, a,
PYBlftHG MDOOT-PILABBLPIIIA, WEPtfESIJAY. SBMWBISB 3Q, 1911
FINANCIAL NEWS
MBINATION OF ADVERSE FACTORS
HELPS TO FORCE REACTION IN STOCKS
WUlht Thut Submarine Question May Be Jleopened Is
Uwd for Aggressive SellingConfirmation of Liberal
Dividend on Reading Causes Fall in Shares
High Points in Today's Financial News
The Philadelphia Rapid Transit directors declared an initial dividend of
LPtr tt( on the common stook. Tm company' trust certificates responded
dialings on tht Philadelphia Stock Exchange, advancing to the highest
prist ever recorded. Wheat was slightly higher in a nervous market and
often prices declined. Foreign exchange was quiet. Midvale Steel directors
tHemeeed additional equipment. The Great Lakes Steamship Company
Jamjar ed en extra dividend of 1 1-2 per cent. Dividends were resumed by
tk Carbon Steel Cqmvany at a higher rata than had previously been paid.
Tht Kentucky Securities Corporation declared an extra dividend of IS of 1
per- pant on the preferred Hock.
i
NEW YORK. Sept. 20 .
There was a combination of unfavorable factors which helped along the efforts
to fere a reaction In tho stock market today. The Washington dispatches In
fetWd to ths sinking of the gtrnthwpy created a belief that the submarine ques
Hon plight be. reopened and (hat Incident, with Its latest sequence, was used an a
reason for nggresslvo bear sslllnfr. The August report of the International Mor
Mntlle, Marine Company had n disturbing" effect and n Wall street tho results
t the Senator contests In the Republican prlmnrles wore not liked and furnished
' ftiMth,ef reason tp thoso seeking Incentives for selling stooks.
Reading was especially affected by the fnlluro of confirmation of rumors
atfeeut a liberal special dividend and when tho announcement was ma do that the
ettvldend meeting wilt not be held until Friday many of the traders who had taken
an Ion it lines of that stock turned to the selling; aldo and caused a decline of more
titan ! points In Its price. United States Steel common, after selling at 108
early In the day, sold down to 107 In the lata afternoon and the absonco of demand
em tho, way down Induced liquidation of many of the minor steel Industrials' and
Wo caused Urgent selling of the war-order stocks.
The whole Street has been waiting for a reaction fqr many days and today's
Veciinea were not regarded as a sufficient recession from high levels to Induco new
fcuylpg pn a largo scale. Commission houses reported that they had many "buying
orders n hand at prices now slightly under the market from that speculative
element whlah was not disposed to buy while tho upward movement was In full
-awing, and they were confident that with any further recession a strong demand
Will again bo reached.
Thero were some exceptions to a doclinlng tendency In the afternoon, Qranby
Consolidated moving up moro than 3 points and crossing 90 on an expected dlvt--.
ffld Increase at tho meeting to be held late In the day. Anaconda was also In
persistent demand, crossing 02, with buying from sonic source being of so largo a
Volume as to absorb alt the block of stock which has been hanging in the market
far soma time at and for a moderate range abovo 90.
Mldralo Directors Discuss Additional Equipment
NEW YORK, Sept. 2p. A special meeting of the directors of the Midvale
Keel and Qrdnance Company was held this morning, after which It was announced
that its purpose was to discuss plans for providing additional manufacturing equip-
Biant In connection with the naval program. No other business of Importance was
Extra Dividend for Great Lakes( Steamship Company
SYRACUSE, Sept. 20. The Great Lakes Steamship Company has declared the
regular quarterly dividend of 2 per cent and an extra of 1 per cent, payable
October 1 to stock of record September 20. The company also set aside (600,000
as an Insurance fund.
Carbon Steel Resumes Dividends on Common at Higher Kate
PITTSBURGH, Sept. 20. The Carbon Steel Company has declared dividends
at ( per cent on the common and second preferred stocks, payable September SO
'19 holders of record September 15. The payment on the common stock Is the first
Vine 1813, when 5 percent was declared.
' CURB ISSUES WEAK;
MIDVALE DECLINES
Moat Leaders on List Show
Strength at Start, but Fol
low 'Change's Trend
NEW YORK, Sept 20. There was a
how of strength on the Broad Street
Curb In the early trading, when a number
of stocks were In Rood demand from strong
sources, but It was not long before the good
feeling was alt gone.
The heavy tone, which developed on the
(Hock Exchange, was reflected In free of
ferine on Curb stocks at concessions, with
the majority of generally active Issues
established at a lower level before the end
f the day.
Vet Interest was attached to the trad
"Ws In Midvale Steal, which spld as high
M 7t4. but quickly reacted more than 1
petal. But copper and zinc made a further
response to the stronger metal market and
advanced from T.l to I'.i, losing a good
'part of this gain when the rest of the
Market reacted.
Maxim Munitions also showed strength,
moving up from 6V4 to CH, but Joined the
Alter active Issues In the afternoon re-
avetleo.
Niptsalng continued In good demand, ad-
aseln to JK, with most of the buying
trlbuton will be Increased. The mot6r
Stocks were Irregular, United Motor ad
vancing to 814 and then declining about I
f-tlats.
General Motors' new stock declined S
points in the forenoon from 185 to 1B0,
while Chevrolet at the same time moved
tip from 20 to 211.'
The Standard Oil stocks continued to
, straw pronounced strength without regard
"to trading In other Issues. Ohio Oil sold
at 2(0. Prairie Oil at 438 and Prairie Pipe
I4ne at TI.
INDUSTRIALS
AMM. aPIOBTT ... .......i...
Amrtan-Hrltuh Manufaeturlna-,.
Car Company
an Car 4 Foundry pref , .
t Motors ...............
A? roplane
a t-noDosrmpn
a. parser .ir
Meauracturins
is
AH-WIM
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10M
MSsaatMau
IWAtl
Sara
v a upfct
CJfflTtf
low
10
8K.
45 88
76 Is
20 II 5
is io
S 10
41 41
roars Difjf .......a... 18 liU
UOttlOM MiMIM.Mitf. OS )
Trcna , o - l
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IniMtaaT SO . .
KB .a......... a' OH TH
..... jj 44 ;
Holers
WT,
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STOCK CWOTATWJW
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11000 Am fm-clsn Sec 6e. . n
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18000 Amer Tel ell 4
1000 do conv ia lol
SIMM) Amer Thread 4e Da
SOU0 Atctilaon sen 4 V2S
VOOO do adj 4a. Hi
10000 do cv 4a lffSS .103k
tOOO do cv 4a I960 .. 105(i
ST0O0 do Sa ,,
42000 do 4a
17000 do cv 44a . . .
4000 BethSteel lt 6a
alHHI do rid Si
2000 Booth Klab a
21000 Can Qot Sa lOl'l .
I'OUUU do Sa 1BJU
KSIlOO do Ka lkai
aooo Cal Oae tt Kleo Si . .
.JUOO Cent Leather let Sa. ,
33UOO Cent Pao let 4
I1SOOU Chill Copper 7
1!000 Chaa Uhla conr Sa
0000 Chi A Alton 8a
COOO Cbl lit Waat 4
13000 ciuq joint u....
lUWO Chi Ind A JV 4a ....
COOO C U A St Prfd 4Via.
10000 do-dlv 4a ........
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20O00 Detroit United 4Ha..
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3000 do SB
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4120O0 In Mar Mar c 4Via..ltn! Ioi 109
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2000 Japantaa new s 4s i . B2 Bi
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1000 Kana A Mich 4a.. ,. S2S B2I biC
1(1000 I.aclc Bleel Sa 1023.. 10oS lOOH 100H
0000 Lacka Hteel Sa 1U0O... US US US
jomio iwirlllanl 7a ,.125H K'SJt 12SH
10000 Mo Kan A T 4...... 444: 44V alfc
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t.000 do 4Ha Mi), U5 U2K
SOOII N Y City 4a 11)51) ....lolii lol 'I lulS
200i) do 4'a IUK3 1UUS )nS 10C
SO00 do 4Vt 1U04 iUI 104J 104U
sooo do 4 Ha lues .....10UK loufi 100C
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10000 do 4rfa Nov 1BS7 ,,100K loos 16K
6000 N Y Oaa HAP 6a..l04U jpH 10Vi
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Sugar Futures Advance
NEW TOHK, Sept 20-The market for
sugar futures ruled steady at the opening
today with first sales showing advances of
4 to Jt points. pusinM on tM call totaled
UK? teas. Twa was 'pood eemand ffm
outaMe latereets, with a little early profit
taking. The strength cm the exchange was
Owe to further advances in the refined mar
kt Mtd to the strong position In sugar,
Petiowttig a4vanM la Philadelphia, line
granulated nwved up hera from 10 to 10
point. Wasriar Is wltitdrawlag from tb
hmwt. Tha VatUna ts now quoting ,4a
aMU4rjt4lnrs.lc. "
iimwntfifl f
cm; TorA; 5ocA; 5a(cs
. Leat clone.
Aemo lea 68)f
Alaska Oold Nf 14
Ala!i J Oold M fi
aiiij chaimfM itfg,.., id
Allb) t'hsl Wi pf. 8.1
Am Ac Cxvnct.,.. .. 82
Am Ac thorn pf., 102
Am ileal How..., O.'f
Am can.. ,.,,,.,,,,.., kiu
lllah.
5BU
14
7H
23(
"Oil
3i
102
1MU
01
Cew, Cloae.
MM A8H
Am caapf ,,.113
Kdy..,., ,. f)()
m cotton oil . ,.,., aj
Am Hide ft Leather. . .. MJi
Am 111(10 , 1, pi , ()
Am tee Sccurltlcj 2Mi
Am Linseed 2.11$
Am Unsred pf , r2
Am Lororootlre Jhjf
Am Locomoilre pf 105
Am Smelt ft Itcf .li7!f
Am Small ft It pf tun 11j
Am Biocl Foundtlei ttlH Kli
Am 8uctr Itrflnlnc Ill III),
Am Sunt lief pf Wi 120
Am ici a iei i,i3 133
I3H
7
23
70,l
R2
102
01
fl.1
13 li
71
25
TOM
Rt't
loa
ns ran
113U U2M 1U!
fiOM H.VI II5J.
SIM
11
fiOM
2H.t
2.1
CO
78'
Mi
IlJf
00 l
aai
MM
7H
105 .
10SM
fill.
II
fi'J.'i
20
2.1t
'1
781.
ia',i ioiu
IliiiM I07U
114' I14'i
rxw .ioi.
111 111
iio,' 120
t.1.1 I3.1U
47U
OOJi
34)i
43i
78
DIM
70
10.) 104M 101'i
47
OO.'V
3IM
421,
78
Oil.
70
47
.Till
4. 1.
78U
(MM
70
Am Tobacco 223 222)f 222M 22IK
Am ivooien 47M
Am Wooltn pf 0014
Am WriUnc P pf 34M
Am 2lne I. ft 8m 42H
Am Z L A 8 pf 7K1
Anaconda Cop it noli
Aiaoclated Oil 70H
Atch Top ft 8 V 105M
A!fV ? V pf WM 100M 100 -101M
All Coast Line U.1H UIH 1I3U 1I.1H
AtlOu.fftVt 8fl 88 8-iW 87
AUOftWIpf 07M 07M .07H 07M
Bald Loco ttlu 8(Hf 901 fe7i 89
llald Loco Wkj pf 100 100 100 1W1
Bait ft Ohio 80'f 89l SSM 88M
Ualt&Ohlopf 7oK 74(4 7fi 75)f
Bethlehem Hteel. , 550 051 f51 551
Pfookiyn Hap Tr 851f 8). 83M .5
lluih Terminal 103 10S 103 1(W
Butte ft Superior 04M 0I' (VI 0I
Cal Petroleum j3j 21 ooif )
Cal Petroleam pf )H B2I, 60 CO
canaaun I'acllle 178U I7l.jf I7B 178
CenUal Leather G3) 03M 02W 0.1
1I41 1141. 114M 114U
,100 10J 100 100
MH
12H
MM
0:1
120
53H
8.1" 1
IUU
12H
30
05
120
63M
83't
Central Lcalhrr pf
Chandler Motor.
Chcs ft Ohio.: ' MH
Chlcajo Orcat West,.,. 18
Chi Great West pf ;iOJf
Chi Mil ft St Paul U.Vf
Chi Mil ft St P pf.... 120
COOiSl L 64'.
C C OftSt L pf .. .. fjlf
Cbl ft Northwestern 128U I27J( l27Jf 127,'f
Chl&NWpf 103 170 170.170
cniitlftl'ac mi 111'. 18,'(
Chllo Copper 20 2P 20
Chlno Copper 53U 53'4 63H
auett Pea ft Co 73!f 7J 7.1
Col Fuel ft iron C4lf 54J 62.'.
Continental Can 100. tit 107
Continental Can pf HOJi 112 112)1 112H
Consolidated (las 137U 137M 137M 137H
Corn Products Hef .... 15 10 15V-, 15-,
Corq Prod Itaf pf UIH DIM 01 01
crucible steel Oiu oijf 02M 03
can
12,'i
3(1
O.Vf
120
53H
81
10
21
53H
7.1
SHU
tos;
12() 120 1 10 J 120
.200 2)1 201 201
. 50 00 58 58!;
OIK OiM 04M ViH
. 1)2 02 02 02
. 13? 13). 13M 13H
'MH :ii 34 34
.140 139U 130H' 1391X
48 4SH 47U' 47)1
Crucible Steel pf. ..
Cuban-Am Sugar. ...
Cuba Cane Sugar...
Cuba Cane Sugar pf
Deere ft Co pf, . . .
Denver ft nio Or ..
Den ft nioClr pf. ...
Detroit Edison
Dlstlli Sec Corp'n...
Drttcs-Seabodr 112 103
DulSSftAtl 5Ja 5
Kne 30)j 39
Erie lit pf. 64 51!.
Eri2d pf 48 45
(lenrral EloctrlCr 173M 175 174) 175
Ueneral Motors pr 127 120 120 120
Goodrich U F ,72)4 T2H T2M 72'
Granbr Consol 83 OuM 87 00)
Great .Northern pf 110J, laoli HOJJ UOJi
G N cfs for ore prop.... 42l 4J 42 42
Uroone-Canauoa ,. 40)i 49). 48J 49
uun stairs sieei y.( ui).
Gulf States 8 2d pf 03 03
Illinois Cent. ...... 103H 102!i
05
5
381
53!
40
05
o
C3H
45
Insp Con Col 61
Int Acrlcultujal
Int Agricultural pf....
lut Ilarr Corp'n
Int Con Cov v t c sa.
lot Con Corp'n pf. ...
Int Paper
Int Paper pf
lot Nickel r t cfs
Int Nickel pf v t cfs. .. .100
int At At c of dp 40U
int M 31 pr c 01 dp
Jeael Tea...
15),
43
78
17H
73 J.
28)4
04
48'.
00 00
01!' Ol'i
1U2) 102(
OJIJ fit-J
47
soi;
34H
85)4
Kan City Southern....
Kelly Spring Tire
Kenuecott Copper
Kings Co E I. ft P...
'LACK btoei Co
Uke Erie ft West pf
Lee Rubber Tiro
Leb!gn Vallay
Long Island
Macks? Cos
Manhattan Shirt Co'pf. .113
llnweli Motors )2)i
Mattel) Motors 1st pf.. 87
Mamell Motors 21 pf.. WH
May liept stores 62
Mexican petroleum .,
Meilcaa Petroleum pf.
Miami Coppar 37lt
Minn ft St laouls tl)
Missouri Pacltlc , 41,
Missouri Pacific tr cfs... 4)4
Missouri Pacific v I.. .. 23)4
Missouri Pacific pf w I . . 40
Montana Power bU)i
Nat Cloak ft Suit 8J!t
fal t'nara ft 3 Co.,,... :toli
Nat Enam ft S Co of. .05
net Lead Co....
Ner Con Cop
New York Air Brake..
New York Centra.....
New York N 11 ft II,.
New York O ft West..
Norfolk ft Western.. ,.
Northern Pacific
Ontario sliver Mln
Pacific Mall 2b) j
racinc Tel ft Tel 38
0-'
15 . 13)i 1.1H
48 45 411
77)4 77)4 77)4
17H 17); 17);
734 731. 73H
20V4 27); 2b)4
04)4 04 04
60 4bj; 49);
100)4 100H 100)4
47H 44; 45
11014 120; 1IM, 110
SOJf 88)4 88)4 bS)4
2014 10 25t 25'i
.. 82J1 B.); 82 82
.. M'l 5.1)4 5211 52!.
..128 12714 137J4 127H
... 85 83)4 b3)4 83)4
.. 43!. 44
47J
bl
35
sa
114). 115
05)4 QJH
3b)s
7
4j;
4)1
23H
40);
04
84?4
3 Hi
00
7l 71)4
21); 21)4
143 143
lOaH 108
61 01
27 27H
130H 130h
112)4 113
7H 7
28H
37
44
47);
SOU
35
U3); ii3i; in);
04)4 UIJi 01)4
87)i
57
02)4
44
47
8054
35
84
87H b7)4
56) . 0)4
62)4 62)4
113 113)4
03)4 OJH
37!; 3314
6)i 7
4)4 ,4)4
414 4)4
2.1)4 23);
40K 40);
03)4 04
81 ! . 83)4
29)4 29H
ua ua
70)4 70)4
21 21);
140 140
107 iu7H
00)4 00)4
27)4 27)4
130 Lid
112); U2K
7 7
27 27
37 37
03); osi;
57 57)4
107H 108H
4); 40)4
32 32)4
102 102
100 100
59); 60 1;
134 136
WHEAT ENDS DAY
AT LOWER LEVEL
Buyers Become Snutious Sales
to Forc.ijners Only
Moderate
........ VIIIKB CONDITION"
w.tv aiuii.. rent
eelrnl at
Inr Inrilrstei
niiionei
prm.
me Ural her
(1 I he rolK
&
ranniHan. Northwrat
rinwe
Hoiilhwet
lima
to. Adtlree
llnraati flhla narn.
folianlnt weather ran-
Temperatnrea
man. ia
nn
Siidiie j ..!,.;;;:'
tipper Mlaninafripl Velle
l.iiiTrr .MlaBlmlnpl Vallr;
.prptn
'
nller
iier.
its0:
Valler . .
Tha fallow Int
patterit .01 lllemnrrl
.el
enr
for
ear
ear
fiaar
et
VI
7
01
a
4
4S
ON
4S
36
00 llnnedoi and .14 Ua'jel
Pacific Tel ft Tel pf 00)4 OS);
Penn IlaUroad 67)1 67.4
People's Uas Chi 100)4 100
Philadelphia Co 30)4 41
Pitts Coa. c of dp 32)4 32H
Pitts Coal pfc of dp,. ..103 102
Pitts btrel pf 100)( 10J
Pressed S Car Co 60)4 00
Pub 8 Corp'n N J 13 li; 135
Pullman Co 107'i 100H 100). 1C0H
guicksurer pr.., OH o 6 b
It Steel Hp Co,,., 64 64)4 52U 63
llay Con Copper 2414 25M 25 25
Iteadlnc .112)4 113U 110); HI);
lleadlnc lit pf 44)4 44)4 44)4 44)4
Iteadlnc 2d pf , 47 40)4 40)4 4t))4
KepuUK irou ft S..., 67 07); 05)4 00
ltepubllc Iron &Hpf,.,,no 110)4 110)4 110J4
Saion Motor ,.,.,. 84)4 Hiii 84 84
Shat Aril Cop BOH 30)4 301; 30W
6ears, Uoe & Co 207 i 208); 207)4 208H
Southern Pacific ..lOOH 101 00H 100)4
Southern K7 24J4 25 21)4 24)4
Southern tty pf Mi 00 67H 07);
Standard Milling 04); 00)4 00)4 00)4
btuilabaker Co , 12U1 Il 120)i 120.'4
Ptpdebaker Co,pf 109)( 100U 10)); 109);
Stut Motor..;..,..,... 74 74)4 724 73
Ttng Copper. 1,.,, 25)1 25U 22H 24
TexuCo 210 i. 210)4 216 21SH
Texas Paeino 13 13 12J,' 13
'third Avenue 01)4 62 63 02
Tobacco Products 65)4 60)4 65)4 5H
Tobacco Producupf..,. 103 104); 10JM 101U
Under Tjpewr 102 103 101H 101H
Union Bag ft Paper,..., 0)4 014 UH 0)4,
union nig a raper pi., oa M4 60 6fj)f
United Cigar store l(H 105); 1024 101)4
United Clear Stores pf .120 I 118 118 118
United fruit 163)4 16.1 162)4 102H
Union Pacinc ...,146)4 147 145 1 146)4
Union Pacinc pf Si 83 82!4 82)4
USOIPAK..., 22J4 23); 2-'. 22)4
USIM AICO0OI....,...12U.,4 13J
United Ryi Inr Co.... . b 10
United Riri lor Co pf.. IS
U B EipreM 20
US Ketltr ft Imp 30
U b .lubber ,. MK
US Rubber 1st pf ,.., 114
UaSm Kft M 74
U 8 Steel Corp'n.. .,,,,10814 1
MM
'Mi
at)
m
m; last;
V V
mi ion
28 28'
39 20
(8l; 68X
114 114
74 74
H 107 1 107H
U S Steel Corp'n pf..,. .130)4 121 120R 121
Utah Copper..,,,,,,,,,, 86 b7 hflh 6)4
Va-Caro Chew, ....,.. UH 44M 43); 43H
Valroo, Co4 0.,,.,, 54 64M 52 62
Wabaih,.., ,,. 14M 14)4 14)4 14M
WaUtftpf 4,, .,,.,. ,,51)t 61 tOH 6014
Wab4 ft , ...,... 28H 24i; 27)4 27W
W r ( Ha... .,...127)4 13 138 138
WaeNH U"Tal ....100M m( m m
V.t4 S ,.... (Hi MW 3)f 4
Wmm Mwr! 3w ao so ao
WMtM MWTMM IN,,. 0H 4M M 4
Wtnik Utm Mi,.,,, 4 4 4
W.MO.ertM...,.,.. 4i VH i K
Hob In Inehaa waa
ana riprintneia.
ia.
CIIICAOO, Rept 20. After havlntr shown
Rtrength on fnlriy good buylnrr by leading
commlrston houeen, wheat recoded today
and closed' urcncrally easy. September end
ed (lightly higher, but Deceinber and May
flnlahcd lower. Although sentiment ap
peared moro favorable to the hull elde for
a time, buyers became cautious, owing to
apprehension of bearish developments In
the foreign political situation. It was be
lieved that today's sales to foreigners
would be only moderate, lleports were cur
rant that forolgn Governments would con
centrate buying orders for American wheat,
fearing an embargo against shipments
abroad later. ,
Tho dccrearlo In the totl American and
European vlslblo supply, according to Ilrad
streets, was greater than had been ex
pected. That authority placed visible
stocks In the United .States at 48.089,000
bushels, an Increase of 1,612,000 bushels
for tha week and compares with 14,000,
000 bushels a year ago; In Canada It is
18,897,000 bushels, a decrease of 4,146,000
bushels for the week and compares with
9,734,000 bushels last year; In Europe,
continental stocks omitted. It Is 71,000,
000 bushels a decrease of 4,700.000 bushels
for tho week nnd compares with 40,200,000
bushels 11 year ago.
Tho total American and European supply
I 167,986,000 bushels, a decrease of 7,
234,000 bushels for the week and com
pares with 65,939,000 bushels last year.
News regarding fall plowing was bearish,
the condition of the soli being generally
favorable, although It is too dry In parts
of the belt. A great deal of work has
been begun and seeding Is under way.
Threshing of winter wheat has been com
pleted, and conditions have been favorable
for such operations In the spring belt.
Spot at Liverpool was unchanged to id
lower, but cargoes were firmer.
leading futurea ranced as followa:
Sales in Philadelphia
Whca-
Opn. Itlah.
sept... l.novi i.5o;
Dec l.r.o i.r.iH
May.. 1.51U 1.S2S
. Corn new delivery!
Rept... M1J 80T4
IVc . . 73t 74
May .. 70S 77W
Oa la
Sept .. 4IU 4SH
Dec ... 47 48)1
May... fil M'i
I.ard
Sept.. '14.70 14.72
Oct.... 14.0(1 14.07
Dec ... 13.02 14.03
Illba
Sept
Oct ... 14.1!2 14.80
Jan. . 12.(12 12.70
Pork
Sept .. S8.07
Oct 2S.O0 IS.DB
Dec. -23.70 23.82
Hid. tAaked.
IOW.
1.4BJ4
1.4(14
l.G(m
f4
73'
70H
45
47J4
14.62
14. SO
13.00
14.22
12. HO
26 DO
23 65
Cloi.
1.4V4
1.4'
1.G0H
86V4
78',
176V.
4BV4
48
31H
14.70
14.(1(1
13 07
714. W
14.27
12.63
28.07
2B.H3
123 85
Yea'day'a
. . Itlftta- T.OW,
to m Can., eiu H
14 Am Itys pf tH B4H
SO Arao Cop, l t
to Am Wool. 41H 47H
110 llald Loco. IIK "H
ItDtSIC. S3 34 V4
S Cam Steel 11H "IH
too Cramp A s ilH )
CIS Eleo fjtor. et4
l0 Krla , is to
30 Qen Asph. I0H 0V4
43 do pref.. 7H 70 Vi
111 Ins Co N A tH 17)i
ISO In MAM ct 41 4T(,
4140 Lk Hup C. 114 11
Hi Leh Nav,. 7V4 7614
US Leh Valley sou soh
110 Leh V TiS. XI 21
XS do pref, 48 43
00 Mlnehlll .. H &H
1S0S I It n . . , 87H A7
IB Pa Salt it. 100 100
SO Plilla Co.. 40 SU
10 do cum pf 41)4 4flV
414 I'hlla Eleo tlH H
34 I II T. ... It St
mia do tr ctfs IIH so4
13 I'hlla Tree 77)4, 11V,
600 lU-p Ir & St ilH 03
193 .Heading ..III). 1104
SIOSUnTraa.. 4H 4 4 If,
'S3 U U I .... 89 88M1
S410 U S Dteel.lORK 107 Vi
A do pref .11 HIM. ltlVn
BO Westing 12 4 6
t7o Warlrft S e OH
3,1 W J A S.. 48i 48
10 West Coal.71 71
0 York Hwy is; 184
00 do pref. 31 Va 37 14
Ex dividend.
Net
Cloea, cha.
11 v. .....
44j
I -t-IH
47H H
Sin H
siH
H t
iw n
It H
ton
70H H
81H V
44 tH
18 H
76H .....
80H
tl H
43
BH
IHY V
100
sot;
41H H
28)4 ....
SI )(.
SIH
7IH
1H 1
now s
48H 14
88)4 1
107 Vi
181)4, Vi
1
0i
48i 1
71 1V4
13 Vi
3JW Y.
noNns
lh.
Iw. Close.
08 06
102 101
10114 10 ui
10114 lOlli
80 S0K
83000 AmO&n 68 00 Ifc
1000 C T NJ 08.108
8000 City 4s reg
1941 .. .101V4
3000 do 4s '43 c.lOU;
1000 El&I' Tr 4s 80
1000 I.k S lno 5s 39V4
1000 I,V onn 6s. 133
looo N V Cent
dbCs '35.113 113 11374
4000 I'hlla Co
cons Gs. . 87
3000 ThllaEIc 4s 844
3000 do 5s... 105
eooo Ildng gn 4s os
SOOO do Tr Bs. 1114 in1)! UIH
1000 Vn nwy
Inv 6s.. 70 70 70
3000 Y H 1st 6s 86 OS 88
Decrease. Increase.
Net
chae.
H
SOW
185
87
84V4
103
OS
3914
133
87
84 4
105
OS
V4
'vi
Vi
Local Bid and Asked
cloae.
1.40
1.80
1.80
7BlJ'l
47)4
tni
14.87
14. SO
13.87
14.52
14.20
112.05
28 07 '
T2ft 8(1
t23.65
Spot Wheat Steady at Liverpool
LIVERPOOL, Sept 20. Spot wheat was
steady today, with No. 1 Chicago quoted at
Its 2d; No. 2 hard winter at 13s lOd and
No. 1 northern Manitoba at 14s 4d, un
changed, 'o. 2 northern Manitoba, 14s 21,4d,
a decline of lid; western winter was quoted
at 13s 8d. The stock of No. 3 northern
.Manitoba Is exhausted. Corn was quiet,
with American mixed unchanged at 10s 4d,
while plate showed a loss of 2d at 10s 2d.
Flour was unchanged at S)s.
FOREIGN EXCHANGE
NEW" YORK, Sept. 20. The market for
foreign exchange In the' early dealings today
was quiet, with the tone In the main steady.
There were no appreciable changes In rates
rrom the closing llgures or yesterday. De
mand sterling 4.76. cables 4.76 7-16; frano
cables 6.86',5, checks 5.8614 ! relchsmarH
cables 70 3-16, checks 70 ; lre cables 6.45,
checks 6.4G; Swiss cables 5.32V4, checks
6,33; Vienna cables 12.03, checks 12.01;
kroner cables 28.70, checks 28.65; pesetas
cable? 20.18, checks 20.18; guilder cables
40 16-10, checks 40 ; ruble cables 32.46,
checks 32.30.
In the early afternoon the market In
general was quiet. Relchsmarks improvet
a shade to 70 Vi for cables and 70 6-16 for
checks. This shows a rally of about
points from the extreme low record reached
about two weeks ngo. French Exchange
was quoted at 6.85 li for cables and 5.86 Vi
for checks. Otherwise the market was not,
quotably changed.
RATES FOR MONEY
New York..
i'n
hlladelphl
lioiton
Pblcaao
Commercial paper,
ueipnia, iu eP4tt
Call.
2 M3 !i
4 6
8 &
3H(4.
2T'
4V,as
4 d4Vi
4 4
three la air manlti. l.hllu.
14 per cent.
6ank clearings
Ilank clearlnaa today compared with corre
sponding day la at two years:
mid. mis. 1014
Philadelphia, I47.8S8.878 80,2K2.6O 122,17s 729
Hoston 33.854.0S7 i2.51S.HI5 11,341 072
New York ,.S7S.021.8I'7 883.58J.058 170,003,618
SECURITIES AT AUCTION
Tha following aecurltlea were sold at auction
today by llarnea A I-oflandl
17 aha. American I'lpa and Conatructlon
. Co.! par 1100 am
5 aha. American I'tpo and Conatructlon
Hecuiillea Co. orar Dtr ilnn oat'
f! aha. am.rl..tl Itlnai mnA .. ..Jt t ,7t
Decuruiea uo. ijrar.i
10 aha 1'eoplate National
, .o. ; par fa.. ,
50 aha. Inter. Wire Tire Co.; par t.l
I ruction
10
Klre Inaurance
Jl aha, Penn Ntt"ilona('lianitVpar"il6o'.,,835
50 aha. tr. B. Wire T"lra Co.; par J.... 10c
12 alia, Aaseta Heallaatlon Co. 1 par 1100.. 2'X
" ,I-"'U" "" (JXli'Maion wounty
ftallrnail Co.) ir 12S.' ll
61 aha. Dalrolt Soluble Oil Co. I par 10..'.'ll0 '
r :l ,;.jiy;; r 'v Ar " .."
.. v iu,ti, iut . 1 r
Par 1100.
. ana. Klre Aaao. or I'hlla. 1 par
1 enna, nra ina. uo, 1
Co.. par 2S
union I'ai
ina. Co. i ua
tional Plra 1
1SP.H
vu, , ,, . . , 1,,
150.... 840
rT(O0..4l8
r ilO0.,42S
ft' aha. Ienna
20 alia, l'anna. Fire
40 aha. I'eonle'a Na
40 aha. ' )eopla la'tlonaViflra'inauranca
par
neuranca
aaena
inair ltallwav Cn
r..;:7.'.i.. :.,' ' ,- -jl.
uniiea faiecirio 1.0, or wi
18
IB
181(
10 h
20 aha. United KftetrlA Co. nf XvB, v.
slnlai par 1100 ,, (, 13
28 aha. Paeino Wlreleaa Talepnona ind
Talrsraph OOji...... ..........lot I?
,,..10t jl
EOO aha. Interatate Publiahlnr Co
11 ana. KeyatODa valrh.. , j, ,,
14 aha. Keyatona Watch., ,
o ana. u-oiumua 1'aper co.
IlONDS
11000 Central of Oeorala Hallroad
or
EOOO Empire Uaa and l'uel Co.
nrat morisaaa coiiatera
u
8flX
0
Co. 5
per cent tlrat mortaaaa. Intareat
May and November, due 1815.,,. 100U
o par cant
ral trtia,
coupon Atfiy anoT November, due
... 0814
Propose h, V. n. Jl, Execudrf) Change
New York Interests, eager for a better
I showing, are preparing for a, change in the
Dawuuvo fimiittKHicm oi ine anign vifey
Itallrpad at pr before the peat annual
meeting of the company. It If said, By
jtMon of age and poor health t la con
tended that President $, II. Thomas should
be persuaded to retire nnd a successor
elected. H l proposed to make him chair
man of the board of directors and to elect
as president of the road K. 13. Loomls, who
Is at present vice president of the I.ack
AWAnno. Itallrpad nnd who, It Is understood,
has been selected by Cleorge. V, Baker and
his aaocatei(. Howeer, there Is a slight
possibility that U D. Smith, now virtually
ctpg pres!4ent of the kehlgb. Valley, wlfl
be selected as Mr, TJiomss's successor,
Condition of U, 8. Treasury
WABJHNqTOK, Mt. 0 The eondl
tlpn pf tha United States Treasury, ac
cording to a statement Issued toddy, was as
fellows: Net Valance in flaral funds,
1I.26.U; totfl reoelBa,TM68,04
Voml dtebUMMKaetlU, U,7t77.t deAcltVr
PfcHpitphl8i iapwwiW . lawhaek
jj m$ mm iiMfaW mm m ?) f.
Baldwin SS'i
uun c nuaq i c....,
do pref t c ,
prill J O
niec Storage ,
Orn Aaphalt
do prof ,
Kej atone Telephone
do t c ,
do pref ,
I.ake tiup Corp....
Mhtgh Nav ,
lhlgh Valley
Lehigh Valley Tr..
do pref
Pennaylan!a
I'hlla Rleo
I'hlla Co ? 4(1
uo t per cent prer. . s.
do o per cent pref.
Phlla R Tdo t c
Heading
Tonopali Ilelmont ...
Tonopah Mining ....
Union Traction
Today'a Yeaterday'e
Hid. AaKrd. Hid. Aaxea
sv m no
old an oa on
50 aS 5(1 87
3SS 411 .11)14 40
117 U Wi M nsK
80 32 30',i 31
70 71 70 70U
IS 13Vi h 13U
13 13H 13 ISli
as uii us ev
134 13S 13H tali
7 7US 70 70$
MM Mi 8014 SOU
21 2lii 20 21
48, 43(4 421a 48
5m r,7 5744 5714
1HV. "HH 1IKV. 2NU
.... .:,T -:'-
41H OH ft 4U
8!) 37 3D
41tt 42 41 41H
2lVi 21 20V4 2012
1111.. 11114, Uli 112
4 5-10 414 4 B-IO 4K
o 514 BS 6t
4814 48k 44Va 44H
,... k8'' 8SVi 80 SOU
iui- ioivi uun iohh
184 I44 14 14li
37 3J. 3714 8S
82 83 88 8SVa
II H Steel
York Kwy 184
ao pror.
u uas imp,..
urel
Wm Cramp t c
NEW YORK BUTTER AND EGGS
NEW YOIIK. Sept. 20. llUTTEIt Receipts,
11.210. Steady to Arm with moderate tul
neaa. Kxtra creamery, 884. H34c: higher scor
ing. 3414 035c; Hjalo dairy, 83&331ac; Imita
tion creamery. 2DV201ic.
KOOH Kecelpta. 18.512. High grade freah
gathered firm, other grade quiet with market
about ateady. ltefrlreratora firmly held, but
not active. Kitraa. S7W38c: extra Orata. 85 W
Sec. nrat. 82tl84c: while egga. 43048c: brown
egga. 3842c; mixed color. 3537c.
.Fine Granulated Sugar Unchanged
NEW TORIf. Sept. 20. Fine granulated
was Arm and unchanged today, being gener
ally quoted at 6.40a The last sale In
spot Cuba raws was at 5.64c, an advance of
12 points from Tuesday's opening.
GOVERNMENT BONDS
2a regtaterd 1980
2a coupon. 1U30
3a registered 1818
3s coupon 1U18
4a reglatered 1025
4a coupon 1025
Panama 2 reglatered 1888
do 2a reglatered 1U38 ...
do .la reglatered 1848 ..
do 3a 1840 email bonrta.
Panama 3a reglatered lufil
i'anamM. oa coupon
Did. A ike
. '.
.10011
tool!
.10914 ...
.110
. 8ii
.Bsii .:
.10114 102
.10114 10.'
NEW YORK COFFEE MARKET
NEW YORK. Sept. 20. The market for
coffee futures opened steady fills morning
at an advance of 1 to 4 points. Trading
on the call was quiet, with safes of 3259
bags.
After the opening the market was quiet
and without special feature, prices ranging
about at the level of those on the call with
trading Inactive. The weather In Brazil
has recently ruled generally favorable for
the coming crop, and temperatures there
show aiP Indication that danger of frost
has passed,
Today's Testerdaya
opening close
Rentember ............. . talis taule
?.iii.- ' - .... 'r-'-
IK(UUC( ... ............ . .... U.UO
November 8.87
December 8.8008.87 9.82
January M.fcS
tenrusry ..,..,......,. ,... 8.88
March 8.0008.87 8.D2
April H.U7
May 0.0288.07 u.oi
June .. 8.05
July ..........I U.1OIP0.15 8.08
August 8.12 0.13
9.12
Ml
K.hO
8.89
8.93
8.98
9.02
9 07
9.li
9.15
Canadian Pacific
Railway Co.
Equipment Certificates
Guaranteed by the Canadian
Pacinc Railway Company
Interest January and July
Due July, 1020
Price to yield 4.36
Full particulars on request for
Circular PK 02
TheNationalCity
Company
1421 Chestnut St., Philadelphia
New Tark Pittaburfb Beaton
," ' JS -
xacu
I,
Rrazier 6 Ch
INVESTMENT BANKPKP
Broad nut) $(in4m gin.
P"BfessBa)aa9aBSBSBj)eaB
u " ' ' I . I I ( A ( ) i I I 1 1 I
ltjutlra Oas AVual Oeiuaa ft. Uy
fTUut. MeWa. A Seat (at. M
3AMUEL K. PHILLIPS A pp.
fjl tmawammmm mwmf
P. R. T. 1!RUST CERTIFICATES HIT NRW
HIGH ON 1ST DIVIDEND ANNOUNCEMENT
Dprnand Is Large, Moire Than 20,000 Changing Han"dt
Union Traction Follows Mqre Dividends for
Kentucky Securities
Declaration of an Initial dividend of 3
per cent, or $1 a share, on Philadelphia
Ilapld Transit stock was naturally the chief
topic pf discussion In the financial di8trct
today. To any that It was a surprise to
the majority of the Street Is putting It
mildly. While It has been the talk for
some time that dividend action vras not
far off, the CQr,PSU8 or oplnlqn was that
nothing would be done at the meeting of
tho dlrectqrs today and If anything was to
be done It would be at the January meet
ing. This was the majority opinion on the
floor of the Philadelphia Stock Exchange
as late as noon today.
That there were some Interests who knew
that something would be done was Indi
cated by the fact that the company's trust
certificates were active at a slight advance
In the trading during the morning. Houses
whtoh are close to the management of the
company were 'buyers. During the first
two hours of trading a little mora than 41.00
shares changed hands, but when the tape
announced the dividend on the floor a brisk
demand started for tho trust certificates
which carried the prlco to the highest ever
recorded, 21.
Tho high price showed a gain of Hi
from tho close of yestorday, more than
10,000 shares changing hands In all. This
la more than Is usually traded In In two
weeks' time. There was very little done
In the unassented stock, but It was trong.
When the trut certificates wore first traded
In In the unlisted department of the Ex
change on March :i, 1811, they started at
19?i and when they were transferred to
Via. I-a-mlaf. tta, am Tt. e - ..
iKr wV wh. ' l "", 1 '
union Tract Inn ainr.1, .-. .
teed by the PhllAdelphla IUnW Nl
Company at per cent, fottoVtl iSQl
w th Traction trust certlflca Tt,& '& 3
next most active and art..r.il' -1?1" !
highest price at which It has Vm i JJ
last two years. Philadelphia, Tractlil .V'Vj
.rained U on the inmnl.. 15CW.? IJ
shares. " '"in"
Of the ramalnilAt. rtt 4t.a.
Iaake Superior showed the most Vf. pSS.
movementn In that a. IT '" Pflee
throughout the day and were m",
low the close of yesterday. WhU. .i,6"
was realising of profits by some 1,12? '
" " r;ao 01 xne last few Haw i. 1
knowledge that there i. aim -"? he A
supply of foreign-owned Superior ,3P
hanging over the market in ..VL.'01. .Mo
had something to do with the aeii" XV
the stock. The selling Wlt of thhtoS.''
owned stock Is about one point te .5"
nnd b half above the n..V i . P'
Another development of local ii
was lha artlnn nf ,- ir... .i?0' Ir"rett
Cornoratlon In nVv.'J """""r. Securlt)- ii
dividends on the 'preferred I .toe" 'J J
of 1 per cent being declared or Tthe t S2SK
ajuicnio. inis leaves only 1 .-.!?
still to be nald nnrf I, -. . ?, ?'.
close to thi company thMbl? ZiE 3
cleared un at the next m.ti- . .?ul9 i
two meetings. Th.e regular quarterly Siw1 ,
dsnd of 111 per cent was alw dlclsri
iM-jruuie vciooer 1& to stockholders of r.1
ord Sjptcrnber 80. The other Aylania
payable on the same rial. "'"ueno, I8SI
Financial Briefs
Members of the London Stock Exchange
are agitating against the decision of the
committee to discontinue the holidays on
Saturdays.
The New York Subtreasury lost 1181,000
to the banks yesterday, making a cash net
loss since Friday of f 1 8,3 87,000. J
The Chicago Great Western's prelim
inary report for the year ended June 30
shows an Increase of $887,118 In the net
operating revenue to J4, 787.049 and a gross
Income of $3,914,544, a gain of $847,9V.
The August gross of the Utah Securities
subsidiaries Inter-company charges elim
inated, was $471,777, on Increase of $82,607
over the same month last year. Fqr twelve
months ended August 31, the gross In
creased $867,772 to $6,306,647 and the net
$670,670 to $2,809,888.
The total operating revenue of the Wis
consin Central for the year ended June 30
was $12,206,239, an Increase of $2,289,869
over the previous year. Net Increase,
$2,090,899 to $5,284,489.
The Prince Lice, controlled by Furness,
Withy & Co.. Ltd., reports for the year
ended Jupe 30, 1916., prpflts of 495,000,
A dividend pf 30 per cent was paid, as
against 19 per cent the previous year.
Two membership In the Chicago HoanJ
of Trade have been solcTat $6125 net to the
buyers, the. highest pr(ce on, record.
A bid of $4100 has been made for mem
bership In the New York Coffee and Sugar
Exchange. A membership was sold at this
price last week.
The New York Curb Association has listed
and admitted to quotation tho following:
Ten million capital shares pf the Alaska
Mines Corporation of a par value of $1 a,
share, transfer agent Empire TniBt Com
pany, registrar Franklin Trust' Company ;
5000 capital shares of the IJtftli Petroleuni
Company of a par value pf $1 a share as
a prospect, transfer agent 71 Wall street,
room 3, registrar United Spates Corporation
Company,
Opposes Cheap City Electric Rates
TRENTON. Sept. 20. The large cities
In New Jersey will not get a cheaper elec
tric rate from the Public Service Klectrio
Company without earnest protest to the
Board of Public Utility Commissioners from
the small towns. Next Monday the Utility
Board will hear arguments of Newark, JerT
ney City, Iloboken and other large cities as
to why they should be given separate rates,
based on consumption. Northampton town
ship. In which Mount Holly Is located, has
protested to the Utility Commission against
the requests of Newark and the other cities.
BAR SILVER
In London bar silver today was quoted at
33 Hi unchanged,
Commercial par sliver was quoted In New
York today at 68tyc, unchanged.
Pittsburgh Deposits Break Record 1
piTTsnirnnir n.f a .' ..Is
national and State banks "and trust "J!--I.
psnles n this city now aggregate issTfSl
... ,.....,.. tomparea with this time
a year ago. There are 77 lnnii.,i.. :,.'?
" '"i'" HT8.
Organized
1807
Our broad acquaintance,
gained through 109 years
of banking service, "will
enabje its to Jiandle youy
out - of - tovn collectipng
rnoaV effectively ' and economically.
Farmers and Mechanics
NationsBank
427 Chestnut Street
September Invest
ment Suggestions
Our September Investment
Circular Is ready for distribu
tion, and will be delivered oa
ppllcatjpn,
In addition to the display of
many attractive Bonds, the
circular continues our series
of explanation of banking
phrases with a brief discus-
The Investment
Retina
Edward B.Smith & Co
Estisusbss 1883.
BANKERS
Jfmbr -Yaw York end
FMlattlpMa Stock Btchtngut
1411 Cubstnct St., PmuosLrau
80 Pins Siaiui tint toss
Bolivia. "
South America
Ky"W VV vfk
In addition to the 273 towns
in South America previously
listed, we have established di
rect connections with the fol
lowing towns in
BOLIVIA
COCHABAUI1A.
l.AI'AZ
OKUHO
POTOSI
RinpHALTO
sAtfTA cniia.
tAplA
(miNi
Our business in South Amer
ica, is not handled through any
other bank in the United States,
but direct with our South
American correspondents.
We are ready.
Corn Exchange
National Bank
Philadelphia.
Chettnut at Second Street
Bjiown Brothers & Co.
rtnwniAMCt4n7nrrnuurra
PHILABELPHIA
F
Vi y?f it- a
1
High-Grade Investment Securities
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