.fy
YEHINft LBPGBR-HITJABBLPHIX MODAX OCTOBER ' TS, gOlfe
13
FINANCIAL NEWS
WIDE STOCK DISTRIBUTION SHOULD
BENEFIT INDUSTRIAL COMPANIES
Plan of Officials Back of $20,000,000 Tobacco Corporation
Attracts Interest Men Forming New Com
bines Have Proceeded Cautiously
NEW YOKK, Oct. 18.
fn this new period o Industrial mergers, there has como Into being n
tolmcco Company organised In Delaware with a capltnlUatlon of $20,000,000.
In a format statement describing the new combine, Its lawyer declared that
"It Is the Intention of the ofllclals to offer tho stock for sale to the public
uencrally, thereby Retting ns widespread a distribution of tho stock ns pos
sible." The par value of tho shares Is $10.
The flotation of this new stock should bo watched with Interest by
everybody engaged In speculation, not on account of tho stock itself, but
to discern tho success of a company avowedly organized "to offer stock for
sale to tho public generally and secure a widespread distribution."
If the people behind this company succeed In that project, others are suro
to follow closely upon this one, and the expansion of Industrial companies will
certainly be broad.
Up to the present, men behind Industrial compnnlcs have proceeded rather
cautiously. They have felt their way. They have been careful not to bring
together companies In tho same line of business. Thus a close regard for
the Sherman law was shown by tho organizers of tho Mldvalo Steel and Ord
nance Company. They took Into tho company concerns that manufactured
pig Iron and other basic products, a company making armor plato and other
high grades of steel, a company manufacturing rifles. Every one of them
naturally supplemented the other. Tho merger could not be said to bo
destructive of competition.
After the announcements of this merger Attorney General Gregory let
It bo known that the Department of Justice was nlert for violations of the
Sherman law. It so happened that thlu'announcoment was made nt the same
time that Mr. Schwab was negotiating for control of the Pennsylvania Steel
Company nnd the Hath Iron Works. Through Its control of the Maryland
Steel Company tho Pennsylvania Steel has large shipyards. So haB tho Beth
lehem Steel through Its control of the Fore Blvcr Shipbuilding Company.
The orders from, the public for stocks today were not as numerous as on
recent Mondays. The tono of the market was distinctly better, however. Wide
gains were scored by some of the war specialties, notably Bethlehem Steel, which
rose 11 points to a new high mark of 495. Railroads were also strong, Canadian
raclflc In particular, at one time being up four points. There was a report
In the Street that the Bethlehem Steel Corporation was considering a plan for the
readjustment of capital whereby the number of common shares will be Increased
without any change In tho capitalization. If the plan Is carried through there
will be an exchange of new common stock on the basis of ten shares of new
stock, par -alue $10, for each share of old, par $100. The market closed strong.
United States Steel common rose nearly 3 points to 85, the highest It has sold
since 1910.
New York Bond Sales
SJVOOfl Amrr Aur lb S...
Sow Anwr Bmelt 8ec (H.
7mm Amr TV I rlt 4s
ZMXW Aflwr Tel
lwtt
. rw
cvt 4Us . . lmu
,111110 Amrr Writ Pap In. .. V2
11211
wwo Armour Co 4Wt
ickki Atcnifon ad) 4s
lVUUO Atchison cv U lli.VV.
M) Allan Co Una lit 4s
Stoao Allan Co Linn clt 4a.
:( Unit A Ohio 4s
SlMIO Unit . Oh ev 4W. . .
:iOi ltcih (Urel rril As loo
HOUO llrookn llp Tr 3a -18.100
High, !.ow. Close.
.10i 103 1MV
loxl
XII
KUV,
l.-J
111
84
sn
HUM
n
Wxo HuMi Term llldu 5. . . M
Tikki Q I' C Kn 4s iHH
Hl Canada Boulh 3s 1UI
. 87
.lWHi I""'
.lo.-U 105'
.U UJ
NEW YORK STOCK SALES
Last dose. Hlnh.
Adams Express 101
Alaska Gold M 32J4
Allls-Chalmen Mfc... 43K
Allls-Chalm Mfc. pf... 73H
Am As Chemical-.... C7H
Am Brake S F pf tr200
Am Beet Sugar GQ!
Am Beet Sugar pf 92
Am Can (VIH
Am Can pf.
Am Car & Foundry .. 85
Am Coal Products... 164
Am Cotton Oil 58U
Am Hide & Leather... 10)4
103
33M 32U
43H 43W
74 73
07!f 67
200H 10!)
C8tf 66'f
I.OW. Close.
103 103
Am Hldo & L pf
Am Ice Securities. .
Am Linseed
Am Linseed pf-....
Am Locomotive. . . .
Am Locomotive pf.
Am Malt
Am Smelt & lief. .
mii
(I'M
106W 100W
89
158
59K
11
40H
24
21
37U
CSX
09
6!f
03K
48
23M
21
36
67H
98M
7
03);
02)f
G4K
106
84!f
155
8K
11
48H
23H
20J,
37
67)f
09
m
94W
109
86
65'f
U2M
S3M
43H
74
67 .
199
C8!f
92U
MM
106W
88U
155
60K
UH
49H
?3
21
37
63
99
94W
109
SOU
,705i
l3U
Last close. High. lw, Close,
quicksilver 2Jf 3
By Steel Spc 47H 49
Hay Con Copper 23H 25JJ
Heading .- 78" i . 80K
42
A3
101
M
4,'f
42
54H
101
H
4W
6'
10H
... n
... ow
... low
... 37K
155U 157
-.59 ei
. 143 143
16
39U
Am Sm & Bef pf 109H 109
Am Smelters pf A 88 86H
Am Steel Foundries... 65 70U
Am Sugar He(lnlne....ll2H 113H
Am Tel & Tel 121W 124H 123!i 124H
Am Tobacco 230 233W 228H 233H
Am Tobacco pf new..l095f 109W 109W 109H
Am Woolen. .......... 53 54 53 63H
Am Woolen tr r 52 52H 52H 5254
Am Woolen pf. 97 975i 07 07U
Anaconda Copper 75JX 76 754 75Jf
Atch T & S F 100M 107 106H 107
Atcb T & 3 F pf. 99H 100K 100!f 100U
Atlantic Coast Line... 113 11454 11254 11454
Baldwin Loco 13254 13454 128 13254
Baldwin Loco pf ....1075109 109 109
Baltimore & Ohio 9154 925 01 0254
Baltimore & Ohio pf.. 7454 75 745 75
Bethlehem Steel 481 495 482 493
Bethlehem Steel pf... 162 170 166 166
Brooklyn Union Qas... 1375 136 13Q 136
Brooklyn KapTr...... 8754 8754 8754 8754
Brown Shoe 41 40 40 40
Burns Brothers 0054 03 005 03
Burns Brothers pf
Butte & Superior 6054
Cal Petroleum 185
Cal Petroleum pf 42
Canadian raclflc ie5
Cent Leather Co 5454
Chesapeake & Ohio. ... 565
Chlno Copper 50
CC C &St L pf 71
Chicago Ot West pf... 34
Chi Mil & St Paul. . . . 005
C M & St Paul pf..... 12754 127
Chi & Northwest 130 1305 130
Chi RU Pae. 2054 215 195
Cluett Pea & Co 72 75 74
Colorado Fuel & I.... 5554 5754 56
Continental Can 110 1125 1105 1105
Consolidated lias 14354 14554 14454 14454
Corn Products Ref..., 1854 18! 185 18)4
Cora Prod Ref pf 80 8654 8054 8654
Crucible Steel 0354 0554 031 04
Crucible Sleel pf 109 10954 10954 10954
Cuban-Am sugar 119 122 1185122
Den & Itlo Grande pf. 175
Detroit Edison 125
Distillers Securities.... 3554
Dome Mines 225
Klec Storage Bat 715
Krle 345
Erie 1st pf 635
Erie 2d pf 425
den Electric .-.178K
aen Motors 327
108
605
1854
42
169
6554
5854
505i
70
3454
035
108 108
605 005
18 18
42 42
1605 ie854
5W 54J4
Heading 1st pf.
Hep Iron & Steel...
Rep Iron & Steel pf
Hock Island Co pf..
Rumely M Co
St Louis & S F
St L A S F 1st pf . .
St L & S F 2d pf . . ,
St Louis Southwest.
Seaboard Air L pf .
Sears Roe & Co
Sloss-Shci S & I Co
So rorto R Sugar. .
So Porto R Sugar pf. .110 110
Southern Pacific 065 085.
Southern Pac t c 105
Southern Ry 2054
Studebaker Co 162
Studobaker Co pf 1105
Texas Co 166
Texas & Pacific 12J4
Tenn Copper 685
Third Ave.... 6254
Toledo St L & W 5
Under Ty pew'r 83
Union Bag & Paper. .. 654
Union Bag & P pf. . . . 2554
United Cigar Stores 10
United Cigar Stores pf. 1154
united Dry uoods pr. . 6054
3
4754
2554
78'
42
5254
104
54
4)4
3
49
25
79
42
54Ji
101
54
454
5'
1054
054
16
3954
155
61
110
2054
1675
110
169
135
695i
6254
55i
83
CJ4
2654
1034
1154
73
Union Pacific '134JI 13054
9854
110
20)4
100J
110
169
13!
C6K
0254
55,
S3
654
2054
1054
1154
73
Union Pacific pf 82
U S Cast I P & F 245
U S C I P & F pf. . . . 4C54
U S Ind Alcohol 100
United Rys Invest 26
United Rys Inv pf 4354
U s Rubber 5354
U S Steel 8254
US Steel pf 11454 115
5054
40!
7354
34
9154
127
5854
50
70
3454
935
127
130
2054
75
67J4
18 1754 1754
12554 12554 12554
37J 3654 3eji
22
71
3454
53
43
1815 1795 18054
337 332 332
225
72
34J4
5454
43
w
71
34J,
5454
43
Uen Motors pf 11254 113 113 113
Goodrich B F Co 76J4 7754 763 7754
Ureat Northern pf.... 12154 12254 121 1225
at N cfs for ore prop. 485 4034 485 4034
Qreene-Cananea...... 3954 40 3854 39
Guggenheim Expl'n... 6754 W54 C75( 68
Illinois Cent 107 10754 10754 10754
lot Agricultural 25 2554 25 2554
Int Agricultural pf... 6354 64 53 54
lntHarrN J 10954 11054 109! 109)
Inter-Met rot t c 2354 23 23 23
Inter Con Corp-n 235 2354 2254 22JJ
Inter Con Cor pf 795 70 7854 7854
International Paper... 10 1054 1054 1054
Internat Paper pf 3834 393 3954 30!
Inspiration Copper.... 42J4 445 433 4354
lot Nickel trr 107 200 108510054
Kan City Southern... 2754 2854 28 2834
Krege S 8 Co 108 10854 10834 10854
Lack Steel 8434 W)f 84
U S Express 65J4
United Cigar Mfrs 6854
Utah Copper 69J4
Va-Caro Chem 45
Va-Iron Coal & C e454
Wabash wl 1234
Wabash pf A w 1 4334
Wabash pf B w 1 2554
Wells Fargo Exp 117
Western Union Tel... 7854
West E & M 0954
Western Maryland 335
Western Maryland pf. . 485
Wheel &Lake Erie. ... 354
Wisconsin Central 34
Willys Overland 248
Quoted ex dividend.
!4
654
1C
3954
155
00
14154 141'i
110 110
975
110
2054
163
110
169
135
6C3J
62
554
8254
034
2654
1054
1154
69
1353 130!
8154 8154
25 26!
45 4554
10754 10054 10054
2654 205 2054
43 43
5254 6454
83) S5!f
11454 11454
6554 65)4
69 59
7054 7054
45 455
6654 .6S
125 12)
445 455
20
119
7854
7054
3354
405
35
35
250
Ilium Cent II i.f M 4s... .. IK)
l.rtiil Com 1-PHilx.r lt ftn.. K7
Mill Cent l.ther 5s 100
win Cent I lie in Is
ItKK) Cent 11 It N J .-ill
?!K11I Chill Conner 7s MO
"O0 Chrt A Ohio IV 4H. . 83
JIOIKI do 44s 87V4
IHH) Chi tc Alton 3Vis 4IUi
21011) Chi & Nn .1H HO
Ioki C II . Q Joint 4i.... WW
low) do (ten 4s Ill
W1X C M & fit I' nd 4V4. 8SH
411111 do cv Rs ltw
H1KX) do cv lis 104
lXIIW do 4Ul II74
KK1) V. St I'lUO deb Rs.loo'.i
mil Col ft Sou h Hi HOJJ
KMKiO Con Ons cv Da 118)4
lil) Del & Hud ret (Is.... W44
13NO0O ilo lis 1021
1000 Den A lllo Or rM 4s.
4(ll do i'As
11X11 Detroit 1-Mlion 1st tis.lO'J
2700U DIs Seeur Corp As twH
(KHM tirle Ben 4s., 7'Jy,
IIOUO do rnnv 4a Her A... IW
Hind do Ser U
1(00 do prior 4s
11IWI Oen Klrc deb S
MUU lireat Nor 4s
oooo Hurt It Man rfd Ss.
Mil) 111 Steel Ueb 4Hs...
-WO Iowa Cent ref Is. . .
KiD 111 Cent 4s lil.M'....
24000 Ins Cop cv (la 11110.
2-KiD Ins Con cv da
12000 Interb Met 454s
luiiw Interb 1' T ret f...
X00 lmer Mer Mar 454a.
KiK) Kan City Ho 1st lis.
low Kan C & l 1st 4a. .
UliC KltiKS Co Ulev 4a...
4UK) l.acKa Steel .la 1U2.1.
1(11 Lacka Steel ,a lu.V).
10(11 l.k mi deb 4a 1U2.S. .
(lix lxh Val of N Y 4Vls.
looo LI & M T s
1000 Loiie Island ten 4s..
14mi 1iuln & Nash 4s Kl'4
li Mo Kan & T rrd 4a. . 4i
2000 Morris & ttssex 3is.. 8.1
loooo Mo I'ac 4s .'t'Vj
12000 Mo I'ac cv Ba :i7t
2O0O Mo Pacific cons (Is 107
VOCO Mont Tower 5s HI
14000 N Y C c II .11.4a
7.1011( N Y C . Hud (Is ret.. 1074
ftUii N Y C & Hud 4'is S-H
2I1K) N Y C .4 Hud 4s KHlf,
10(11 N Y City 4s 11I.W Kok
lliOO N Y N H A: 11 cv 314s 71 H
lSdil .N Y Ilwy ref 4s 471
lSOUO N Y Hwy adj 3s 70
Kill N Y Tel Btn 4'as lit!
3 WOO Norf & V cv in '25. .114JJ
14000 Nor I'ac prior 4s I2
34000 do (ten 3s CIH
,'ldii Ore Bhort U ref 4s. . . 1H1
1(11) l'aclflc Tel Cs I7i.i
NWO l'enna gen ct 4Vjs US
.-.(KK) do 4V4" 1021 KCHi
(K00 Public Serv N J fn... H
BOiM Hay Con Copper s..l2!
2.IU0O lteadlnc gen 4s 1M
.Kino Hep ir & K ns inj
loooo Hlo Or : W clt 4s.., .V.I
11(1)0 Hock Island rfd 4s... II.V,j
200O St 1. I M & S Qlf 4s. . 3.154
KID St I. & S F Ken (la. 107
HOOD St V M & M 4Vj lOWi
2(10 Seaboard A I. adj Gs. OH
(0(10 South Hell Bs 71
lliUOOO South Pac cv 4s R
143,'no do cv ret f p 5s 104S
IttK tr.'
8-s54 8SS, 8Nt
8.1 83V KVVi
87 8714
02 (? 112 02 W
81 HI
100 Hi)
1(1) 100
8IT4 85
7.V4
101
111
87
lonti
ioVt
112'k
130
8.-IJ4
87k
44W
7
IMlti
ill
1074
1045
.102)1
.. 7851
. . 82V4
..I04
.. 7t
. . Ml
.. 4S
.. 81
..17.1
. .1711
.. 7SH
.. tmjs,
.. 7(lt
. . iki
.. 0.114
.. 80
. . Wl
..122
. . 83
ll4
7 4
I0OC4
U4
100'
80
118
041
102
.VtMi
77
102
US
72J
IIS
7
82V4
71?
87 V4
4S
84
173
73
liu
7H54
ia
(61
80
m4
03V4
lit
1J
122
83
!!
FOREIGN EXCHANGE,
Sat.
merlin Today. Close.
Demand .......... 4.B954 4. no
Cables 4.70 4.604
Fninra
Demand .......... K.R5 B.RlH
Cables . , (l.M . S.83
.Marks
Demand M RtH
Cables ,. 8t" 8354,
Sales in Philadelphia
eat. clo.e, II Ub.
8154
205
4554
43!
645
855
MH
. . MH4
. . w
.. 111
. .loii
..10214
. . 82
.. 7tl
..10231,
. .102'4
,. 04
!. l2,
.. K4
. . Mi
Sort) Vn Car Chra 1st 3s... DC"4
:WK) Va Hwy 3s 114
SM'OO Walmsh 1st 3s 102
HMO do 2d 3s 03
loiii Wab Kqu ct atn 4s f p. 04
WHO Wfflt Electric 5s 101
noeo do cv ns 103
rono West Md Ut 5s 101
10! OIK) IV K & M CV 3a w I..144U
70110 Wlicon Cent Ren 4s... 82
100O Welks & Cast 1st .". . 81
40N do rfd 4s.
1(01 South I'ac Term 5s.
13(1.0 South Hwy gtn 4a. .
IiOOO do con 3s
1000 Tenn O & Ir Ken 3s
2O0O Texas Co cv lis
27110 Third Ave now 4n. .
40000 do adj 5s
1000 f H Ituhber Os
(IVMII V S Steel 5s
.'ovO Union I'ac lit 4s...
7(VD do cv 4s
inil An rfd 4s
m 110 Va (!s Hrown Hros.
8;
loo5i
103V
11'
13(1
Kl
81 Va
4H
80
IH
111
8i,
10-7.
104.
H74
100
8(1' 4
118y
II44
1021,
ony,
77
102
0834
2
US
78!i
82 ,
1033.
II..;,
714
4S
84
175
17(1
7(1
00
":'
RO
1. 14
inv.
04
uo
83
42
8.1
37
37
1071
111
107.
8.S)t
l
114J,
111 3.
111
1
117
US
10l
8S
1211
11.1
114
511
(10
5.1U
107
1I1U
11(1
117
81 li
101
I.S
ll
l''
HIGH WAR TAXES
TEND TO IRRITATE
BRITISH PEOPLE
Growing Tendency to
Doubt Wisdom of Unlim
ited Expenditures
CRITICISE ALLIES' LOAN
,37
'HI
78
107
88
8S&
tlj
ft
70
!'(!
H4)i
I1
(111,
HO
7
US
-03
88
12:i
03
114
CO
(i.li
53
107
11113
ll
1'7
S4V4
104
8(1
M)
118
Wl
1(1 .
1112 J02
Ki
S3 Alliance Insur.. IT
10 Am Qaa UT
300 American Kme)t 03
lof Am Lioco 07
20 Dadwln toio ..127
3S0 Drill J a 00
7830 Cambria Bteel.. G8
400 Col Fuel
14 Con Trac N J . . 70V4
60 Corn Irod
402 Eleetrle Stor.... 71
103 Gin Asphalt ... 33
20 Ins Co N Am.. 'S
15 Key Tel t c pf. Gd
.3.10 Lnke Sup Corp. 0
141 Lehigh -Vav ... 78
110 Lehigh Valley.. 74
325 1-eh Val Tr pfd 37i
21 Northern Cent . . 83
3M Penna It It 68
10S Pa Bait Mfc ...10354
23 Vx Steel .
10 l'hlla Co
83
48
10 do cum pfd... 43
711
102
102
114
112
8(1
OT4
11(1
1)4
Wi
11354
114
101
105
101
14()U
82
81
-Iii'j
H
102S
04 g
112'
8(1
5:1
IK',
04(4
102
1)5
04
,01
8214
81
GRAINS EASIER;
SELLING GENERAL
By FRANCIS W. HIRST
Editor of "The Economist."
Special Cable to ihe Evening Ledger.
LONDON, Oct. 18. Although the Ameri
can loan was unfavorably criticised In
the House, of Commons, tho Chancellor
of tho Exchequer, Iteglnnld JIcKonna,
succeeded without much difficulty In get
ting his authorization bill passed. Tho
feeling Is that much better terms could
have been obtained months ngo, and In
the city, well-informed Interests regret
that an experienced cambist did not ac
company tho commission and remain to
assist In exchango operations.
The chief financial Interest of the week.
however, attaches to the remarkable
speech made by tho Hon. E. S. Montagu,
Financial Secretary of the Treasury, who
declared that on the present scale of
war expenditure everybody must be pre
pared to contribute half his Income,
either In loans or tuxes. Tho arithmetical
accuracy of this proposition seems Indis
putable, but there Is a growing tendency
to nsk the Government whether It Is get
ting full value for Its money and whether
the doctrine of unlimited expenditure and
of an unlimited army Is really sound.
Many of us think that Germany will
soon be forced by Internal financial ex
igencies to seek peace.
Probably tho lead given by Lord
Morlcy in the Houbo of Iords on Thurs
day points In tho right dlrctlon and
toward a modification of policy. This Is
tho tlrat important speech by Lord
Morley sliico the war began.
Working class opinion Is clearly harden
ing against conscription, and employers
are beginning to express unfavorable
views.
Investors In Mexico apparently have
been somewhat cheered by tho recent
action of Washington: otherwise Blocks
arc Inactive.
Tho city Is discussing taxes as a
means of providing for the next blcj loan,
which Is now Impending. Tho gold
hoards In I'nrls and Petrograd should be
available to assist us as bankers to the
Allied concern.
Tho Northcllffo press pessimism Is
hcnvlly discounted, especially as Earl
Kitchener's hopeful view of the Russian
front Kituatlon Is coming true.
In Germany excess paper is causing a
big rise of prices, also much newspaper
discussion. Grain, however. Is now
plentiful, according to neutral reports.
423 l'hlla Elce
02 P It T t C...
843 Heading ,,,,.
10 So Pac
500 Tonopah Ilel .
100 Tonopah Mln .
133 Union Trac ,,
173 U O I .......
13043 U S Steel ....
75 War lr A St..
20
134
77
97
3
8
43
MM
K
10
17
110
03
67
133
GO
03
5(1
71
1S
73
32
23
W
0
78
70
374
83
50
103
83
47
13
20
14
80
03
3",
8
42
Low. Close,
17
110 110
03 03U
07
133V
67
OS
60
71
184
71
32
23
00
0
78
75
87
83
07
102
83
47
43
28
13
70
08
3
8
41
86 80
83 83
10 10
67
133y.
07
08
66
71
18
72
32
26
C6
0
78
76
8714
83U
57
102
83
I 47
4.1
20
17
7t
0S
3
8
42
80
83
10
110NDS.
Last prev, sale. High. Low. Cloio.
Farmers Holding Out for
Wheat Week's Exports
12,904,00 Bushels
$1
05H
69
70JS
4SM
6SH
13K
46
'MU
110
7Utf
72Jf
ZUi
40
3Ji
33
58
28M
110
70
71H
J3U
4UU
35i
35
250J4
BANK SURPLUS REDUCED
Big
Increases in Local
Deposits
Loans and
A drop of more than two millions In
surplus reserves was shown In the weekly
statement of the Philadelphia Clearing
House banks today. Loans expanded
nearly 17,000,000, while Individual deposits
Increased $3,177,000. Details follow:
CHICAGO, Oct. 18. Better weather In
the Northwest and weakness In the mar
kets there brought pressure on the local
grain market today nnd caused an casing
off In prices. AVheat weakened following
the opening. There was a fair demand,
with general selling In moderate lots. At
the close December wheat was down over
two cents nnd May was off two cents.
Hulls predict a rally, counting on tho
speculative Interest entering the market
on the breaks. Bears expect to hold
prices down because of tho free buying of
Canadian grain and Increased country
movements. Farmers, It Is reported, In
tend to hold out for wheat.
Exports from North America for the
last week totaled 12,904,000 bushels of
wheat, 2,592,000 bushels of which went out
aa flour; 19,000 bushels of corn and 2,820,
000 bushels of oats.
Leading futures ranged aa follona:
Sat'd'i
Wheat Open. High.
December .. 1.08 1.UM4
May 1.O0S 1.00
torn tnew delivery;
3000 Am CI & K 6s. 88
1000 Deth S 1st ex 6s
31 C&m S ecp '16.100
31 Ji 1016 100
31 do Feb 1017.. 100
.11 do May 1U17..100
6000 City 4s '33 reg.102
3000 do 1041 101
1300 do 1044
1000 El A Too Tr 4s ..
' 4000 In'state Hys 4a. 60
2000 Key Tel let Sa ..
30000 Leh N cons 4s.l00
1000 Leh V Coal Ss.104
1000 Penna gen 4s. 0S
1000 Pco Pass t 'c 4s 70
1000 P W & B t 0 .a ..
3000 Penna cons 4s.l03
4000O Reading gen 4s. 03
8S 87 83
102 102 102
101 101 101
101 101 101
00 00 0U
09 09 00
102 102 102
102 , 102 102
101' Witt 101
'73 7o (1
69 SO 89
01 04 04
100 100 100
101 104 10,14
OSW 08 08
70 76 70
074 07 U7X
103 103 103
03 U 03 03
BOND MARKET EXPANDING:
X500D DEMAND FOR BIG lOi
World's Greatest Underwriting Syndicate BehijiJ
Anglo-i rencn issue mm xunmu weak,
Baldwin and Reading Buoyant
MINING STOCK QUOTATIONS
TONOPAH STOCKS.
::::::::::::: 'J&
m
..............
Old.
Jim Butler 77
aiaoamnra
Midway
Mlzpuh Extension
Montana
North Mar 10
Tonopah llelmont 3
Tonopah KVitenslon 2
Tonrpah Merger H4
Tonopah Mining 8
Uescue H.ula OS
West Er.d 50
GOLDFIELD STOCKS.
Atlanta
lllue Hull
Itooth
KulKog
C O U
Combination Fraction
Dlamondncld II H
Dalfy
Florence
Ooldnetd Consolidated
dolrtncld Merger
Jurrbo Extension
Kewanas
Oro
20
... .03
... .41
... .02
. .. .m
... .OS
... .03
... .04
... .44
...1.33
... .18
...1.38
... .34
... .0(1
Fairy Alice
Klmberly
Nevila Hill ...
Nevada Wonder
MISCELLANEOUS.
01
. .0.1
. .17
.1.38
Asked.
.70
.04
.13
.10
.:
.12
4
2
.83
64
.10
.38
.27
.01
.43
.01
.03
' .07
.0(1
.40
1.4(1
.10
1.40
.3(1
.OS
.03
.04
.10
1.40
BANK CLEARINGS
clearings today compare with
corre-
Ttnnk
.nnr(incr flav last two years:
' 11)13. 1014. 1013.
Phlla'nhla .813,323,209 24,O20,3l 24,371,K)4
Boston 2S.333.334 20.039.472 22,K34,rj7
New York... 387.680. 730 213,033.241 244,0(W,IHJU
Interest In the financial district hero
centred around the salo of the AnRlo
French loan today. Bond houses reported
a broad and active public Inquiry, and
expressed the opinion that tho unsold
balance of biff Issue would quickly oe
taken up. Incidentally We underwrltliiK
syndicate Is tho larnest that has ever been
formed In the world. The General bond
market Is now reported to bo better than
at any time In several years, both on nnd
off tho exchange nnd old Issues, Ion
In syndlcato hands, are rapidly belnu
cleaned up.
Tho local trading In stocks was not par
ticularly larire today, but the tone was
distinctly Rood, nnd substantial Rains
were established In a number of Issues,
Including Ualdwln Locomotive, Itcndlnff.
Lehigh Valley nnd Cambria. Nothlnff new
developed In tho various mergers and
deals, except thnt Charles M. Schwab Is
now reported to be after the Kmplre Steel
and' Iron Company, of Catasauqua. It
was said tho Cambria and Pennsylvania
Bteel negotiations were progressing favor
ably, but had not been fully settled as
yet. Meantime, the steel trade continues
to expand, with the products growing
scarcer and the demand becoming pro
portionately moro Insistent, particularly
with regard to war orders, which aio now
being booked for almost lndcfinlta periods
In the future. Late In tho day weakness
developed In Brill, that Issue going off
2. Other stocks remained firm.
An illustration of how the steel business
Is expanding was to be found In the an
nouncement today that tho Pennsylvania
Steel Company's Steclton plant had large
ly Increased Its Ingot output by operating
Its new blast furnace at full capacity,
whioh Is about Boo tons per day. The
new forging mill Is being rushed to com
pletion, and, barring mishaps, this month
will be the largest In production Jsj
known at Stcelton. ""lon
The York Itallwnys Issues failed tor-
the ironrl ahnwlnir In ., ""Tel
tcmber. Tho gross gain wa. i it ..! W
HIIU
the net Increase wa. h, !'!
ftO -- . - , 1
The surplus was $12,509,
o.o per vent, ror
plus was J6B.H0,
Humors were current In the ai . .18
day that negotiations were en ?JX
sale of the Pennsylvania nallrn. "L
Ingg of Southern Pacific 1 li' !
said that, n syndicate had purch.T'
of the stock at nr. h uSu'Cn4 Ml
an ln..vl
ten months th,,j
of the stock at par. but thlt WaV ,T !l
at the offices of tho comninr u i'.n,t
Street station, it has been t. , l"i
company In
from time to time that the block m
438 shares of Southern Paris, 'y
sale. ",v " fori
YORK BUTTER AND Kjc-1
.Tonic. Oct,, m. - nt'TTP.-.,,!
NEW
mkv Tnnr. n,( id ,,.
firm, necelpts, 4h08 ra-kj. T?.-X
2.c. i higher scoring, 2e2f)c a,.!"
27JMt28c. .imitation creamerv. $?
uuuB-Harket, high trades firmer n
o.., paKaKs,
ZtU.llC. J
brow
Extra nr"s. 3n2t34e!,,''K
whites. 4osW"'5J'l Sma
O.llc.i nesrby whites, 48fl50c iKfci '
B30C.S refrigerator firsts, 2ia2s'ti,M.c
owns, 300380. m'"':'-.!itTkj
COTTON
NEW YORK, Oct. 13.-A bullish report
on the crop by a New Orleans paper,
which stated that the present condition
was the lowest on record, caused an ur
gent demand for cotton at tho opening
of the cotton market this morning. Ac
tive options rose 3 to 12 points, while Au
gust was up five points. The tone was
Arm. Southern Interests wore the most
active operators on the buying side, with
the supply cotton coming from Wall
street houses and local traders.
January .
December
October .
March ...
May ....
.lulv
Spot
Sat. close.
12.7S
....12.30
12.2R
13.01
13.07
13.17
12.43
Open.
12.87
12.IIS
12.48
13.10
13.23
13.21
12.60
Hlch.
12.03
12.77
12.31
13.17
13.211
13.32
Low. Close.
12.73 12.7
12. 3S
12.43
12.00
13.14
13.17
r.'.m
12.41
13 on
13.13
13.S2
AN ASSURED
INCOME
for
FUTURE YEARS
can be secured by pur
chasing the h i g h -grade
American rail
road bonds which we
are daily obtaining at
bargain prices from
abroad.
Write for circular
104.
'!""!"","?".
RATES FOR MONEY
Call.
Philadelphia 3 4
New York 12
Hoston 2,
Chicago S'i'S)
Commercial paper, 8 to 0 monthB,
phla, 384 per cent
Time,
314414
2'5g3
3afi3
Phllade:-
U. G. I. (Bonds)
Vl
The bonds of the various companies controlled by The
United Gas Improvement Co. are designated in street parlance
as U. G. I. bonds.
They command so ready a' market that they are not always
available. They yield from 4.75 to 6.25 and, being held
almost exclusively in the United States, are free from the de
pressing influence of foreign liquidation. We are, at the present
writing, able to supply a limited demand.
Particulars on request.
REED A. MORGAN &C0. ISSSSSi,
l."""u . .-t-p.,- '"' v, .1:1 .l.v.i" wmv'wm
m
low,
1.011
1.07
Close, close.
'1.011 tl.u
1.07 7.0U
cH'i
tii vi
40
40
Oct. 18, '15
Loans 44(l,t3U,Ouo
Deposits (Ind.) 3l3,401,O()O
Circulation ll.ouo.Ooo
Due from banks U3,4(ll,ooo
Deposit of banks 171,30(1,000
Ex. clearing- house 22,217,000
Reserve held 132,3(12.000
iKeserve required ...... 71.870,000
Uurplua OO.CUl.OOO
Decrease.
Surplus under old form October 20. 1013,
18, 1011, 10,222,500; October 17, 11)10,
600.
Increase.
0,tfH3,UUU
0,477,000
11,000
4,hUI,0U0
0,702,000
3,2tll,OU0
nai.oou
1,217,000
2.000,000
was
October
eT.uie,-
75 7CH 75
..342M 845 241
Uhlgh Vsller
Xligett & Myers
Long Iilana L'U
Looje-Wlles Biscuit ... 21)
Mscksy Coj 78
lUciay Coipf 05
Manhattan El gtd. . .127
Maxelt Moton OIH
Max Motors lit pf. ... D6r
Mai Moton 2d pf,,. 50 M)i
Mexican Petroleum Olh 03
Mlfln&St tiuls. ,..,. 14 14
M StPiBSM 120( 1215.
Mo Kaa & TeaaJ 5H i
MU1 Cepper..,,.,. 33 34) i
MatwMm racwe.,.., an on
'Mi 25
30 30
78 78
00 00
127 127K
e3 OIH
07 07
cm
mi
85H
76J
245
25
30
78
00
127H
03
07
51H
02
14
ISOii 121J
MaaUaaa Fever.,...
- Tstir""" tvtft-
i'lrtimi aHscttK
Mat law4. ......... ,
Kv Caa Cos, . .....
Kw York Air Brake.. 147
N YX H ft If -.- KJ
AH 67
10, 107
I'M VM
30 MU
87 7m
isji mi
147
K5H
Yodc Central tHf 10-1
W YO k. West .. . 29 36
Mojfatk ft Western,.. ,115M 116H 115
Kottfe Aawficas . ... 73 73,' TAl
6
33U
mi
vn
VM
29J
68
151s
147
83
MO
7
Xorthat fajcWe. -
Nit KrfJK I
i-S mm-.
rVMUk -,
rrovm fiu CM.
PiMla-irtplsU Co
lHiituit Coal
l (-,. 'Ifcwcl Car
I'vi (nrp X J
.111
17
.. m
Wi
. mi
m
47)t
40H
71
too
113 in
17 17
OH W(
30J( 30)i
W OH
6
34H
4H
67
107
128
31
CWi
IS) i
17
8iJ(
101
30
urn
73H
112
17
M
sen
m
urn urn nw
47J 47K 47
H 40) i 40M
WJ 70 73if
Mia iia iv
NEW YORK CURB
Did.
American Zlno 01A
llruden WA
Ur-Am Tobacco old 14
do new 14
Car Light utt
Chill Copper 22&
Hold. Cons 1
llcndee Copper 2S
International Marine ,. 71$
do preferred . . . , , 33
Keno't Copper ,.., MH
li V C Bales 78
Magma Copper 14
Mldvalo 81
Nlplasina OK
Otta Elevator 73
do Dref erred 113
Illker-llea-cman t
Hubmarlp 42
merlin Hum 2
Tobacco I'roducta 41
United Profit Bbarlna new.,.,,,. 2K
World Film 4
Yukon Gold 2
October
December
May
Oats
December .May
Lard
October .
November
January
nibs.
October .
Janoary .
October ... 13.00
December ..13..IO
January ... ,17,i0
Hid. tAsked.
04 i
oiu
40J4
40
ous
B!1
00H
30
40
.tO.42
. 0.43
. 0.47
.0.03
. 0.52
0.43
0.47
0.50
0.40
0.42
0.37
30i
740I.J
t0.40
t.4(
0.37
O.HO 0.43
t.l
fa
tft'.
as
40
401
0.33
II, N)
0.45
0.07
0.62
$500,000,000
N
Anglo-French Five Year 5 External Loan
THE JOINT AND SEVERAL OBLIGATIONS
OF THE GOVERNMENTS OF
THE UNITED KINGDOM OF GREAT BRITAIN AND IRELAND
AND
THE FRENCH REPUBLIC
DATED OCTOBER 15, 1915
DUE OCTOBER 15, 1920
13.00
13.30
17.70
14. M
14.07
14.00 14.02
13.10 tm.17
17.30 U7.30 17.62
LIVE STOCK QUOTATIONS
CHICAGO. Oct. 18. HOGS. rtecelpta. 'eOsO00;
market 3c. hlRber; mixed and butchers, fSfili;
aood heavy, I7.R3Ji8.Ik); rough heavy, $7.00
7.00; Hurt. S7.0OeH.U3i pg,, $o.337.83! hulk,
tH.40flt-.70.
CATTLB. Receipts, 13,000: market 10c,O
15c. hlaher: beeves. l. 401(10.13- cows and
heifers. 2.75fiS; Tezans, (),40ii8.SO; calvea,
BIlkEi. Ileeelnts, 17.000; market steady;
native and Western, $3tt7; lambs, $0.8360.03,
BAR SILVER
Oct. IR. The quotation for com.
mereiai far stiver toaay was is .iu pence,
an advance of 1-18 pence.
LONDON.
DIVIDKNDS
TUE AMEltlCAN (JAB COMPANY
West Washington Square,
Philadelphia, Pa..
Oct. e, 1B1B.
A quarterly dividend ot t (or fz pet
share) has been declared on the capital stock
of thus company, payable Dec 1st, 1015, to
the stockholders of record at 8 o'clock p. m
Nov. 17th, 101B. Checks will be mailed.
J, B. TOWNBEND. 8d. Treasurer.
D1RCTORY OF ACCOUNTANTS
Certified Publle Accountuta
LAWnENCE E. BnOWN & CO.
J15 REAL ESTATE TRUST BUILDINO.
Every employer should know the new
Workmen's Compensation Law
We are prepared to f urnieh abstract of the law and
full information to you on request.
Slk Packard Haughten & Smith .
Rtaiitfit Maaers
LandliH Giuiraiittc & Accident Ce., Ltd.
432-U'M Walnut Stret
fitoolihla
SrMrSMB
u
hofnbati 410
Main la
INTEREST PAYABLE APRIL 15 AND OCTOBER 15
Both principal and interest payable in New York City In United States flold coin,
without deduction for any present or future British or French Taxes .
Coupon bonds in denominations $100, $500 and $1000, which may be registered as to principal.
Registered, bonds in denominations of $1000, $10,000 and $50,000 and authorized multiples.
f Coupon and registered bonds interchangeable.
i
M
I
Convertible, at the option of the holder, on any date not later than April 15, 1920, or (provided that notice be given
not later than April 15, 1920) at maturity, par for par, into 15-25 Year Joint and Several 4J4 per cent. Bonds of the
Governments of the United Kingdom of Great Britain and Ireland and the French Republic. Such V2 per cent, bonds
will be payable, principal and interest, in United States gold 'coin, in New York City, free from deduction for any
present or future British or.French taxes; will mature October 15, 1940, but will be redeemable, at par and accrued
interest, in whole or in part, on any interest date not earlier than October 15, 1930, upon three months' notice.
A large amount of these bonds having already been withdrawn for Investment we
whose names appear below, offer, on behalf of a country-wide group of instit'u- '
tlons and bankers, the unsold balance, subject to Rrior sale and change In price
PRICE 98 AND INTEREST, YIELDING NEARLY 5& PER CENT.
4
Payment may be made either in full on October 29th or at the option of the purchaser 50 W cent, on
October 29th and the balance on December 3d.
Application will be made to list these bonds on the New York Stock Exchange
Temporary bonds will be ready for delivery on or about October 29th, exchangeable for the definite bonds when prepared
Bank of North America, Philadelphia
Central National Bank, Philadelphia .
Corn Exchange National Bank, Philadelphia
Firat National Bank, Philadelphia
Barclay, Moore & Co., Philadelphia
Charle D. Barney & Co.hlladelphU
Bbltlea 1c Co., PWUd.lphla
C. H. Bean Jc Co.. Philadelphia
Benson Ac PaeJWd, Philadelphia
Thomas A. WWU & Co., Philadelphia
Bodist Sens Jc Co., PhlladelpM.
WIMiam P. B4HWUft & Co., ksc., PWUda.
Brooke, Stoke Jc Co., PWUdeW.
BiHcker, Mserrord k, HeU, PWledeloUe.
CauaH Jc Co., P1.Uad.lfUa
E. W. Clark Jc Co., PUWefekU
C. ClotfcW Jonoa Jc Co., PWUAelfW
J. P. MORGAN & CO., New York
Drexel Jc Co., Philadelphia
Brown Brothers Jc Co., Philadelphia
Fourth Street National Bank, Philadelphia,
Franklin National Bank, Philadelphia
Philadelphia National Bank, Philadelphia
Commercial Tnut Co.. Philadelphia
Cole & Wurts, Philadelphia
Elkins, Morris Jc Co., Philadelphia
Ervin Jc Co., Philadelphia
Charles Fearen Jc Co., Philadelphia
M, M. Freeman Jc Co., Philadelphia
FraaiVr Jc Co.. Philadelphia
Roht. QUcdtemmf Jc Co.. Philadelphia
CdaiVWlWr CoT, ttileAU
Graham Jc Co., Philadelphia
M. yf. Hakey Jc Co., PhUaeUUhU
Haeyor Jc THXorr PhiUUUW.
ftF?rU4, Cf rWWiUfcU
CImm, C. Harris, Jr., Jc Co., rla4la4U
t :t
rid,,iijrJrn"1 Co' Philadelphia
Glrard Trwjt Co., Philadelphia
rennsyly.MU Company for Insurants on
Uvea and Grantinr Annuities, Philadelphia
H?Brr JcWeet, Philadelphia ,
Klemm Jc Keen. PL I.J.Ul.1. '
A. B. U..J, it c... PhiL.uu.Ma
MeHor 4c Poiry, phlUdelohll
monimery. CUthUr Jc. TyUr, Ph$la4UI-hili
w 1 'r""T? to., rhtVaeie
Rfi W.U , C... PWIolpW
J3M mH wa iwt
VWUMUiy
J(MW