-1
'MM
S
'tw1'
k Save to Buy
Liberty Bonds
nbright & Cpmpany
MOnniS WJSTAtl STIIOUD, Jr.
Manager
P7 Chestnut St., Philadelphia
' York Boston Chlctto Detroit
It's Coming!
. The Third Liberty Loan
wile begins April Gth.
Prepare now to buy your
full share of these new
Liberty xAc,o Bonds
the safest investment in
the world. Vc will be
pleased to handlq your
subscription.
Investment Bankers
N. E. Cor. Droad & Sanson) Sts.
CRUDE OIL
The World'a Greatest Necessity
OKMULGEE
ProJuclni and 7tnn.ntT foniftyinr dm.
lnd to DMutiif tti leadership of tli
ndependents. The Younvstown pnel
recently opened up by this Company
ft worthy successor to the fa mo u a
Cuhlnff Held.
m;qi:o..i.
lias 100 irrR leave adjoin, nr OKmuI
Kt9 properties tn the Younstowit
poo Ueentlv brought Ii I.ViO barrvl
well with otliern drilling close tu thu
uands.
(iLl'A rock
8ucre f"l completion of pipe linen
in the Aom.nir fields will hae lm
port ant bearing upon this. Company
UtRMTTT OIL X GAS
3Vnnt effect will the passing- of tbi
1 vide ml have on the futuro mar Wet
laurao of these aim res?
SIM'LAin Oil.
rjpe. line aiat-m frcm the (lulf Coast
t Chkaco nntv In op-ration TM and
the rompletloti of lis three new re
flnerles should be reflected tn sreatly
tt.ham.cd earnings.
TKXAS COMPANY
; Qn of th lea dine factora tn tht
rapid development ef the coaatal
Held., Ita strong1 position In relation
to the oil Industry tin Mexico
Tbt Idlest deelrpment relating t
the nbove and alt other actue and
inartite securities will be furnished
Without chars e upon request,
(SrUCIWJSTH IN
ODD LOTS, DABV BONDS &
Conscnathe Curb Securities
For caah, reaaonahle margin or par
tUl paiments Direct private wires
to Nw lork Markets.
WINSLOW TAYLOR & CO.
Members Consolidated Stock Ex
change of New Tork
438 wii:m;r ni.Dt... rhiu.
- Walnut 0280 Uulnut 0A57
General
Rules tor Trading
In securities on the
NewYorkCurb.and
How to Open
An Account
with a broker are
told In this booklet.
A aiatle reedier will la.
errata ye.r knowledge
ef tradlDK Itt stacks.
Ask for Booklet Tl-020
(Hailed lre an Eee.ost)
JONES & BAKER
STOCK DnoKEKS
Wuhaer Bldr.. Pad.jiieai.
Tint Bell, TTalcut 190
Kerttoae, Race 2230
NewYark Pittsburgh
Chicet.ro Bostau
Dlrtel rrlrstt Wiru.
JOUBS d BAKKK . ""
jrOmtr U4ini, PkiUtttplU
Tea mar etas ma jaw beekltt.
Raw ta Ope. an Ace, aid On'!
Sola far Traelaf.
att TU-nn
iswEcronv or accoontants
T" Certified Publla Aerountanta
lifcWRKNCB E BIIOWN t CO.
.. I
, " lfW0penU
;' ' I Accat-.t
h V H
I
Ufa J!im eaL K'.
JSBiATU XHUHI' lIUIHi.
- AUJUST t'AIirNB.ItSHII"
dihi'utuk Acm;uTa
:i-miitl K VVATHOV. c I. A.
noor ,vai jviavo iruat Him
Ita. Accounting ayatema.
r-DRlVEN VEHICLES
JON FAVOR IN FRANCE
a , iii
flen vehicles have been In use
(or many centuries, but their
an the nne roads of Krance. la
H novelty Some of tho .French
, in tneir eagerness lo devise a
elv rxclttnr method of anemllnr
aluro time while un tha rear
Mriilnd the lines, built for them-tcetil-drlven
vehicle out of carta
rpmiin airplane that had been
; tawq ojr uivm.
utilised nart of the framework
body of the vehicle, nut It unon
etlc wheels iuken from Herman
iu. Unix to fhfl Rtonrier tnnnt iinAn
'Troni truck they attached a,siill
iaMl toxetuer tram Miivai strloned
Uh lrm pf a captured (ierman
jic (iinen irrench avlttors fol.
Ihftti txtranu itnd noon excitlnr
ma iMcullar'veblcJeH became
wani aport ainodr the daring-
rmaj w raaptia ri-aa,
e aaaaiiwaa TVf a
News of the financial world -
WALL STREET BUSINESS DULL,
DUE TO TAX ON STOCK LOANS
Market Misses Usual Covering" of Board Room
Shorts Speculative Interest Small.
Some Issues Weak
New York, April 2
Tho contraction resulting from Uio Imposition of tlio transfer ta on
stock loana was moro pronounced In tho dny'a tradliiK. the speculntho
clement on tho floor being absolutely Idle, none of tho room traders caring
to do anything bcenuso of tho necessity of pajltig the tax on any utoclia
that they might loan nt the end of tho day, and not caring' fo put them
selves In a position of buying on reeesHlons, with tho hopo of sclllng
beforo tho end of tho day.
Tho market alv) misted the usual corilng of board loom nhorK as
none of the traders had put out nny eliort lines jestcrday and had re
fralned from doing business In order to obcapo tho payment of a doublo
tax.
At thqsamo time larger Interests kept out of tho market because of a
desire to keep, assets liquid until after tho formal announcement of tho
Government loan to bo mado on Saturday, and, although call money nu
In plentiful supply, Indicating a hugo Increase in available funds, the
speculative Interest was so nmall that few of tho offerings found bor
rowers. There were some especially weak features, Sinclair Oil selling down
nearly 1 point to 20Vi, and StudcbaKer falling 7s to 37?4, bolh new low
records for this movement, with tho continued supply accompanied by
assertions of dividend suspensions
Miami Copper was one of tho weakest features, falling 2 points, as
tho direct result of tho reduction in the dividend rate jestcrday.
Heading dropped 1 point to 80',. and n similar loss was sustained In
General Motors, which rold down to 117.
Distillers, c-c tho $i dividend, sold at SS'i, a i()as 0 i,
; FURTHER ADVANCES
! MADE IN COTTON
Near Positions Continue Jump
in Price New Crops Arc
Unchanged
I COTTON liKLT MKATlir.lt (OMIITIONft
New York. April 2. The followlnt m
Derature Mere, reeorded In the inllon
belt,, Ihli mornlnirt ( tutttanorira. flfli
lnnillle unit Oklahoma. AHl Abilene und
Wllmuixion. GOt Mnenn. Mon(cumer) At
lanta and Hntannah, (tj Mhrevennrt. 1'ort
i -mun, J,illie iloeK, iiempniw. lenainn,
ThomaiTllle, rharleNtoii Hnd .lackMinf llle.
(It I AurufcUi. AOt l'enaeoln, QSi Nan An-
I lonlo and Oaliefitoit, ;)i Cnrpun LhrUtl
( and New Orleana, V2. ,
T There Man ,0 Inch of prerlnlUtlon nt
OaUehtnn and SaVRnnallt .01 tit Vuculat
.06 at VIontKonten t .10 at hnonllle. .tij
i at Tenfacola.
' New nrk. April .'
, I-'urther advances of 8 points In the
near positions wcro mado at the open
ing of the cotton market tills morning,
while new crops wcro unchanged to 30
points lower, affected by tho rains In
TcxaD and proKpocts for mere precipita
tion
Tho near positions wire steadier lis
Liverpool and trade buying, but these
I later lost their advance, owing to In
I created general selling prcssuro brought
! on by the outlook for rain
At tho end of the first iiuartrr of mi
I hour tho market was " to t points net
I lower General proeipltallon was rc
I ported over the eastern belt this morn
1 Ing
Thn receipts nt the ports for the day
aro estimated at 1 1.000 hales, against
I5.I0S, bales a week nRo. lfi.icn bales
a car ago and 15,702 hales two jearj
ago.
Ye3ierdy in.tn 1 II. "in
i t insi nnen e tn m m m m
,Mv ii it m 4ri n.i r.n ii nn aa .'..'
1 julv . r.'.' so aj so .u en ai s y 7J
Oetoher . 31.61 .".1 r.r nl ,'J a V 31 II
nerember . 31 ST SI in 31. 54 31 "Jl 31 III
Spot . .. 31 ,.'.1
1 Col I on Buyers and Sellers
Xfw York. April 2 .luly lrngcdorn
Hubbard. OlfTord. Johnston. HurscII imd
Sellar bought; Mundi. Mcrarlden. Wll
bon. Kosenherg and Segal sold
August Pai rott bought
October Schlll Jay. Cardos-a and
I Hubbard bought, nujscll, Downs, Kin
I stein and Moe sold.
I December Segal and Peers boucht .
i Hartcorn. Schlll. DIon and nosenberg
sold. '
Financial Briefs
Tho annual report of tho Centennial
Copper Mining Company shows mining
profits of 5111.111 after Income tai-s.
(.lightly in excess of M.Ed a fcharo from
1317 operations Available profits In
lOir. were J276.54C. or In excess of is
I a share .
, The New, York Subtreasuiv gamed
$142,000 from the banks esterdaj
making a cash net gain since 1'rlday of
I $483,000
' There has been placed oil the regular
I tint of tho Philadelphia Stock Hxclmngc
, $5,033, 000 additional American Tele
i nhone and Tclcrr.inli ptr.rlc. snnn qH,u.
tlonal new Westmoreland Coat Company
stock. $7500 additional Philadelphia
Company consolidated mortgage and col
lateral trust B per cent bonds. On the
unlisted department $67,375 additional
Philadelphia Klcctrlc Company of lcnn
sylvanla stock.
The Liverpool Cotton Uxchance was
not In session today.
The Chicago Board of Trade is closed
i today, owing to the cty election.
-RAILROAD EARNINGS
i PENNSYLVANIA SYrtTUH
. 1 Inea Caat 11 tnrreaai
Teh. oper. rev , $2t.4rt,Mt $210.RHT
Net otwr rtn,-tt nni? mi .,---.
1 Jo nioa. oper rev 43 144 inn tLMs! 'ins
II ,i, uc,1-,t 1..IIU.OWJ -ii
i.JitKi u.ors.oos
1'eb. oper rev. . no i:n.S42
Net oper. deficit . 1 T.V..4T1
To moa. oner rrv. pi.irt'i rot
Net oper deficit I. SJO.IT.'i
t.lnea Uat and Weal
Ieh oper, rev . 151. SAT. fill
tIT.-l.tht
i.r.4 111
te tn.1,022
S.18I.2ST
112,T2
a 1t.To
Net oper. deficit . B Tn'.'.Rdfl
Two moa. oper. rev 02.T0,02
t3.06,023
PENNSYLVANIA tlAlLrtOAD
Peb oner. rv. . llBftaonn tos re.o
Net oper. deficit 3.4n.23ll 4,3'4.S;)l
Two moa. oper rev. 3 .-.ntvono tl,aT.24X
Net oper. deficit T.t3.',457 H. 103.108
PENNSYLVANIA (Western)
JVb. oper. rev.. . $,2,3R4 1170,214
n.i oper, rev l.-Mtn.l.vi
Two moa. oper. rev. f TRS.ar.T
Net oper. deficit. . 2.1)24.231
PITTSDUnaif. CI.VriNNATI.
AND ST LOUIS
Feb. oper. rev $l,t,0,n.'i
Net opnr, deficit.,.. 4011.300
Two moa, oper. rev n, 314, 72a
Net oner dellclt 1.711.187
Decreaae
tlncreaaed deficit
nsn.Tnn
1,011, 1T2
2,4in,r,S4
CHICAGO
Mt4,R78
tMII. 1)411
1.012.271
t2.544.138
Refined Sugar Unchanged
New York. Anril 2. Refined mcars
continue unchanged, with local refiners
quoting fine granulated nt 7.4 &c. The
Federal and the National companies aro
withdrawn. The Warner company is dis
tributing some rugar. including granu
lated Cuban raws are unchanged at
o.OOBc.
DIVIDENDS DECLARED
Carolina, Power and Iahl Company,
rezular quarterly of V4 of I per cent on
common, payable JIajr J to .lock of record
April 15
Commonwealth Edison Company, rrrular
quarterly of 2 per cent payable May 1 to
Block ofrecord April 13.
Uhlo .cuei Hunoiy comi
Supply Company, re tula r quar.
terly
stork
or ir cant, oaiapia April la to
of record March SO.
American Heedlnr Machine Company, rec-
VJar i
lis.'
quaneriy oi i per cam on common ann
per rent on preferred, payable April
slock uf record March SO.
Lindsay Light Pays Extra
t'lilrafo. April I. The Lindsay Light
rompany declared the regular quarterly
dividend of 1 per cent on preferred
and 0 per cent on the common stocks.
line un vtfrn fiivMenil nt K nee ..nl
on the common, all riavahl Mnv 21 in
stock of recort May 1 Jn the Dre-
vaults quarur tne regular quarterly of
,a aaa, 4aaav jtnt ,tii mi i. Miyiucnu oi l
,awaa a ,a- ceMHIWfl BIOCK.
aVJl 3fc t a.i. .
EVENING PUBLIC ' LEDaER-lHLLABEt?HIA, TUESDAY,. APRIL 2, 1918
TRADING IN GRAIN
CONTINUES BEARISH
Sentiment Leans to Lower
Prices in Corn and Oats.
Farmers Disposed to Sell
ortAiN ih:i,t h i:Tiii.it iori:i'.st
fldrato April 3. llllnola IToImMt
rain, liirnlns to anon. In north and nil n
!utd"r" Iht '""" nli,til, nfuVh
-nil!""ilrl.T.,rolMl,1i r'n. turnlnr In
tSJJler. ' n'", """'""'Ji n-uih
vl!il",'0!',ln rat,lv eloud.v tonlcht and
"ide"" " un,l"ll'l " "? much
,.l,,l.l'.ln'.a '"'"tlr clouds and older lo-
tn?.w17iH"ti,b ' "!?'" "mini fo ano,
nlii.Hn ,M',n"-Ii li colder.
1 iHtl ' ."ikota nnd Vpinlina Pair In.
nlahl and edne,daji colder (orUM
oulh Dakota fnwlt'ed hih mi.rh
older lonlcliti HeiliVida, fair"
UMne;r5",-nW?!(I,r:n"" ,nl-ht ""
nJlrtl'SW" ,n,,-n l'""'"e lo Know.
u hlJiJd "fn"edv, much inlder.
wiSnSl!ff T.Ar.i.'u'dl. ",ld"- 1"n,-h"
. hhacn, Api il J
Iho hoaid of tlado remained , 'o-od
to.ny. owing to the local clcrtlon The
exchanges at .Mllwauuee Knns.ib i itv
artl Tohdo nsn wcr. not In session
The Jllnneapolls oats market wai open
and prices there after suiting about
uiichnnecil rose one-elghth to onc-nuar-ttr
of 11 cent.
Sentiment appeared to lean a little
nicio to the bear side of both corn
and oats, as It was evident that farm
er. ,11 p more disposed to rcll and arc
ip'Micntly being Influenced by favor
ibic weather and crop advice-. 'I he
twii or both cereals at Llvcipool vj
c.uicr.
Adv.ccs from Argentina on coin wen
favorable. Tho movement of wher
tln.1t- to ports continues llbcial and the
vlilblo supply is now ncaily 10,000,
000 bushels
The receipts of wheat at Minneapollj
ami Duluth today weio J SJ cars, agains'
3b0 cais last Jear, at Winnipeg. 432
cais, compared with 535 cars; at Chi
ego. 15 cars against 81 cars.
LIVESTOCK QUOTATIONS
Chlujo. April 2 1IOOS r.allraatcd re
iclpta today. 20.000 head left over. Ml 17
heml. tomorrow. 30 UOO head .Market strong
and irL htcher than yeaterdaj a avcrane
Top JIT 8.1 bull! IITW1T liO. light, J17 20W
17 ku mixed lil T.117 Rn. h-av s 1 : 1 0 iff
11 1.1 rouKii. ein mm in 411 workers J17 DO
1 17 5, plea U' J.'iMlh r.O' buoI to chulec
llll IIOSM7 15 Hoe iiuallly eood
CATTLE Estimated recclpla toda 10 '
000 head, tomorrow 0001) iicail Market I
alrnin,- 10c higher Ilcrvca R1&1 1 mi
rows and lielfcra id .Vita 1 j as, utnekera nnd
feeUtra. JS 7"I 1 1 t.1 calvea $10 5U0 HI,
pwjr to medium f'.l2,Vgrl2
SHEEP Eatlmatcd rtcclpta todiv 000.)
head.' tomorrow S000 head Vlarktt tronp
Lamba, $13 OOJjflo SO weatcrn, $117.1
'oulh Omaha. April 2 HOGS Estimated
reeeipta tndav, lO.OOO head Market alow
CATlLk. Kailmated reecipta todaj. 10 000
head Market weak.
hllEEP Eatlmated receipts toda. B700
head .Market higher Cars, 09o
Ivansan Cllj. April 2 CATTLE l.stl
mated receipts today, U000 head Market
aironir
HOUS Eitlmated receipts todaj, R00O
head Market hlsher
8ltEEI Eatlmated recelnta today. 5000
head. Market strong
Color Prices' Advanced
New York, April 2. Higher cost of
raw materials and tho increased cost
for labor are tho reasons glvenby djers
for the 10 per cent Increase which took
effect yesterday. Tho advanco dining
tho last car has been 23 per rent and on
tome oolors even more. This will not
be all, however, for manufacturers feel
certain that a substantial Increase In fall
goods will have to bo mado again lo
give them any profit on their output
LONDON STOCK MARKET
Xjondon N. Y.
12 30
cnulv
Atihlson .
Can Pac .,
Chca 4 Ohio. .
M Paul ... .
Brio
do 1st pref..
Ill Cenl .. ..
I,oula 4 Nash.
Tent Pac . . .
Tleadlntf
Penna
Va Pac
U S Steel
Ko Pao
a1, i.
K.1 S 12'J
47 -r n'i
is', j n'l
21J, i,
1.1J
, . . r.n'j
. . . r.n
::. K
..nil
..imii
. . . 7.1
. .. so
41
...121Vl
. .. Dl
. .. SO
44
1111
1101
nu, it
8
LOCAL MINING STOCKS
TONOPAU STOCKS
., . . iM Jvk
Jim flutter .... 3s ,1111
MarNainara II 13
Midway 07 03
Ml-pah Extension 03 07
Montana 10 .12
Northern btar , ,oi .rut
Ileacue Kula 07 no
IVeat Und 73 .7U
GOLDFIKLD SJCKIKS
Atlanta '. ...in .it
lllue Bull X , ,02 fi.1
Hooth , ,04 ,na
niamondlleld II II ,01 ,0'i
Daisy nt .03
Kewana. nil .07
Oro oi .nj
Handatorm Kendall ot nn
Oliver Pick OI .03
JIISCKLUAMJOL'S
Aritona united ... ., in
Nevada Wonder 113
Tecopa Mlnlnt ..,, . . ., .la
20
1.23
IS
NEW YORK COFFEE MARKET
New York, April I Tha market for
coffee futures opened steady today to
day and unchanged at an advance of 5
points. Trading on call waa fairly ao-
uvc
Today'e Ye.terday's
opening rlaae
8HtH07
S.OS&OOO 8 natia.pft
.04((.ft1
D nutvft in
Auxuat . .
September
October . .
November
i camber
January
February
Marcli
Aprir
-.130-17 J 5JJJ5 I
O.ISOBfU
jaJiu ill
0 13Q0 20
. X..1II
8 0.1
8. fin
aiar
a MR
- jun. tu
a, HO
8." 1.1 8 80
s.oiee.jj
Jul, ,,.,,.., .... B 9J.tt
New York Stock Sales
laiat
cloaa High Low
CI
Ha
l'J
lt.R0 I
a.m.
...
Mat flubber
MmU (lo'd M.noj
A'a'nJunrau
Alllj-ChaTn Mi
Am Can
AmCar.Kdy . .
vinLinveed
AmLocomouc .
AniMa'tlnf
AlTl Kma t 1 t-
SI
40Ji
Dl
n
10? 1
78H
404
8H
atm
7SW
01
S'l'
()l:f 0
7S
'tU'a "V
8
JmSmeitArtcfpf 10.1
-vmMjnulMToa . nn,'
.VmSleeirnuMirlcs . 02" i
.MnSucar Tier irn
01
Hit
tnl inl 101
AmTelA'Iol
Am Woo'cn .
AnarondnCopocr
AlKiuflWI . .
AtlOufAWIpf
Ila'd win Loco . . ,
Ila'llnioro A Ohio
Hctl1M0clC.mlI
llelliSSpf,f
Hrooklin Hap Trail
Hullo Cop ,.lnc
Hullo. superior .
Ca aiPap. pacific
Central Lealh Co . .
Cerro do ravco C .
Chevapeako A Ohio
C hi Mil & MP
f hlMIIAStrpf
nn it 1 , iv
Hi.tpopepr .
e nix.p7pciif
Clil'o Copper
Cli'no Copper
Co'orado I'ue' A Iron
Co'umbUHai 4 K
Consol (Ui
Corn Prod Itef . .
CruclbeMeo' .
I)Mli:crsScriirltlc
Dome Mines
Kfle
Knelstpf
Oailon in .. V.
(enrral liivtrlr
ricneral Molor
Oepf r.il Motors pf
fit Northern pf
Ot Nor c for op
IlluioUCent
Inspiration Cop
InterhoroCon pf
Int Ilarv N ,1
Int Mer Marine
Int Mcr Marino pf.
IntNK-kel
Inter Paper
Kennecott Copper
Lack Steol . . .
Mai Motors Htpf
Mevlran IVlro!
Ml.miK oiuT
MldvacSlccl
Mo Paelfie
Mol'acifcpf
National Acme
Nat I'lum &. Matnp
Nation il C011X C
Nat Lead
N'Aada t on top
Ne' York Cent
N V N II .V II
Northern pacific
Ohio ClticH Oa'
Ontario Mlnlni
I'cnnsjlvanli II It
Peop'cSOasCliI
pero Marquette
I'ercMafutiPlleppf
Pltlaloai
Ity Slee' Spnns
Itaj Conol Copper
Hoaitinc
Hep Iron i&lec!
s I. San Kran
Sinclair Oil Itef
Southern Pacific
Soulhern Ily
southern Ity pf
StudebilerCo.
TennCop J.Cheni
TevasCo
lobarco Products .
Union Pacific
Uti'ted C Icar Stores .
USInd Vcohol .
U S ftubbcr 1st pf
UhSmriiM
h S slecl
U S Steel pf
Utah Copper
VaCaroChem
WabaMi pr A
Westing K . M
Western Union T .
llvonS.Co
inij, loou' ion' loo 4
,-.i w; w ;
oii aiH or, r2'i
I0.'i 103 103 10j
71',' 71U "1'4 .v'i
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2lr,
S31-.
ov,
2')
S3' j
Mb
7',
US
12
Ml".
20",
SVa
IIS
"'.
ll,
12
'.'A
II"
U
.1- I
j.
I
c2', '
I
2f'i
S'!'
SI ;
7.,
10
SI'
M!.'
(',
S3,
22',
17",
HI
3i;,-
2tV,
ST,
22'i
. S.-('.i
. 221,
fiO'i
.".S1,
. 17'j
III
. il','
1 I04
. S7'i
.I22'
I0.T ,
. 42' j
00J-,
10'1'j
. 70.'.
12',
10.
. 10',
Oi
. 33',
12
. 17,-S
; ,
:i7't'
IT?,
17.
j-,
Ill 111
31 'J 31
120'i
HO1, 110:
sx,' SS'i
SS'i
120',
122 UU'
oo'; no
109', 10T.
79', 70',
l'i', 42' t
'10
101'j
70',
II
hlto Melors
ttllijs-OverUnd
171, 17
17',
Cv dividend Distillers Securities,
nnd IVj evtra Kauth II II pref, 2',
BAR SILV15R
Last 1018
lod.o -" lues Illjli Low
l ,,, lore I 43, ISt, 15, HI 42",
London V" ji -) i- i
IVICTIVP 1MFW YfllfK" QTIIPIfQ
INACllL iNLiVV lUIlrt biOLKb
irollnwlng are quotations for Inactive
- va.i. .trt.,1 a nrl In whlM ih.p.
New TOlU si??'-" ana in ' vvmeii i there
im-y " "-.. ij,v Th Vi.I
were no transactions today. Tho price
gIVCU la i'ic iiav i' .. ....... uu.v.
.. .... . 11 Mich Central., ill
Adv lium Vref. WA Mln f bt L new 10
m act! Chem 77 Morris t .Lssex 3a.
Am Aerl Chem
Am lieei ous
Amer Can pf
till. M St P t H s sr nn
noiit iow.F ... m-,
nit au
Am 1. useed 31
Nat Cik S pf.lonvi
i'!"""V 7 is. rat Kmmt .. 47
Am Linseed pf. 71 vt , & f
Am Loco . . "! Sit Lead . 61
,M Malt
. X i.ir. ''rle I2i
Am Malt pf
Am Smelt pr 1", N R R M U if BOli
n i . b 1,.. in
AmFmalipiA. "J" N Y D 4 W ;.,
Am amen
Amer
Amer
Am
Am
Am
Am
Am
tinww t.t'-pf r.r ., .. ?r
7 "v An MH .. '" i vL P e
PfO Ra. X
Atrniaon
Vere Marquette 111,
Atchison pref . . 1 , Per, jurq pf . 52li
Atl Ciaat Line R1 i ,orU A ,1 , , "
nan e ";-,,'- -,, iicr e Arrow .lit
natopl'aa Mln l Plei-e,..Aero- pf PRI4
narrett Cn .... -? Pitia 4 IVeat . ;
P.th Pteel . jiJJj Pitt, Coal pf.. so
Rklvn nap ir ..M4 Put. coal... r.2
rirtn Unfl" -l" Press Stl Car Bf 091
n-.n Kh.M . S 11. u.... . "
n . n.nlh.ri 1-1 n..u ..!..-
""fi"'. .. ot. U"""."." "''
HUl ton "v.- V.. ''' cil ,
hnrtna-
BUtte COP t- ",
f! W., if ' 41 '
Uy stl Sora- nf Bai!
Rearilnr 1,r nr
n.uain. ...." i.
Cent -Sllt Vb
Chandler Met . "J1 Woyal Dutch . .
Heading lid nf
Ch 4- Nonnvrei - fnatiucK-Arlz
rhl U ff'. . 1 M I. A a sv
Chi t Weat Pf 20 St I. 4 S I
i.n ;:-s,""p 41
Savage Arma '.'.
nn'.it.Pbdv nf. 11 n
ci-i Vnel L Iron 37
CO
'aann lo.ora.
'S
saahrd A I, pf 171
!'.. r. . 7 Q... .--.. J
noneni f - - - ,,,, - jw-rourK n-j
CK 14-J
rol riouii i J.jJ ntaia-noa r..41H
Cot . H ' ', I'll ?.an A"-""!. 74
Col fc Ho 2d Pf 4"V Mnn-Sh-" . , . . M "
romp Tab ftec. 27 S""" Wlllnr . m
Tont Can ... .J and Mill pf . svt
Com lot Cal M 17' gtudebaker pf . 00
Co-n ProH P" JI Stuta Motor ... 4314
Cuba Cane Sua 20V, a Tor nleo Sr.llo
Cuba Cane K pf,J Sun Steel 85
Del . Hudson 100'A Teaaa Co reta.. mil
Del Uck 4 W.J71 Teiaa tVac... IBlJ
Detroit Eeiajn.125 rranaua-IVra, .. 40
rieere 4 Co pf . 0S Tnbaccn Pro pf S7U
n-n U O Pf Twin Cltv rtapld 62
Dome Mlnea. . Jnd-rwd Type .104
Krle lat p'.- 27'i ITnderwd T pf.tia
Erie 2d P f . . . 2J n Alloy Steel. aH
Rleo BtorBat. JJH In Bar rap lfvj
Fed M R P"f 2H tin Be P new 62
Oaaton.WIII IV RJV4 Union Pao pf.. 71U
B,n Chemical., 1JJ lm Cjr Sir pf 102
neneraj Clar. . JJ4 United Drua , . 691
nen Ciaar praf JJ t ntd Dr lat pf 48
neneral Klee . WJ7 tlntd lira 2d pf 79
C.oodrlch n r 4''f United r-ru,.:.l23
Ore-ne-Can Coo a'J'a I'nltert Pap nrd 11H
nt Northern nf PO United ny Inv. 10S
nuif Stataa 8. JJH II S o I I P. IS
Hartman,Corp. JJ JCIPpi, h
Havana Klee. ,.101 If S Ind AIco pf 0SU
Homeataka .... J tl K nealty Imp 161i
int Aarlculture. 12 U S Realty iidp
Int Ar prat. 40 j,t pre; .,,; no
Int cons n pf 42 y s nubber.... 31
Int llarv N J..I70V, B Bm t. n nt ,1.
Int Nickel pref.in I'tah Sec Corp. IJ t
llllnola Cent .. 0JI, u S Steel pf 7.1AS
Inter Con . . J Va-Car Chem,.104H
.in. "?-'. ' iron .. m v. via
lovra Central, .. 2S,, Wabaah pf 3,.. si
jewel Tea .. sv4 Warran H R.. 1SH
Ran City So . IJ Warren U It pf OS
Kan Cy So pf ! tvest Paclfts .. Seu.
Ktok tDM
H West Maryland, 14k
ii
.acieae. ui
a; ,flul Ttra lJJJ Weathae lat pf 4V4
lhlsh Valley . .17!, Wheel 7 15 . 10
west Jia '.-a pr :
fuulV N..V"U3.i v-vhT.' W&.V. aa
lairlllard ,...111
Louis Naah Its
tvneei ai 1. t. pi zui
vt
m
VI
Manhat Ke , p, vvella Farao
May Dept Btr., 48 tvilly.-Oeer ft 0
.laiiiin, -.c , c- Ave la nrfa 1
ay n-P.l S pf 101H Wllaon Co pf,
V Hfr tribe (Ili eraea- a r
ftt
Max .Motor . . "S VI. cPt .'.. 88U,
ii. .u.
Am Cotton OH 3n J; j
iSePllTL " 12U Nat HiaVult-pfill?.?;
iS'll'V-Vifl lM N-.t r,",. Cable 14'1
. n. I "O JL. I I'l I.'.' -M
'.not n T 4- M 18
"vi ,,ooil Korr south . 21 K
ro? . '.; oa porr '"est pf 79
Tob pf new ns v0rth America' .uH
T ft T 2d Pf ;'.' )hlo Iuel Snii jjli
Writ PP -V Ohio rise rcli . kr '
ll'niMtir. nr l t -,.. n. '.
Haxj'ot I'd Pf xt
wx rtvrf.r, i
P' f2'. Worlhsn P 4 M SH'l
ivoviwerta ...,110
neJw york
1
New York Bond Sales
II. no
High Iiw
a in.
1I0U
nnS,
Rll'l
t.0
HI'.
II2W
m
nn
m
,Sfe
III'
$12000 Anglo t'rench 3
2iiu Amer Tel 3
2001) Halt & Ohio us
10(10 i h t Ohio cv 3a
mi 14 mi,
no. UOji
kiiH si'S
S.
i,iiip cm
120OI) Chi
2000 CM
:hl til Weal 4a . MJ4 S4'4
.hi 11 & q joint la H2M i24
r.M st Prfd 4aa 7. 7
rln f!n 4k Her II . r,ll .10
WOO Erie Cv 4a Her 1J
11)00 rr,nh llep .Hi a l).1V4 U.H4
.101)0 Inter ,Mer ,Nr fl pn' unj,
lonn Kan Cv Ter 1st 4a 7.1S 7f
limn Lack Steel 3a 1023 lVt Dl'i
I imiii 11. uh .k ,. f.,u a I ar aJ
MO-m Lib Honda 34a 1)8.08 08.01 08 M
W.'OOII do I j . . . fM1.t8 OB.1M) 00.01
'IDOft fin lil 1 AT DA 118 08.00
RflS
n.
on',
'!.
f)T'
nn
no'.
P.Ti
2000 Heading aen f . tt.
Rl
soon hi i. h r Rer ii m'.
looo south lty gen la iM,
200O U S llnbber r,a 78
soon tr s Ktei a f r,i Vi
r.aono Uk'an it i ni.a 'tit nn
0Vj
78
07i
08
noS
03'i
IOOOO do ,1V4a pen. '10 OD'a
, . ' 300(1 do Sti i
3Vas il .. D3H
New York Curb
liiiiiin .vio rac tr in la. .v 4 nnyi
200i N V C L S 8)is II nt'i
IDOOO N V C t II 0a., P2S 1)2
ioooo Penna gen ct 4Ua Hlf, Rn'i
r.nn Pub Sve N J ils 80 Biitl
Plrl Aklwl
R'4 S'i
117 110
'i 7
28 31
7.1 SI
38 X'l
4 I'.
311 3D
S'l 12
0, Ul'i
1.1' i Id
12'a 13'
:(, 2Va
38'a .".l
7 7'i
B.I -'
Aetna ctfa ....
Clievrolet ,. .
i Coflen t Co . . .
CurlUa
I I. V t"l Sales ..
i llacma Copper
I Hay llercul . .
Ituislan -Ity a .
Ituialall 0'.a U ..
Seneca Cop ....
I it Job Lead . .
Submarine
l lllirn Mninn
l n v eroe L, . .
Wght Mar
do pref . .
MONEY-LENDING JtATES
I'llir,lli:LI'lll. Call, G per cent I
time, 5('1Bpcr cent Commercial paper,
three to four months, IH'C per cent; sit
months 0 per cent
Ucservc Hanks' Discount Kates
oiTlrlal discount rates at the twelve
Tcderal Reserve banks were as follows-
fTlic flrBt lolunin gives tho rates for
all pcilods up to and Including the III-tecn-day
maturity, the second for a
period of sixteen lo ninety davs. The
third nnd fourth columns give the rates
for rediscounts of collateral loans se
cured by Government bonds or notes)
Com'l p.ipcr flov't paper
hi to oo lit to on
Hanks
Doston
New York
Philadelphia a.
Cleveland . . .
Richmond ....
Atlanta .
Chicago .
St Louis . .
Minneapolis
Kansas City .
Dallas . ...
fan I'ranclrco
15das dajs 13da3 da)a
I
av
3'i
3!
3'i
.-!'
3'i
:i'
3'v
.l'J
RHi
3'a
3'i
t
4
4
4
4
4
1
I
I
1
1'a
'
1'a
1 rt
4W (PS
A'i
4', 3
'
4W
4'5
Philadelphia Markets
, I'ROVISIONS
, Ther was a fair lobbing demand for most
I description and tho mirkrt ruled firm
'Juotatlons ara as follows: City beef
in --ta ainoKra aii Hir urii'u, on. wwvin
heif. in nets, smoked 3lc; city beef
knuckles and tenders, emoked and a'r dried
31i : westni brrf knuckles and tenders
smoked 13c beef liania. $41. pork famllv.
V.12 .10, hams t P cured loose 2SCJ
2Pc hams skinned loose 2820c. hama.
skinned, emoked 20(iI3Op other hams
smoked rltv enred as to brand and a Cr
age 'Peii30c hams (.molten vvealern cured
2!)rr.n, ; hams boiled boneless 12c. picnic
shoulders, S P cured loose I'c picnic
shouldera amoked 2,1'iv. bellies In pickle.
airordlnc to average, loose 3cl tueakfaat
bacon as to brand and average, city cured,
3' breakfast bacon vveetern cured, afie-
lard wrafrn refined amtSS'. Ura.
Pure city, kettle lenderfd, 27'4 if 28ic.
.....,. o,,e..Tc.
in'.r ii u,u suiiAivo
ll.tnnd Kim flr und tho market ruled
ateadv under small supplies. We nunio on
a basis of 7 Lit for emra fine granulated
DAIRY PRODUCTS
I llUi:Ki: Trad" wna sir v and 111" mr
kel was barely slcad Quotations Nevr
York whole milk, fancv 2l21'te, speiUls
hUher. fair tu sood. 2J5.l2.1c
POULTRY
J.l U Thi marl,ct ruled firm v,Uh rte
mand ubsorblnir th limited offfrinc Quo
tations aro hr follows Chic.?nr, soft-m.itM
roontera JlSSlMJe, tiacu ounf; roosters. 3J
(ff.Tic old iontrs. trtrtf.ljc. fluclxi pcltln.
Wffi. 1 do lndlRn Kunncr .THiOr. ktcsf.
3Str?4-c1 sulncAK n?r rilr Jll T0, plrgons,
nld per pilr lOJMSi,. ao sounir prr pair.
t"S33c
FRESH FRUITS
rifslrable atnek was In fair renuc&t jnd
i values generally wcro steadily held Quo
tations. Applet, per bbl Klnff I4IHS
vvinesap 4 Northern J 10. Albemarle
Pippin $lfi)6, llubbardaton t'.' MffS llreen-
i Ins. IIW8. Ilaldwln 3 M7 ,10. Uomo
Heaut, 1145 .'II, btavman Wlnesap, JIWH.
I IINclf Twle. SlilfA. Pararon SIMS. Oano
I 34 r.O, York Imperial J3 ilOW.1, Hen Da-
I V,B J11W) Apples, western per box
I Wlnesap. Sl.iin03 60. Winter Ilanana, 1 70
"T2 fill. Spltaenburff II 7.HU3 2.1. Homo
nfaut. fie 2 7.1. Delldoui 12.2.193 7.1.
I Kin; M BOtT2 W, Ortley. XI S0IJI2 fiO Mi).
man Wlnesap J2lfi.'7.1 Pearmain SI 7.1fS
i Mi. Newtown Pippin. 1 Mifrj! 30. York
' 'mVria i "nA,".1 -iVJdwti' unw" e:!)lJK!R.,.u
i 1 w Iff, $1 304r2, Chiio. 1 JtniffJ Apples.
i 'f, Per Immpir. 30e$i-,u. do. do
nearPN. per nampir. nueai, .u. oo. a
rer , .bush iMakct 2lcl 2.1 la-mon
ivr box. J47..in. nananas. per bunfh SJ
r a wi uranses eionua per no. awrei
do California, per lmx $17 Tancerlnes.
Klorlda, per strap J3e7 Qrapefrull I'lo
rlda. per box J3W4 .10 Pineapples Porto
Itleo per crate JIDi1? Strawberries, rio
rlda per qt 2,1W37c
V13GKTABLES
Th" market hhs ccnera.lv tcfl but tf
tr.and was only moilcratf Quotationa White
potato! jrrrr, pr.r -nun duki . .1 1 im
No 1 rjUW7fic. o - nv4uc' nnito.
vKnla' M'TaW
York si.noO
tatoea per JU" id i'cnnsynHnu
1 R. Maine. J1 S(.f2. Vow Yorl
1 7.t, weateu
,TerH'. per '
7Scfffl "5. iSo li. rinwosc. nueet n
No 2. ;,nnoLv. aweet Potatoes
Jerstv, prr hamper No 1. 51 OOWl DO; No
J, Tacwfi vn Celery, New York, pr
bunch, SOCSOc Hn. 1'lorlda per crate 6fi
1 73 Ittu'' Fiorirta, per immtier, T.ieffT
3 no canrornia. per rratr, i
flntm. la lifnpnla i- pru t m
lV.? Vf'J'i-
rqt'isra
box. j" r.otr
llru.sela Sprouts. Ine laland per qilSB
20c Kea-planta. Morida. per box, 2 300
I OO VJiinan per poi
t2Jt-,,:s'ji fuciim-
bsra. r orlda per box s
Norfolk per bbl . !2iCf2 Kale. Nor-
ivin I'ci u... , .,
o'l-o" ."Tiorld'Sr'r
0. do. rer ton bumhea. SSw
per hamper. ,1
craie ii.ooir.ou
n Peaa Klorldk. per hamper J23..W. do
California, per drum 4J7 10 Peppers
florlda. per crate J2ST4 do Cuban per
hoi f2i t Tomatoea riurlda, per crate.
SI 30W4.21 do Cuban per crate il .1003.
Turnips, Canadian rutabagas per 11 lbs
2Ae 1 Aspararua Oeorcla and South
Carolina per dos bunches ,3 2.1ftS, do,
California, per doz bunches ,1(rr7K. Cab.
nage. uanian. seen per ion laoigaK; do,
1 riunu., urn i'.i iw.i , ,, .,111, unions,
?S.i"lr.K P.a ViKS.."" ino-ib has No
1. nti'tn'iic cn .. ..ikuiic
100 bunches. Jllu2 SO.
31T4fic
Mushrooms, ptr
11 nirrrrciB, p
ID
JAPANESE LINES PLAN
NEW OVERSEAS SERVICES
The Osaka Shosen Kalsha, ono . of
Japan's three leading steamship firms,
Is planning the inauguration of sev
eral additional overseas services For
service on these now lines the com
pany Is building soino thirty vessels,
aggregating 300,000 tons dead weight,
most of them being constructed at the
yards of tha Osaka Iron Works,
Among the new lines win be one
touching at Calcutta, Kobe, Tacoma,
Panama, New York and ports cn route.
vvun Singapore as a center, another
service will touch at Australia, Argen
tina and Brazil. Through the exten
sion of Its present Australian lines the
O, S. K, will have a trlanguar service
touching norts in Australia. Knulanrt unH
Japan. All arrangements for branches
and agencies for this new system are
said to have been completed.
Other plans Include a Una touching
at Sumatra und the Malay Peninsula:
one touching Bangkok and Java; another
touching Java and Calcutta.
Following the example of leading
British tlrma. the O. S. K. nlann -
have Its own branches In foreign lands.
...111. n l.AS.I t.ttlt. 1m O..I. .
with a bead office
In
vBna.-japan
Trade Bulletin.
Vermont's Abandoned Farina
New England States are making
ntrenuoua efforts to overcome the evil
6f "abandoned farms." In response to
tho appeal of the national food admin
istration It la estimated that In Ver
mont 11.000 bushels of wheat will be
grown this year, against 26,000 bushels
last year The Vermonters have also
done well along other lines, for tho
estimated yield of corn, wheat, oats
barley and potatoes In 1917 la 10. S3, 000
bushels, compared with 7,817 000 bushels
hi 1311. Argonaut.
and Philadelphia stock prices
Sales in Philadelphia
II -.10
A.M
1DU
Net
chue.
li
40 M,
088,
10',.
41
H
80
!2
10 O Asp pf llt',4
27 lh Nrv. OS1)',
10 Nov Cons lOVfc
(JOI'cnii It 11 41
itIIOI . OSVi
I IVtstCoal 80
SI York It Pf 32
1 V
tilt T it
00
32
IIONDS, a 1 :.-J Net
llUth Iw A.M. chge.
900 Lib Bonds .. ...
3WS... o8.o o.eo ;;.; ..
300 dp 4S... 00.711 08.70 Ofl.7" "
40 do 1st 4s 08.70 00.70 08.70 .10
lOOOPhtlaHlec ., .... ,,
1st Bs. 0314 0H 03V4 'A
PHILA. INACTIVE STOCKS
Vollovvlng aro rluotatlons fqV Inactlv
stocks Hated on the Philadelphia Stoclt
Kxchango and In which there were i no
traniactlons today. Tho price given Is
tho last previous close:
,,. rlati war. 1Hl.ll llroa 2.1'i
Amer Ilwy pf.. 78 I. Nv 2rt rt pf 4
Are Storea ... 20
. ii isa W I 1
' lllanee Insur. 10
Amer Owy .... 80
Am-r Mill .. I"
Amer Storea pf 02
Brill J O Pf.. 70
Huff Sua t e.. RS
Tluft.4 Suaq pf. 48
am Iron ... . 4il'
Cam Steel .. 121
ratawla 1st pf 62.
Cnn Trar N J. nil
tlen Asphalt .. K.'i
Little Schuylkill M
Mlnehlll BO
N J A Sea .... J'tf-
North Cent .... iJU
l'enna Salt .... JO
Phlla CVi ...... 24
Phlla Co pf... 2
Phlla Co cm pf 3 ' W
Phlta Tracl .. W
PUT 20.
Penn Trafne .. 2
Ilwy Co O en.. 4
It n 1 I"
It A II T Pf.. 17
II B Hteel pf..!0?4
Keslone Tel .s'i VVarvvIck Iron
S.
Keatoiia Tel or Oi., vveai vnai
Key Tel lat pf I7'i I'm. C'amo ..
I.eh Valley .1RU Torlc r.wy ...
I.eh Val Tr pf 27Va
r.'i
70
O'i
GERMAN EXCHANGES
ARE AGAIN ACTIVE
Quotation of Stock Prices Was
Resumed December 3, but
Few Reach the Public
NEW CURB ON CAPITAL
Itctent cable dispatches from Zurich,
telling of a panic on tlio Berlin Stock
lltchangc, during which tlio Daimler
Motor otock and other "war babies"
dropped heavily as the result ot a rumor
that many derman 'munition concerns
had been guilty of grafting and were
likely to bo prosecuted by tl.e Treasury
Department, nro a reminder that the
German Stock Exchanges were again
plajlng n rolo in German financial and
Industrial lite.
Gorman newspapers rccentl) received
here show that, while there hnd been
considerable activity bhown In dealing
In stocks and bonds for many months
under the veil of official uecrccy as to
prices. It was not until liccember 3,
1017 that olllclal quoting of prices was
resumed, and even then it was done In
such a way as to keep the general
public and foreign countries In the dark
For Instance, the IWliner Tageblatt re
ported the resumption of the fixing of
quotations thus.
"Beginning December 3 olllcial quota
tions for shares of stock were resumed
on the Berlin and Frankfort Exchanges.
But tho lists of quotations arc not, llko
In peace limes, given out for the broad
est kind of publlcltj. Thes aro only
meant to go to those banking and
financial circles that aro doing business
directly on tho exchange, while the mass
i of the public, aa before, has to depend
upon indirect information icgarding tho
value of Its securities. With this new
icgulatlon. the first step has been taken
toward guiding the stock market
through the transition period '
Tho Tageblatt reported that thcro was
considerable activity on tho Berlin ex
change during tho first day under the
new ruling, and that brokers and bank
crs seemed glad to see trading going on
under conditions somewhat like those
prevailing beforo the war.
The Cologne Gazette, in a review of
stock market conditions during 1917, in.
tlmatcs that It would like to print u
comparative list of the prices prevailing
but dares not do so It remarks:
"Tho Berlin Exchange has begun the
new year with a generally firm, or at
Uast steady, tone, but with tho neces
sary caution, and this ought lo be the
characteristic of the period now- begin
ning. The year 1917 was a year of de
cided advances Besides, it brought tho
partial fulfillment of tho long-restrained
deslro for tho reopening of olllclal trad
lng and the establishing of oOlcial quota
tion lists. In tho course of tho last few
weeks the many difllcultlos and Incon
veniences connected with theso quota
tion lists havo been partly eliminated
through increasing practice and partly
through an citcnslon of tho trading
hones
"Coincident With thin now VCf-nl9.lnn
anci "arty c'iu' """ promoted by IL
fame a noticeable chanen in thn cnn,.
la7 nionth of the old jear. The almost
u.iiuiojiuiHcu r)50 in prices and the
eagerness to buy. which at times could
ue controlled only with difficulty, and
was not a'w-OB distliigulHhcd by Judg
I !"""' VK succeeded by a reaction, no
i indeed heavy or nresslnc. but still nn,
I "a '-a . . tuceuea y a reaction, not
I indeed heavy or pressing, but still one
easily recognized If we had the liberty
, velopment of prices In tho last year and
Cr&'atX'eno oVlOl'V '.If """?
I r ,5" at 'he end of 1916 the result
nuuiu a oik surprise 10 inose who are
not in a position to follow tho quota-
iiuua tiuocjy noi merely ior r.nrnn 1.1-9I.
(AfArt c.ncl.a 1.... C-- It- .
lered stocks, but for entire groups also,
nave the quotations gone up so mate-
rlally in jumps which frequently could
nui do recoroeu Dy lens, tnat the ques-
tlon 'Is this movement not unhealthy"
lnvoluntarlly forces Itself to the front "
The Gazette then moralizes about tho
!?? tha' ' -A" el.an will
fc,., ...-., ,.i, uuiiu, uib tran
im in pnni.n. ..,,,, ,,wmB. . .
Sltlon period from war lo peace, u.id
cvnciuaes:
"According to all appearances, we are
standing at the beginning of the liqui
dation of tho war. even If this may still
require a final great trial of strength
At all events we are nearlng the goal
and with It tho decision as to what will
follow, particularly what the economic
results will bo Despite all our hopes,
we are entering upon a period of un-
cenainis", upon a time which we can
compare to nothing that has ever hap
pened In the past, and only tho actual
experience can tell what will occur
during this period, So there can be only
ono way to act if we wish to avoid dis
appointments: Take great care about
Incurring new oollgatlons nnd at tho
same time critically unaljze the equa
tion to see If we havo not already ven
tured too far upon the road. If ko, try
that timely and slow retrenchment that
ahne can ward off bevtre shocks."
As a etep toward still further control
of German capital, the Federal Council
issued a new Bet of regulations on Janu
ary 17 regarding dealings In shipping
stocks. These provided that not only
should no shares be sold to foreigners,
but also that none should bo sold to
Germane, who did not live In the empire
or had i permanent residence there c
whoso capital was largely at the dlspo
sltlon of foreigners.
Among the high officials opposlnr the
much-talked-of proposal to levy a big
capital tax after the war tr. help ex.
tlngulsh the huge war debt Is Uerr von
Seydewltz, Finance Minister of Saxony,
who told tho Upper house on January 31
that such a levy might easily be fatal to
aerman Industry, as enormous amounts
of capital would bfl needed to rehabllU
tate Industry and agriculture after tha
war.
EXTREME DULLNESS RULES
LOCAL EXCHANGE TRADING?
S j
Less Than 200 Shares
First Hour Traders Wait ior War
News, but Are Confident
StocK tVadlng was extremely dull on tho local exchange today,
and It has been a long time In any regular session since thcro has been such'
a small turnover beforo midday. During the first hour less than 200 sharci
changed hands, and thcro was not sufllrlcnt business In any one Issue to
make transactions interesting, nnd prlco chnjigcs wcro unimportant,
Tho dullness here was a reflection
.cw ioru maraci ncing unusuuiiy
m... ...n .. n (nl. .. t nn,4n ...A In tr,,n1
I I1UIU v.o i inn uui.iiuuni.u ii, ivu. ...u,,b, ,,u.i,, i uvina, IIUVVUVCT, flnd In'
tho financial district there was a general attitude of waiting for something
definite in tho war news beforo nny orders of contcquenco would bo give'
cither on tho buying or selling side.
Tho feeling was ono of confidence, nevertheless, us It was tho opinion In'
. 1 ...nulA.. .I.n, I, ..,., ,.1. n n.ntt,.M nf Dm. .....It . I. . -. . .
uiuav. iuuiiv;ia iiiui ik ud winj u. "inci ui iiiuv uuiii me nun lorccs would j
oo snovcu uauiv uuu iiiu .iiuuu juii:v;ci vvuuiu uuvunce,
Lehigh Navigation jieldcd a fraction nnd Pennsylvania, ttallroad de.
cllncd a trifle to 14', wnue Liutcu uas improvement was marked up a Hit 1
rlAimpnl Anli'ilt lirnfrrrerl Vol 1. rtnl1u.n. nrefnri'r,.! n..-.. . 'Vl
w..v.. ..,...- , -- , ,..- ...,w v.swuorciund Col
wcro unchanged
In the bond division tho 3's Liberty Loan was tho most active with ti
issue changing hands at laBt night's closing figure, while tho other Libert
Honda wero somewhat easier.
SMELTERS AND MINES
IN GERMANY ACTIVE
First Evidence of Interest in
Peace Needs Noted in
Busy Works
In a survey of the German mining
and smelting Industries, made by the
Frankfutter Zeltting, and based on the
reports of the various companies, stress
Is laid on the fact that all the works
wero busy to their utmost capacity, and
that, while army and navy orders still
predominated, the first evidence ot in
terest in peace needs could be noted
O.i this occasion, it Is stated. It has
been Impossible to furnish figures of
output: but In view of the normuosl
increased profits of the various com
panies it may bo assumed w ilh certainty
that the output must have gono up by
leaps and bounds But for transporta
tion dlfllcultles nnd the shortage of
skilled labor the output would obvious
ly have been even laiger. Tho record
profits of the companies, despite the fair
ly lirgo sums set aside for war profits
taxes, wcic made possible by tho good
prices, which wcro moro or Ics3 In
accord with the enhanced cost of raw
materials and tho general higher oul-or-pocket
expenditure.
Tho results of thirls -seven compa
nies point to the conclusion that i'cw
other branches of industry in German
havo cnJocd more favorable conditions
during the war period Profits have
reached records that leave tlio losults
of previous jcars far behind Even so,
It is questionable whether the published
profits really represent tho total gains
of the s"cvcral concerns, for on the one
hand the amounts, vwlttui off and put to
reserve havo been greatly increased In
view of the war conditions and on the
other there must be large invisible re
serves which do not appear In the bal
anco sheets. This much at least is cer
tain: That with tho exception of two
enterprises the companies listed were
able to show Increased net profits and
to ralo their dividends to the peace
level Many even suipasscd the peace
level.
The concerns devoted exclusively to
coal wero unable to show Increases In
profits to the same extent as tho Iron
and steel works, but their profits were
nevertheless good. Mixed works like
wise are ablo to look back on a pioflt
able year, although the results of the
companies In southwestern Germany
could not compare with those of the
Rhenish - Wcstphallan and Sllcslan
works. This was partly because the
southwestern concerns produce ,ores of
a poorer quality and partly because
their plants are near the war zone Most
prosperous of all were the iron and &teel
works, which, desplto considerably in
creased sums written off and placed to
reserve, wcro jet ablo to Increase their
net profits by 60,000.000 marks (at
normal exchange tho German mark Is
worth 23.8 cents) and their dividends by
an average of 2 per cent
TEST WHICH TELLS WHEN
BUTTER IS NOT BUTTER
Do you know how. to make a test to
dctermlno If you are buying leal butter
or a workod-up arttclo such as a butter
mixture or margarine? Tho test is an
Interesting one I'laco a lump of tho
material in an old spoon and hold this
over a spirit stove or a gas burner.
Watch how It bolls Real butter will
boll qulckls-, making a large amount of
froth. Margarine makes a great deal
of noise, spluttering like a green stick
placed In the lire This is a sure test
by means of which -ou can find out
whether or not s'ou are really getting
pure butter. Popular Science Monthly
British Geological Pictures
. 1.1 - .i. n.m.1. . 1-
' CU1IIM IIUCB OI 1 1 IV.' JJIIllBll V-BOCia-
I tlon for the Advancement of Science
has been engaged for many years ip
' forming a national collection of photo-
graphs Illustrating tne geologv of the
British Isles. According to the last re-
nort- ",e collection now includes up-
"a"d of ri60,n Pictures More than a
KlndAB e?.,fonWen7 ,VaICC" '" T2.1-
A collection of the same char
" ....
acter has been mado by the Geological
Survey of Great Britain, which lias re
cently published a list of Its Scottish
pictures. Both the B. A. committee and
the Geological Survey offer prints and
lantern slides for sale, and printed lists
nr mem are uvauaDie, ine -xunnnngo
Wells Natural History Society offers
prizes for photographs of scenery lllus.
trating geological features Scientlflo
American.
LOSS BY FIRE
It would cost you hundreds of dollars to
replace your furniture, but only a few dollars
to insure it. '
Tha OldtMt American Stock tmuranctt Qompany
"v Our policies
through any
Change Hands During!
of conditions on tho big board, thV
nuiui niiu uuiuiiu anj speeial fcature.-J
1lln.u linn.l "nnln. l.s.. . .- . Si
OFFENSIVE OVERRATED
SAYS FRENCH GENERAL!
Has Greatly Diminished in Ef-1
lecuvcness and Prestige
Since Days of Napoleon
General Barthelcmy Hdmond Paiat
French authority on the F?anco.Pru,a
SLa" a.1' '" "" ,1'- now rethed Z
"is juagment. notes iho ai,:L '
of "The Atlantic Monthly" ,"1 ree nt 1
number of which nppcars nnB?iiM f
iV1. '" 'WO' hy tho military nro.
icibiuii vvitn irront , .n.,i ..... -i
do In question Interestlnglj consldir. I
'Do offensive and defensive5 in mod 1
wa.raie rile goii-r.il conclusions
h ir"e lil"dfP at,one,y Psuaded ?
ff'c, 'ness and prrslls. Mnce the day.
when Napoleon's br.Illant campaign,
carried everything bef,v. them A para!
graph or to will llluslrato this point
iciT.;lVnCltdl,'e rcsu" ot the mutual
Inclination ovvard u general offensive
was that the bait!" nf .Vhm,.i VaV.
most frequently loo. on ihc a"spcct of f
vjico combats between adversaries go- 1
.. "laam m me aitath without look
ng hack On our nnit our natuial
Impulses. IntPiibllied bs those lMultln
from a htud.v of Hie regulations ana
of tlio most nuilior'tative publlcatlenj
urKcu us to lUbh our assaults even I
more, without giving sufficient thouehl '
to nrtillerv preparation and uiachln.
guni This state of mind, added to
srtious errors In concentration, and In
the conception of the original plan, ot
operations Is sufllelnnt to cxnUln one
setbacks at the beginning of the war
The victory of the'Mnrne and the series
Of bailies nnd rncatremenlu u M.1, n...
ceded it. prove In most conclusive fash- W
on that tho offensive Is not an Infal- a
iihil- nieiiion or proceuurc In war, that,
as Clauscwltz teaches, the defensive Is
often susceptible to leading to Ire hap
piest results: nnd l.istly. that heavy
artillery. Held fortification and aviation
will henceforth plas a patt of first Im
portance In vvar.
"Aa for the Gcimans. whun IMir
.lcadlong rush into France ended in a
repulse of which thev strove vainly to j
urny inc uuparaueioa seriousness, tney
might well be convinced that cnvclooltur
attacks aro not devoid of the gravest m
risk Their effect is Irresistible on a '3
single condition that the adversary re- 3
mains inactive in race of the blotr
wltlei threatens one of his flanks, Sehll
'ffen's attack cn tenalilc presents th
same disadvantages on a more exten
sive scale Not only does it require.
for complete success, Inertia on the part m
nr tho enemy : but It Is essential also
iat nothing shall happen to Interfere
with in execution '
Formosai! Camphor Trust
( amplior manufacturing companies in
Taiwan (Formosa), Including the Nip- 'W
lion nnogs'o uompany, tne ruicisawaj-j
i ampnor iienner-, tne .viusui wamnnor a
tl.lMrhn.nl 1,a V..LI Pnmnhn, (-Am. l
pany, the Kobe Camphor Company and
oNiers, will be combined shortly into
Joint etock company with a capital of
10.000,000 yen (?3,000,000) Japan
Trado Bulletin
IlllilU
ind
lySyt
N e ii 1 u n
I7 iV a I p r Huiw
'itly b)klni.. itdd
Vio the rftm firt uml
r-pft.c.eiiCJr' of farm und
'IiOlili bv c-ivln.r an
Hbundatlf a of Tin ri- run.
'tiltier wattr. under hieh
pressure where and whenV
roil want It Moderate 1b
iirire. tow oprrawnp expense.
write ior uoouiet 1NO. us
A. Mp Mm
rZJBCXJZOS.0.
tMumblnc end Heatlnr Supplies
III11I1I1.V Unnma
1 41 to 60 N, Otli sou Arch St.
'
i
.
W? tfTJ JSpKBj
rOUNDED17Q2 l
may bm obtained
inturance agent.
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