t-'tt-- . ' A" rn -. ., 15' EVENING PUBLIC LEDGER PHILADELPHIA', THURSDAY, JANUARY 9, 1919 V 'if V ffl n BUSINESS NOTES The Allegheny Steel Company hat quired the former Western Tool and Forge. Company In Harrison township, Allegheny County, for 1125,000. Tha 182-Inch plate milt of Drier Illll Steel Company, Youngstown, O.. has started. It Is a companion mill of the 84-Inch mill of tho corporation which was started a few weeks ngo. Tho two mills give the corporation an annual plate capacity of about 350,000 tons. They were erected at a cost of about $6,000,000 to help meet tho plato needs of the Emer gency Fleet Corporation. The company Is booking new business and officials mani fest, optimism over the outlook. J. 3, Stream, chairman of the food administration, coarse grain division, when In Chicago declined to discuss the Argentine corn Importation problem, but added that the cram situation looked all right, while the most scHoub feature of tne xooa qucawuji ivua ma Heartily oi fats. , The board of directors find executive rommlttco of the National lletnll I,um her Dealers' Association Inn arranged for a Jplnt meeting of tho retail lumber dealers and manufacturers to be hold In Chlearo next Week. The conference l.i to discuss returning to old terms of purchasing lumber. The Increase of loaded ears oter rail roads of all Itlnds of coal during 1918 oer 1017 was 670,677, LOCAL MEAT MARKET The, following report of tho fresh meat trade In Philadelphia Is furnished by the local 'live stack and meat office of the llu rcau of Market!, United States Department of Agriculture! ritKSH UCEr Itecelpta light: frozen stocks offered; market strong; demand ac- STEErttf Receipts light; tnark'ct strong at (2il to 130: demand active COWS Receipts limited; market strong at $17 to 123, demand Rood. VKAI. Mupply mostly frozen calves: nual. ltv uneven; market strong; demand fair. POIIK Receipts light: market atronc at (3J to 183' demand brisk. I,AMti .Receipts very light- market on frci.li nlork strong at 181 to 183; froien, CO to (2R; demand active. MUTTON Receipts limited! market strong at (17 to (24; demand good. Increase in Ginned Cotton Washington. Jan. 9. The Census Bureau In a report Issued today placed amount of cotton ginned from the growth of pro)) of 1915 to January 1. 1919, lit 10,761.278 bales, counting round baler as half hfileff. compared with 10. 431,852 In 1918 and 11.039.491 In 19)7. Number of round hales Included this vear Is 145.712, against 184,104 In 1918 and 1BS.052 In 1917. Number of Sea Island halfa Included this car I 36.270. compared with 86.93G bales In 191R and 11,1,343 In 1917, Numhcr of American Egyptian bales Included this year is 17,570 bales. I NEWS OF THE PORT TODAY'S ALMANAC Nnn and Tides Sun rites... 7:03amlSun ants,..,. 4:S2pro riiiLAtjKt.riiiA High water, 1:1ft a mlltlgh water. 2:31 pm Low water.. 1:48 a ml Low water.. .-1 pm RKKDY ISLAND High water. .1'4I a mltilah water, 4.03 pm Low water. .10:5(1 a mILow water.. 11:13 p m MtnAKWATErt High water. 1:2rt a mllllah water. 1:31 pm Low water.. 7:41 a mlLow water.. 8.U1 p m , ARB1VKD . Str Drltlsh Deacon (Ur). Ilcssand, London, ballast, H 1, Utirgess & Co. . , Mr Joseph J Ouneo (Nor). Aamodt. Port Antonio, fruit. Atlantic Trult Co . htt Oulroll. Blgona. Tort Arthur, petro leum, toning barge Shenango, from Tort Arthur, petroleum, tlulf ftenmng Co. Ktr Pawnee. Rich, New York, mdst, Clyde S H Co. ftr. Krlceson. MrNamee, IUltlmore, pata anu muse, i.ncsson Line. ci.niRr.i) Sir Sterling, for . master Hlr Gloucester, Nlckerson, lioston. pans and mdse. Merchant 6 Miners' Trans Co. Htr. r.rlcsson. McNamee. llaltlmoro. pass and mdec, Urlcsson Line. English Dank Statement Tnndon, Jan. 9. The weekly state ment of tho Dank of Kngland follows: Total resene 38, 829,000, Increase 693,. 000! circulation 70,141,000, decrease 49,000; bullion 80,820,000, Increase 544,000; other securities 85.493,000, decrease 20,979.000; other deposits, 140,187,000, decrease. 74,707,000; pub llo deposits 28,163,000, Increase 1,357, 000 ; Government securities, 71,877,000, decrease 62,426,000. he proportion of tho bank's rcsorvc to liabilities Is now 17.10 per cent, against 11.70 per cent last week, nnd compares with an advnnco from. 16,30 to 19.71 per cent this week last year. Clearings through London banks for week were 566,680.000. against 294,760,000 last week and 436,050,000 this week last year. GOSSIP OF THE STREET) FUTURE OF ROADS PUZZLES BANKERS for. Amount due on allotments will bo payable nt office of J. 1'. Morgan & Co . In New York, funds on date of payments to be specified In notices of nllotment against delivery of J. 1. Morgan & Co, trust receipts or of temporary notes ex changeable for definite notes when re ceived from the company. If tho payment be called prior to Feb ruarv 1. discount rntn of G tier rent on principal amount of notes nllottcd wilt . Financial Interests Closely Wntdit b?u1arw,',, ,rom 3Mo of mtnl ing Every Development in Cnvrinr cSitiintinti Bend market conditions were some- carrier Situation tthM ,mprovrd yeBterday. particularly whatever discussion there was In the with respect to New York traction Is- flnanclal district yesterday was almost ' sues, which were materially higher than vpit!ui .,.., I-- .. .rf..innmn "l0 Iow leveta recorded last week. This exclusively regarding the developments . . ,, ,..., PHILADELPHIA MARKETS LIVESTOCK QUOTATIONS t hlraro, Jan. !. IIOOS Itecclpts. 6.1.000 bead. Weak, lne lower than jesterday'a average. Hulk, I17.r,317 H,1: heavy butch, on, l7.8ofi 17.111: medium and light batch ere, (I7.ij(f 17.1)0: light, good end choice, (17.20W17..S1: heavy packing. (1717.3u: medium and mixed packing, I17.4ii4f 17.00: throwouts. (10010.90; plg. (10.23017. CATTL11 Receipts. 20.000 head. Steady. Reef cattle, good, choice and prim. (10. tuf 20: common ' and medium, S:.7.1HO 4n; butchers stock, helfera, IS. 23014 2.1; cow. ISM 13.30. stockcrs nnd fe'dera. good, choloo and fano, I10r,i)14t Inferior, com. mon and medium,' IbWtU.IU; calves, S17W 17 r,0. SHRIIP Receipts, 0 OOil head; alow, scattered, early aales ateady. ' ntltbiirgli, Jan. O. 1IOQS Recelpta. GS0O hed; 2.1 to SBc lower. Heavy mixed and heavy vorkcra, f 17.75f017.H3t light vorkera. ltT.nnai7.73; plga. S17l$17 23; packers. (11.(010(13. CATTLE Recelpta, none. Steady. PHREP nerelpte, lonn head, Bteady and active. l)et h'j'P. J15.M): Iambi. 17.TB. CALVK3 Receipts, light; steady at (21. Kansna City, Jan. 0 CATTLE Recelpta, linos Recelpta ia.r.00 head. Kteadv, fill i:CP Receipts, O00U bend. Market IPc lower. Ponth Omnlm. Jan. !). 14.3DO head. Few ateady CA1TI.C Receipts, 7000 head bnUKi' neceipia. h.kpu neau. nieady. 1 rt Ilnffalo. Jan. P. 1IOC1S Receipts, COO held CATTLE Recelnte, r.HO head SHEEP Receipts, fioao held Bankers Banquet Tonight Tromlnent guests will attend tonight's "Victory Dinner" of Group 1, Penn sylvania Bankers' Association, In tho Bellevue-Stratford. More than COO bankers art expected to attend and there will be nt tho handsomely decorated ta bles representatives of financial Insti tutions with total resources of about (3,500.000,000. Frank A. Vnnderllp. for-1 Federal mer assistant secretary or tno unitm i to see In tho railroad situation, nnd oven that the possibility of a seven-cent fare be was lara-elv coin over the eamo old Ing granted for all of tho street rail ground again. One banker closely as- ways of that city. In high banking clr- soclated with some railroad interests, cies tne opinion was expresen mat wun and whoso views have been noted at,"10 ,c'ty authorities thoroughly aroused arlous times In this column, still tho Importance of lending a helping holds to the opinion that eventually tlw . no time will bo lost In endeavoring Mhnt i ...in , ..nun ,m n to promote measures that will afford the basis similar to the working, of the . SSS. & 8 l.I1"'tln? Ileserve system. He claims this Idea taking tangible far sm oti-v. vimc, on ii. ' companies, xne intcrDoroug i and n, vmtti.B . m . , ., ., , . . a wihihh an ui-umyeu funs:ueraDlo 'a'??.T"..u."- I- ?, Wit Cuylor. form ln the nnndunccment of tho recom-, " l""h d ?' ' ?. ; chairman of the Association of Ilallroad Executives: tho Hev. ur. Hooert jiac. Gowan. of Pittsburgh, and Thomas Skeyhtll, of Australia, will respond to toasts. even though only half session of trading Financial Briefs 11003 Recelpta. mostly Bo to loc Steady to BAH SILVER Last llllu- Todny Yes Thurs. High t,nw N Y 1; (cta).inii; lmu mm nipt s-,n I London (Pi'.l 48,', ISA 48,'. 4(lVi 42lj ...,-. , - i , l ., .it... , .,,,,ii,fl v.vu iiiuuRii uiuy litiii neas """""""J w . " . . ---,.. n tool '' n '" l'0"'1' which closea at have decided to make to Congress as 12.30' 0-cock otIt of respect of the tlcath S.'M.KiSltKf' Colon" Theodore Hoosevclt. state Commerce Commission. He said Foreign government bonds were active ,k.. 1., . 1 - ..kin., ,n,r,,hr and strong, with prlcci slightly higher. ! designated as 'secretary of transporta- J?1" B,9llw" SJnln ealKia Hon did not appeal to him. W.lle It Is f?1!"" alJ?Jj;. .Vil -i.5ns.,?"abl? Itetlrlng directors were re-elected at true, he Paid, that In some Luropean the nnnual meeting of the United Se- countries the director general of rail- d d(,mand curlty I.lfo Insurance nnd Trust Com- roads 1ms In the past held a cabinet IUUroad bo-nds wt,r(S more notlVo VW- I position, It was principally In those on BevCrai previous days, although prices Tho New York Stock Kxchange has ' & 'VZ'nZZL Tcrl" iSSaS'" 'rm yCi" llgTS&M&SuXtA vernment. Iteturnlng of the roads Urtel Uds 'S aulct and S10.000 as a stSck dividend 1 and ta prUate-ownership, he said, at any featureless. Tho market as a whole (2. 100,000 on official notice of Issuance , particular date was a secondary matter, displayed a mm tendency, with a fairly and payment In full ; Oklahoma rro- ' to the proper organization of the future satisfactory demand from Individual In ducing and Ileflnlng Company, $10,000,- I operation nnd control He slid It was vestora which resulted In bringing about 000 capital stock and Bush Terminal lgnlflcant that virtually nil the sugges- n aubstnntUl olume of transactions yu"'". - . tions irom tno various sources onwie both on tho hoard and over the rniintor subject Included the regional Idea, which 1 he considered very Important. , u )g eencrnlI. bcIlcved , flnancla, "" " (Circles hero that tho proposed legislation Although some of the Investment jby Congress aimed to prevent fraudulent houses were much Interested In tho two stock Issues will accomplish tho puriwso offerings of American Telophone and, if the suggestion of bunkers to Secre- Telegrapli Company debenture bonds, 'tary of the Treasury Gs Is retained nono of those uslted had received any "phla suggestion Is that severe penalties Tho N'ew York Subtreaaury lOBt CO - particulars. It was the general opln- In the phapo of fines ho provided for all 000 to" tho banks yesterday, reducing Ion yesterday that thero would be an 'promoters who fall to comply with the the cash net gain slnco Fiiday to oversubscription of both Issues, which requirement calling for full details of $0,257,000. I aggregate $05,000,000. tho new security Issues being placed on I The subscription books were opened file for the Information of the public. Following the annual meeting of the . today nt 10 o'clock nt the ofTIco Otherwise, It Is believed tho law would of J. P. Morgan & Co., Jv'cw York. It not Intimidate the unscrupulous J.'or a was said jesterday that there would bo 'long time It has been urged that some no commissions for any sales outside tho law with "teeth" In It should be enacted syndicate. to protect the public against such fraud- Itlght Is reserved to reject nny and ulent Issues, and It would now teem all applications, nnd also In nny case that this desirable accomplishment In ln to award smaller amounts than npplled sight. stock. During December thero was an In-1 crease In Federal Reserve Dank notes ' In circulation from $86,954,730 to $128, 143,530. Of the $1 denomination the Increase was from $43,510,740 to (62, 3RC.30O, and of tho $2 notes from $12,-1 076,050 to $17,372,160. ' Columbia Avonuo Trust Company, Jo seph n. Montgomery, assistant secre tary, whs also appointed nsslstant treas urer; ltobert II. Fabian, formerly as sistant title officer, was mado title offi cer, and William R Ilurkhart, nsslstant trust officer, was also appointed assist ant title officer. The market vvns uuli-t ami inri- " llheral offering t revised 'lK"r".ft . tlona: To orrlve. P'r liw ll. . In 1 1" sinks Winter, straight. HI) 21(lu 40 G1UIN AND FLOUU WlinAT-Reeelpta, 284.440 ;uhfls The market ruled Arm.. Ttve following wj-re the quotations! Tar lota In export ""'" uovertiment atandard Inspection, ttandara prlcea No. 1 red winter. 2.3. No. 1 northern eprlrg. l.Mi No, 1 bard wlnt.r. J2.3-): No. 1 red ,ln'rvB,',,J.lcr,'ll (2.S7: No, 1 red. smutty. 12.30. No. .red winter. li.SO: No. 8 northern ""''"g. (;; No. 2 bant winter. (2 30 No. 2 red "" Karllcky. 12 34: n'o. 'J red. smutty. I2."i No 3 red winter. 12 82: No. lih!, spring. 12.12. No. fl bard winter. 12. 3S: 3 red winter, garlicky, 12 ;: Jjo. J"; smutty. f2 2: No, .1 red, :.3 ,5. 4, gar llekv. 2.2Si No, 4, smutty, -'i N,?; ;' garlicky, amutty. 12 20. No r. red. i'-r.l' No. B. garlickv. 2.2: N". r.. smutty. (5 No. ft. garlicky, amutty, 12.24 ..,..., CORN Thero waa no stack received today, but liuiera were holding on and values were a shade easier. We quote yellow In e.vr lots for locnl rjdc. na l quality and location, at (t.Uitf 1 s:r tuah.. tho latter for choice eld., , , . m.. OAT3 ReclKs. In3.4fll bnabels, The tnirlt.l una dull un,l a lower with inodor- ato hut ample orterlnga. Ouptallons. lota as tu loiallon N. - while, si' standard write. SlU Kl'Je, Ny. .1 vv Ki7.V..A.r,,.,"r:. Jni'an ll, 'In ssrka The market was uuii-tVnd' there were fairly lb. Into 0 Kan- Kns. eirnisiiL. ,v,ti"M ..... tin.Tr.iSiii .nrlng. short patent, iiu ioyii. do, Mtent. 110 00 W 10.75, ilo, "'"'''".... ..... .., .,.V,n.l V ivk: 1 1 iiiit wni uuu nii'i ui se.-.. quota nt ls.73WU.23 per uarrei. in c, aa to quxllty. PROVISIONS The m-vrket waa quiet nnd barely atsadj. The. quotations were City Wef. ln ts. smoked nnd nlr-rtrled. 47c: western beer. In nets, smoked. 47e; city.veef. knuckles and tenders, smoked and nlr-drled, 4fc. western hef. knuckles nnd tanders. ."m'".. " he.r hams, ton pork, family. (.100 SI. hams. S V rurcd looae. ailfalHe. ' u skinned, loose. 3'i fini'io: do. do. smoked, ASH IP S04e, other hams, amoked eltv cured, as to brand and avernge. a'tftStHie; hams, smoked, western cured, .IDSfS'l'lii . . do. trtlled, twneless ri2e. pirnlo ahoulders 8 r eured, loose. 2'ie, do. smoked. Hue, bellleJ. In Pli:1ir' loose. Jlc, breakfast Kicon eltv cured, 10c; brenkfnat lMeim, western eured. 4le: lard, western, reiined, 27Cf2itr laid, pure city, kettle rendered. 27W27Vjc REFINED SUGARS Oftfrliiffii were lijht ami tho market rulej firm on a basis of Oc for flne Binnulated. DAIRY PRODUCTS CHEnK- Thn market rulcil ntront nt th latr ntUaiire with iUmnn.1 rpaJllv fltuorh luff tho llinltetl offrrinto Thn quotatiorir er as follows Np York, whole-milk, fuiiry, frrBh, ;iMfj3S-si: upecialn hihr; Npw York. whol(mllk. fair to booU, irgh, S7WB7-i , HVlnconiin, wholf-mtlk fancy. SSSCHc. IlLTTIill ivman.i wan more ortio una tho market rulnt nrm. wit). Mipiillta irll nnlr control. roltowliiK wtrv the quo tulionn Hollit-lMrknl troftinti xtin. Tne hlfihrr rrurliiK cooUs. "IvTHc. thf titter for Johhhii: atrs ptra t.rt OSW I oo e flrt inCiuUr. rifcrnrli, rn T j fancy linnd of nrlnta Jot bint; at TlCFTtic. fair ta I u'f. tlt.ff 7.1c lXUIP- Hoih frrsli anil toraKO prs ruU-i , firm with ilnnanil attorbIntr tho llmttcJ of ' fprlnffs. The followtdtf were tho quo I tat.imrt Kro cwm, nearln irrr, $iH. to per irate: current reetMnti $10 80 per cast; I western rxtra rtrsts, $0.10 per case flrcts. NEW YORK DUTTER AND EGG? . Nevr in.giiu 5s rmlttered 1930 ,, 2a coupon ln3o 4 recistered 1D2J ,. 4a coupon lnji alrahk-aUed stock sold, ! '"'''"Jn,'"4'' under llitht oflerlnas. ' J," '""r-oii loin the MMil.llnn.' Tur- !.""" - re lm 1'anama i's re ln.ls Panama aa re IPflt Panama 3a coupon (ID SO per ensei Inferior lots loweri atorae; rKas. lr,fr lil.V'1 per easel selected fresh Jobbing at 73073o per dozen POULTRY I.tVK Hecelpta wero moro llheral and prlrea of towls eased off lo vinder a less aetlro demand Fowls, according to size and quality. a1037c: sprlns chickens, ac-cerdlna- to quality, m37c: roosters, 21 if 22c: ducks l'ekln, 35ttnei do, Indian ltun ner. 3JffHc: aeesc. S2t3(!c: lurkejs. 3e; 4Urt autneas, yonnr, per pair, wclichlni: l'i 2 lba apiece, II tl 1.10: smaller sizes, Oiltt K.,oi vulneas, old, per pair, 73Ve()c; plfenns, old, per pilr. 3JQ33o; do. ouhir. Per pair, DIIKSSED Mno del f.itflv nnd rnle.l rtrm Tho follorlnr werrt the dilatations! 'fur kea, fanry. nearby, 4lsT4iJei do. western, fancy, 4UM.V. do, fair to good, 30it43ci do. common, 304733c; old toms, 38040c: old hens. 8oMlc: fowls, fresh killed, dry picked. In bozea weiahlne v, lbs. and over apiece, 3(Ve: nelrhlnr 4 lbs nrlrce, 34e, smaller sizes 2(i(f3lc: fresh-killed fowls. In bbls , fancy, dryplcke.l, selected. 334 e, welehlnc 4V4 lbs. vnd over apiece. 33ei welshlnp 4 lbs. apleee, 33ei small sizes, 270 20e: old roosters. dryrlcked. 27o: rosstlne chickens, western, dryplcked, in boles, weighing 4 '4 lbs. arleee, 37e; weighing 4 lbs apiece, flflc weighing- 3'4 lbs apiece, 3(V33e. weighing 2li Its lbs. apleee, H20 P3c rnastln chickens western. In bMi weighing 4 lbs and over apiece. 3flCj weigh loc 3V lbs. apleeo, S4c: vselghlng 2'iW.I lbs apiece. .'HHfaSc; broiling chickens. weighing l4(s:2 potinda apiece. oucks, western, 3HtT4UCI gees, cnoice, au5jj2ej rair to coo squdus, 912 lbs. Ing 04HO lbs. ir dozen, $7O7.r,0, vthlte. weighing 8 lbs. per dozen, lotto. r,0, do do, 7 lbs rer dnien I4.r.nffrl, do. do. flOAH lbs. per dozen, 1304; dark, (t, .1002.00: small and No 2. 1KI2.MI riulneaa, young, per pair. 73C5JI1 21. old BOB'St. FHKS1I rnuiTS Apples of fine tiuillty sold fairly nnd ruled firm Strawberries wer more plenti ful and asier tuner fruits were generally steadv outatlons follow- Appl. s, Nevv York, rer birrei King. Jl.r.nsfl 10, Itild-, win, (l1(0Si) Northern Sp (I Joail Hub. Iiardsten, (Ifffl f.o. Oreenlng. f 4fC0 73 j ' various varieties I.1QS3. Apjlrs, lYnns Iva- nla and Virginia, per Inircl -Ilcn luvls, f (3..10t,1.S0. l.ano. (3 AiiVB ,10 Stajmnn Wlnesiip. )4:,iKl7r,o York Imperial IIW 7 2.1. Homo Htuuty. fano. nf7 .", Apples ,er .-bushel Imsket, 1001(123, dj per )Uehol basket Jlfl(2. Apples western per box. (2C3 23 Lemons, per tox. ( JOT-4 oranges PlorMa, por crate, $2 .10tif4 3o I Tangerines, riorldl. per strap. (3'ull (Irape-i fruit, per box. (2.10tf4Sll l'lnenpples. l'orto kico. ikt craie, u ;viiv j,n. urani'ef. nes, jersey, iter misn. i,ox. j ,,'j'yu, no, no, i p,-r barrel. Jir,i22 WrawberrttH riorlda, ' per quart, 70fu ie. VEGETABLES 'lioiof sttx k was in fair iknui ! nnl irtita of whlto potatoes nrul cahbuno witp a BhiJc hlHhir. Ouotatlona Wtiitv luitntor-i K.islHm Shorn. rr bbl No 1 f.ty;. ,".n, N. S f-il- Wli.to potatoes. Norfolk tur bnrre! $11 -" White pot nt nes Jct lifp -tuuli'-l iMkket Nil 1 b1i!."e No L, .M.41 in.'o Wliitw potatoes, lVnii" Uanla No 1. per ion poumli, tZ Miff J White po tatof, weitHrh x r ton Ibn anni tu 1 New York. Per 1UO lbt i'J aJn?f J n .Sweet pot.it oi Jersey, .tier UlMei -No 1 nwtf. poia No 1. J-iHY lKitathoi Iel uar iuM Maryland iMinri hninpers No i J.''- '. No - ti Wifl tl't fnbtiaKt lati lsh e'l tier ton, J.H)W4u do, tlom-stle per ion Sift CM. Onions. ellow, per lntwi. batf No. 1 Sl.PUilL L'0. No. 1 TuCsUll JOrk. Jn o tlTTTMtssHsrs, n . .... ::- " m uicv oi St S SSJr. clr.le,,JndB- flicooi Hmu dairy 0IwVr,iy (.rnJtllMon creamprr. 4048e. eoSi i7-"rKI?" AW&l. ??, .i?a- wc6nd."rtiitffli;:.v.x""r"r"..o.???i r,2,tTBoe,Re'hciet1'rtLVt.M"-. 1: No- a. i'elieS'?5rn.nl,ulneen whites, ea07Rol!l lr.'5: -ot vvhltes. fioci nearbV wStt..'- .uuioc. urowns. 7oa72oi mixed color. 0e. GOVERNMENT BONDS l Hid OK R3 S3 PS PS n 83 Ask lnitt' ioir " li No Cliango In Refincil Sugar J! ,?erj, YoTY: Jnn' The, reflneil auirar f market continues unchnnirert. local relln ers quotlni; on the, basla of 9e. leai 2 KT. ?olei2I n',1, ror nnB Kranulattd. .. n"1 company, which hag been! out of tho market on granulated fop i onm dijya. Is now accepting; Dullness In it oil, (Trades, for shipment na soon an nos-l) Mule. J U w a nro unchanBetl at- d.OBBs. II I e, J4!! Union Trmt Co., Piltsburglt, Pa Extra it V. 27et29eii l'lltsliurgli. .Tnn. 9. Tha Union Trttgt per dozen, white, weighing 11 , wrairay oi r-iuenuritn nag paid a res;-.! per uozen, ZSUN.2S: wnue, wrjKn- uiar niviuenu or zo per cent nnd an ex. ; trn or 10 t cent making 140 per cent!' for tho yetr. The stock sells around! J2000. riseei iui..iiin, jitpi-j. imt u $1 (tStfi 1.75 No 'J lti I J.' tuf-, Kimtern Miore, per bbl . No 1' t 50fi"t ."nt Sweet P tffi'fc -I- 00 fy J' &&' e 1 ll V $40,000,000 American Telephone & Telegraph Company FIFE-YEAR 6 NOTES Dated February 1, 1919. Due February 1, 194. Interest payable February 1 and August 1, in New York and in Boston Coupon Notes in Denominations of $1,000, 5600 and $100, regUterablt as to prmcipal. BANKERS TRUST COMPANY, TRUSTEE Redeemable, at the option of the Company, as a whole or in part, with accrued inter'' est, as follows: At 105 if on or prior to January SI, 1920 " 10Wo if after January 31, 1920, and on or prior to January SI, 1921 " 103 " " " 31,1921, " " ' 31,1922 102 " 101 31,1922, 31,1923, prior to maturity. 31,1923 From a letter of Theo. N. Vail, Esq., President, stating the particulars in regard to the issue, we summarize as follows: The notes are issued to retire an equal amount of 6 Bell System notes endorsed by the American Telephone and Telegraph Company, maturing February 1, 1910. The net earnings of the American Telephone and Telegraph Company and its dis bursements for interest during the last eight years have been as follows: Tear Ended December 31 Net Turnings Interest ""lane 1910 $31,933,214 $5,077,321 $26,855,893 1911 33,301,246 5,567,980 27,733,266 1912 37,907,644 5.844,699 32,062,945 1913 40,576,746 7,656,656 32,920,090 1914 40,557,977 8,223,163 32,334,814 1915 41,117,487 6,498,850 34,618,637 1916 44,743,376 6,730,099 38,013,277 1917 48,940,466 10,469,360 38,471,106 $25,000,000 NEW YORK TELEPHONE COMPANY Thirty-Year Sinking Fund 6 Debenture Bonds Dated February 1, 1919. Due February 1, 1949. interest payable February 1 and August I, in New York City C"oi;;o:t Bonds in denomination!! of $1,000, $500 autJ $100, rerjisterable as to jninnjial. Registered Bonds in denomina tions of $10,000, $5,000 and $1,000. Coupon Bonds and Registered Bonds interchangeable. Redeemable, at the option of tho Company, as a whole or m part, on any interest date upon 60 days' notice, at 110 aiui accrued interest. GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE For the year 1918 it is estimated that net earnings will be over $51,000,000, interest $10,365,000, and the balance over $40,635,000. During the last nine years the net earnings of the American Telephone and Telegraph Company have averaged 5ij times the interest charges. Si7ice 1908 the amount of the company's debt outstanding has been increased only about $20,000,000, while the capital stock outstanding ha3 increased about $28S,000,000 and the book value of the assets about $375,000,000. The company has paid dividends at the rate of at least 7lo per annum on its capital stock since 1899, a period of nine teen years. For the last" twelve years the rate has been uniformly 8 per annum. On August 1, 1918, the Federal Government assumed control of the telephone sys tem of the American Telephone and Telegraph Company. Under the government con tract the license and rental contracts between the American Telephone and Telegraph Company and the associated companies are contintied; the Federal Government is to fully maintain the property; is to make provision for depreciation and obsolescence rela tively equal to that of the past and in addition is to pay an annual cojnpensation suf ficient to provide for the payment of the annual interest charges on all outstanding securities of the Bell System in the hands of the public, dividends at the existing rate (in the case of the American Telephone and Telegraph Company 8 per annum) upon the sharo capital of the Bell System outstanding in the hajids of the public, all charges of securing necessary additional capital, or for the discharge, conversion, rcncival or ex tension of present obligations. The actual value of the Bell System's plant the oply value that can be used for rate making is largely in excess of its book value. At December 31, 1917, the book value of the assets of the American Telephone and Telegraph Company and its associated com panies making up the Bell System was over $803,500,000 in excess of all liabilities and capital stock outstanding. There has been paid in on account of capital stock of this com pany $85,000,000 in excess of the par of that stock, that is, for every $100 share of out standing stock moro than $108 in cash has been paid into the treasury. Adequate charges against earnings have been made for depreciation and obsolescence. The above notes are offered, subject to issue as planned, for subscription at 99Vi anti interest, to yield ab,out 6.17 From a letter of Theo. N. Vail, Esq., stating the particulars in regard to the issue, we summarize the following: The New York Telephone Company, with its subsidiary and connecting companies, constitutes the most important operating division of the Bell System, and its entire out standing capital slock of $150,000,000 is owned by the American Telephone and Telegraph Company. The Sew York Telephone Company and its subsidiary companies operate in the states of New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, West Virginia, in the District of Columbia and in jarts of Connecticut and Ohio. The Debentures will be issued under a trttst indenture with the Guaranty Trust Company, in which the Telephone Company will covenant that if at any time after the issue of tho Debentures the Telephone Company shall create any mortgage or charge upon all or any part of its real estate or telephone plant, or securities of subsidiary companies held by it, the Debentures shall be secured by such mortgage or charge ratably with any other indebtedness secured thereby. The Telephone Company will covenant to pay $375,000 annually o the Trustee, to be applied to the acquisition of Debentures at not exceeding the redemption price of 110 and accrued interest. The Debentures so acquired for the sinking fund will con tinue to draw interest. This cumulative sinking fund will be more than sufficient to redeem the entire isstic of $25,000,000 Debentures before maturity. Hniled December 31 Net Karnlngs 1910 $14,496,714 1911 15,223,020 1912 17,313,170 1913 17,782,279 1914 16,175,741 1915 17,202,766 1916 20,607,254 1917 20,302,327 1918 (partly estimated)... 18,000,000 Interest $2,150,714 2,395,826 2,951 JB4S 3,494,695 3,460,199 3,400,703 3,341,913 3,924,837 4,800,000 rtslance $12,340,000 12,827,194 14,361,325 14,287,584 12,715,542 13,802,063 17,265,341 16,377,490 13,200,000 For the last nine years the net income of the New York Telephone Company has averaged over 5 times the interest charges. The Company has paid dividends at the rate of at least 6 per cent, per annum since 1896 and for the last eight years the rate has been uniformly 8 per annum. The actual value of the Neio York Telephone Company's plant the only value that can be used for rate making is largely in excess of the book value. At Deceinber 31, 1917, the book value of the company's real estate and telephone plant wa3 over $194, 000,000, not including property of subsidiary companies, the securities of which are carried on the books of this company at conservative valuations. The book value of the New York Telephoyie Company's assets at the end of 1917 was over $80,000,000 i'ji ex cess of all liabilities and capital stock outstanding. The above Bonds are offered, subject to issue as planned, for subsciption at 101 and interest, to yield about 5.93 Subscription books will be opened at the offices of the undersigned, at 10 o'clock A. M., Thursday,, January 9, 1919. The nght is reserved to reject any and all applica tions, and also, in any case, to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J, P. Morgan & Co., in New York funds, on the date of payment to be specified in the notices of allotment, agaimt delivery of J. P. Morgan & Co. Trust Receipts, or of temporary certificates exchangeable for the defini tive 8ecuritiea when received by us. If payment be called prior to February 1, discount at the rate of 6 on the principal amount allotted will be allowed from the date of payment to February 1, . Dated January 8, 1919 . P. MORGAN & CO, FIRST NATIONAL BANK, New York HARRIS, FORBES & CO. ' KUHN, LOEB & CO. KIDDER, PEABODY & CO. NATIONAL CITY COMPANY, New York LEE, HIGGINSON & CO. VM CI J t f UM :i. ,' 4l:. mam , 7 .-$.' la vmmima 'jn
Significant historical Pennsylvania newspapers