ebruary 1 to stock of lccotd January 10 Int tt 1l 311 IH U SI lleallv Imn let pief ... Ml V'a C f ,,n Weal Par tl II 17H W-lhK,k l, ,.r r. ,i. Keok II !,.. 41, Millie Olid pr. TH4 Laclede Oai.. Ml Wilson Co .. . 41U lal Krl VV , AVIIson Co pref tin l.k Krle A VV pf 17 S Wis Central . Hi LIVE STOCK QUOTATIONS rillCACIO Jan 3 HOCIS rie,lnl. r.T . OOO head: estimated tomorrow. 44,001) head. Market weak and intfw lower than vea trrdav'a averaae Ton ltd en; bulk llle rin 33: llaht, IIS sneiia cv, nilira, 1 1. Mull, I a nt heavy, lis oniiriii an nmiii, Itr, on IS 10,'jorkera, tlH;0Blna piga, 112013. good lo choice lln23?lBn .--ii CATTLE Eatunated recelpla lodav. "I,. 000 bead, loinorrowr, 7000 heart Market ateady to 10c lower flceea t7 3ntel3S.S, cowa and heifers IV 30OI1 III, atorkera and feeaera n tjn-siti ,ni caitea, IS soa 16. poor , poor Maiket alow .. ir.i.nnv finmm iiivrs'i weeisrn, ,s.iu,iis;n, .,r. llnsa. ItSlSWHTS, Lambs. 113 SStflTi ireatern. tl4C17.2fi. medium. ii.rTnainav rllEKP Estlmalert recelpla today. IS OOO n,.,, in,n,,,inw, k,., n.Q POUTH OIIAIIA, relpts. 13 300 head. tJATTLK ateartr. HHKKP llecelpta. steady. Cars. S31, Jan a HOOfl Tte. Market 13Q:oo lower. flecalpta. 7000 head. 13,000 head. Market Market KaK'fMK CITY". Jan. 3. . CATTI4! flat mvmmm.-t h,irrv pwi,, araSri 21', 21 ' 2!', r. ib'. iv f up. Ml .17', .i , .ill', .!ti", CO', 1,2 1,2 hJl 1" 112', 111 111 111 17', IS 47 ds 2i'i 2t'4' 21,4 2j4 72 , 7.V, 72 7.V, : M4 M'j VI j M'j II 'll'i 'M '.H'j 714, S', 'I 'I 'I II !'.' 1.1' j II', 7' 7', 7' j 7' i IS', iis , iis ns iis it,', ... ii', .i4 .lt'4 -II', .il'. Ml. SI', m': SI', 2.1'j 1 -JW '21 i - .'I .V) .'.I ."! ill irrrrTl I I .is , .is , :i'p, Km iis, i si zzsamuumuWkWK- ' .-. oi .-..", .-.2'. ;(nVjH2vF w, ssHHHBmBBHmk i in livjiii iiv, ;?,! B THE LANGUAGE MX vr , Mi. "vi aip. i'i E ' ''" I it-.' i is ' i . i , lis ' 1j STOCK MARKET MX HS'i .iv', US', Its', ,Vf t ' 9 I 'J. 4 !H'4 'J2', !2, i'i 0 JONM BAKM 5E,vX r,i. ' ',', iroc oaiju ij IT, yi I miiAimmit . rirriiiinH MiM ' w '.is- , v;;' tmwM w m?2r N&?t ?. . w. -ff , WJ)0 Youl 1,1 s. ivif trL. sae s.-ss im tij'i nr op, or. imtJ "tjr r n. .un in mo-, un ; IYTIOvv: if , 1 J,1'. :.:, ;-, ':,. '4m the meaning or the d ' ....Hi ,n'i .1,'a ...i'i stntk .market teims ft ' " av 'In- V.i 'wi- rl ",' J"" read In your Vl ' :-.f 15'. ts': 1 M mpsp"sor jA ; V." 14, '.'' '.''. '.'.'. ! 'XM' ,ln"lt deSosa oter ji ?.! 7t: R7I. RTIfl - "'' rds a 04 ri. ' I "" Alt' Alii Alt All fiM 'r"lrn": r.Tery.ate,ter . . 41", 4l'i 41't dHj fttm sad trader ss wall as ?! v.ll'Pt 120 120 120 resd.r. of Daanelal oew. Mi ...1(1 10), ID ll),', tUUm htuH ha,a a copy hiait W ... 21 ... n ,k "''"'" ...463,' 4K'4" 17 tS'jt H bend for Dooklet ,.T.1 ::: 'A. p. lh I JONES ft MKER STOCK nROKERH aH w:j.... arj. dli.cij. bj ,,,.. ,.,., ouiaasipail MM Pell. Walnut tcuri.l. , mm Keystone. Itaca 'j:9v. -m , lorn nostan BJBBH vnir . Dlr Tm-mMm Hcfined Sugar Unchanged .NKW TORI-T, Jan 3 Tho refined su gar maiket continues unchanged, with the .vmetlcan Sugar Uefliiliig Company nuolh.s fine granulated at 8.13c and the Actional end retinsvlianla convnaiilcs 'it S !ti The l'edetal and the Warner companies and AihuckleBroUiers remain ulthdiavvn. Tlie International Commit tee puichascd 19,000 bags Porto Wean centrifugals at 6.003, v. I f , for clear at.ee the middle of Januaty, and 1830 toms Cuban tenlilfugal at 4.9S5C, c. & f cleatauce by January 10 HARRISON & CO. BANKERS Lafayette Building, Fifth and Chestnut Sts. Philadelphia c beg lo announce that the name of the firm of CHAS. C. HARRISON, JR. & CO. has this day been changed. to HARRISON & CO. Members Philadelphia and New York Stock Exchange. CHAS. C. HARRISON, JR. HARRY W. HARRISON THOMAS D. SMITH December 31, .1917. USMeelpt Ulati Copper .. .. L'UhSsurlliet . ., a Cam L hem Wabash abash r' V Wabash pi 11 WalsHarsoEt . . West Maryland.... Wevt Union Tel .. WetlnsF.&M ... Wools oitb.ro.... wheel A. I. E . ... Wheel iLK pf... Wilson Co .,... White Motor .... WlJjs-Orerland... Kx dividend New Tork Central nallroad Homestakc Mining Reduces Dividend NKW "YOrtK, Jan. 3. -The Homestake Mining Company has declared the reg ular monthly dividend of 30 cents a (thare. pajnble January 25. to stock of record January 19. This ta n reduction of IS cents, the usual payment hitherto having been 5 cents a share. Underground Cable Co. Pays Special PITTSBURGH. Tn . Jan 3. The Standard Underground Cabls Company has; declared the regular quarter!1 rUvl .or a per cent, an.egtra. or a per aavd K SJMMlal at M.taTdst.'ilwlilBS To Holders of Bonds of the United Traction Company of Pittsburgh bv i msDurg h cc friiale Ifirn. I JO.VjTJJ 4 UAKER, irideaer Bldff , rhilaitliMa, m. bend me our booklet "The l,an. suase o( the Stock Market." I t '.I'L'ilt-ji'" Wt-lVl! I Aaioe ..,,..,,.,.i' i dildrrs .,... ,.., .,.. Notice has been sivefi ,hy the Pittsburgh Railways Company that funds vvtll not be provided lo meet the intereit dur January I, 1918, tinder the mortgage dated July 9, 1897, given by the United Traction Company ol Pittsburgh to the Maryland Trust Company, of Baltimore, to secure an issue of $10,000,000 five per cent, bonds maturing July I, 1997. Defaults in intereat payments due January I, 1918, have nlto been announced in the case of other mortgage bonds of railway companies embraced in the Philadelphia Company system. 'these defaults indicate nothing short of a reorganization of 'the Philadelphia Company's enliret street railway system. In such reorganization every holder of any of the above securities has n direct interest nnd concern. Although many years have elapsed since bonds of the United Traction Company of Pittsburgh vvete originally marketed, and although the management of this property has long been the exclusrvn responsibility of the Philadelphia Company, yet a portion of the Bonds of the' United Traction Company of Pittsburgh were, in the first instance, sold through the undersigned banking houses. This circum stance has led us to determine upon prompt and effective action in an effort to do all that we reason ably can do to insure the protection of the interests of the holders of these bonds.! The, protection of any one set of bondholders will necessarily involve consideration of the interests of all the holders of bonds in default. ' Accordingly, at our request, the following have agreed tc become members of a' Protective Committee to conserve the interests of holders not only of the bonds of the United Traction Company of Pittsburgh, but of all bonds affected by the defaults. Thomai S. Gates, Chairman , B. Howell Griswold, Jr. J. R. McAllister J. H. Mason C S. W. Packard A. C. Robinson George H. Fraxier Immediate notice will be given by the committee of the name and address of the Depositaries. All holdera of bonds are advised to deposit their bonds promptly in accordance with such notice. ... ..................... w ......... ..-..-..-.... ...,. v,.. mr un.i nnun may ot made uom any .uu,4.j, - -J-...-.V- w-,.w.... .. --r . ... .,... ". . pn.i-.i- nccepito, two .consequences would follow! First, control of the situation would thereby be vetted, at least for the present in the purchaser of the coupons. It might ultimately 'deyelop that by selling his coupons the bondholder Usarl aaKVihr-arl M ft Art nf hi n t n e 1 n I K a r a a f a ae litest iaktrs-a-e. asaf 4rH t tL .... .i (SOU aavillivvu -aa -ara IlllllVlloaa aa ovaa-a-iH oaau U IIIVIII US -kll-Q IlIUIIVaiTaiH aBITa ailrh - thus advanced to purchase coupons would be collectible 'out of the proceeds of any foreclosure salt) in priority to. the principal of the bonds. . BROWN BROTHERS & COMPANY ALEXANDER BROWN & SONS- January 2, 1918. -V-s .4 i-V fa ... - I ' - "-l.-i.'.
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