EVENING LEDGERPHILADELPHIA, TUESDAY, obTOBEB 5, 1915:
12
FINANCIAL NEWg
BROKERS HAVE DIFFICULTY
ARRANGING LOANS WITH BANKS
Institutions Drawing Line on Too Much of the Indus
trial Shares as Collateral Bigger Margin De
manded on War Specialties as a Consequence
NEW TOIIK. Oct. 5.
Most of the gossip In Stock Exchange circles today was centred nbout
the difficulties encountered by some houses In arranging their bank loans.
These are houses which have specialized In the war stocks and which
naturally found themselves with much moro collateral In these shares than
In seasoned Industrials and standard rails. Tho banks havo been tolerant,
but, m stated In these columns last Friday, they havo been drawing a line
on the acceptances of too largo a proportion of Industrials In tho loans of
brokors. The houses needing extra accommodation Friday got It, though
somo had to go for help to brokers who have done little business In tho war
shares and have a capital that has been little Impaired by speculation.
Friday's loans carried over to yesterday, the clearing hour being 2:15 p. m.
Brokers clogged with the industrials might havo arranged their accommodations
and probably expected to do as they did on Friday. Tho trouble was that thou
sands of new buying orders came In by mall and telegraph. Borne of the busy
brokers accepted all theso orders first and thought of their loans afterwards.
Going to tho banks, they found less toleranco than on tho days of last weok.
Brokers from whom they sought loans asked for higher commissions than last
week. Somo of them wero caught In a predicament at the top of their pros
perity. One houso has been so clogged with business and has so expanded Its
loan account In consequenoe that It has demanded that customers Increase
their margins on the war stock to 60 per cent. More than a third of the
house's customers did not have margin of moro than a third. Most of them
wero in no mood, even If they had tho ability, to put up a margin of moro
than 331-3 per cent. The result has been today that brokers in this house
havo sold out their customers and, perforce, closed out accounts.
Another house, which Is known In many Interior cities by Its letters praising
the war stocks, has posted conspicuously on Its bulletin board this ingenuous
advice: 'The speculation In tho Industrials Is now overdone. It seems to bo
timely now to give serious thought to tho rails."
Thus tho breaks In many of the Industrials yesterday afternoon and today
and the gains in many of the rails today may bo directly traced to the shaking
out of Industrial accounts and the efforts of brokers to shift their customers from
the Industrials into tho rails, so that the brokers might havo more railroad col
lateral to offer to the banks.
Tho success of tho Anglo-French loan, It being estimated that tho $500,000,000
Issue, books for which closed today, had been oversubscribed by anywhere from
$50,000,000 to $100,000,000, was not reflected In the market for foreign exchange,
rates being a trlflo lower. This was attributed to the fact that tho success of
the big loan had been discounted. The success of the Issue had a very good
effect on the financial community, however.
Tho stock market was very Irregular throughout the whole session. Thero
wero many raids, during which prices were carried down rather sharply.
The war shares were under the greatest pressure and declines of several
points' were shown in many parts of the list, Baldwin, for instance, being
particularly weak, at ono time being down nlno points. The railroads, on the
other hand, were relatively firm. During tho day new high marks wero set
by Bethlehem Steel, which sold up to 400, and Wlllys'Overland. Declaration
of a 5 per cent, stock dividend on American Coal Products made that stock
strong. It was up nearly eight points at one time. Later it went off some
what. The regular dividend of 1 per cent, was also declared.
Exchange May Close at 2 o'clock
If activity continues to expand on the New York Stock Exchange It is
possible that the trading hours may be curtailed. One of the Board of
Governors said: "The board has seriously considered a suggestion to curtail
the hours of trading If tho congestion continues. How that may be done
has not yet been discussed at any length. It Is possible that If the neces
sity really arises the board may be closed at 2 o'clock In the afternoon
Instead of. at 3 o'clock, or the governors may decide to postpone the hour
of opening from 10 in the morning until 11. Tho matter, however, has not
gone any further than discussion on the floor." .
, New Stock Exchange Rulings
Tho New York Stock Exchange has madotwo Important rulings regard
ing odd lot and marginal trading.' Beginning today, trading in odd lots will
be at prices one-quarter of a point above or below the market quotation, instead
of one-eighth. No order will be executed on margin for Jess than CO shares.
NEW YORK STOCK SALES
Last cloae.
Alaska Gold M 32H
AlHf-Chalmen Mfg.... 45'
Allto-Chalmen Mfe pt. 73H
Am Ac Chemical 08
Am Aer Chem pf 05K
Am Beet Sum 64X
Am Brake 8 & F pf trl7S
Am Can Mil
Am Can pf 107
Am Car & Fonndrj... 90 X
Am CarftFdypf 115
Am Coal Products 154K
Am Coal Prod pf..... 119
Am Cotton Oil 67X
Am Hide & Leather.... 11
Am Hide & Lpf 47H
Am Ice BecoriUaf 23H
Am Unseed 22
Am Unseed pf 37K
AmLocomoUre 70H
Am Locotnotlie pf..... 09J(
Am Malt 6H
AmBmelt&nef BOH
Am Smelters pfB 81
Am Snuff ISO
Am Bteel Foundries.... 64
Am Sugar BeXlnlnt....l08tf
Am Tel & Tel 123K
AmTobaoes 228U
Am Tob pf new 110
Am Woolen 61'i
Am Woolen tr 60H
Am Woolen pf. 09
ABMQBda, Copper 72JI
Anted Realisation 6
AtvT &8F 103X
BaUwIa Lose 121H
BaHUaora & Onto...... 87H
BsWOetiem Steel .305
Breekljn Rapid Tr.... 84
BattwicfcCo S3K
Butte ABsBerter 60
CalPettolesm SO
Cat fetfolesm pf...... 46
Canadian Paetfto. 1S8H
Cent Leather Oe 62H
CwtLeatberOopf... 107
Chesapeake Ohio.... 61
CMKI&Pac ZiH
CUao Cower. 46H
CM Qt West pf.. ...... 82
Chi Mil & St Paul WA
CU Nortsurart 12aif
ClueUreaiOo 75
Claett Pea ft Co pf... 107H
CoMrado Fuel ft I .... 60
Cemtoclc Tunnel... 15
CMMOlldated Oaa 128H
Continental Can 115)4
Com Products Rat.... 10
Com Prod Bef pf...... 86H
Crtmible Steal 103)4
Credible Steal pf. 109X
Cabas-Am Bufr.,....ll7
Cuteo-Am Siftr pf ..101
Datesarc Xu4bea.. 144
Dm ft Wo OtMde.... 7
DwftlUoarBt. 10J
Defeat! X4la...,....127
DkmitmT ssmmMIm.... SM
Oamelimw 31K
BaaUe Mk BaWaty.. 76
,. , MM
JfcWS vH WH
Can Ckamkat 989
Oawmi Wtmtfi ,,f...WK
ro Mi
, c..lleM
Gajaaafeeks) Xssfs ... MH
lata MkM Co tr.M..SM
later irteksl tt tr..,,, ..
1st Agricultural. ...... Mm
Ib imiiHtnl .,.. MM
.hlsCaa Carp's...... Wi
IstlUi K J.. ...... .UMK
Istw Mat t 6..... tt
iBtnmrtlmts. Papar.... 10
..tons Paper pf mi
taolmnrwi uppar..,. 44
gB dtti bout.... mi
MaUttuni, M
Mmmi I u. . ...... lys
feaktttetl 7
UHpaMv 1J
inum P c. .. 176
atumfi lsstM . 66't
feu Uftm bt f mH
7
87
81
ISO
H
85
81
ISO
Illgn. Low. Close.
32H 32W 32H
46K 43K 4VA
73 72W 72W
68K 66K 66!t
00 90 08
04! 64 64
172 172 172
66X 6314 63X
106 106 100
88? 82 82M
115 115 115
162 154H 156
118 117 118
mi 66H 66W
10H 10H 10K
47J 46H 40X
24! 23H 24
73H 21H 21H
39! 36K 39f
70K 66 67M
100 100 100
6
85
81
160
am mi one
108K 108H 108H
123H 123U 123U
227 228 226
109K 109H 109H
5214 61 61
SOU 40W 49H
68U 9SH 9HH
73H 72i 73
104K 103K 103H
123H 112 114H
mt mi ih
400 300 393K
6 &1H 85
33 33 33
Wii 6014 69W
2ou mi im
45H 45H 4SH
161 160W 101
KM 61H 61H
107 107 107
61H 60U mi
24 1WL Ziii
46H 40 4Wi
82 32
80
120
75
109
68
13
128K 129
1UH 123
18H 18)
B5H 85M 8SH
103X 05H 05U
109 108 1081X
117 117 117
10O 100 100
ltOtf 140U HDH
OH 6X OK
Wi II 11H
124 124 124
Mi 83
22 22
76M4 74
32U 31M 31M
bu aai sox
mi mi 40W
30 999 290
1MM 175 171
m aw aw
t l
ik imi urn
4TH 4 4
M WH MX
mt W U4W
iip up no
mf -mh mi
m mi mt
IN W W
mi mi mi
u mt m
200 ao wo '
xmitmi m
1Vi 1TOM 17
87
129
76
109
61
13
129
127
10
32
86
129
75
109
66K
13
35
22
74
, . , Laat cloae.
Mexican Petroleum.... 8!!
Miami Copper 33W
Minn ft St. Loub 13
Mo Kan ft Texas Hi
Mo Kan ft Tex pf..... n
Missouri Pacific 4
Montana Power 68
National Bkcnlt 129
Nat Cloalc ft Suit BOW
Nat Enamel ft S 30H
Nat Enamel ft S pf.... 93
Nat Lead fg,
Nat Lead pf notf
Nevada Con Cop 15H
New York Air Brake. . . 157
NY NH ft II 69
New York Central. ... 96J4
NY Oft West 28
Norf&West 114
North American 74(4
nonnern racuic llOJj
Pacific MaU 30H
PacUlc Tel 4 Tel , 44
Penn It It H2
Peitibona-MulUken.... 73
PhlladelpuU Co 02
Pittsburgh Coal 30J
Pittsburgh Coal pf... 105
Pressed Steel Car..... 74
Pullman Co 164
ity Steel 6pg S0!f
Kay Con Copper 25
Heading 152H
Ilep Iron ft Steel 63!
Hep Iron ft Steel pf.. 10J4
Bumely Co 6
BumelyCopf. 12H
StLft8F2dpf 6J4
Seaboard Air L pf 37
Slos8hef S ft I Co... 61
So Porto It Sugar 92
Southern 1'aclflc 93
Southern By ig
Studebaker Co.. ...... ,140
Tenn Copper C5(
Texas Co X68
Texas ft Paclflo.. ...... 10)4
rblrdATenue ,... 57
Union Bag & Paper..., 7)f
Union Pacific 131
U S Ind Alcohol....... 103H
UBCastlPftF 28
United It7i Inrest 25tf
United Itys Ins pf 44
U 8 Rubber 64U
U 8 Kubber lstpf 106X
U 8 Steel 79U
US Steel pf 114
U 8 Express 07
United Cigar Mfrs 61
Utah Copper..... QHH
Va-Caro Cnem 41)4
Va-Iron Coal ft 0 6514
WestE&M 131U
Western Maryland 29H
Western Union Tel 76H
Willys Orerland 233
Weolwortb if WCo.,..109Jf
Quoted ex dividend.
11W
3H
Illah. low. Close.
91 H8H 6SH
34H 33 33H
12f 12Jf 123f
5 5 5
13 11
4W 3H
68 6714 A7K
126 126 126
86 85U 85H
30J 29W 29)1
92 92 92
57W liVi QSU
110 110 110
1614 15U 151f
150,'i 161H 151)4
70H 69 69H
08 97 97
274 27f 27H
115 114 IUH
73 73 73
U0! U0)f 11054
31H 30 30J
43H 43 43
113K 112U 113
75 75 75
06U 9214 9314
38H 3614 36H
106' 104K 105
74 71H 72
IMi 162 162
61H 4814 48H
26H 2514 25H
164 162U 162H
WU 6114 52
10314 1025f 102H
a a a
10H 10M
37H 3714 3714
60 68 60
02 92 02
0314 92H 9JK
MM 1814 1814
144U 139U 140
66 mx eAH
167 167 167
11 10H 11
mi 6614 6014
7 7 7
13214 131U 13 H
106)4 101 101 M
2814 2614 27
26 26 25)
45H 4314 44
(AH 63)i 64)4
10614 100H 106H
SOU 78H 78)4
114K U4)f 114)4
0514 65)i C5J4
01 01 61
09 67 68
43ii 41 41
66)4 tHH OiH
137 13114 132
20)4 29)4 29)(
77 76)4 77
247)4 237X 240
1WH J08H 108)4
11
6
Total aalea, 1,226,400 sbarea. compared with
l,60B.6OO aharea ycaterday: tbua Xar thla week,
3;S3S.uoo aharea; nam period laat week. 8,bW,
000 fbarta.
COTTON
NW TCK. Oct. a,-At Of etMtilnr of tba
Cotton Exchanca today price howed good
ataa over tb aoal at yUtiif. but later In
fa itay there wa a reaction alt around aa a.
jMttk at heavy teaWatng aaa l4vreol IHn.
watt Mre( bouaee were the larieet aellera
fee prsMe. the commleejon houeea
bouaht. In be afternoon prices recovered
eoNMwfcet rw the break.
TM aaeae were not eettrely maintained to
the atii e the aeeetsa, anal iwicee belnf
mww. , mm. wt.
Advances oeeHiame:
BBVeeSBAsVeWssl 4s4WBmBaT H
ewer MaoJey7 wiml C
lea.
4&Z t;J-H
ssaea ...,y.i.aa.ev
msssasseasssscsssE!
te
HCM.
m
117 ....
tb let tlMlllua.
a t to S3 fwlAU
New York Bond Sales
Utah. Ixiw. Cloe.
1000 Adama nprees 4s . . 71 1 T7 TT
fciooo Am Tel clt 4e .. W MH 8XJ4
1 Am Tl cvt 4e .103H 103ti 1H
10(10 Am Tohee clt 4. ...S M?4 wff
IWO do new 4e 87 W 7W SiU
mo Armour Co 4Ha . ... Mti 1 Olji
IO11O AUIiImn cv 4a m ..lm(I loU lfBU
Sa0O do cv 4a ... .... MH B1H .21
4000 do ev He 1000 .... KOH 100$4 lm
1.10KO Allan Co tJno let 4e H7W 87H K7
jufirwi it.i. jl ii nix.- nnv. finu
100U do cv Sa ....'... KIH Kii K
7fllVl Ail Am Mil HflM ft
2700O do ev 4t WH -') W
sow) no PI.HAWV 4s M4 sou w
JinoO II & O Hwn H .... Mt .K1 ,52
00OO Dcth Steel 1st fie ...102 103 1
lflooo do rfd on loou 100 ion
2000 Trk H T 8s .. . .101(4 1014 101H
WOO do B 1018 1004 100(4 lUOk
1 Brook I n Kl lt Be. i"0 m
1000 C C C tn 4s 70 70 70
niOOO Cent Lealh let Be. . . I0J4 f" ?J
icrw Cent I ae 3V4a JJMi
4HOO do let 4s Mh M ,?
. 1000 Cent 11 11 N J Bs .! 1 1"
14OUU0 Ch'le Con 7e ... . 12, 1JJJ4 120H
SIW Cbes & Ohio cv 4He. . 7RJ4 VWt JhVi
(KioO iTiee & Ohio 4Hs ... M4 JJ JJ
10UO t'hi Alton Its .... M 82 J
7OO0 Chi & Alton 3js 4JH 44H 44H
1000 Chi f,t West 4 Jgli JMH 5J
WK Chi Nwn SVts 7$ 7H 7S
1000 Chi A Nwn n 4s.. W M M
1000 CM & N deb 6s 1M1.101H 101 OT
eiooo c-hi ii & q Joint 4s. oot pc pox
2000 Chl U & Q (ten 4.... 90 IJO W
10OJ Chi II A 1U 3Hs... MH "S MJ4
2-'0O0 Chl Mil & St V aen 4s 8B 85$ SJJt
1000 Chl Mil A H V ClV 4S M 4 8S 88
11000 Chll M A B V cp Ka.lOCli; 102 1KM
."000 Chl M A 8 P cv 4Hs 00J WJ M
iiiOU Chl M A S P gen 4V4s U7H 0i MTH
WM Clev Sh Line 4ta . fOH 24 W 4
74XW Col A Mouth let 4. 87H J7H WW
snflu Ool A South rtif 4He. 7I 79 ill.
S8U Con Os ev (ta. .1174 117 . 117V4
1000 Cumberland Tel S. MH UJJ4 .jJ
1Sio IVI . Hud 4a mm. .10OV4 loos lorn
3001) Del Allurl rfd 4. 4(lti 4BV4 40
iooo Pen A mo nr 4e iw , 57
8000 Ten fL lllo O 4H 74 74i 74J4
1000 do B rfd. .... 4fl? 4jU 4JJ4
r.VXK) Die Secur Corp Bii . . 0 . f74 W'i
lnotil l)u Pont Powd 44S..10JH 102 102
rK) Ilrlo renv 4s eer A... 5H J "J
B"ii)0 Krle conv 4s eer II ..71 '., " z
80O) Krle prior 4 MH4 MS JWH
2000 Oeorir lac let 8 lm ion 105
2000 Green Day B 10B 104f 1U
1000 Oen Klec deb Be. ...102V, 102J1 1 BJ4
1000 Hud Man Ino 8a ... 2V4 25 5H
.1000 111 Steel deb 414a.... 87H 87 WH
4000 Indiana Rleel Bs lIVi 101H 1J1H
Bono Indiana 111 4s. . . M . M
4000 lown Central ref 4a. .45 4fl 45
6000 do Sa 80S ,80 HO
14000 1ns Cop rv fla MB ...175 172H 1T2H
24000 Imp cv (Is 17(1 171'S 171
14000 Intcrb Met 4'4s 74S 74U T4V4
37000 Interb It T ref Cs... 0H 00 H
32000 Inter Mer Mar 4Hs.. 77H 70J4 7I.J4
1000 Inteml l'aprr cvt Sa . ftlH MH IH
8000 K C Ft 8 A M 4a. . 0'4 H WV
1000 Kan City Co 1st 3a. . m m bfl
2000 do Bs I 87H JTW 8 4
4000 Knn City Ter let 4a. 84H 84 8JM1
1O0O Lacka Steel Ss OJ ,, W
20B000 do Bs 1US0 5H WS
1000 Uiclede Oes rfd Ba. .100 100 100
31000 Lie Sh deb 4s 1923.. ..03 92S
7000 do 4s IUH I'-'tf 1 , ,"HJ4
2000 LlK A M T 7a. .. .122i 1M LKH
4000 Long Island rfd 4s... 8JH 8. H, H
2000 Lorillard Bs 90i OTW UJi
1B000 do 5a 12lk 1214 12JH
2000 Irfuls A Nash 4s 91 01 1
8000 Mox Pet Co 0 Ser A..107 107 107
10O0 Mri Pet Co Oa Per C..105 105 105
8000 Minn St 1' St S M 4s. . 8SH 8S 88
1B0W Mo Kan A T 1st 4s... 74V4 74 74 Vi
0O00 Mo Pac 4s 3.1 3.1 S3
8000 Mo Pac COl Bs 1917... S2H 82 82
8000 Mo Pac cons Os 94H 94 4 91 U
120O0 Mont Power Ss .... 01 ji UHi 914
1.1000 N Y Air Broke cvt Os. .102H 102 102V4
24000 N Y C L C 3V4 71 72S 73
4000 N Y C-M C col 3V4S. . 70'1 70H 70
7000 N T C A II 3 78H 87 87
108500 N Y C A H Ca ret. . .lOflV. 10BK 103J4
7000 F Y C A 11 4Hs R8V4 6SW JW4
1000 !f T C II 4 87 W 87
1000 N Y City 4s 1057 ...102 102 102
4000 N Y City 4a 1958 DBVi 5 II5H
9000 N Y City 4a 1919 08 , B5ji BSJi
3000 N Y City 4B 1003.. .102 102H 102H
8000 N Y City 4Ua 1905... 102 101 101
1000 N Y City 4Hs 1904... 09 00 , 09
180W N Y Oty 4Hs Nov '67.1024 102 102U
10O0O N Y Gas 11 A P 4s... 81 81H 81H
1000 N Y N II A II reg Os.llO'i 110S 1104
1000 N Y N II ft II 0S....10.H, 103 lOIH
12000 IV Tlwy adj Bs ... 4S 48 4S
08000 N Y Tel gen 4 07 011 wpj
1000 N Y W C A B 4s... 78 78 78
2300 Norf A Weat 4 00U, 8 UQH
8000 Norf A West Div 4s. . 87 87 87
17uOO Nor Pac prior 4s 90 00 00
K0Sot Pac gen 3s. ... 2 I2 JBt
1000 Ore Short L ret 4 88jl 88 S8ti
um Ore A Cal 8 9ft po o'
0000 PaUflO Tel 6 97 90 97
2000 Penna 4s 1943... 07 07 07
01000 Penna gen ct 4s.... 97 07 97
7000 Penna en 4s 100 00 103
6000 People's Oes Bs.... ..100 100 100
2S50O Hay Con Copper Os. ..129 127 12S
X)0 Reading gen 4 92 02 ICS
0000 Rep Ir A 8 Be 95 91 05
0000 Rio Or A W clt 4s... 09 M .4
B0O0 Rock Island 4s.. .. 81 Rl 81
80UO Hock IaUnd rfd 4s. . . 65 05 05
39000 Rock Island Bs 40 45 40
0C0O MIIM48J1,. .. 06 95 95
2000 St L A 8 F rfd Ct St 4s 01 01 01
1000 8t L A 8 F gen Bs... 09 $ O'lH
8000 Bt IMf gen ct sta ,4s 42 42 42ii
2C00 St L A 8 F rfd ct 4s. 07 07 07
1000 Pan A A Arsn P 1st 4s 00 ) KM
9000 Seaboard A L, ad Bs.. 05 OS 5
1000 South lac 4s 8.1 83 83
13000 do cv Its .......... 82 82 82
27000 do CV ret f p 6s '34.. 101 100 100
28W0 South Pao rfd 4s .... 81 81 b3H
0000 South nwy gen 4s .. 00 00 0
32000 do con 6s 97 97 9i
1000 Term Assn . n:i ' ,!?7t ,:7
10m dn Bs 100 100 100
8000 Texas Co CV Os 103 103 103
8000 Third Ave new 4s ... 81 80 80
8000 do ad Bs 70 .6 76
jiwt Tt a neaHy Bs . . . 65 05 00
000S S Rubber OS ......102 102 102
143000 U 8 Steel 6a 102 102 102
1000 do reg Ba 12 lfr- 12
HOOO Union Pac 1st 4s ... 03 91 93
10000 do CV 4S ..... 91 91 91
152000 Un Bwy 8 F 4a .... 60 48 49
1O0O Va Car Chem 1st 6s. 95 05 03
47000 do 6s 09 99 00
5000 Wabash gen Ct 4s.. 142 142 142
1000 do 1st 6s 101 101 101
2000 do 2J 6s ........ . 90 00 00
138000 Wab Equ ct sta 4s .. 13 12 13
105000 do 4s 1J 14 14
860W Wab-P Ter 1st ct 4s. 1 1 1
65000 West 13 A M cv 6a I.137 131 132
1000 West Shore 4s ....01 91 91
2000 West Union 4s .... 02 01 01
1000 do 3 ............. 98 08 08
2000 Wheeling A L E 4s. 85 85 65
Total sales. 3.837.000. compared with 13.
007 000 jesterdayj thus far this week 7,444.
000; same pwtod last week. ll,9C9.o6o.
MINING STOCK QUOTATIONS
TONOFAH STOCKS.
Uld,
FOHEION EXCHANGE
Sterling Opening
Demand 4.70
Cables . .-. 4.70H
Kmnra
Demand ,,8 80
Cables .... 8.T
Marks
Demand . MH
Cables .... ."-i
Vrs.
High. Dose. Clnae.
4.70 4.70 4.7IV4
4.70H 4.70V4 4.7ly,
8.80
8.79
8.80
8.7
8.7
8.78
U 83H 8V
834 8SH '!
Sales in Philadelphia "
WHEAT BUOYANT;
BULLS JUBILANT
Export Sales Totaled About
2,000,000 Bushels Ocean
Freight Rates High
CHICAGO, Oct 6-Duoyancy wn (jlvcn
to groin prices at the opening of tho mar
ket today by tho report? of tho overaub
rcrlptlon of tho Anglo-French loan.
Heavy trndlntf followed and prices rose
steadily In tho early, hours. Bulls wero
jubilant, and their predictions that l
would bo reached won realized before
noon. Tho few surviving bears predicted
that the bulgo was only temporary and
n brenk would soon follow ns receipts
grew greater. Dulls said that tho II
wheat would again bring tho speculator
Into the market and a boom would fol
low. Millions of bushels arc said to be
changing hands In order to allow shorts
at Winnipeg and Minneapolis to cover.
Advances over yesterday's final wero
shown at the closo.
Export pales wero raid to total 2.000,000
bushels of whent, chiefly Mnnllobas on
old contracts. High ocean freight rates
continue to restrict new foreign business.
Chicago cash handlers sold 110,000 bushels
for seaboard delivery.
lading futures ranged as follows:
ioy
ivneat open, liisn.
December .. 09 1.00,
liny 09 1.01
corn (new otiuery;
Low. Close.
1MSS
60
33
38
Oct ber
December
May . . . .
Outs
December May ....
Lard
Octubrr .
No ember
January .
Itlba
October .
November
January .
Pork
October .
December
January ....10.72
-ma. TASKea.
8.80
8.57
900
0 02
0 07
0.20
13.05
13.81
6o;
3g
0.02
0.00
9.20
M
63fi
59
1M
a
60
'38
8 47
a 58
8 97
D.12 0.02
25 6!if
14.00
10.92
1,1.82
10.70 110.83
138'
0 02
0.05
0.17
t9.12
0.17
0.23
13.07
14.0(1
cloae.
IIS
99
88
54
55
8 35
8 45
18.90
19.00
X67
13.40
13.72
10 57
Books Close for Allied Loan
NEW YORK, Oct. 6 Without any
formal fuss or flurry, tho syndicate books
for tho (500,000.000 Anglo-French loan
were closed at 10 o'clock today.
That the loan Is heavily oversubscribed
was stated at the offices of J. P. Morgan
& Co., but jUBt how much the over
subscription will amount to was not
stated. There waa a wild rush of late
applications Just before the books were
closed. A flood of telegrams and letters
were received from outside bankers and
Investors.
Close.
w
T
X4w.
ViK l
ill i!.a
iswrrwf wr AsXHHurrAtra
Wti4 FhMIs Amnnmtmml
,77
11
20
30
.10
Jim Dutler
Midway
Mlspah Extension
Montana
Northern Star "
TAnnnah Belmont ......,.... f?7i
Tonopah Kxtenslon ..... J
Tnnflmh Merger ....,...... e4
1. ,.,,.... 6
i.a ,...,.... '0
64
Tonopah Merger
Tonopun wiuuia
Rescue Bula ....
IVL jia .,.........
OOLDF1EL,D STOCKS.
Z7
03
41
,1 02
, 03
.08
.05
,04
.45
,,,,, '
Atlanta
lilue Bull
booth
liulldcg '.
COD
Combination Fraction
Dlamondfleld D II ....
Daisy
Florence
Goldtteld Consolidated
.,,.,..
Cloldtteld Merger .
Jumbo Extension i....X.ja
Kewanaa ., ,. .J
Oro ,,,,,.,,,,. .oo
Band Ken ,10
Silver Pick 0
MlSCELUlNEOUe.
Kalry Aatao t 1
Klmberly JJ
Nevada Hill ,"
Nevada Wonder .. .,,i.o
Aaked.
.70
.13
.21
.32
1
Si
.56
.28
.04
.45
.01
.04
,10
.or
.00
.47
1.4.1
.20
1.20
.35
.08
.11
.09
Northern Pacific Annual Report
In the nscal year ended June 30, 1915. North-"
ern Pacific earned 7.58 per cent, upon the J-'I8.-000,000
stock, against 7.02 per cent, last year.
The balance for dividends was 18,822,820, and
the surplus after dividend payments totaled
31,402,820. Freight revenue decreased $4,322,
190, or 8.98 per cent., and passenger earnings
foil off $2,087,886. or 13.20 per cent. All reve
nue train miles during the year were $10,387,
562, a decreaee of 2,573,074 train miles. Ex
penditures on capital account totaled $11,302,
237, and the report says they will likely be
smaller hereafter. For the firat time. Northern
Pacific Included In lta Income accounts the
dtvldenda received from the nurllngton stock
and the Interest paid on Northern Pacific's
proportion of joint bonda Issued, together with
the Great Northern, secured by the Burlington
stock as collateral. Thla Inclusion was made
to conform witn tne revisea interstate com
merce Commission's rulings. The Income from
llurllngton stock and the bond Interest paid
exactly offset.
Form Protective Committee
NEW TOnK. Oct. 8. A committee has been
formed to represent the Interests of the Shtr
TiBli. ehreveport end Southern Railway first
mortgage 5 per cent, gold bonds, due June 1.
lull. Thla road la part of the Missouri, Ksn
sas and Texas Railway, which asaumed the
above bonda and guarantees their principal
and Interest. The committee will consist of
R. Walter Delgh, New York: F. H. Whit-
comD, MuwauKW, ana i. x. wuinn. vice prea
Idert of the Fidelity Mutual Life Insurance
company, Philadelphia.
Tes. eloaSj
100 Anaconda ......
80 Am Illwya .... 23
180 Amer 1-oeo 72
100 Duff & Sua t e . 13
82 do pret 42
1203 Drill J O. ...... 63
T Cam Iron 44
10703 Cam Steel 07
200 Cent Leather... ,.
600 Col Fuel 00
200 Chl 11 I pret
718 Blvo Stgs 78
200 Erie 32
80 Oen Aephlt... 34
10 do pret 71
TOO Great Nor Ore. . 48
10 Ins Co N Am. 23
000 Lake Sup Corp. S
20 Lehigh Nav 76
101 Lettish Valley.. 72
80 Leh Val Tr prof 38
24 Little Behuy... 62
00 North Central. . 83
100 N Y N It AH.. ..
100 Miami Copper.. 32
11 North Penna .. 00
Oil Penna Railroad. 60',.
1880 Penna Salt Mfg 06
1 Penna Sleet ... 00
212 do pref 05
400 Phlla Co 47
100 Phlla Co cum pf 43
740 Phlla r.lectrlc. 23
203 Phlla Hap Tran 12
290 do tr rtfs .... 12
100 Rsy Cons ...... 23
IT Reading 76
100 Tonopah Del . . 8
232 Tonopah Mining 6
60 Union Traction. 41
301 United Gas Imp 86
7T46 U S Steel 00
J?. ...do 1"' ......113
22 Warwick I A St 10
20 W Jer A Seash. 43
110 Wm 'Cramp A S 80
4 York Rwy pre(. 31
High.
72
24
89
12
42
64
43
OS
82
88
23
76
82
83
TlVi
46
23
8
78
73
SS
82
S3
10
S4
01
86V.
108
00
04
48
42
23
12
12
20
70
ay
GH
41
86
so
114
11
48
00
80
Low. Close.
72 72
24 21
RS 68
12 12
41 41't
00 63
43 4.1
67 AT
62 E2
88 S8
23 23
T4 T4
32 32
33 83
71 71
46 48
23 23
8 8
76 76
72 73
88 38
82 62
Kl 83
70 70
84 84
01 01
86 86
103 105
90 90
02 92
46 47
43. 43
25 26
12 12
12 12
25 26
70 76
a 3",.
6 6
41 41
85 80
78 78
114 114
ion 10
48 48
DO 90
30 SO
Total sales, 29,180 shares, compared with 42.-
831 shares yesterday; thus far this week,
.1,711 shares; last week, 318,207 shares.
DONDS.
Last prev. sale. High. Low. Close.
$3300 Am O A B Ba.. 87 87 87 87
lOOrfElc & Pco Tr 4s 78 74 74 71
1000 Leh Val Coal Bs.103'4 103 103 101
31000 Pa cons 4 103 103 103 103
1000 do 6s reg 10. .. 102 102 102
1000 Phlla Co 1st Ba. .. 100 100 100
218 Phlla Co sep '16.100 100 100 100
43 do 1918 98 08 PS OS
2O00 Phlla Elec 4s... 79 79 70 70
2000 Reading gen 4s. 02 02 02 02
2000 do ext cona 4s. B4 95 95 93
2000 do Term Bs...l03 110 110 110
1000 Span-Am I Cs...l01 101 101 101
Total sales. $31,801, compared with $148,803
yesterday, thus far this week, $200,004; last
week, $196,018.
LIYE STOCK QUOTATIONS
CHICAGO. Oct. 6. IIOOS. Receipts, 8000
head: market 10620c higher. Mixed and
butchers. $768 80: good heavy, J7.2O08.IU;
rough heavy. fO 8567.10; light. $7.B88.30;
plga. $7.2507.60; bulk. $7.4008.25.
CATTLE. Recelpta, 7000 head; market
steady. Ileevea, $5.22810,25; rows and heifers,
$.1.2508.00; Texans, t6.759B.75; calves, $0.80
11.80.
SHEEP. Receipts, 16,000 head; market
steady. Native and Western, $336.23; lambs,
ftssoeo.
DIVIDENDS DECLARED
Atchison, regular quarterly 1 per cent, on
the common, payable December 1 to stock
of record November 6.
Massachusetts Breweries, regular quarterly
$1, payable October IB.
Kelly Springfield Tire Company, quarterly 3
per cent., payable November 1 to stock of
record October IB.
fit. Mary a Mineral Land Company, $1.
Local Bid and Asked -
. .
Today Yesterdsy
N Bid. Aaked. Bid. Asked
Buff A Sub t o 12 13 12 31
do pref 41 42 41 41
J. O. Brill 02 03 .. ..
Baldwin 114 127 127
do pret Ill .. 114
Cambria Steel 67 67 07 67
Electric Storage 74 75 li 74
General Asphalt 32 S3 33)4 34
dopref 71 71 71 71
Keystone Tel 14 14 14 14
do t c 14 14 14 14
do prof 65 66 00 b7
Lake 8up Corp 8 8 9 9
Lehigh Nav 75 76 7 7
Lehigh Valley 72 73 72 Wt
Lehigh Valley Tr 18 18 18 lhft
do pret ..: 37 37 87 S
Penna 66 86 66 66
Phlla Elec 23 25t 25$ 23
Phlla Co 47 48 47 48
do 8 per cent. pfd... 38 40 38 40.,
do 0 per cent. pfd... 43 44 41 44
Phila It T 12" 12 12 12JJ
dote 12 12 12 12
Reading 76 76$ 76 70
Ion Bel 3 3 3 j
Ton Min 8 6 6 5
Uu Traction 41 42 41 41
V G I 86 86 85 86
U S Steel 78 78 81 81
York Kwy 7 8 7 8
do pref 80 29J4 30
Wm Cramp t 0 86 88 88 88
BANK CLEARINGS
Bank clearings today compare with corre
sponding day last two yesrs:
1915.. 1914. 1013.
Philadelphia $37,811,342 $25,383,481 $28,615,890
New York.. 881,795,042 2l4.8R4.14T 320,650.448
Chlcaro ... 69,628,387 80,670,684 67,150,254
St. Louis.. 12.097,036 11,373,931 13,891,334
RATES FOR MONEY
Call.
Philadelphia 3ifft
New York 1S2
Boston 3
Chliaro 8U04
Commercial paper, 3 to 6 months, Phlladel
pMa, "4 per cent.
Tlmew
-)W
3(
3
FURTHER ADVANCE IN OIL
FINDLEY. O, Oct. 6 The prices for Illi
nois and Princeton grades of crude oil were
advanced 6 cents a barrel to $L1T,
Week's Trade Balance $35,469,722
WASHINGTON, Oct. 8. The balance of trade
In favor of the United States during the week
ended October 2 was $33,409,772.
BAR SILVER
NEW YORK, Oct. 8. Commercial bar silver
vas quoted at 49 cents. Mexican dollars,
88 cents.
.03
.04
,19
1.43
New York Exchange Seats Higher
NEW 10BK. Oct. B.-A seat on the New
York Stock Exchange has been sold for 40.V
000. There were also sales of two at $63,000
and one at $r.O00. The last prsvloua aals
Thursday brought $62,000,
Intereting Companion!
for Holdtr of v
Preferred Stock
U Owimr, te law advMCW In
mtty pr"KTt4l tock while
ethers have lata dormant the
market , mc excel
lent epjttsHtitlee to secure
accrued FT! and Itwreaae
Income return. We have pre
pared a taUc Wiwtratingr the
market position of leading in
diwlriril fsreferred etecka and
issggnrinr m advantagesMM
Imvimmt policy.
Smd or UU N. tTS
WITAH aTHOUtt, Jv
Manoear
mohhu
. VuV
w """" ,.,,
,ttBr.h
M
WE BEG TO ANNOUNCE
that we have formulated and carried into effect the
Brooke, Stokes & Co.
$100 Bond Participation Certificate
which makes possible the investment of $100 in the best bonds that are
engraved only in $1,000 denominations. They are to all Itrients and
purposes the same as the $1,000 bond that has been deposited with the
Logan Trust Company, the Trustee, for safe keeping. Ten Certificates
are issued against it and represent the ownership of a specific $1,000
bond.
So the security is the same; the coupons bear the identical rate
of interest; they are in negotiable form or they may be registered as
to principal.
Any one may present ten certificates of the same' series to the
Trustee and receive a deposited bond.
No longer is there a limited field of the best bonds for investors
desiring to purchase but one or two hundred dollars worth of securities
at a time. . ...
Investing on the instalment plan is no longer necessary,
Financial authorities agree that the safest investments, the ones
that pay best in the long run, are the conservative bonds.
The price is but one dollar more than one-tenth of what'it would
cost to purchase the deposited bond on the stock exchange.
We beg to offer at market the following;
Pennsylvania Railroad Company Con
solidated Mortgage Gold 4t,. clue
Auguat 1. 1960, J . , . Series "B"
Pennsylvania Railroad Company General
Mortgage Gold 4y2i, due June 1, 1965 Seriea ''C"
Reading Company and the Philadelphia
& Reading Coal & Iron Company Gen
oral Mortgage Gold 4a, due January '
1. 1997 Series "D"
Lehigh Valley Railroad Company General
CcmaoKfUted Mortgage Gold 4V2s, due
May 1, ,2003. .,,.,,,.. , . . . Series "E"
These bonds are recognised security, The plan is but little
different from that pf the ordinary Collateral Trust Bond, Many
experienced investors understand this bond participation certificate
We will be pleasedyto tend full information where It ii desired.
BROOKE, STOKES & GO.
Mawaiawa PfctUsUliAU ihoak EaaUss,
1M aw WALNUT ?TM!KT-
PsiMarisTsphin
BALTIMORE OFFICK t CALVERT BUILDINO
nF.AT, "RTTMORS FILL THE STREET;
BID MADE FOR, BRILL CONTROL1
Report That an Offer of $75 a Share Was ItefusiJ
Wide Advance in Pennsylvania
Salt Shares
It wns learned on rood authority today
that a. bid of 175 per ahnre had been mad
for control of the J. O. Brill Company,
by Now York Interests. It la said that
tho present owners nro holding; out for
$100 per share and that meantlmo tho
Now York crowd aro plcklntr up all ths
stock they can get In the open market.
Whether or not tho company Is to be
actually combined with the Drlgjfs-Sea-bury
concern Is not clear although some
of tho recent buyers of Drill aharea nre
Understood to be connected with the
other company, which doubtless Is the
cauio of the report gaining currency.
Drill fluctuated erratically on Change to
day. At ono time It was offered down
rrom 6S to 60; but subsequently recovered
a part of the less. Brokers who are
watching tho gyrations of tho stock pro
fess to seo accumulation In progress.
Official announcement was made to
day that the Bethlehem Steel Company
was In no way interested In the purchase
of the Cambria Steel Company. The com
pany Is only Interested In the Pennsyli
vanla Steel Company. This disposes of
one of the recent favorite reports that
a single big Independent merger J
afoot. It now looks as If two or .'
haps three combinations of Industry
concerns Is In the wind. Incidental!?'
Cambria Is said to be clearing Iiom V
day from benzol and other by-products'
i In connection with the chants of .?
agement of Mldvalo it waa reported tbtii
afternoon that a new holding coming,'
would be organlsod possibly to take b
certain other concerns as well,
The stocks of all these Industrial. .
relatively quiet on 'Change and that!
price fluctuations narrow until late In t)
day. when weakness In U. S. Steel tptW
to Pennsylvania Steel and Brill, Stotaat
Battery also suffered from Pront-Ukltw
sales. Pennsylvania Salt, however au
trarted somo attontion by reason of 'i
sudden rise of 11 points or more, brlnt.'
Ing it to the best of the year. Talk i
an increased dividend was deprecated bI
vno i van.?..., u....uuB. tit, auimuca e&TS!
Ings were Improving. Tho company's ef.1
flees will be moved tosthe Wldener RntuJ
Ing late this month, as present qusrtshl
nre too small. Dr. George Fates EW1
has been added to the boardot directorM
Financial Briefs
The Kelly Springfield Tire Company
raised the quarterly common dividend
from 1H to 3 per cent.
The vacancy In the board of directors
of the Fourth Street National Bank,
caused by the death of Itudulph Kills,
was today filled by the election of Wil
liam P. Gest, president of the Fidelity
Trust Company.
The Now York banks gained $470,000
from the Subtreaaury yesterday, and have
gained $1,100,000 since last Friday.
The Corporate existence of the Deposit
National Bank, of Du Bols, Pa., has been
continued until September 30, 1935.
Paul E. Woll was elected a member of
the Philadelphia Stock Exchange. The
seat of Arthur W. Howe was posted for
transfer to Robert Cherry.
Tho Miami Copper Company Increased
its quarterly dividend from 75 cents a
share to $1 a share.
Bethlehem Steel Interests have sub
scribed to $:5,000.000 of the Allied loan.
In Its annual pamphlet report the Atchi
son, Topeka and Santa Fe Railway shows
for the fiscal year ending June 30 last
net revenues equivalent to a return of
5 40 per cent, on the property investment.
E. P. Ripley, president, says: "The ability
of the company to pay 6 per cent, on the
common stock Is due to the fact that it
pays an average of only slightly more
than 4 per cent, on Its bonded debt, much
of the bonded debt having been created
when money could be obtained at or near
4 per cent."
Samuel T. Freeman & Co. will offer at
auction, tomorrow noon, a number of
stocks and notes belonging to Martin Al
bert Metz, trading as tho Alpha Knitting
Milts, bankrupt. -The sale was ordered
by Frank J. Sheble, trustee. The offering
consists largely of oil companies' stocks
and notes, and Includes 393,000 shares of
Eagle Oil Company, 4000 shares Tamptco
Oil Company and 1000 shares Moab OH
Oompany, all par $1.
The Miami Copper is producing approx
imately 4,000,000 pounds of copper a month,
the largest- output In its history. Profits
amount to about 9 cents a pound, or $360,
000 a month. This figures out $4,320,000 a
year, or $5.75 per share on the stock.
' NEW YORK CURB
r.m. L .
British-American Tobaxseo old i(J
...-n.u..M... wvwa.inw ... ..
Car I.lrht
Oolddeld Consolidated
Oreena Cananea
Int Marina
ao pret
Ksnart Cop
Lehigh Vatlajr Coal Bales
Magma Copper
Ml)!-lng ,
Otis Ulevator
Otis Elovntor pret
Itlker-Hegeman
Hubmarlni
Sterling Gum ,,
Tobacco Products
United Clear Rtorea
t'njtsd Clxar Stores pret .no
World Film .
Yukon Gold
s
si"
M
160
i.i:
R
404
40
US
".i
!
M
JIU'
SS:
:i
Ice
IK
SI
NEW YORK COFFEE MARKET!
NEW ,YOIUC. Oct. B. Thera was s&iJi
activity dleplsyod on the coffee exchang kimH
tndiy, and the upward trend that has enA
vatled whs extendod. Opening quoutlmil
showed advances of 3 to 6 points. The mark'
continued strong throughout the. remainder a(
the sessions, prices moving up still furtlwri
ttiiu hi mw viuBo Biiuweq gain qi xrom B t ,
in .mints. w
Today's
opening.
October .
November
December
January .
February
March ...
April ....
May ....
June ....
July ....
August .-
September
Bid.
Total sales 11.750 bags,
Today'a Yesterdar'ia
close. cloae IS
.... B2ie.a
6.30
.:.
6.36
0.42
e.'3
' 6.'Te6.
" e.2S$alj
B.BMTB.3S 6.2fteiJ,;j
6.39(88.40 6.0MJ
6.44I&6.45 6.3(D,3ES
U48J36.50 0.3S5lJj-,
.... 6.4396.441
0.6330.00 6.49JHWi
.... UMiHSI
.... 6.2(k.
.... e.eafefl.W'i
0.70&W1,!
NEW YORK BUTTER AND EGGS
NEW YORK. Oct, B.-BUTTER.-Msrket
firm: receipts, 1S.765 pscksges. Extra, 28US i
28c: higher scoring. 20H29e.; Stats dihV,
27Vie2Sc: Imitation creamery. 22Ue23Uc
13Ylflfl HTa Ir , titvh arr,4a Aotwav. a.i Si
uuw. .uu.ni.., ..... A.KWDI. .tl.l.D., lOWCipi. J
15,776 packages. E&tra nrsts, 32834c; (lrtl.f
L1UU.(, .1VK. u, nu.. . .UVIDV, I111ACU WiUr, l
sooDci roirigaraior nrsts, invAdc: nearoj
browns, 36337.
Savage Arms Co. Sold -':
UTICA. N. Y.. Oct. B. Ths controllng is-''
terest In tho Savage Arms Company has beta!
solC, the price reported bslng $3S0 a shin.'
German Interests are suspected ot being be
hind the transaction.
Approves Rediscount Rates
WASHINGTON, bet. B. Tho Federal Re.'
,io mubiu uu o-ffiuwu lug lUllOWtflg If
discount rates: Cleveland Trade acceptance
up to 00 days. SH per cent; 60 to 00 days. 4
per cent. Kansas City Commodity paper? J
per cent. -
Commercial Markets on Page "5. I
Our Widening
Circle
of business friendships is
best shown by the follow
ing statements of.
Deposits
September S, 1900 $11,471,000
August 25,1905 '...., 15,480,000
September 1,1910 20,505,001
September 4,1912 23,967,000
September 12,1914 -.. ........... 25,116,000
September 2, 1 9 1 5 .w-.v. 29,639,841
October 2, 19 15... ......... ... 31,130,000
There are reciprocal advantages between
customers and bank, both of high standing.
Corn Exchange
National Bank
Philadelphia
Chestnut Street at Second
Al) Have You Arranged
For Your Compensation,
Insurance?
We advite immediate actjoa. Cowult u. "rm
BEIDLER & BOOKMYER
General Inturance 424 w.Uttt Sw,
WE WISH TO UY
Fsnnsylvaiila Cwnpny 3J4s, du. Hevriw, isis
HT PAR AH INTHRMT
w. wm uu "Jxxtxx ""' W
CHAf. C. HAltltlSON. Jlt & CO.
BJINKIM
pirrif ah emtrwrr trs. hiiuimlh
R
rarsa) Honbrl
iSKl.... 4t
r m
tv.
VUEk