BVEBTIirGF EBDGBB-PHltlXDBIJPHIX, B&TTT'BDAY. SEPTEMBER X8, 191S;
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FINANCIAL
FURTHER EXPANSION
, TN BANK CLEARINGS
Improvement in Steel Trndo
Also Good Indicator of Up
ward Trend in Business
- W " i- ..- i
New York Stock Sales
KEW TOnK, Sept. 18. Continued Im
provement In the general business condi
tion of the country la Indicated by the
weekly bank clearings, this week's total
showing a further expansion, both over
the previous week and the same period
srf last year. The Increase this week was
J7.9 per cent AH cities showed a gain
wKh the exception of Baltimore, where
ttte decrease was 17.3 per cent
Another good Indication of betterment
la the situation Is the steel trade, which, It
reports from various sections are to be
given deep consideration, is on the upswing
for some time to come. Inquiries, espe
tlly for steel rails, are now reaching
large proportions. Several railroads are
already in the market for rait require
ment! for next year. The Pennsylvania
and the New Tork Central, for Instance,
have Inquiries out for a total of more
than 500,000 tons.
. The unfilled tonnage of the United
Stat Steel Corporation for the present
month la expected to show a, good In-
ereasa. This will be helped by the book
tag of orders for .next year's delivery.
Prices, of products have advanced sharply,
specially In the last few weeks. A pre
mium of tl a, ton Is being asked on steel
shapes and bars for shipment during the
first three months of 1815.
How prices of plg-lron and steel prod
ucts have advanced during the last year
U shown In the following table:
Ser.U8,Sejt.8.Sept.l6,
1019. 1010.
Last clot, tilth. Ixiw. Close
Alaska Gold MbM..-. 32! 334 324 33
Airtt-cjuimeriMfg.... 44 44K 43J4
Allb-Cnatm MrOopf. 71 72K 71 W
Am Ac enemies!....,. OIK 01M 01M
Am Beet Sngar o.V 60 (VW
Am Can eiJf W 031f
Am Cant ioih 1004 10JJ4
Am usr ronnarr .. 71H 71'i 70!
abi uoai rroaueia'.....lMi4 152
Am CottonOll 61H 6H
AmimsAMiUN,., Hit
Am Hide A Lest pf... 37U
23
2014
80'f
47
8H4
Am Ice Securities
Am Linseed
Am Linseed pf ., ..
Am Locomotive.
Am Smelt A ttef. ,
Am Smelt A Ref pf
Am Sursr Ueflnlof .
Am Bieu Foundries
151
SIH
8M
2H
20H
MM
57
8114
44
71M
014
(VVi
(WW
101H
71
152
61 '
40
244
204
3014
67)4
MM
H'J
40
!
20H
30 M
67H
MJ4
ioom loon ioaf ioou
.10854 10SI4 lOSlf 10SIJ
. ask A7i m r.a
Am Tel & Tel 123K 121M 121154 12
Am Tobacco ..228 22S 22S 228
Am Woolen 4.1H 47K 4314 47J4
Am Woolen pf 0354 D3H 03)4" 03W
Aniconds Copper 71M 71J4 71i 7154
Atcb T A 8 F.. 10154 102 10W 102
Atlantic Coast Lin 103 103H 103 103)4
Baldwin Loco 81 81 80M 81
Baltimore A Ohio 8354 8451 83) 8I5
uammore A ODlopr... 715i- 7W
Betalehem Steel 340 344
Bethleuem Steel P1....168 108
Brooklyn rtapTran... 84 8154
6054
1954
45
1914.
$18.00
11.00
is.ro
14.60
13. CO
25 00
0.00
$13.30
10.00
13.25
13.00
13.23
22.00
28.00
&iw fflHIw
No. 3 Southern, Cln'tl... .$14.18
No. 2, Birmingham, Ala.. 11.25
No. 3, furnace, Chicago... 14.00
Basic Valley furnace..... 14.75
Malleable Ueasemer, Chic. 14.50
Billet, sto.
p.-h. sheet ban P"gh 25.50
Wire rods. Pittsburgh 80.00
Conflicting reports of the progress being
made on the allied loan, some being to
the effect that there had been a hitch in
the negotiations as the result of the Anglo-French
commission Insisting that the
funds either be used for the purchase of
munitions or commodities, were given at
tention by the Street, but they had no
effect on foreign exchange rates early In
the day. There was some pressure of
bills later, however, and the market grew
weak. Demand sterling at one time was
,4 cents below tho hgh of yesterday.
For the most part the stock market
was strong. The attention, however, was
till confined to the war specialties, and
the same lagging tendency was noted in
the old line Issues, principally the rail
road shares. One of tho features was
Studebaker, which bounded up to a now
high record before the first hour wan
over, being over 6 points above the final
of yesterday. There was renewed activity
in General Motors, which gained $ points.
Movements In other Issues were not as
wide.
The market was Irregular at the close.
Some of the gains established by the war
specialties were lost In the last few min
utes. More attention was given to the
railroads toward the close than has been
noted In the last few days.
Leap in Demand Deposits
The weekly statement of the condition
of the members of the New York Clear
ing House Association showed a tremen
dous Increase In demand deposits, that
Item standing at $2,766,537,000, an In
crease of $70,21)7,000, according to the
actual statement, while the average In
creased $72,248,000 over tho previous
iMk. Actual surplus fell off $3,749,000,
whtle the average increased $7,113,480.
The actual loans showed an expansion of
$22,801,000 and the average $32,156,000.
35,000,000 Pounds Copper Sold
It Is estimated that during the last week
about 5,000,000 pounds of copper were
sold, at prices ranging from 17 to 13 cents.
The bulk of the buying was principally
fer export account, as domestic consum
ers have not taken much Interest In the
market as yet. "With the conclusion of
the big allied loan. It is expected that
several large foreign contracts will be
closed.
Federal Fund Not Wanted
Three Federal Reserve banks St. Louis,
Kansas City and Minneapolis have noti
fied the Treasury Department that Gov
ernment funds were not needed for the
movement and marketing of crops.
Railroad Earnings Better
For the first week of September the
gross earnings of 23 railroads In the coun
try showed an Increase of $74,040, or 0.07
per cent.
Directors Deferred Dividends
At the meeting of the Distillers' Securi
ties Company directors It was decided
that further consideration of the resump
tion of dividends be deferred.
To Issue $615,500 Bonds
Tho Hudson and Manhattan Railroad
Company has been authorized by the Pub
llo Service Commission to Issue $618,600 5
per cent, bonds. These bonds are to be a
first lien and refunding mortgage.
Wants Long Island R. R. Stock
Earle T. Shaw, 80 Broad street, adver
tises that he wants a block of 25,000
shares of Long Island Railroad Company
stock, for which he will pay $60 a share,
provided "certificates must have been Is
sued not later than 1910 and will not be
accepted If proxies have been given since
then in favor of the Pennsylvania man
agement control." Recent sale on the
New York Stock Exchange of Long Island
stock was at 47. Mr. Sloan occupies an
office with B. R. Dick, of Dick Bros. &
Co., which firm is active In opposition to
the Pennsylvania Railroad control of the
Land Island.
BANK CLEARINGS
Bank eUurlnss today com pared with corrs
spor.dlnr day last two yoarsi
wia. ion. iia
phlladalphla $2TJM,B24 $22.S02.$05 $2T.ooa.B40
Xoaton .... 21.001,150 20,5(8,729 23 660 602
Nay Torlc...4.851.M4 168.181.795 805,602 000
Butte A Superior coti
Cal Petroleum 1X5
Cal retroleumpf 43
uanaaian racuie. .
Cent Leather
Cnesapeak A Ohio 47'f 40
Chlno Copper 445f 44!
Chi MU A St rani.... 84 855(
CMKI&Tae 20H 21
Chicago Great WeiJ... UJ4 12
CbtANorthvest 12054 127
Colorado Fuel A 1 5054 5754
71K
338
100
KM
0054
185(
45
7154
344
100
84
0054
1854
45
15354 15054- 1M! 15554
45 4754 4551 4754
47!f
Consolidated Qaj.
485f
44
84!
20!f
12
127
5SS
40
4454
8554
21
12
127
65
New York Bond Sales
Hlih. Low.
snow Atner ti crt Hi ..
0O0 Armour Co 4ls 61
X(0 Atrhlton ev 4s 1BW. . 01
low Atcnmon ev 4t limo. ..mi
nnoo nail & Ohio 4s H4
M0 Halt ft Oh cv 4Vis. . . . 80S
20rl Hall A O Swn SSn. . . wit
JOiiO MrooVn Hap Tr is. ..102
(KXW Ont 11 11 Sf J R 11V
ikxji ini u A (J
W V Al A HI
20in Del A Hud
iolnt 4.. IWi
V cp 5a. 102
4s '10 lUOtf
5s.
A.
,5?8
142
Chi A St I. 1st 4s M
City 4 1B3T .. 5.,
.12054 12054 12054 12054
Cora Products ef 17J4 18lf 18 1854
Crucible Steel 0454 0551 03)4 03U
Den Itlo Grande pf.... OH OH ! 05(
Distillers Securities 255i 20 2554 2554
Dome Minos 235f 2354 2251 23
Electric Stor Uattery.. 73 7154 72 731
Krle 30 3051 305 3051
Erie lit pf 5051 SUi 6054 5154
Erie 2d pf 3911 40 3051 40
Ocneral Electric 17254 172H 17154 171J4
General Motors 280 200 285 283
General Motors pf 115 114J4 11454 11454
uooanennir 0551 0054 65Vf C051
Great Northern pf 119 119J4 11854 11054
Gt N cfs for ore prop. 40 4854 4054 4054
uunenneim Kipl'nt... 0551 05
Illinois Cent 10251 102
Int Agricultural 1954 1951
Inter Con Corp'n 2051 2054
inter con Cor pf 7451 7454
miliary n j 100
Inspiration Copper 3454
20
. 59
. 0954
.145
Kan City Sontnern
Kanas City So pf..
Lack Steel
Lehljh Valley
Liggett A Myers...
Long Island
Lduls ANashTllle..
Manhattan El gtd.
Maiwell Motors....
Max Motors 1st pf.
Max Motors 2d pf 3754
Mexican Petroleum.... 8451
107
355
27
59
70
140
05
102
10!1
2051
7451
107
3454
2054
681
0954
05
102
1951
2054
7451
107
3554
27
69
C054
14554 14554
22451 22551 22551 22..51
40 4954 48 4054
.118 11854 11854 11854
12751 127 127 127
45 4051 4554
89 90 80
38 3754
8554 85
4051
8954
37J1
8554
11054
12
2754
051
351
RATES FOR MONEY
Call.
Pbllsdalphia 8Hfi?4
Nw York 15403
(nicao ius4 4
Coronwrelal paper, three to six months, Phu
nSflpfcla, 304 per cant.
.Time.
4 HV4
M St P A S S M 11851 11954 11811
Minn & bi iionu 11 12 12
Miami Copper 2751 2754 27)1
Mo Kan A Texas 7 051 Oil
Missouri Pacific 354 Mi MS
National Biscuit 122J4 12054 12054 12054
Nat Enamol A S 20!1 27 2051 27
Nat Enam A S pf .... 89 69 89 89
NatLead 6354 0451 0454 0414
Nat Lead pf 11154 11051 11051 11051
Nevada Con Cop 1454 1451 1454 1454
New York Air take.. MO 140 145 145
New York Central.... 0254 0451 9254 94
NYNHA1I 6054 0854 0754 0751
NYOAW 27 2754 27 2754
Norf A Western 110 11151110 11151
Northern Pacino 10754 10354 10754 10854
North American 75 70 7554 70
Tenn II It 109 10954 10954 10954
Peoples Gas Chi 116 117 117 117
Philadelphia Co 8754 8751 87 87
Pittsburgh Coal 33 33 32)1 32J1
Pressed bteel Car 6254 6251 62 62
Pullman Co 100 1001 10051 16051
Ky Steel Sp'g 4054 40J4 40 40
Uay Con Copper 21J4 21J4 2151 21)1
Beading 14954 161)4 14054 15151
Hep Iron A Steel 4554 40)4 4551 4551
itep iron A Bteel pi... 99J4 10051 100
Rumely M. Co 554 654 654
BumelyM. Copf 854 Oil 051
Seaboard Air Line 1454 1454 1454
Seaboard Air Line pf.. 3351 3354 3351
Sears Roe A Co 155 154 154
St Louis ft S F 451 454 454
Bl L, cc a if 2a pi 0 554
Sloss-Shef S A I Co... 63)4 65
Southern Pacific c9 6951
Southern Ry . 1554 1054
Southern Ry pf..'. 51 62
Studebalcor Co 11954 130
Tenn Copper 60 054
inira Avenue 68H 6951
Union Pacific 12951 131
USIndAlconol 8-154 80
USCastlPAF 2254 2251
United Hjrs Invest 23 23
U S Rubber 5151 63
U S Rubber 1st pf.... 10454 105 10454 105
uoBteel 75). 7551 7554 7551
U S Steel pf 11354 113)1 113)1 113)1
United Cigar Mfrs 65 55)4 6454 545S
Utah Copper 6551 C0H 0554 0054
Va-CaroChem 38i 3854 3854 3854
Va-Caro Chem pf 10554 100 108 108
Va-Iron Coal A C 60 02 60 02
Wells Fargo Exp 10954 U0 100 109
WestE&M U751 11854 117)1 11854
Western Maryland 28 2951 28)1 20"1
Western Union Tel.... 70)1 7651 70)1 70)4
Wheel A Lake Erie.... 151 151 1H u
Willys Overland 19151 19J 19054 103
Total sales 421,000 shares, compared with
170.600 share last Saturday; this week, 2,483,
000 shares; last week, 3,217,100 shares.
WW) Dla Becur Corn
2(MH) nna conv 4s ni
liiKKi do 4a Kr 11
18QO0 Gen Klec deb P
BOO Ins Cop cv fla '19
Hnoo Intp cr ret W pd 0a.
10Q Interb Met 44s
200(10 Inter Mcr Mar 4Hs . .
1000 Ijck Steel Ba 10V). .
10000 l.k Hh deb 4s 1M1...
lux) Mo Kan A T 2d 4s. .
toco Mo J'no 4s , .....
1000 do rol 5a 1817 ....
4K Nat Tube 5s....
1K) N Y O A It 3Hs. ..
ADl"r oo tui rci.
rooo n Y
2000 N Y CltV
1 CO 41 1UMI.. ....
looo do 4H ltxvt
2000 do 4Us 1P03
30tO do 4H May 1S3T...
U00Q N V N It & It 4s '50
flouo N V llwy ref 4i. ...
5000 do adj 0s....;
1000 N Y State 454s
UOCO N Y Itl gen 4Hs.,..
2000 Norf A West 4
10000 Nor Pae prior 4s.
2000 do ten Us
1000 do 6s
83000 Penna sen ct 454a.
2000 do cr 4Hs
8000 Public 8rv N J 5s.,
1000 Hay Con Copper 6s..,
4000 Iteadlns iren 4s
nooo Rock Island 4s
2000 do rfd 4s ,
onoo do 5s 48
1000 Seaboard A L, ad Ba. ftlU
POOO south Pftd cv 4s...... 80U
n.VHI do cr ret Ipli 1031 nH
2000 South llwy ten 4s... 01J
iflwo rouin jiwy con os.... i"?t
14000 Third Ave ad C 784
27000 U S (Heel r. 1024
500 17 ft Steel res 6 102
5000 Union l'ac cv 4s... . 89V4
1000 Va llwy Ss 12
llttOO Wab nqu ct eta 4s,.. 15
5000 'Wedt Hlectrlo cv BS...1W4
1T7000 'NV K A M cv 8s w I. .11754
?
102!ll
102
102
17
4D54
on
110 ,
05
00
ft
nivi
79H
7S
102
102H
02
15 .
10554
Total sales 11.230.000. comnarnd with $1,820,-
000 last Saturday; this week, $10,735,000; laat
week. $12.5S2,
BANK CLEARINGS UP AGAIN
Increase of 37.9 Per Cent, for Coun
try During Last Week
There was a further expansion In tho
volume of clearings through the banks
of tho United States during tho last week,
the total being $3,374,150,611, compared
with $2,418,043,264 last year, an Increase of
37.9 ner cent. Every city showed an In
crease except Baltimore. Details follow:
1015.
New York. ..$l,no.037.(10T
noston iin.44i.74o
Philadelphia . 134.H7.240
Haltlmore .... 23,5(17.702
fhlcaio 275.851,720
Bt. Louts .... 0S,Klt,T50
New Orleans.. I8.8C0.0S3
P.C.
1014,
$030,744,145
07.037.801
112.830.420
32.383.148 27.2
240,244.4-IU
H0,O30,18n
15,267,428
554
64
80
10
51
120
6451
5854
129
8454
2254
23
6251
100
054
0)1
1454
3351
154
454
554
65
bOM
1051
62
12951
65)4
6951
131
88)1
22)1
23
5251
"ays . , !.. .$2,237,130,247 $1,601,434,003 B0.S
!layrs C". "... B62.041,41T 800,002.843 0.5
Total of all
cities for 5
days
All cities 1
day
$2,820,077,604 $2,001,457,006 80.8
654,372,047 880.585,058 43.4
Total of alt
week .f.Or...$3,74,450.eil $2.448.043.264 87.0
Local Reserve Bank Statement
The condition of the Federal Reserve Bank
at the close of business September 17, 1815,
was as follows:
IIKSUUIIUUB.
September 17,
Gold com and cer-
tlflcates In vault. $0,880,280.00
O o 1 d settlement
fund balance 2,209,000.00
Gold redemption
fund 87,000.00
Legal tender notes,
silver, etc. 2.456,830.00
Total reserve
September 10.
$10,002,810.00
3,806,000 00
87,000.00
2, 688.012. 80
,$14,588,080.00 $15,010,222.80
Commercial paper.,
Bank acceptances.
Total bills dis
counted and
$525,855.70
1,248.778.73
$730,684.48
1,659,831.51
bought
$1,774,684.49 $3,298,038.04
$840,156.25
2.583,800.00
Total Investments $3,882,750.15 $2,870,517.15
17. S. bends
Municipal warrants
$840,160.25
8,042.002.90
Due from other
Federal reserve
banks (net) $8,488,584.01
Federal reserve
notes on hand.... 188.420.00
Notes of national
banks and other
Federsl reserve
banks 128,85000
All other resources. 115,534.13
$2,692,058.52
02.740.00
70.050 00
116.717.90
Total resources ..$28,601,812.70 $23,145,142.37
LIABILITIES.
Capital paid In.... $5,270,800.00
Reserve deposits
(net) 18.381,850.81
All other liabilities 155.80
$5,270,800.00
17,828.166 82
40,680.05
NEW YORK BANK STATEMENT
FOREIGN EXCHANGE
.JW. TpnK, spt. 18. After epenlnr na.
ahowlnr
yssUrday.
loss at a
Rates fol-
,U, III IUTVIBII m
fewer, demand sterling
cents from the high of
lew:
. , 8lf.!in' "nes. Mart a.
0fcls .o e.o 8.iu
Peers nf ,, 4.B0 5.81 83 jj
- COTTON
IflW.TOra; P. .-Condltlons wars
IttUed at the oeenlng of the Cotton Exchange
SS'S rJ.r for abUi22,o&y
Tim sharp slacliaa of It coteta la th ri.r.
HI market, dua t lacraaud hedaa Mlllnr
awoaa; Mnuauea urge. le.MM) bale
I. In tha later trading Oetobar
ralllad B BcAatm. Uh'X..
ttira.it"w.t.hooSi,.T,'a-
i elsaM 'VBat depraaaad aaaln with nriAa jr
M to IT Mtnts. SHIS spot fell 30. '
ssslsms. ucen. align, bow, Cloaa
,,.,,,M. ji.oa ii.ig ii.oa fi.M
W.I 10.SS) 10.H w.m
mmwuktr
gP f.H-2a
fjf .4i 10.61 kS I iosm-p, tasv
giflalifVTS
f Tr
Deposits Jumped Over Seventy Mil-
lions Loans Also Expanded
NB-VV TORK. Sept. 18.-An Increaae of
no less than $76,248,000 In average deposits
waa the feature of the Weekly State
ment of the Clearing House today.
Loans expanded over $32,000,000 on the
average, while the reserve showed an In
crease of $7,113,480.
Total loans were $2,$38,841,OO0, with net
deposits of $2,749,630,000 and time deposits
of $138,042,000. The aggregate reserve
was $603,000,000, Details follow:
Clearing House members, average:
J-ons. Increaae , $12,156,000
Deposits. Increase 76.248.000
Time deposits, decrease ,, 2,7(10,000
Reserve, Increase ., 7,113,480
Clearing House members, actual:
Jf9"!. tac.reM $28,801,000
Deposits, Incrues , ,.,..70.21(7.000
Time deposits, decreaaa ,....,,..,,, 2.200,000
Reserve, decraaa , 3,710.000
MINING STOCK QUOTATIONS
TONORAH 6T0CKS.
Jim Butler ,, .78 ,w
Midway ..,,....,,,.., ......12 .13
Mtspah Extension .13 .aj
Montana ...30 .:rj
Northern 'Star ,,,,. .11 ,12
Tonopah Belmont , 3S 3't
Tunopah Extension 2t M
Tonopah Merger , , 34 .87
Tonopab Mining 654 6
Reacua Eula ,06 ,07
Vt End ,52 .64
GOLDFIELD STOCKS.
Atlanta , 29 .30
Blue Hull ,01 ,0J
Booth .,,, ,44 ,4U
Bulldog , .01 .Ul
O O O -!. .03 05
ComWnad rVuetions .CT .0U
Dlamondtteld O U .04 ,03
lalay .............. .t.,.....,.a'.04 .06
Floreaca .47 ,Ji
QoldJUld Consolidated ,.,..., 1.30 J.S5
Clold,ld Merger ...,.,, ,10 .20
Jumbo Kxteuslon ...,,..,...,.,..1.UH l.tu
Kewanaa ...,.,'.. ,40 ,41
Ora , ,. .07 .08
Sand Ken ,.....,,., ,11 ,12
fclllr rick ., ,, .of .oa
MISCELLANEOUS.
Fairy Axteo .,....,....,.....,., l ,03
Klmberly ,.....,..,.,, ,,. ,0J .03
Nevada Mill ......,,..,.....,,.. .18 ,20
Navadav Wonder .,.........,.,,,1,30 1,40
N0TB8 OF THE RAIL
William JI, Connolly, gecreiary of the
NMUivs,! Asooltkin ef Hallway CoramU-
aioayae, iuea a, can lor a meeting at .tM
convention pf hm eommlastioa
at rrnajtisass m Oatelwr
Total liabilities ..$23.601.812.70 $28.145,142 87
NEW YORK COFFEE MARKET
NEW TORK, Sept. 18. The coffee market
opened Irregular, but price changea were
within a narrow range. In the final dealings
a steadier tone developed. Closlrc quotations
displayed an advance of almost 2 points, galea
were not heavy, Prlcee follow:
Today's Today"a Yesterday's
opening. close. close.
September .... .... 0.0.1IT6.05 6 04811.00
October 6016803 601flt).03
November o.uiuo.ui ti.uiiifu.iu
December .... 0 0036.05 0.0106.03 (1.01 si (1.0:1
January
February
March .15
April "B.15
May 6.25
June 0.2530 85
Julv
Bid.
8 07618.00 6 OOfte 07
8.1200.14 6.11(16.12
B.17H0.19 6.17i6 18
6.216.25 8 22j?8 21
6 20a0.30 0.27fl6.28
6:i3fl(U5 6 3280.33
0..1S1T0.40 0 3700.38
Referendum on Rate Case
WASHINGTON, Sept. 18. The Inter
state Commerce Commission has adopted
the referendum. It will pass by this
means on the plea of the western rail
roads to postpone the order In the west
ern advanco rate case for 90 days to per
mit a rehearing;.
Tho appeal has been sent to ail the
members of the commission who are on
vacation and they will mall their votes to
Secretary McOInty, of the commission.
The majority will determine the action.
This means was adopted. It was an
nounced today, so as to expedite the rul
ing, as the order Is effective September
30
NEW YORK BUTTER AND EGGS
NEW TORK, Be
18.-BUTTEn.-Market
packages. Kxtra. 260
26Hcs higher scoring. 6K627c: Stata dairy,
Sept.
nrmer: receipts, 7156
2SS25W
Zaa$.
Imitation creamery. 22UA23A.
1I..I.., mtmaAtr .w.lnt. !AUHt h,.!..
Kstra tints, regular packed,' 28S20C.:
2UH127V4c.i nearby whites, regular
Jacked, 680400.; mixed color, gathered, 26(s
lo.i refrigerator firsts, 24025c,; nearby
ages,
firsts,
browns, 33035c.
COTTON STATISTICS
NEW TOHK, Bept. 18.-Tba statistical pest
tlon of cotton la aa follows:
This Last !.
Visible supply. .0,793,0,71
Of which Amerl-
can t,.,ow,vti
-
weak. ur.
3,763,347 2,709,744
Total In
September
17..
062.203
2,898,847 J.6W.VT4
677,013 631,076
bAn
$33,000 In
Gold Coin Going to Cuba
NEW TOnK. Sept lS.-Tbere haa
tvilhr1nim frfim tha Riibtpasann (rat's. ,
IS gold pieces by the National 11a nk of Cuba,
which Is sliding tha money to Savannah In
connection with a revision of tha Cuban cur
rency aystam, together with $114,000 In newly
coined Cuban stiver received from the Phila
delphia Mint.
DIVIDENDS DECLARED
Tale tc Towns Manufacturing Company,
regular Quarterly tti per cent., payable, Oo
tober 1 to stock of record September 23.
Ilooka close September 86 and reopen October
Natural Oas. Eleetrlo Light and Power
Company, quarterly IK par cent, on preferred,
payable October 1 aa registered September 28l
k!?' u.lUrlf X Per cent, on common, pay.
able. October 1 as registered September 23V
New Idrta Quicksilver Mining Company! 60
eenta payable October, to atockholdsrs of
record Beptember 23,
MKBOTflKT OF ACCOUNTANTS!
Certtd PuMie Araorrtaj.ta
W
vB&SMk'KniM:
JNmm I.ss.1M!aMtl 58,,4 ,
SHEET SKEPTICAL
OF MERGER RUMORS
Deal Between Cnmbria and
Midvale Doubted ; Local Mar
ket Quiet and Steady
The Philadelphia financial district was
somewhat akeptlcat today of the report
originating; from Now Yo"rk that the Mid
vale Steel Company might be mewed with
the Cambria Steel Company. Interests
close to the management of the lattocex
pressed doubt that any such combination
was evei being considered. The fact
thnt the recent buying of Cambria has
been chiefly for New Tork account
coupled with the anouncement that a
prominent New Tork investment, house
was bargaining for control of Mldvalo
was the only basis for tho rumor. It Is
said the bid mado for the control was
$1S0 per share. Another rumor had It
that the Cnmbria Steel Company might
declu-e a stock dividend of tho 5,000,000
shares still held In the treasury. On
'Change this morning the stock ruled
firm and qulto active for a. Saturday ses
sion. In connection with tho lucrative war
orders being received by so many of the
big steel companies, it Is said, that there
has been a change In tho methods of tho
Allies In placing their contracts of late.
When tho first rush came tho principal
requisite was for speedy delivery and so
very liberal arrangements were made In
which the manufacturer's profits were
excessive, Itcccntly tho bargaining has
becomo mucn closer, It Is understood, and
the profits, which in some Instances were
as high as CO per cent, or moro havo
been reduced to from 18-to 18 per cent.
Tno locnl stock market was relatively
featureless during the brief two hours It
remained open for business this morning.
Cramp Shipbuilding was a Arm spot.
wherens Electric Storage enned off at
first. Cramp, however, was unable to sur
pass yesterday's high record quotation.
Pennsylvania 8toel preferred mado no
response tt the announcement of a 6000
ton order for standard section steel rails
from the Southern Hallway.
Eleetrlo Storage Battery rallied sharply
In tho late dealings, not only recovering
its earlier loss, but establishing a gain of
a point over last night's final figures.
On the other hand, J. G. Drill lost a
point or moro on light offerings. Reading
and Lehigh Valley 'showed a tendency
to Improve In the final dealings.
Sale in Philadelphia.
Tea. eloss. High, Low. ass.
400 Allls-Chelm . . 44 4414 431 44H
100 Am Can 61 614 61K 6114
220 Baldwin Iico...aX 81 0Yt X
203 J. O. Brill 46 45 444 48
6464 Cam Steel ,...624 6.1 , 62H 62K
100 Col Fuel 67 67 67 M
200 Cent Leather 46V1 43 464
820 Eleo Stor 73 74 Vi 724 74
200 Erie 30H 30 3H
15 Gen Asphalt pf 694 604 694 lH
730 Lake Sup Corp 10 1074 104 104
66 Lehigh Nav ... 734 73 754 754
60 Lehigh Vat .... 72 71 T24 73
213 Leh Val Tr pf. 354 88 344 35
1C0 N Y Cent 02 02 02
227 renna H It 64 64 64 64
200 1'hlla Elee .... 24 23 24 28
203 V n T tr etfs. . 10 10 10 10
200 Itep I A S 45 45 43
047 Heading 74 75 74 75
250 Ton Belmont ... 3 3 3 3
381 Ton Mining .... 6 8 8 5
62 U Css Imp 63 81 83 68
3953 U 8 Steel .'. 75 75 75 79
20 IVeitm Coal ... 04 63 63 63
100 IV Cramp A B.. 89 00 80 60
100 West Md 20 20 20
Financial Briefs
NEW YORK CURB
American Zlne
Ilraden ..
lir-Am Tobacco old
do new
Car light
Gold. Cons
flreene Cananea
Kenec't Copper
I. V C'l Sales
Magma Copper
Nlplsslng
Otis Elevator
do preferred
Ttlker-IIegcman
Submarine
Kterllng Gum
Tobacco Products
United Cigar Stores
do preferred
United Profit Sharing new..
World Film
Yukon Qold
Bid. Asked.
624
.. S'i
., 11
.. 14
.. 0
:: os
.. 51
..155
.. 15
:: 7i
.. 01
.. 54
.. 611
,?y
.. 50
.. 05
..110
:: k
5.1
3
65
lti.1
15
7
74
04
o
61
'-
00
100
123
2',i
3Ji
2
Total sales. 14,462 shires, compared with
12,012 shares last Saturday; this week, 136,162
ahsres; laat week, 146,510 ehares.
BONDS.
Laat prtv. aale. High, Low. Close.
1000 Am Oaa A D 8a 87 87 87 87
3 Cam Stl ao 1017 09 09 09 09
1000 City 4a 1042 ..101 101 101 101
1000 Leh V cons 4s 09
1000 do gen 4 86
1000 do gsn 4s . , D
3000 Penna gen 4a 07
87 Phil Co ao 1016.100
87 do 1018 01
100 Phha Eleo 8a.. 101
2000 Heading gen 4a. 01
4000 Span-Am I 6s.. 101
2000 Welsbsch Co 6s 03
Total sales. $16,277, compsred with $94,941
last Saturday; this week, $107,361; last week,
$276,186. f ,-.;
80 P0 00
86 60 86
00 00 (8
07 07 871
100 100 100
08 OS 08
102 102 103
81 01 01
101 101 101
02 92 02
Local Bid and Asked
Today. Yeaterday.
Bid. Ask. Hid. Ask.
Baldwin 80 81 SO 80
do pref 100 107 106 ..
Burt & Bus t e 12 13 12 13
do pref 60 40 39 40
Cambria Steel 62 62 82 U2
Hlectrlc Storage 73 74 72 73
General Asphalt .11 32 32 .13
do pret 09 611 69 (19
Keystone Telephone ... 11 14 14 14
do t c 14 14 14 14
do pref OS 66 63 6l
Lake Superior Corp.... 10 10 10 lot
Lehigh Navigation ... 7.1 76 73 76
Lehigh Valley 72 7.1 72 72
Lehigh Valley Tr 17 17 17 17
do rrcf 35 834 35 35
Pennsylvania 54 54 64 8-16 64
Thlla Electric 24 25 24 25
l'hlla Co 48 44 43 44
do 6 per cent pref... 88 40 88 40
do 6 per cent pert... 48 44 48 44
Phlla II T 10 10 10 10
do t o 10 10? 10V. loi!
ItMrllnr 7Rft. IKSZ 1AIL "Ml?
Ton Belmont 81 St, HV. 8'
Tonopah Mining 6 6 5 K
union Traction aon 87 sa 87
U dim Imp 64 85 64 83
U S Steel 7r,K 75 76 75
York llwy 7 8 7 7
do rref 81 32 31 82
Wm Cramp t e... 89 9 89 00
BAR SILVER
LONDON, Sept. 18. The quotation for com
mercial bar silver today advanced 1-16 pence
to 23H pence.
In Mew York bar silver waa quoted at 48
cents.
The committee representing the Algoma
Central and Hudson Hay Railway Com
pany asks for the deposit of bonds i at 47
Thrcadneedle street, London, on or before
September 30.
Business failures for the week ending
Beptember If were 295, against 235 aet
v,eek (a holiday week). 2S9 in the like
week of 1914, 259 in 1913, 279 In 1912 and
266 In 191L
a .. .. eh.. Wsto York Cotton Ex
change sold for $13,000, an increase of 2B0.
A seat on the New Tork Stock Ex
change sold in Kansas City for ,,
said to be the highest since the war be
gan. Exports of copper from the Atlantlo
ports the week ended September 18 to
taled 1985 tons. Since September 1 the
exports were B4!7 tons and for the same
period lest year 10,160 tons.
Discussing the financial situation.
Chandler Bros. & Co. say: 'IThere can
be no question that the Industrial group,
so strong during the current week, have
on their order books fitting explanation
for their strength. This Is the epoch for
the Steel and Iron men, and their earn
ing power Is Jumping with almost in
credible rapidity. An Instance was shown
us yesterday where a somewhat small
steel men, whose earnings showed in Feb
ruary a deficit of $1000, by June had
monthly Increased his net profits to $100,-
000 and had such engagements booked
ahead as would continue these Increases
for two years. The banks and large
moneyed Interests are most anxious to
develop popularity and strength for the
railroad Issues, but thus far tho great
mob of traders, extending from the At
lantic to the Pacific, will have none of
them, and Insist upon selecting their
favorites among the Industrials, whose
activities are enlarged by war conditions.
It Is probable that certain groups are
held back until the billion or half-bllllon
dollar loan, as It may turn out to be, to
the Allies Is fully completed."
Tho annual pamphlet report of the Chi
cago and Northwestern Railroad Com
pany shows a surplus of $11,709,995, equal
to 7.67 per cont, earned on the stock as
compared with 7.93 per cent, the previous
year.
Bradstreet's says: The week's reports
spell progress in agriculture, finance,
trade and Industry. Much needed warm
weather has given an Impetus to the ma
turing of the large corn crop, winter
wheat threshing has been facilitated,
spring wheat has begun to pour into the
markets and export trade in grain and
cotton has expanded.
The New Tork banks gained $2,654,000
from the SuMrcasury yesterday.
The Chicago, SL Paul, Minneapolis and
Omaha showed a surplus for the year of
$2,219,085, equal to 7.71 per cent earned
on the stock, compared with 6.64 per cent
earned last year.
Rclchesbank Statement
BERLIN, via London, Sept 18. The weekly
statement of the Relchsbank shows the follow
ing Increases: Gold, 370,000 marks ($82,600)1
discounts and Treasury paper. 83.041 marks;
loans, 1,031.000 marks; securities, 1,063,000
marka; circulation, 10.793,000 marks, and da.
posits, 41,394,000 marks. The metal stock and
paper currency decreaaed 40,330,000 marks.
WMTWMKE
TRADING LI(
Week Was One of Na
Fluctuations, With Weather
tho Chief Factor
Ptttpjnn o . .. .
.....w, UCn. ii-ine week tvn
today developed no very wide fluetuah
In the grain market Prices moved froZt
day to day, according to tho weather ,
ports, but sentiment, on the whole wm 1
Inclined to be bearish. Wheat opened?
fraction lower this morning, with DbT
cember under tha greatest nressur ..
showing a decline of y4o. Trading wai nat
heavy.
As the day progressed prices altppea e
further until a declino of over J neat,
had been established In December ell
certainty as to the foreign loan nerotla.
tlons was an unsetUIng factor. Corn' anal
oats ruled flnry September and Jla
wheat were also down over a cent
Harvesting in Canada Is giving btt
results than anticipated. An official slate,
ment places the Canadian wheat crop
800,000,000 bushels, which Is a reeerlt
breaking total for the Dominion, Thl
nruum iiiuitnvo luai spring wheal; on, this
side of the border has also made a record
crop. The oats yield is placed at 4M
000,000 bushels, with western Canad
having 800,000,000 bushels, against 14l2
000.000 bushels last year. Dlsappolntlri
yields and quality of the European crei
are reported. This gives the world mora
poor wheat than for years. Drought iZ
reported in Argentina and India. Aus
tralia has 132.000,000 bushels for a m?
with over 60,000,000 bushels for exports
There was an Increase In the movement
of winter wheat this week, but It was
readily absorbed by the mills, and theri
is no enlargement of accumulation ox
wheat for export from the United States.
Leading futures ranged aa follows:
Wheat Open. High.
September .. 1.04 1.04
Docember .. O.I 03
May 88 8S
uorn (Dtir aenvery;
Vm'.m
w o, cinM
T .
?! 1.012 ! 2a
83 834" BMC
08 86$ 1!2
December .. 60 66 662 sat? .iiS
MgV,- 67J 67fJ 671 .67$ tH
September .. 874 87 874 87H ana
December .. 36 86 85ti t36 !
Moy 37 8SJ? 88 8 $
September .. 7.80 7.92 T.87 7.87 TST
October .... 7.82 7.82 7.83 47.87 for
January .... 8.47 8.47 8.42 8.43 u
Rlba
September .... 47.84 ttH
October .... 7.05 7.85 7.80 fi.SO T7t
January .... 8.82 8.35 6.27 8.27 s'.SJ
-ora
September ....
October ....12.83 12.83 12.17
January ....14.85
12.17 12.82
12.17 ii it
14.75 T14.W
LIVE STOCK QUOTATIONS
CHICAGO. Sept 18. HOQB. Xlecetpta, la-
oou neaa; marxei loo, tower. Mixed . tal
:T;t -1wr. . Jj f O.03Q7.DBI
butchers.
rough heavy, $606.
ITT. ITLH.1I.T M.
lint $77.0S; pigV a
let
calves. Jv.S
CATTLE. Receipts, 400 head: hutm
ateady. Beeves. J5.1OS-5.40; cows anil belferiT
$3.2500.25; Texans, $6.55SO,
11.50.
SHEEP Receipts, 7000 head market weak,
Native and Western, $306,75 lambs, ItUMi
8.70, m
llf
H
t r"- riirtiiuirtujTn
lib
lslJsB.iJaaV-JI.WIsV- -IUI.MLWSJI.J .I..1.' jii.jiujlsW'iJOTsuiasMSssssssagssaaMaai
B,WiM.
fjSrt
(11
H9E253
EfflffiH
SB
ar if irsa
ufrnZTW.
HiiHB
'tfwwaaMtl
SwafflSSBELaH
WSSk
W0JfiBBmt
WL
te
msBssm
i4WtWi
m
ilS
&&
w
ol
M
,i t
s
TUasMsaVI Ui
eapoctty of stxi
ess cent kea Atn 110,000
You Both Know that
the Amount is Right
No moro little ten cent ttndcrdiaaes to (fraai
away yoar hard earned profits.
No wertshargea with the cortstaat ctanger of
dissatisfied customers.
Wouldn't you Klavto know not guess?
YomproUctyimrcitth tWo Bales slhw at the
sussiss fii
BurroHghs accuracy ZJZjTJ
rtopa mmoticcd, stcacfy r does it m a
Onk two tetccBt
$72tOOOmthUmmch.
in the first thr4my9
Evewv daw .. 44
of the rxa lost tuidtBg new Bammgka wm
ugwrsB, QOra a, Hnaounctxt Kcilro
fits.
t
errors a day in adding
csh sales doprim you
f$laiveefc-6240
ayear. Add tfacraliv,
aaaa to Bake
your nevr Brnroaghs kas
para xor uscil.
ereryvrhesfo bm .loom
huynwit.
AJ'h1'
Bat it eaves Ja wemf 7 Barrgist thm tfas
,1 . ' Die tHYVhliam of .
The New
$125
Burroughs
0tl66iaCr4ia)
otiiervravs too.
Ham aleat mrron m
yomrehmrgm wctmtt$
Iftey ate jaot as com-
mon tbore- and even
more mtmhm. ITiey
ww yon SKMieyana
oiion oauee suspi
cion ia yoar cus-
Tne hoasewife
doew't like to
add up all
big problem of pefit pre
thoucanda of progresivsi
retailers for joarsj.
HattoaUekatktm
your CBwntf
HetWttM.BwTeMUmM
fW. Tbyre are wotEs?
By tkiag. to erowd JMrta ae
dysrtwesiMwt. Drop a poet cad
?.wf r17if lbs. yr
Wephone book car yeeir Uaifcssr
r,U jj' yS,u $; ssr. .
r