EVENING LEDGEB-PHILA.TEi;PHIA THUESDAY, OOTOBEB 21, 1915:
FINANCIAL NEWS
MANY NEW HIGH RECORDS MADE
AS SPECIALTIES DOMINATED TRADING
Bethlehem Steel Soared Over 70 Points, General Motors
26 and Studebaker More Than 18.
Rock Island Weak
i
NEW TOnK, Oct 21.
The stock market wan dominated today by the war specialties. There was
a, blr demand for these Issues, and while they were active very little was done
in the standard stocks. Chief Interest was attached to three stocks Bethle
hem Steel, General Motors and 8tudbaker and all made new high marks,
a Hid many others of this class of securities. On two transactions Bethle
hem Steel sold up 70, while General Motors rose 26 and Studebaker 18V4.
Among the other stocks to hit new top marks were Industrial Alcohol, up 11;
Willys-Overland, 8H. All of the advances were not maintained, however,
prices going: off from the best on profit-taking sales. Weakness In Rock Island
unsettled the market late In the day, that issue going off nearly 8 points. The
closing was irregular.
The Street was full of bull reports, most of which concerned the specialties.
The sharp advances In Bethlehem and General Motors caused a revival of reports
f a change In capitalization which would take the form of Issuing new stock with
a par value of 110, which would be exchangeable on the basis of ten shares of new
for one share of old, which has a par value of $100. This would not chango the
capitalization. Another report had It that the capitalization would be Increased
to $160,000,000. Of General Motors It was said that the directors, at their meetlnir
next month, might declare a stock dividend.
For the outsider It has been virtually a cash market for Bethlehem, few, If
any. commission houses any longer permitting their customers to buy on margin.
Therefore, It resembles more than anything else the over-the-counter market
that exists in the other ordnance shares, like Winchester Arms, which sold yester
day at $3000 a share; E. W. Bliss, du Pont Powder, Remington Arms, and many
ethers.
Practically there Is no floating supply of these stocks. They are all bought
up and closely held. Consequently sales are a matter of negotiation when a
few hundred shares appear from time to time. A difference In the case of
Bethlehem Is that there is quite a little trading done by floor brokers. One
shrewd trader, who originally bought 100 shares at 250 for Investment, has
been In the habit of doing a 100 shares or so of Bethlehem Steel every day,
buying at the opening and selling before the close, always at higher prices.
By this process he now owns outright 200 shares, on which the cost has been
averaged down to about 95.
Another difference between Bethlehem and the other ordnance stocks is
that there Is still a public interest In the former. Because of its prominence
aa the highest-priced stock on the exchange and because of its phenomenal
advance, which has been advertised throughout tho country, there has been a
lot of scattered buying of it even above the 400 mark. One and two share
lots have been constantly taken out of the market.
U. S. Steel's Earnings Expected to Be Good
From day to day many estimates are heard of the earnings that the United
States Steel Corporation will show for the third quarter. It Is expected that they
Will be very good. Earnings of $40,000,000 have been predicted by certain steel
manufacturers, but now they are inclined to raise the ante, estimates now ranging
from that figure up to $46,000,000 for the period. This would mean a surplus after
all charges, Including the preferred dividend, of $22,000,000 or more. The surplus
In the second quarter was $8,267,000, and therefore the total surplus for the second
and third quarter would total about $30,267,000, or $8,000000 In excess of the
deficit reported in the depressed period, which began in the latter part of 1913.
NEW YORK STOCK SALES
Alaska Gold M
Allto-Cbabnen Mfg...
Allis-Ctulm Mfe. pf..
Am As Chemical....
Am Az Chemical pf.
Am Beet Sum
Am .Beet Sugar pf...,
Am can.
High. Iow. Close.
33 32M 32M
46M 44 44
75 74 74
72J 70 71J
97 06 97
66H 66 GO
92f 92lf 92X
615 63H 635i
. 32H
444
74H
69H
96
66V4
925
6354
Am Caa pf 1065 106V4 1065 106H
Am Car & Foundry... 87 S8U 865i S654
Am Coal Products.... 156 157 157 157
Am Cotton Oil 605-i 60 60 60
Am Cotton Oil pf 97 99W 98H 095
Am Express HO 111W 11W HIM
Am Hide Leatner... UM
Am Hide & L cf 61W
-Am Ice Securities 23H
Am Unseed 22H
Am Linseed pf 39H
Am Locomotive 71H
Am Locomotive pf 095
Am Smelt & Kef. Q3H
Am 6m & Ref pf 109
Am Smelters pf A SQH
Am Smelters pf B 82Jf
Am Steel Foundries... 725
Am Stttar Reflnlne....H2
Am Tel & Tel 12414
13'i
68'i
24
2354
42
7254
99H
Dl
11M
5254
2354
22K
40
71
9954
02K
109H 100K 1095.
SOU SOU SOU
825 825 825
73 70S 70f
11254 1U5. 111H
124H 124)4 124J4
1354
5854
23H
22H
41
71
9954
02J4
Am Tobacco 23254 2305 230
230
565
655
07J4
9J4
755
i Woolen 56 5754 565
Aw Woolen tr r 545 555 55
Am Woolen pf 0854 97H 97j4
AmWrltlnePpf 85 9H 054
Anaconda Copper 7554 765 75K
AtchTA s F 10654 106H 106H 10f)f
Ateh T48 pf..T... 10054 100H 100H 10054
Baldwin Loco., 1325134 1325 V2H
Baltimore & Ohio 025 924 OIH 025.
Baltimore A Ohio pf.. 745 74J4 74J4 74K
Beuuenem tsieei 620 599J4 550 588
Bethlehem Steel pf.... 165 160 1635 160
jsrown bnoe.. o
Brunswick Term 65
Burns Brothers 02
Butte & Superior 60J4
CalFetroleum 185
Cat Petroleum pf 42
Canadian Pacific.. .'...167
Cent Leather Co S5U
ruenl Leather Co pf.
1 C Cfiesanaalra A. Ohio.,
40
7
91
6014
19
4154
167H 167
5854 5554
10754 107H 107K
57 67f Kf
40
7
90
60
1854
41H
Cblno Copper 4954 4014 49
Chicago Great West... 13H 1354 135
Chicago Gt West pf... 345 3454 34
OCO&StLpf 77 77 77
Chi Mil & St Paul.... 02)4 0354 C0U
40
7
00
60H
1854
4154
167 H
57K
107H
37
4954
135
3454
77
005
47tf
225
725
35M
54
52
0254
118
15
49;(
225
72
34M
6354
44H
61
CM & St Paul Df.... .12754 127W 127K 127U
t Cat & Northwest 128 128 127J4 127M
ChlKI&Pae 19 19K 1BK 16X
. Chiett Pea Co 77H 74W 71 71M
- Clutt Pea & Co pf...H0 110H 110M 1I0H
Colalo-yuel 4 1,,.. 67H OOJi 58H 59H
Col&Southera 3H 34X 34M 34H
. Conttaental Can......lQS 113H 108H 110
Cwtteental Can pf...,105H 107 107 107
Consolidated Oas HM 144H 142H 142H
Cora ProducU Ref.... 18W 18 18 185
mi rroa nei pi . .. koh 0 66Jf 87
Cabao-Am Sugar U9H 118
jMa wo uranoe pr. i7)f 17
Mraiwn becuniiej.... 4IH
Dose MlflM 22
Kkc Storage Bat 71
M 35
Xrtalst pf ., 63U
Erie 2d pf. 44M
Ted Mln 4 6m pf .... 50H
Oca Electric 179U
Geo Motors .... ..344
Gen Motors pf 113
Goodrich U V Co 76
Gooarteli fl F Co pf..H0 110K 110H 110M
ureal wortnern pi... .12U4 l2Hf Villi 12U
at N tit tot ore prop. 48JX MH 48 62
umae-Cananea 41H 41 40H 4 OH
Oualm Eipl-n.,. 6T4 08li G7fi 67i
IWaoteCent 107 106 106 106
Ut Agricultural 2M 23H 23H 23H
teVAaricultural pf.... 63) i 53 62l( 62H
JntUarrNJ 110 110J4 110 HO
InUr-Metrott c...... 22X 22H 22)f 224
lata Cob Corp'n 23H 22 22 22
Inter Coo Cor pf 79 78H 7814 7814
IwiiteaUM &. ., 45M 44H 44H 44U
latwoatiMalFaMr... W lWt 10U 10U
- Usernst Paper pf . SV 30H 38M 39H
tat mmm u i,........imn im
Ks. Cnr Southern . . 27)4 27X
Km Car Boirtaafa W. emt Vt
Kna8BCo W 300
92
118
15
42U
22H
71Ji
34)4
63K
44H
61
17814 176U 178
370 350 365
113H 113)4 113H
78)f 76M 764
., . Last close. HUh. Low. Close.
; York Central 09H 10O mi 1L0W
N Y C 4 St L 42)f 42 42 42
NY0 4West 30 29H 29)f 29)f
Norfolk 4 Western.... H5H 115K 114 115
North American 72 72 72 72
Northern Pacific uiX 111H 111)4 111H
Nat By of M 1st pf... 23 23 23 23
Nat Ry of M 2d pf... 9H 9U OH 9f
J""10 M?- 30H 30H 30J4 30J
Pacific Tel 4 Tel 45 45 45 45
rennRR....... 53 58)f 67J4 57H
Peoples Gas Chi H8X 120W 118U 118K
Philadelphia Co 46) 47 48H 46)4
Pittsburgh Coal 40 40J4 39M 40
PltUburgh Coal pf.... 109 109 108X108)4
PLorlllardCo 175 175 175 175
P Lorlllard Co pf 115 113 113 113
Pressed Steel Car 72 72)4 71H 71f
Pullman Co 164 163 163H ie3H
Qulcksllyer 3 3 3 3
Ry Steel Spg.......... 49)f 49X 48)f 48!f
Ry Steel Spring pf 05 92 92 92
Ray Con COpper 25M 25)4 25X 25)4
5e5 78H 78)4 78K 7Wf
Reading 1st pf 43 43)4 43)4 43)4
Hep Iron 4 Steel 64)4 66 64)4 65
Rep Iron 4 Steel pt...lOiX 104 104 101
Rock Island Co pf..... H H )4 )4
RumelyMCo 4K 4M 4 4
Rume?Cotrr 5)4 4 4 4
6tLouls4SF 6)4 6 6 6
St L 4 8 F 1st pf 11 10 10 10
StL4SF2dpf 8)4 854 VA VA
St L Southwest pf 32 34 34 34
f Air Line 16H 16H ie 16H
Seaboard Air L pf 39 39H 39H 39H
Sears Roe 4 Co 1561f 158 156 156)4
Sears Roe 4 Co pf.... 124)4 125 125 125
Sloss-Shef 8 41 Co... 61 6Hf 6014 61
So Porto R Sugar 137 136U 13654 136 J
Southern Pacific 08 9S54 97U 97)f
Southern Ry 20) 20X 20)4 20)f
Southern Ry pf oo 69)f 50 69
Standard Milling 81 SOU 80 S0)f
Standard Milling pf... 83 S3U S3H 83U
fJabkerCo 176 1914 1754 191
Studebaker Co pf 1114 112 112 112
Tenn Copper ex rts... 67 til'i 62)f 63)f
T"Co 165 165 164 164
ThW Aye.... 61Jf 614 61 61
Tobacco Products pf.,100 1004 1005f 1004
Twin City Rap Tr.... 96 914 034 064
Underwood Type pf... 104 101 104 101
Union Bag 4 Paper... 64 tVi 04 64
Hn)i Cigar Stores.... 104 10K 104 104
United Dry Goods pf.. 76 764 744 744
Hn!on Eicmc 135Ji 135 135 1354
Union Pacific pf 814 814 814 814
U S Cast I P 4 F..... 26 264 25 25U
u Bind Alcohol 1114 123 111 1204
U 8 Ind Alcohol pf... 105 105 10 J 105
United Rys Invest 255f 25 25 25
United Rys Inv pf 424 43 42 424
ySR.ub.ber 64 664 51 544
ysgfe 854 874 b6 86
US Steel pf 1154 1154 1154 1154
Utah Copper 694 704 694 694
Va-Caro Chem 454 464 454 454
Va-Iron Coal 4 O C84 69 674 684
Wabash pf 4 4 4 4
Wabash l 134 134 13 13
Wabash pf A wi 45 454 45 454
Wabash pfBwl 284 264 284 264
Wells Fargo Exp 1184 120 120 120
Western Union Tel.... 704 794 794 704
WestE4M 71 714 704 714
WesUnghous lit pf.,. ho 85 85 85
Western Maryland 3J4 334 32)f 334
Western Maryland pf. . 494 494 494 494
Wheel 4 Lake EH. . . 34 34 3 3
Willys Orerland 258 265 2584 28 i
Willys Orertand pf.. .1094 109 1084 109
Quoted ex dividend.
Total eales 1,186,100 sharee, compared
with 936,100 share yeaterdmyt thue far this
week, 4,081,800 barest same period last
week, 3,76t4O0 shares.
M
774
51
S
tLeKfc tittii)D 86 ACW
Iaja Valla.. ....... 74 74 74
Umnit tcMtn 34 ,38 30
,Lsm Uiaaa. MM K H
kW MS 1st pi.,.. M
Osji 774
' Cee pf.,,..... Kyi
ot HUsas...... 47
tazwei! alotots , WU
mu aUturs Ut pf,,. MW
mi sMorr 3d pf.... 6fM
(.llliuMohiw..,, mi
WMmtCumr MU
Lpf , 14
.ATOM,.,.,
s.i,( &H
.. ;
iCM h.,t4.mK
mii 195
274 274
ei4 14
K4 300
84 8S4
77Ji
M4
1K
m
mi
ftMafj
344
64
I
74
30
34
W
rm
84
MX
684
WA
Wi
00
84
244
64
44
574
4
Eaaie4 a
C t ti. -.
iurk An hi Jt.
7H
. U
MO
r3M
mi
334
3
44
574
1MH 1234 1254
vm VM uw
8H4
30
S7f
15
XM
814
WW
4
13
834
30
(3
15
160
81
NEW YORK COFFEE MARKET
NEW YORK, Oct 21. Trading waa active
on the coffee exchange In the early seuton to
day, and prices were generally hlcber. Bales
of more than 12,000 ba were recorded In
the first hour. Prices continued atieng
throuchout the day: trading Increaaee. Sales,
M.tOO baas.
Today's
Opening
October .. . ....
November
December .46.83
January 8.60
Februarr
March 6.72M.T3 6.6OM.TI a.Bl8 ftj
pni aiuejocv o.l.i H.Ti
0.7HBL7tl U.7I
,,..., -o.so e.tue.8i B.7B-tt.7t)
. .. ELWaUM
H.K.fli
e.9S4t.se
Today' Yesterday's
Close. Close
.... e.r6Mej
6.A0tg4.M
6.61A4.62 aa.iati.5t
e.63e.M e.&&a.M
tins as
Msy .....,i...,4682
July ..." (1.03
Aucust aeo
September , .6 05
Bid. tOKertd.
COTTON
' NEW YpRrf, Oct. 2L-Therf waa active
aUlri In cotton at the opening of the
lasfafret tl 'a moraine and the tone waa
eay, with prlcea 1 to 12 polnta lower.
Unfavorable" weather in. the belt and
good Gbl. freen Liverpool were (onored.
Prlcea gradually weakened aa the day
advanced wetll th imral level wu more
than 90 potets below last Rlght'a llnal
ur at Mie close.
Tea. iytf. !. l. Ir. CToa.
tfW liTT irM 12 62 12.83
UM 12.66 12 66 12.60 12.42
12.S 12 12 80 12.20 12.29
13 06 12.25 12.S4 12.73 12.71
is. la u 13.no 12 an iiiut
January
Daceaaber
OctotMT 1
March
Jiay
New York Bond Sales
.... . '!
"V" v'ame cap ,,,. 7
T00O do deb Ka P54
8J0OO Anglo-Fr 8s w 1 .. 0JH
SOW Ahier Tel clt 4s . . 80
2000 do cvt 4 He .,104
eooo Armour Co 414a , 03
moo Atchison adl 4e ... 4
B5OO0 do cv 4s 1050 . ..94
.A$ZL .l,. cv u 1M0 ..106,4
l!i52S pu 3H ,...mH
lfOOO do 4e .. .. . KU
TWXIO do cv 4H . 024
23000 Deth Bteel 1st 8a 102
ZSP d0 r'd 8s ,. 100
WX) Drook II T Si 1024
8000 do 6a 1918 100
8000 C C C (en 4 75 -
19000 Cal 0 ft Bleo Re, 95
nOTK) PiniH& Rmifh Km 1A1
3O0OO Cent tath 1st 8S..101K
w" imi no let 4 ,, bt1
.2000 Cent II D N J tl ..111
V-1S22 c,1, Copper Te .. 129'
"J"V" imi a unio cv 4Hs f4
woo Ches A Ohio u, 81'
."" -na Uhlo ne . . 44
!!. -m ui west 4
JriJS PJ11 n 9 Joint 4s. . 91
110OO Chi n ft 3 cen 4a 91
lOflo Ch M n Ri 1 .1U . 70
S50 Ch Mil ft St I cp 8a.l02t4
.ViOOO Ch Jill ft St r cv 8 10144
09000 Ch Mil ft St I cv 44e OH
8000 Ch Mil A r 8 4s... , 87V4
.1000 CM It I ft P 6a 1034
2WW Ch St P M A O ten 4s 70
1S0O0 Co ft South 1st 4s , RDM
0000 Co ft south 4H 81
loon Del ft llud rid 4s .. 83't
45000 Del ft Hud rfd ...104
12000 Den ft Hlo Or 4e ... 72V4
20OO Den A IUo Or 4Hs . . so
357000 Die Secur Corp Cs .. 78
inoo Du Pont Ponder 4HS..101U
sooo Erie iren 4s "... Wl
3000 1-le conv 4s 8r A... 08
2CO0 Erie conv 4a 8er 11... 77t
20O0 Erie prior 4 82
8000 oen Elec deb 8a lOlft
210OO Great Nor r let 8s... 9S(i
27000 llud ft Man In 6s.... 27
2WO do rfd 5 74i
1I0O0 Indiana Steel 5a 1011
4000 Iowa Central ref
2000 111 Central 4a '82.
otiu ina cop cv tie 1D.....1M
5tKX) do cv 6s ,1M
24000 Interb Met 44 70'4
nor Interb U T ref 6 I'BS
465O0O Inter Mer Mar 44... M
8O0O Internl I'atier cvt 6s., SO
2000 lilt Nav 8 704
2000 Jap new 4W 82
5000 K C Ft 8 ft M 4s .. 70
COOO Kan City So 6 I'lU
1000 Kan City Ter 1st 4s. 8V
8000 Lacka Steel 6s '23... 95
12000 do 1950 93K
1000 I.k Sh deb 4s '.11 92H
6000 ih Val of n Y 4Hs. H9yt
10OO Llg- ft 51 T 7 121i
40000 Lorlllard B 1004
15000 M St P 8 8 M 4.... 6r
10OJ Mo Kan ft T 2d 4... 84
1UOO do 4 77
rX) do 5s 66
1000 Mo Pac 4s 40
2000 Mo Pao cv Ba 40
5000 Mo Pac col 6e 1917 .. S7 ,
2X Mo Pac cons Ca. ... 91W
3000 Mont Power 5s 9lJ
1000 N Y C I. 8 3H 74
5000 N Y C ft Hud 4s Wi
97000 N Y C ft Hud 4s 90
141000 do 6s ret WW
2000 N Y City 3Ha 1054. S5H
9000 N Y City 4s 10.W. . 95i
1000 JC Y City 4Ha 1903. lOlti
70m N Y Cltr 4is 1964.... 90
TOfloo N y city 4Hs 1905. .102
Low,
97V,
14
m
97
1024
?i
40T0 N Y C 4Ha Nov 1917.1024
WTO N Y N H ft It CV a4" 71
6000 KTN1U1I fie 1154
1000 N Y Ont ft W let 4s 78
5000 N Y Rwy ref 4s.. . 70
1WO0 N Y nwy adj 3s. . . 48'1
2HW N Y State 44. 1994
4WX N Y Tel Ken 44a. 9Bi
10.W Norf ft West 4s.. 92
44000 Nor l'ac prior 4 02
41000 Nor Pac Ben Ss IH'i
3000 Ore Rwy ft N con 4s.. 814
2000 Penna cvt 34s 1915.. 99V
0000 Penna gen ct 44s. ... 084
00000 Penna en 44s 103i
2000 Penna 44s 1921 100
0000 Pub Serv N J 8 884
1000 Ray Con Copper 6s... 128
coooo Heading gen is . .... .
2000 Rep Ir ft 8 5a 944
1000 Rock Island 4s 824
41000 Rock IMand rfd 4s... 05
29000 Rock Island 6a 45
3000 Stand M 8s 94
10000 Seaboard A Ii ad 5s.. 064
5000 Seaboard A I. ata. 4s.. 80
9000 South Hell Bs 01
81000 South Pac cv 4 804
82000 do cv ret t p Bs....l04!Vl
44000 South Pac rfd 4s 66
1000 South Pac Term 8s. 80
7000 South Rwy gen 4s .. 67
COOO do con 6s nn-
1000 Texas Co 6a t P...160
6000 Tol Peo ft W 4s ., B5W
2000 U S Realty 8s-.... 67
6000 U 3 Rubber fls 103
114000 U 8 Steel 5s 104
25000 do reg Ba 103W
6000 Union Pac rfd Bs.. 864
1000 do 1st 4a 054
17000 do cv 4s 02
1300 do ref 4 04
1000 Un Rwys 3 F 4s ... 46
1000 Va Car Chem 1st Bs. 96
1000 do 6a 994
3000 Wabash 1st Bs ....102
10000 Wab Equ ct ata 1st f p .124
15000 Wab-P T 1st ct 4s.. 14
80000 West Elec Bs 1014
7000 West Md 1st 4s ... 72',i
15000 W B ft M cv Bs w 1.144
54000 Wis Cent gen 4s .. 844
25000 Weet Chest B 102
01
74
894
89J
107J-,
85,
05.
inn,
09
102
1024
71
1154
78
70
48
1094
9
92
02
044
894
90
084
103
lon
884
128
93li
914
824
01
43
94
fid
80
SHU
99
984
103
074
09
160
654
67
10.1
104
1034
86
054
02
94
46
06
904
102
3l2jf
1014
72
1424
844
102
Total sales fl,7!5,00O, compared with $4,.
103,000 yesterday) thus far this week, H7,
176,000; same period last week, $16,964,000.
Financial Briefs
The Philadelphia Clearing House Com
mittee has ruled that on and after Fri
day, October 22, sheets must be in the
Clearing House for certification not later
than 4:20 p. m. on full business days and
not later than 1:20 p. m. on Saturdays.
The New York banks sained (13,747,000
from the Subtreasury yesterday, and
gained J19.194.0pO since Friday. The largo
gain by banks yesterday was due to pay
ments by the Subtreasury against Tues
day's (25,000,000 cold shipment.
J. R. McAllister, of Philadelphia, haa
been elected a director of Electric Stor
age Battery Company to succeed Ru
dolph Ellis, deceased.
Net Income of the Tonopah Mining
Company for the quarter ended August
31 was 1186,870. The Tonopah Placers
Company, a subsidiary, showed net earn
ings for the quarter of 1114,001. The Tono
pah Mining Company had quick assets on
August 31 of 11,916.875. of which Jl.048,003
Is represented by bonds owned and (313,751
in silver bullion stored at CO cents an
ounce.
The meeting of directors of the Lehigh
Valley Transit Company has been post
poned owing to difficulty In obtaining a
quorum, and will probably be held next
week.
HQSseBkSjall ' jf-'ssafttfCT 1
BnffilMIIII lh i ii f ' lffarLsal mWLWv" I
BdBB,SVSMea'aaaJaBBBB?9e7BBVMBBH
7j Our yards contain Douglas W
III Fir and Longleaf Yellow
tl Pins timbera Shortleaf Pine fl
im framing aizea ana rianKinz t
Our yarda contain Douglas
Fir and Longleaf Yellow
Pins timbera Shortleaf Pine
Framing aizea and Planking
N. C, Flooring and Lining.
Mill facilitiea for sawing and
working.
Tell us your wants.
Edward F.Hensonfi Co.
Alruolvral Lumbtr and Timttr
roplar St. Wharvea, Phlla.
DIVIDENDS
THE GIBARD NATIONAL BANK
Philadelphia, October 19, 1918,
The Directors have this day declared a
dividend of eight per cent. (B), free of tax,
payable November 1st, 1915, to stockholders
of record at the close ot business October
22d. Checks will be mailed.
CHARLES M. ABHTON,
Cashier.
HPKC1AI. NOTICES
yrsr A1X, I'KKSONS ARE HEREBY OATJ.
-:m tloned against harboring- or trusting
any of the crew of the Norwegian steam
ship Oesto, front Manchester, England, H.
B. Jeepersen, Master, as no debts of their
contracting will be paid by the Master,
conelgnees, or by Earn Line Stearasfelp Co.,
Agents, 453 Bullitt Bufldlng.
P4KKCTOr sMT ACCO DNTANM
CeJtleVd FuhUa Ac-;iresnl
FOREIGN EXCHANGE
Tea.
Merllng Jllgh. Low. Clese. Close.
Cables ... 4.67H 4.61 M, 4.61 4.69
Demand .. 4.67V4 4.67 4.67H 4.68
Francs.
Cables ... 6.86 5.8T It SS 8.654
Demand 6 69 6.SS 5.89 8.86H
Marks.
Cables ... 8f 82 H SI 8H
Demand .. 8tV 8J' 8JV4 8t'
GRAINS DECLINED;
SENTIMENT BEARISH
Good Weather nnd Incrensinff
Arrivals Held Responsible
for Sngging Tendency
Sales in Philadelphia
loo
r
Ml
100
HO
012
178
WW
100
400
210
llio
780
4T6.1
1M0
10
Tes. close.
Allls Chtlm... 44H
Am Car Kdy. ..
Am Das . ... , 117
Amer Hide A L. ..
Amer Loco ... . 72U
Anaconda Mln. .,
Ualdwln 1x-o. .112
i.o uraf . . . loo
Hurt A S t o pret 44H
Cloe.
07
07H
68
72
:i24
70
7S
a'H
88
CHICAGO, Oct 21. Opening quotations
In grains showed a continuation of yes
terday's gradual decline. Bentlment waa
very bearish. Good weather and
Increasing arrivals In the North
west, with a Southwest movement be
ginning, were said to be responsible for
tho break. Stocks are expected to In
crease. Premiums have grown easier.
In the early hours trading was listless,
n scattered demand prevailing, but the
market gradually weakened until at the
close prices were down nearly 2 cents
below Wednesday's final quotations.
Corn and oats eased oft In sympathy
with wheat. The latter, however, waa
the strongest of tho three.
Exports totaled 1,2SO,000 bushels of
Manitoba. Tho demand continues dls
nppolnttng. Cash handlers sold 15,000
burhels of wheat, 85,000 bushels of corn
nnd 176,000 bushels of oats.
Scarcity ot Manitoba offering and light
native offers offset the weak American
cables nnd the Liverpool market main
tained a Arm position. Cargoes were
strong and steady. Spot was unchanged
to Id higher. Increase In stocks Is being
prevented by domestic consumption.
Leading futures ranged aa follows:
Tcst'y'e
Wheat Open. High. Low, Cloee. close.
uctooer ....ti.u ....
December .. 1.04l 1.05
May 1.0.V4 1.00
orn (new aemeryj
1.03
1.04
1.0.1V4 'LOtJi
H IMJ
tl.04
October
December
May
Oats
December May . ...
Lnrd
October ..
November
January ..
Itibs
October ..
January ..
Pork
October ,,
December
January
03V
68i
B14
ssy.
Ti
00'
0$
SB
.8 87
. 8.00
..0.45
,. 8.87
,.13 23
in.60
,16,10
9 0S
0.16
Eg
338
soo
8 83
9.10 8.87
61V4
168
,W1
30S
9 03
9 01
to.io
0 47
9.03
Bid. fAsked.
13 40
13 80
10.60
13 22 13 40
13 45 11 GO
10.05 16.45
NEW YORK CURB
American Zinc
Braden ,
Mrltlih-Am Tobacco old .
do new
Car Light
Chill Copper
Oold. Cons
llendee Copper
International Marine
do preferred
Kenc't Copper
L V C'l Safes
Magma Copper
Mldiate
Nlplsilng
Otis Elevator
do preferred
Itlker-Hegeman
Sterling Qum
Submarine
Tobacco Products
United rront Sharing new.
World Film
Yukon Gold
Bid.
.... (U
.... OS
.... 13
.... 10
.... Wi
.... 22i
.... 30
.... S'i
.... aijti
R2?i
.... 77
.... 14
. ... 94
.... 6',i
.... 7T
.... 91
.... o
:::: H
::::
.... 4
.... 2tt
64
88'i
31t
ass
3054
8 82
8 82
8.05
9 33
8.92
13.73
13 90
10.23
Asked.
tKMi
,8
itH
10
23
IS
32
H
37
83
82
14i
94i4
75
05
H
ntt
H
4.1 U
NEW YORK BUTTER AND EGGS
NEW YORK. Oct. 21. BUTTER. Market
steady to firm: receipts, 7678 packages. Extra,
2Rc: higher scoring, 28H29c: Stat dairy,
27t4ff2Sc.i Imitation creamery, 2324c.
EOOS Market irregular: receipts, 8387
Sackages. Extra firsts, 33835c: firsts. 28ft
2c; nearby whites, 82S55c: mixed color, 28
Q37c: refrigerator firsts. 21HS254c: nearby
browns, ESgiOc.
Drill .T a
Cum Rteel
Col Fuel ..
Chi It I A r.
Kleo 8tge
l-io ,
Ot Nor Ore .
Gen Asphslt
do rref . .,
Ins Co N Am.
00 lAke Bup Corp,
101 lh Val T pref.
ad aiineniii . . ,
800 Miami Cooper..
S16 TVnnn nftltrneri-
74 renna Salt Mfg. HUH
20 Penna gteel ... 86
60 do pref .... Ill
180 Phlla Co cum pf 41W
8952 Phlla Electric. 27
210 Phlla lurid Tr. 14
8618 do tr ctfs . 14H
20 Phlla Traction.. 77
4(0 Hepubllo Ir A St .
60 Reading ,.,, .. 7tH
10 So Pacific .....
610 Tonopah TJel... ,
893 Tonopah Mining 6H
645 Union Traction. 42
330 United Gas Imp ftO'i
8 Un Cos N J. . 222
17823 L' 8 Steel SW
15 War Ir A St
10 W Jer & Seash.
120 Weatmor Coal..
200 York Rwy
200 do pref
10'
48'
t,n
2
Total sales 48,113 sharer, compared with
29,263 shares yesterday, thus far this week
143,467 shares) same period last week 08,677
shares.
BONDS.
Last prev.
sale. High,
8100 Am Q A E 8s. 88U SSU
7000 Bald'ln L 1st SS.103H 105
2618 Cam 8 scp '18.100ii 102
1278 do Feb M7.,. 99H 100i
1275 do May '17... 100 lOOiJ
1000 City 4s '44 102 102
2000 do 1015 102
3000 El & Teo Tr 4s 76 76
MOO Leh N cons 4V4s.lOO 100
5000 Leh V gen 4s... 89 89
1000 do Coal 8S....104H 10IU
2000 Leh V T 1st 8s. 103 102S
16000 Penna gon 4V4. 9Stl 98t5
340O0 do conv 3HS..103H 103J4
3000 Phlla Co 1st Bs.lOO mji
3000 do cons 6 66 86
44 do scrip '16. ..100 100
44 do 1918 98 98
torn Phlla Elee 4s.. 79i 79',
13100 do 8s 102J4 103
4000 Reading gen 4s 03 U 93U.
2000 Welsbach 1st 5s 01H 93
Low. Close.
SVA 87Ji
103 1U3
101i 102
100 lfxiji
1004 10ll4
102 lOi
102 102
70 70
100 100
89 89
104U 104'i
102V 10'iH
nsy, "SH
KI3S lOIV.
99t4 lW'k
86W H64j
100 100
98 98
79H 7H
102 102U
03H twh
Tolal sales $120,765, compared with $105,
663 yesterday) thus far this week $407,567)
same period last week $242,304.
Local Bid and Asked
Today.
Bid. Asked.
Bald Loco 1821 183Vi
do pref 11
Brill, J G An., 17
Cam 8tecl 6754 7
Elec Storage 71 , 72
General Asphalt 83 36
do pref 72 72VS
Ke stone Tel 14 14Vi
do tr ctfs 13i 14
do pref 05V4 l0
Inks Sup Corp 9& 9Vi
Ihlgh Nav 78 78V4
Lehigh Val 73 73
Lehigh Val Trans ... 18 181
do pref 3lU 37V
Pennsylvania 1 57J4 B7J4
Phlla Electrlo 27H 27K
Phlla Co
do 5 per ceni. prei... 00 on
do 0 per cent. pref... 43
ni.ii. TCinM Transit... 144 14
do tc liS U.
Reading 'J '?J
ronopan jrimunfc ..... 7
Tonnnah Mining ay. 61
Union Traction 42U 42
U G I 8B . 80i
U 8 Steel 86T4 87;
do pref 804 81,
Wm Cramp t o 87H 88ft
Ex-dividend;
BAR SILVER
LOyDON, Oct. 2L Commercial bar silver
was quoted at 23d.
In New York the prlca was 49 cents with
Mexican dollars at 37V cents.
Yesterday.
Bid. Asked.
132 182(4
.. Ill
HR 08
07S 7
71 H 72
32 sat,
C9d 71
14 14U
13i 14
65 oa
9 9V1
78 7S).
7S'i 75
18 1SW
37W 37J
874 88
27 27'i
47 47?
37W 38
Y 43 44
U 14 14U
K 1. m
A r 6i
A 41 42
Si 80 86W
Z Si 65ti
29H 80
88 88H
PHILADELPHIA MARKET BROADENING
T3TTTI TPAT.T?. nPTFTS TO WAT. T CJtnnni
4J J X J. vi v. -w "" o x xVEjj
Many Active Local Issues Have Gradually Been ShiftJl
4-r T... Vl" f!arril AarVlo1f Qlmu. CI 4
w new loin. " a.OJls.aU jiiai ca OOar.
Jump in Pennsylvania Steel
pries rnorlna; from M to jsti 1- . '
transactions. This la a new hJh -"?
o oxpiaiviiion. wits forthearniK. . ;
oeeunt for tho rls.. lUthw" WjL" J?
roeotltiK of ths board today f?
td lint.v .. il. a"f was
While th New Tork market wag boll
InK today, the local list remained com
paratively quiet, Although Philadelphia
brokers were kept exceedingly busy ex
ecuting orders tn Wall ntreet for their
customers. In fact, the bulk of business
done In this city of a speculative char
acter really goes to New Tork. From
tlmo to time efforts are made to broaden
out the trading on the local exchange,
but until recently these attempts met
with scant success. Of late deals and
rumors of deals nmong Philadelphia
owned Industrial properties, such aa
Cambria Steel, Pennsylvania pteel. Brill.
Baldwin nnd others, have created un
usual activity In these Issues, and the
local trading has broadened out accord
ingly. It Is a deplorable fact, however, that
when this sort of activity becomes pro
nounced the stocks In question are apt to
be listed on the New York Exchange and
Philadelphia loses the real market for
the shares. This has happened In Read
ing, Lehigh Valley, Pennsylvania and
some of tho Philadelphia Company group
of securities. More recently Baldwin was
taken up on the New York Stock Ex
change nnd Cramps and Mldvale shares
on the curb. Now there Is talk of listing
Cambria Steel on the "big board." It Is
to be hoped, however, that local brokers
will continue to maintain the broador
market which of late has existed here.
Today United States Steel was a
prominent feature of the local dealings.
Tho General Asphalt Issues, too, becamo
very strong, both common and preferred
scoring substantial trains on reports of
Improving earnings. Cambria was fairly
active, but cased off after a Arm start
when the regular dividend was an
nounced. This Is the second quarterly
cash payment since the company ceased
paying In two-year 6 per cent, scrip.
Philadelphia Electric made another new
high record. It was said tho stimulating
Influence as In the local tractions was
the prospect of a change In the city ad
ministration at the forthcoming election.
The attitude of Director Cooke toward
the public utilities companies has been re
garded as unfavorable by friends of these
concerns, and under a new city adminis
tration they are Inclined to look for a
larger appropriation for electrlo lights by
the city.
A wide open Jump occurred In Pennsyl
vania Steel common tn the afternoon, the
N
account
n. ITlAAtlf
stated, however, that the safe l ?!?
company was not dlsm... rl "X
routine business had been transacted ri
FEW NOVEMBER MATURrTIgg
Loss Than $26,000,000 Corporate fie
curl tics Comtnc rw
NEW YORK, Oct. 21.-There ae. r J
than $.000,opo of corporate securlU.. I?H
turing In this country next month. TMal
Is tho smallest amount h ... "" 1
In any month this vr it :."1,nf !
Approximately m,OM,ooo In i SSi 7iS
lursreat mnnlh. "v tS
The two largest Issues In next mn-.w.
maturities are 5,0OO,0O0 American P,(h
Oil debenturo 4Ws and Urr5en..Co."
Valley'Raltway one-year E per VenL rToVi.
Ttnth thean tinv .. ...Vj "nl-hOtH,
1 m --- l"IlUtO IOr OV ill t
sale of equal amounts of two-veaJ 14
cent, notes. When the December irl
turltles, which are of about "n..?'
amount as those of next mn.u '" V..
care of. the largest amount of aectiriSl
will have been tirnvlrt.H - ."" 7M
has been approximately WTgiooo.coO; j
In view of the war, It is now cotsmSSi
ZZm?s thRt ther have not bS
and for that reason less of the AnSJ
of the new year will nav. .-Al
funding than did In the current vm"'
BANK CLEARING
Bank clearlna today compare with -. i
responding day last two years Nr'j
1915. tan ....
Phllada ... $35,601,575 :s.6S7.914 isasnuJ
Boston 33,172870 83,470 7 M,W?,3
New York ..492.000.863 206 asi.'sfi .Sii!-''!
Chicago. .... 60,740.178 48 776 677 foSra
St. Louis ... 14,461.632 10 629,428 11 om SB.
Baltimore
6,417,630
''i "B.tan l.( K7 AAt fl
5.718.089 RSnS
RATES FOR BIONEY
Philadelphia
New Tork ,
Boston ..., ...,i
Chicago ,
Commercial paper, S to
phta, 3M4 per cent.
months, Pbilaaiii
MARKETS AND OTHER FINANCIAL NEWS ON PAGE 11
rf own and offer, tubject to prior ale-
mn nnn
$100,000
CANADIAN PACIFIC RAILWAY COMPANY
696 Registered Note-Certificates
Dated March 2d, 1014 Due March 2d, 1924
Denominations (100, 9300 and 91000
The Canadian Pacific Itallvrnr Company reports current net rarnlnra
In excess of three times all Interest charges and la paylnir dividend.
10 on 9200.000,000 ot stock, selling nt nbout 107. These notes a?i
secured by deferred land payments and other securities.
Price 103 and interest, to net about 5.55 if held to maturity
CHAS. C. HARRISON. JR., & CO.
BANKERS
FIFTH AND CHESTNUT STS. PHILADELPHIA
Members Philadelphia and New Tork Stock Zxchances.
I
..I
$500,000,000
Anglo-French Five Year 5 External Loan
THE JOINT AND SEVERAL OBLIGATION
OF THE GOVERNMENTS OF
THE UNITED KINGDOM OF GREAT BRITAIN AND IRELAND
AND
THE FRENCH REPUBLIC
DATED OCTOBER 15, 1915
INTEREST PAYABLE APRIL 15 AND OCTOBER 15
DUE OCTOBER 15, 1920
Both principal and interest payable In New York City In United States nold coin,
without deduction for any present or future British or French Taxes '
t
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.
Coupon and registered bonds interchangeable. . ,
Convertible, at the option of the holder, on any date not later than April 15, 1920, or (provided that notice be giver
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 4J4 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 Institu
tions and bankers, the unsold balance, subject to prior sale and change In price
PRICE 98 AND INTEREST, YIELDING NEARLY 5& PER CENT.
r Payment may be made either In full on October 29th or at the option of the purchaser so n.r ,...
October 29th and the balance on December 3d. PUrCnMer 50 per'Ce0?
Application will be made to list these bonds on the New York Stock Exchange.
Temporary bonds will be ready for delivery1 on or about October 29th, exchangeable for the definitive bonds wh
1
Bank of North America, Philadelphia
Central National Bank. PhllaJelghU
Corn Exchns) National Bank, Philadelphia
First National BanW, Philadelphia
Barclay, Moor. Sc Co., Pl!adahWa
Charles D. Barney St. Co., Philadelphia
Battles & Co., PhiUdelphU
C. H. Bean etc Co., PhlUdelW-
Benson & Packard, Philadelphia
Tkowas A. BlddU efc Co., PWtadelpkU
BedUe Sos Co., PklUdeJisW.
Wileiem P. BossWJiAt dk Co., Inc., PWUda.
Breeko, Stke at Co.. Pkttad.Uhla ,
Butcher, Sborrord HeM, rWlodelfAU
CassaH Sc Co., P tie dsVa.il a
E. W. CUrk A Co., rV.UJ.4oU.
C. CUoVWr Jae V Co., Pi.U.dkhU
J. P. MORGAN Sc CO., New York
Drexel Sc Co., Philadelphia
Brown Brothers dc Co., Philadelphia
Fourth Street National Bank, Philadelphia
Franklin National Bank,' Philadelphia
Philadelphia National Bank. Philadelphia
Commercial Trust Co., Philadelphia
Coles Sc Wurta, Philadelphia,
Elkins, Morris Sc Co., Philadelphia
Ervin Sc Co., Philadelphia
Charles Fearon Sc Co.. Philadelphia
M. M. Freeman Sc Co., Philadelphia
Fraaier Sc Co., Philadelphia
Rett. Clendinnlnsr Sc Co., Philadelphia
GeodaH, WUur k Co., mUdelphiT
Graham Jr. Co., Philadelphia
N. W. Hals Sc Co., Philadelphia
Harp- Turner, PWUdkhU
Harris, FoHto Sc Co., Philadelphia
Chaa. C. Harris ea, Jr., A Co., Phlla
SVl,00' Philadelphia
lCZIjV C8m"7 ( Insuraneea e
t1H P"Z'. Fhlladelphli
W iF,fZLl,,,.rp PWIadphU
Wm A B JV8. C- FWUdWphla
lt-S(' rH.C-' PkilasUlsAla
J. W. Saul. m. n' Tu'rr'r.
Wf ei
" v asseasjwks av el .am . W
h Lowh S4w phimsrr
i7J?& ?H cTtoimuwu.
. MTsssSSssr
f a) . - -
LAWHBNCE K- BROWN ft OO,
IIal tuiTATi twin rutubi
,D
July .. .- 4M 12, U 13.18 12.W 12.84
int ,.....,. Am ,, 4A ,.,,