k -Y ' N fj vs. v a1 5. . - .j v. - ',1T A if .r - - ,.; r EVENING LEDGER-PHILADELPHIA, SATURDAY, AUGUST 181917 ; 1JW -..;.; RCILLY, PROCK CO. BANKERS READINQ COMPANY GENERALf MORTOAQE 4 B0ND3 t97 306 CHESTNUT STREET rillLADKLHIlA A Well Secured Short Time Investment West Virginia Traction & Electric Co. Two-year 6 Bond-Secured Gold Notes Due May I, 1919 Interest payable without deductions for present normal Federal Income Tax, and Ta Refund able in Pennsylvania. Price y2 Yielding 6- Descriptive circular con taining full information will be sent on request. Bonbright & Company MORRIS WI8TAR STROUD. Jr. Manaier 437 Chestnut St., Philadelphia ew YorK London Roaton raris Chicago Detroit Krv Wfv fevlc , Bif-V i-ic-f Seven Per Cent. Cumulative Preferred Stork of David Lupton's Sons Co. Allegheny Ae. and Tulip St. Dilla. Dividends Paid Quarterly ari, April, July and Oct. 1 Free of Penmylvanla State Tax Surplus earnings sufficient to pay preferred dividend six times oer. Business constantly Increasing. Preferred Stock entirely safe-guarded In the Interest of the Investor. We offer the unsold portion of this stock at Par ($100 per share) and acrued dividend. Circular with complete Information on request. Morris Brothers Co. Established 1893 1421 Chestnut St., Philadelphia i KrfH-V , 4l m BALDWIN LOCOMOTIVE Send for Our Special Letter HUGHES &DIER ., , I Phils. Stock Eichanra Members chleato Hoard of Trade 1435 Walnut St., Philadelphia 115 Broadway, New York Woolworth Bide., Lancaster, Pa. m U&., BrW rrc-,. Charles J. Bender & Co. INVESTMENT BOND 1 Membere Philadelphia Stock Exc&ania NORTH AMERICAN BLDG. mL'i V KV '' UEOAIj AUVXUT18 K5 KSTAIK W ANN IK s- ceased anan S. ULM RT,f ?. ',.. ffc Wl K$ r?a-r tii v fc.'rt I -J A; 1& H H llLSUN. III!. Littara teatjtmnntnrv nn tt. above, eetata having- been (ranted to TUB Provident like and trust company ' OK PHILADELPHIA, all peraona Indebted to til said eatate ars requested to make payment, and tboaa having clalma to preaent the aarr.a. without delay, at the office of aald Company. 40 Cheatnut at.. Philadelphia. v " ABA S. WING. , , . President. 3? MOON, Deceased I,ettra teatamentary on the above eatate having been granted to , THE PROVIDENT I.1XK AND TRUST COM 1 PANT OF PHIIADELPHIA and MART "" OILBT. all peraona Indebted to the aald eatata are. requeated to make payment, and thoas hav. !n clalrne to preaent tha time, without delay. J tll?.?.rae, "1. ald Company, No. 409 Cheatnut ax., Philadelphia. ABA B. WINO. Prealdent 1 w toivniKNDw TOITED IONAL OT.MT1BI COMPANV Wilmington. Del.. Aur. 17. 1917. At a meeting of the Board of Dlrectora of tha company, held tbli day. a dividend of Oa and savrmlf UV4 per cent (one dr.llar and fifty tenia per (bare) waa declared out of tha earnfnta of tL company upon tha preferred capital atoek of tha company. Issued and outatandlnr, payable on September IS. 1017. to atorkholdera of record at p. m. on August 81, 1917. Transfer booke will not close. By order of th Board. WALTER W. PERKINS. secretary. DIBBCTOHV OF ACCOUNTANTS Certified Tublle Accountant ULltfRENCE K. BROWN A CO 1615 REAL E8TATK TRUST BUrLDrNri INVKSTIOATB AND ADJUST PAUTNUItSMlP CORPORATION AND DISPUTED ACCOUNTS BURNS A SPFAKMAN THE BOUHBU ' A .CLOSING LIVE STOCK PRICES : j' ... CHICAGO. Aug. 18. HOOS Receipts anno W 'fcaads Monday. xtl.OOO haadT Market ateidy? " SW'S-yWy18'30'' "Jht- .40tfl90:mle5 V,- iiT?8i?"' avr' ,"-80-ui ""h. Tn.ao (V CATOJS Raoelptg. SO00 bead. Market weak. 1 -V.gPyK OMAHA. Aug. 18. HOOan.calpt.. , ' fc4.' flhlppera fi0i75o higher. Packer!; fcH- "1 u-J FINANCIAL FEW OFFERINGS OF HIGH-GRADE BONDS-BIG DEALERS NOT IN MARKET Trust Companies Have Plenty of Money and Are Taking All Offered Gossip of "the Street" New York Stock Said ' Low. 7U oo4 13V4 64 y, 28 Net Chsc. Close. 711 00 13V4 .. 64V4 .. ?8 Central Leather Cho.oa & Ohio . Chi JI&Ht P., rnilE manaserof an old established bond and Investment houso nald today that thero are very few offerings of high-grade long-term bonds In the market, and to lllUBtrato hli point showed a list of such offerings from a well-known New York houso ho had Just received by mall. There were six different orferln.gM aggregating n total of $125,000. "Usually," ho wild, "thc'offcrlngs of that llrm fill n doublo length sheet of letter paper, whereas tho present list doesn't rover a quarter of one page." Wt.,.. nI..J 1..... ,.. .... t. ,I.IMH t. ..M 1,a 1m-r11. UnAW IinW . ..en usnuu iiuw no hc(;uuiilcu ior nucn a cunumuii nu wm . ....., . -- . ---,-"' "fc .-... .. . .. .. . ... ..-1 i . nirn trfixlv. Cnlll Conner lu ittuuni ior it, oecause an mo onenngs wnicn arc ueiim muuu ... ...-.,. , .. - ..rni . . . . ,.. .....- . !.. r.t mnnnV I y' K uel lrOH inuio ore Bsverai trust companies in tno city, no sain, iirai mm iih.-ih.jf " ... .. for Investment and are taking nil such offerings that come nlong. And yet," ho con tinued, "as far as I can sco tho big interests llko savings banks and life Insurance rompanlcs that must have such bonds seem to bo hanging back. I am told," ho bald, "that somo of theso concerns In New York nrc loosening up and buying more fiecly leccntly, but tho situation on tho whole looks as If they were all watching for Uie second Liberty Loan. I don't look for a normal bond mnikct ngaln," ho said, "tilt peace Is declared and then I look for an Immediate boom In bonds for a while." Protection Needed for Liberty Bondholders A number of the representatives of various Investment houses uho ueie eiy active in tho last Liberty Ilond campaign woro discussing their expei lenfes. when one of them who Is sales-manager of a well-known houso said: "That campaign, which was abovo everything else n campaign of education and which u-sulted in placing one or more bonds In tho hands of millions of people In the I'nlted States who never saw a bond before In their l!es mid didn't know what a bond was like, will either provo one of tho greatest helps to tho bond bunlnpis or one of the gieatest hindrances. The great danger will come from the hordes of shyster conccins all oer tho country who will ferret these bondholders out and offer fancy prices for their holdings of Liberty Uonds In exchange for their stuff. The lestilt of such woik can easily bo foremen," he said. "When these pcoplo discover Ihev have been duped, not only Llbeity ttonds, but other first-class bonds and securities will sh.ne the same condemnation in their minds. I have seen," ho continued, "that D." per cent of the buyers of the first Llbeity Bonds never owned a bond before. There should bo some safeguard thrown about theso people to prevent their falling n prey to the haiples who sooner or later will get after them " Net Earnings of Railroads a Comparison "A great deal hns been said nnd written recently about the cnonnous Incie.ise In talhoad earnings," said II. E. Taylor, of tho Investor's Service, in the Morris Building, "but invariably tho figures quoted In connection with theso statements referred to gross earnings. Wo have Just completed a comparison of the net earnings of twcnty-flvo lending railroads ftom January 1 to May 31, 101C, ns compared wlt 1917, and the result is a revelation. "Of five soft-coal roads, Including such roads at the Baltimore and Ohio una Virginian Itallroad, the figures show a decrcaso In net earnings In tho time men. tinned of $158,953. Tho two railroads mentioned both show an Increase in net earnings, but the deciease In tho net earnings of two members of tho group the Norfolk and Western and the Chesapeake and Ohio more than offset tho gains of tho others. "Of tho live leading anthracite-carrying roads thero is a decrcaso In net earnings during the period In 1917 ns compaicd with 1916 ot $5,905,116. "The flvo leading ci op-carrying roads show an increase of $2,572,187, tho five leading eastern ti link lines a decrease of $21,558,826, while the fle leading loads of the southern system show nn Increase of $705,091. "To sum up, all twenty-five leading inllroads in this table show a decrease In net earnings for the first five months of 1917, as compaied with the same pctlod of 1916, of $24,215,614. It should be added, however, that more recent earnings, both gioss and net, show an Improvement gcncially." Oil Men and Excess Profits Henry L. Uohertv, nesldcnt of the Cities' Service Companv, tefening to the conditions of the oil markets In tho United States, says: "We have millions of ncies of piospectlvo teriltory. Theie is virtually no limit to the oil we can pioduce, although the cost may become prohibitive If a long period of inactivity be brought about by a failure quickly to compichend the true situation, One of the questions of the oil prospector now is how much of his profits will be taken by the (Jovernmont If his piospectlng leads to a pioflt? "There is no disposition on the part of the oil men to hold up the public as to price. OH Is not selling today as hljjh as it would bo selling If we had notmal busi ness conditions nnd no war. While It Is proposed to guarantee tho faimcr $2 for wheat with no excess profits tax, the oil men have maintained pi ices as close to the cost of production as though no war existed." Dullest Market Since 1914 "Never .since that time In 1914 after the war began when we used to send our stuff over to the New York Stock Exchange to 'get it matched,' have I ever seen the market so dull or unlntciestlng," said Howard Butcher, Jr., of Butcher, Shetrerd & Hansell, of the Real Kstato Trust Building, today. "The public Is not In the market, and any buying is professional, but whether the war ends In six months or six years tho result will be the same, for It can only ond In one way, but when It does end," ho said, "look for the biggest boom this rountry or any other has ever di earned of, and while the United States may not bo the best-loved nation, It will bo the most respected and have a gi eater influence morally, commercially and every other way than any nation In the world." 77ic liuda Company's Earnings "The $1,000,000 7 per cent prefened stock of tho Buda Company Just Issued by E. W. Clark & Co., has been virtually all absorbed," said George W. Kendrick today. "This concern," he said, "is better known In Chicago than it is In Philadelphia. Tho stock is tax exempt In Illinois, but being offered at 96 to yield 7.30 per cent makes it a very attractive pioposltlon. Tho concern manufactures railway supplies, tractors and internal combustion 'engines for numbers of truck manufactuers who buy their engines Instead of making them. This issue of preferred stock," he continued, "is to provide additional working capital and funds to handle the large increase of business now on the company's books. The earnings for the six months ending June 30 last, are equal to eleven times the Interest on this Issue of stock." Women as Bank Clerks Voluntary recruiting combined with the selective draft Is compelling many of the banks In this city to fill up the ranks with female workers. An officer of the First National Bank said today that they are employing young women to fill the rapidly thinning ranks, and up to the present they have found the plan very satis factory. "It Is not alone tho call to war that Is taking our young trained men, but tho bis steel and other corporations that are doing Government work can afford to pay higher .wages to these tialned clerks than banks can, so that many of them are tempted to accept theso offers. So Important has this condition bceome that the branch of, the American Institute of Banking in this city has arranged to start early in October a class for the instruction of these young women in elementary banking In their rooms 608 Chestnut street, in the Washington Building. This class will bo In charge of. F. B. Snyder, ot the First National Bank, and O. Howard Wolfe, of the Philadelphia National Bank. The hours will be from C to 6 p. m. each day, and only young women aheady employed In banks and very young men will be ndmltted." The National City Bank of New York reports that It has added 400 women to Us clerical force, 65 per cent of whom have been added since the United States declared war against Germany, and the National Bank of Commerce of New York reports the employment of 147 women clerks In the same time. Increase in New Capitalization Since 1914 Since the war broke out the financing of new companies has been carried out on a gigantic scale. In new oil corporations tho capitalization has been almost one billion dollars; chemical and dye companies have been capitalized at more than $200,000,000. The capitalization of new shipping and shipbuilding corporations amounted to almost $300,000,000 and scarcely a week passed that this amount Is not considerably Increased. Since the first of this year the capitalization of all new enterprises has amounted to about $2,000,000,000. These figures would be still larger wero it not that the high prices of materials and tho demands for money by tho larger industrios are holding back many enter- prises not mreuuy vuunecicu wuu uiu iimnuiaciuro or war supplies. Why the Public Makes Bad Investments The general causes which prompt the public to make bad investments," said the principal member of a well-known investment house, "are impulsiveness with which people Invest money without due consideration; avarice, which leads them to speculate as well asSo buy securities which yield such a high return that thero must necessarily be a large risk, and gullibility, which encourages them to believe all sorts of glowing statements without making further investigation." "Are You Saving?" , All the Government publications now have printed nt the top or bottom of the page or pager- "Aro you saving your money to invest in the next issue of tho Llbertv Loan?" In New York the current literature of brokerage and banking houses con tains suggestions to their customers on the duty of every one to arrango his resources so that a generous contribution may be made to the war fund. Rumored Steel Price Fixing It was rumored on the Street yesterday that tho. Government had rWM.-e -. ,165 & too a, & fixedprice- for steel, -with a bonus vt $10 a ton for rush orders but tLa U.M AAlllilttlAt Ha 4 a ulULIa 'U u-vUZ' w TVA a ?po manajjer or. a well-known lak ii 'Hl!r'my. v "" T X- . T '."ym. Ji ut 3 'T.T T""f "'"" "WW"" m , s .. V? r .wldfc .tJaJ- ..- ' - B. W MMEM High. Am Car & Fdy Co. 7 Am Int Corp .... Ot Am Hide & 1, l.iy, do prof (ll'j Am Llrrsccrt .... stA Am Smelting . ...loint IflJM 102W Am Sum Toll ... (UK 0.1V4 4Vi .. Am Tel & Tel ...118V4 11V4 VW Am Wool Iil Bill, nl'.f, V Am Zinc & Lead pf 88 B8 Sn Anaconda . t 71A 7ft'fc 1i Atchison ? 09 W D9V4 00 V4 Atlan Gulf A V MOS'j 101V4 103W '.4 Hald Loco Co.... fl9?i 0 94 naltlmoro & Ohio 09 60 89 Hatopllns Mining. 1 1 1 V Bethlehem Steel. .110 118 116 do V ll4i 113V4 111 M Csil Petrol nref . . An 80 80 Cal Packing ... 38V4 38U 38H 1 D1V sy 7 . 10 48 43'S, 31i Sales in Philadelphia Net chiie, L!&aHaBiiXt..t--r. Col Gas & i:ieo Corn Products do pref os Cruclblo Steel . 80 Cuba Cnno Sugar 38Vi Del & Hudson ..103 Distillers Sectir 29 Erlo do 1st pref . . Gaston Williams General Motors . do pref Great North nref Or Noith Ore subs ssvi Illinois Central . . . 103 Inlerb-C'ons Corp in Int Mer Mar. do pief . .. Int Nickel K'ellv .SprlnKfloM Larka Steel I.lg & Mjeis it- Louis & .N'nsli 01 88V4 0li 18 48V4 4li sty. 08 79 H 37 01 i'x 8874 Vi osy, 18 .. 48 Vi 427'a 348', 08 79 37 U 103 iosy 38 29 3 lift 38 38i 113 soy. n-. 3.1 i i ' 38"! I 41 Oil 31 38 38 113 86 losy, 33 inii', in 33 no as n IS 00 1 34 30 38 H. 113 86 lo-.y, 33 102 10 32 ooy, 3871 43 00 I "A ',4 1 -I- 1 Max Motors 1st pr 68 do 2d pief 20 Mex P (nil lion Miami Con Cop 38 Mo Kan & Tpv 0 Sflssoiirl Pacific . 31 do pref . BSiJi Nat Con C.ihlo . 33 New York Cent.. 83 .V Y N 1! & II 31 N'orf & West 110 Nova Scotia Stl Ifll Ohio Gas 33', Ontario Sliver ... r.y, Ohio Fuel 31', Penna It It 32 Pitts & West .. 29 Pitts Coal ctfs... 33 do pref ctfs . ...131 Uy Steel Spring . 31 Hay Con Copper 27", Heading ... 93 Heading 2d pref . 40 Hep Iron & Steel 89 Iloyal Dutch ... 60 .St I, & S F pref 38 Sinclair Oil . n Se.irs Itoebuclc 168 So Pacific - . . 9 1 "4 .Southern H It ,38 Hindi b.kcr fit lenn Cop & Them I i.iy, nay, issy, Texas Co Tobacco Prod Union Pat. , do pref. . . . Cult Clg Stores 187 . 77 . isoy, . 79 131 68 20 00 :i7y, 6 30 BS 31 81 ", 33 1!0 101 4 S'Vl fitH 33 29 33 131 81 27 03 40 89 66 38 41 168 01 31 83 7 68 20 96 38 6 31 33 34 8iJi 33 120 101 6514 - !i 14 t33 .. tl6 70 76 03 63 82 82 20 29 29 31 4 4) 6 0 46 46 78 7871 n H v ft in),. T.ntr. Ctaaa, 7 Am Gas ...103 103 103 .. Am llys pref . . . . t0 Buff & S t c .. .. t7 .. 21ConTroNJ71 71 71 2 160 D & H Can.iostt 1028i 102 U 10 Gen Asphalt. 20 20 20 U Ins Co N A. .. Lk Sup Corp . . 113 Lehigh Nav. 70 1 Lehigh Vnl.. 03 01 Penna 11 H, 53 BSPhlla Elec. 20 1308 P n T tr cfs 31 2330 Ton Belmont 4 1000 Ton Mining. 6 20 Union Tract 40 flnlTnfln. Imn. 181i 1010 U S Steel.. 121 124 124 40 Warwick ... 0 0 0 73 Will Cramp. 82 83 83 Tntnl n1e. 0378 linre;. rnmnijreil "Hh.0,UJJ almrea je.tenlnw Ihim 'r, thfV weelc. 89.011 ahureai aame period hint week. 60,191 atmrea. IIO.M1S N'1"' Illsh. Low. Clone, ihee. $1000 EIcc & Peop Tr 4s ... 73 75 75 .. 300 Lib Bonds W I 00 00-100 09 30-100 00 00-100 10-100 1000 Penna Co temp ctfs 4 VJs .... 03 03 03 4800 Phlla L'lec 1st Cs ...101 lOOi 101 Total anlM, SHOO, ronumreil with $28,130 e tertian 1 1"1' for Ul" week, $107,180) name perl- ril lint ween, s;n,i..u. BROKERS DESERT NEW.YORK EXCHANGE AND DEALINGS ARE UNINTERESTIN( Bears Make Demonstrations Against a Few Issues Dela$ ware and Hudson Is Hammered uown following Ad yance United States Steel Higher Hiah Points in Today's Financial Ncics Trading was light on New York Exchange and market closed hv,,. Curb business was small. Corn was nervous, but advanced after drop. ton closed lower. New York bank statement showed a btg increase in 0 Z loans and a decrease in the actual. Demand deposit, ond the averT. surplm decreased, while there was a small increase in the actual surpZ Foreign exchange dull. Bar silver unchanged. Hogs reached new XS ground in Chicago and Pittsburgh. " i 51 62 .. 20 53 121 4-1 61 27 .. 03 40 I 89 66 38 -4- 41 168 04 28 , 83 -f 17 1 Local Bid and Asked Todiv'a Yealenlo" lllil Aakeil lllil Aakil Amir Hlorei .til 3U 311 30'4 llalJnln ilii'i ' ' 'a ifl, Ilrlll .1 l' '-'il L'N'n V0 2S'i Huff 4 Snail t c 37 3S .Ml 5S do pref 31 5J 80 82 Klco Htorage .Vi i.n .VI 1.0 Urn Aaplillt 19 I'll I'l -II ilo prrf 1.0 I.I i. il 01 Key 'li'l 11. 12 ll'j I-' do t r (13 hi 1.3 07 l.lko Sup Cori lll'i 1U IH'i Hi', l.ch N.iv 7(1 77 Iti'i "7 I-U Valley HJ'l I.I I.J lU'a IV nm 8Ji 5'J1, ."2' fi'JS Mill l i:iio JS', Ml l'S I'll I'hiu Co an :is an .is ill) (i p p p( 3'J 33 3J 33 do il p c rf .'islj :m .is'4 an, , I' II T l 0 .'Ill's 31 31 31'i Headline VJU v DJ'i 03 Ton lli-l -P, 4' -if, 4''! 'Ion .Mln im il, iiS fl'4 Union 'liac 4- -III Ai 4KU "III 7S 7! 78 78 U a .Steel UMi. lL'I'i 123s, 121'i Yorkllwv 1.1 14 1.1 14 do pref ... 37 38 37 3S W Cramp & Hona . SJ SJ'4 !J KJ'l NEW YORK, Auk. l. Cvcn tho room traders seemed to havo tired of their efforts to force activity I at the weeK-ena or a summer iuain "- -- - v......n;U on t0 .- was tho deserted appearance of tho Stock Exchange floor. Thero was a smaller .il number of brokers present man ni any n "" "" ana iew of thero had any outWdo orders. ' The nlunclnc croup again mado demonstrations against a few Issues In wMm. they found an opportunity to forco declines. Delaware and Hudson was the object ? of tho most or ineir niiacus, aim wmi !., u.iu .u..j.,.b ., i-j l0 i03 w . ., .!... . moiz. Trifliiatrlnl Alcohol showed n. nntn nf 1 iM nammeieu uutvn iu v-n, ..--... , m mo early ii trading nnd then dopped 2 points, and Bethlehem Steel "B" detained more than i point. United i- run auracieu aiienuuu un ul .un. UL support, that stock i falling 3 points on a few sales to 130. . United States Steel common acted altogether Independently of the trad.,.! ": views. Although theso speculators resumed their efforts to forco Its price down $M there was persistent accumulation, and in the two hours of limited dealings thUjjfil market leauer lose more man i jiumi. iu iu-.s. v-iianeca in oinor issues Were is 1 nearly all cases for trifling fractions and wero without Importance. ffl AVith tho pronounced absenteeism it waa natural that a listless feeling shouM prevail on me oireei evneruiiy iuiu nu una otiemtu iu navu u. positive opinion as to w l.n Mnm.nl morlof nllllnnlf- Va U1U h'..u- ..... U....WW... The bond market was also tjulet and without important change in prices, Jul u l SI 186 1H6 76 77 136 130 70 70 Unit Drug 2d prf. 85 134 85 lulled I'l lilt 133 130 unit Hv Invest . s do pief , 18 U S Cant I IU F 20 U S Inii Ale I.Vi U S Itubher 03aM U S Smelt & Itef 59 do pref . ana,, U S Steel .... 125 do pref 1 1 7 Utah Copper . . . ini Wabash pref A. 49 do prof II .... 26 Went Maryland 19 Wostlnghouse Mfg 18 Wheel & L K u AVIIson Co .. . 65 Willys Overland.. 32 8 18 30 M7 63 58 50 LM 117 131 1 85 3 131 2 H 18 20 1 158 .. 63 59 li 60 -t- 124 117 INACTIVE I'HILA. STOCKS Following are nuotntlon for Inacttvo stocks listed on the Philadelphia Stock Ex change and In which there wero no trans actions today. The price given Is the last previous close. Alliance Ina .... 20 Amcr Mill nH Amer Htnr 37i do pref ... on A-n daa war.... H4 Ilrlll .1 a . ..... 2s2J Huff & Hu"ii pf 52 Cim Iron. .. 45 I'ltiibru Hloel l,i Catawlsna 1st pf A J len Asphalt pf 81 Key Tel 11 do pref fl?ij l-h Val Tr . , J7H l.eh Val Tr pf 48 Mlnehlll ... . 5.V No Central 83., N Penna ni Thlla Co pf .... 85 I'hlla Co cum pf. Wi Phlla Trao ... 77', IVnn Salt Mfc . 01 Penn Traff lo .... 24 Phlla Co 3l' PUT 29V4 I'll Co of N J L'HI Wm Cramp . S'J W Jer 1 Seasore. 41) W N Y & P 21 York Hwye 14 York Rwti pf .. S7ij West Coal 73 New York Bond Sales 104 101 49 26 19 48 11 63 32 49 20 19 .. 48 14 63 32 -f. i-ImwJ "i01"' ,0'rO hre. rompared with luit"''! je.terdan l,, far hl, wr'r? a.UI.DOO harei nunin iierloil last vreek. 1.001. 3uo hhare. ... INACTIVE NEW YORK STOCKS Tollowlng are quotations for Inactive stocks IWted on tho New York Stock Ex change nnd In which there were no trans actions today. The price glvn 's tha last previous sale l.lff 4 r ri, ....ii4 Lake fine S. W pf "g l. nuhhr T 5,. J.lK Myers Toh 22", l.ooo V Ws Co.. MTi i.orlllard P .... 2na I.orlllard P "pf.' f,f Maekay Co pf.:;.' nil. Varhjttan niev ..lis May riept Stores. A? ,. Dl". atr pfin. V.li ' Motors. 30 dama Express .,11 Advance Rumlev 13't Adv numIy pfd -JH A1lT Rul her H7 Alaska Oold M 5'i Alaska Juneau 4 All Chal pf KO'li Am Aur chem OJW Am Ac Chm pi 100'4 Am llfpt Suaar OJ' A n S A F ctfa .liu do ctfa pref. ..101 Am Can . . 4RS Am Car A Tdrv 74 Am Can A Fdy pfl18H Ml Am Cot Oil Am Cot Oil pref, Am Expresa .... Am Ice Sec pf Am Unseed pf Am I.oco . , Am !.oeo pref Am Malt . .. Am Malt pr . 91 . 08 01 70 104 14H II H Mer Petri "wet.. i Ml!;ta!!an n'ien. 1 ati.i. -'-" -'v,.i: Mor?l,SVr' n h : k; t pf 114 n'&fsM'iA -V.nnt PoVr" '"i. i. c Acme ... at Plsruit ..Yin Vat ITm m. ft" '-!'l v.at. r-nam i s t,r Sot? Am Smelt pf ...113 do prer A ... '-i . Am Smelt nfd n OtW Am Steel Fdy . 70 Am Sucar pf lis Am Sumatra pref i m Toh 2n Am Tel ft Cable. Am T ft T 3d rref 02'4 Am Ton to pt n lira Am writ r Amer iinc wna -.-4 .1 r Air Drake Am wool pi . "i " r f: ft i t ln n .1 1 rtt ai v v n . i ."..'.-" -" ' - Hill t -i X "- rtiriiinnil i'l .... " ' Atlantic Coaat I, 104 All Hal Pali ft Ohio pf Tlarrett Co . Rarrett Co pref Reth Steel pf.. 11RH Ohio Oa. rtl nrii'i-Mji. ii """' -Y-n ot P Pf 8014 N"v Con Cop" 31H 131 28 311500 Anslo-French Ss 51)00 Am I'orelBIl Sec .s 4000 Am Hmelt ft Itef 5s 50(10 Amer Tel Cs. 2000 Armour Co 4' 14i)ii() Atchison gen 4s 1000 Halt ft Ohio 5s luuu do cv 4' a HlBh . 04 0"i'i :it' 7f; HO. 87j! . 05). 10(10 H & o p 1, r.&w V 4s 7S lnoo Hush Term lllds 5s . h7 500(1 Can (iovt 5s 1BJ0 . !I4 4(111(1 dn .' 111,11 . 11.1 1 1O00O Chill Copper 7s . ,11K 1000 Chcs ft o conv fts . s 7000 Chi ft Alton 3'4a .. 44' 40011 Chi II ft Joint 4s 0'i'a 1000 Chi il ft M 1 gen Is S5's 100(1 do (A- I'? . . . h(ls H0OII Chi II I 4 I' rfd 4s . I.'l4 120DO City of Paris On . 3's 1000 Comp Tub Itcc Co 0s . 8.1 5000 Con C.is ennv Hs . .100 20(10 chl imn 5s , . . nn 2000 Uel ft Hud ionv fs . 07 1000 do rfd 4s . . . M'i 2000(1 DIs fee Corp 5s ... 75 1000 I let Gas 5s t23 ... UM4 1000 Krlo conv 4b Ser Ii 'VJS 100(1 do 4 s Ser D . . . H 7000 do 4s . , . SO 13IA100 French Hep 5'4s S iiiiihi llu.l ft Man ltd 5s r.x'i 1000 Interb Met i'ln HIVj 200(1 Interb It T ret .'.s .. 01 20011 Inter Mer Mar 0s . . 94 340(10 Japanese 4'm . h7'4 7000 Lake Sh deb 4s 1031. Ill's 318500 Liberty Ilond I :!'; Iflw in 15 M III), 11 (i 4 S7'7 If. S'.'i 78 h7 m4 04 g 11s 44(i 03 '4 S.I', sot; I.'IU 1114 si 100 00 07 504 76 osi,4 ns so 07 1, fist li.llj 01 04 K7 01 Cloe 34 ii4 117'i IKIS 7$. S54 78 ST. II 4 bti'i 44', O.-iJ, s.-.J, SH', Wl '4 lll'i S3 100 on 07 Ml', 75 fio 80 07 1, 5Hlj IIT4 01 01 87 '4 01. f 09 86-100 09 70-100 99 80-100 RE nJVPfSo3U All Olf ft W 1 pf 014 do rr.f !1H naidwin pf . ..loo'i Korr south' V! no 94 t VnVe i V,,"".1-- .- 34H ioh North Am:;" " :i .11 an .Hk n" " iistj Ohio a,? r,: P'elflo Mall".'" i. ei Tel 00 4 PJ-A-lVS.' Vni 6a "'r pf Vt xlVi C'crla ft nl" S3 nf" WW 102 81 no 27H 34 81H 100 no 81 74'i Er. Jinr" rf pf 4.1? -;. 25 do nf ' ' '.'.' ?"Vrref nStt Tlronklvn II T . nl Tlrnan RVinM . 71 Putto Sun . . ?0, Hums Uios .. Cal Pt . Tan Pan Cent FdT Co.. r.nt Wrv nf Cent Ho Am Tel 1154 Phlla Co Cent leather vti 112 Pierce A, 1 rro no i-Brn Chandler Motors Chl ft Alton.... do pref Chl ft N W.. . Chl Qt Weet.... do pret . . . O It I ft Ptr Chlno Con 56 Col ft So 1st pf. " dn 2d prat romp Tab 80 Tonsol Osa lp Corn Trodpf ... 05 riiiett-Peanndy Pf.11" Col ft South..... 27 C M ft Rt T pref.108',4 Con O E I, ft P..1JJ,, Cent Can .JOH Cont Can pref... lg1 Con Int Cal Mln. 174 Continental Ina.. SI C II I ft P f P. 70 CruclDle Bii pi ..ii'"w o.r-, 4su CubaAmSuRarvlB5 TiSeri"ri.8'e1 ' " cup Am Sua; pref.l074 Te ,?.ao 17 l" pit.. ..; rr' mT 28H pry' 5 lv.'atpf 5U l'i2 OulekaliveV ' "?., ir" 32 n2.R"v'' ft ..'. iS "y till Bra- oref iot7 .nV- : fi'ahoard A i,'rf UJ 8fX2S!&mht S? Ktutr "r 4 Cuba Cano Bui pf on n i. b w.. si, ti,?"x,'. 1) A 11 a pr .... Toba-A r. "1 ...208 I) 8 8 ft A pref... tSi 7r pd.Pr.lO S'lrd Avo .. AX -' 20R' 8 U Wei; 1 r. a ..-.. !-. dn r..? cir 10 $ wi?' E nperit Co n ... luo'i hr w. "?;. . . iz sj-..... j. b n . . n - ;,fc Wi. ' Detroit 2dUon.. 125 t-i,- I'lnai Ifl eI.o stoV-'nat.:-. 678j4 aV.Bp". M? F.rl 2d pf ,v... 27V4 do ne rpr 'S Klkhorn .rue1. .. 80 tTpc?. "! 82 lien roiwj Underwood TvCi' -J1" Oen F.lectrlo ....1J3 United aiiI??' -109 noodrlch ., m United byoV'1-. K tiff XI m:-4i puffin;, IV Haakell ft Barker 3 IT 8 iS'M.... ir Havana aileo ...J01 n H n",iJiICIL,Pf.I03i Homeatake Mln.. 100 s ' ' i J Imo. , mg inaplratlon Cop.. 53',, utah lat pf..io8 Int Aur .......... I" Va.Car rt,.V?rp-- 'svt Int Airlcul Pf .. B v eVrffl -.- 80 Interbor Con pf . B7'l Va Iron c imM.ll Int llarv Corp.. 79H IVabiih --- 71 Irt llarv of N J, lie.. Vi,,, ?,- ..... li'l Int llarv N J Pf.UTH do pf A0 A - il Int Nickel pf ...1034 v..tpV,l. -.. 4t1 int raper "Jl Wheel ft i. v "' wa do pref at.... 08 Wh . i' 82' owa cent T4 Whit. iT." ' aval Tea ...... a wai fa wh,,.-fI?r0".P . 5 w.i TV. pf ; ; : ;xpi - wir,o'' 4. , . liaiittfi TSJHKtlll ."TT-S .Pi. 1000 T.vnns 111 . . . 01s 5000 M irsellles j I) Hi 100(1 Midi Cent d 5s. . nfl'5 anon Minn ft St I. 5s . . 80 3000 Met West of Chl 5s . 0J; 51500 Mo Tac gm 4s. . r.04 1 nun do oa 1 00 41100 Nash Chat ft St I. 6s 10 J 0000 NYC. II 6s . ,101'i 1000 N Y City 43 s I960. 074 10000 do 4'4s 1081 .... 074 7000 do 4 '4 a 1005 ... 101 1, 40OO N Y N II ft II 4s 1056 50 2000 do 4s 53s 58 2000 do fls on"; 1000 N Y Tel gen 4fts ... II 11011 ,-vor tac ss.. . i.tiiHi i-Acillc 111a vs. 10000 Penna pen ct 44 1 1000 Pnco Coll Bs 2000 Pere Marauette ss .. 70 8000 Rcpub Cuba 5s 1004 . 00"; (I'll 31 1. &. i- ajt.... 10000 do In 1000 do Ser A 2000 South I'ac cv 4s... 0000 do rv 5s 1000 South Ttwy sen 4a , innn Utah I ft 1. Co Bs 4000 II S S ft R 8s 0000 Union Tar 1st 4s... 5000 do cv 4s. 15000 do rfd 4 . 20000 Un Itwya St I, 4s . . 3000 U K of O n ft I 5s . looiui no nis huh 1000 do 514a lfll 40000 do S'-jb new 1019... BiH 142000 do 0V4s 1921. .:;: 95 B34 1I0I4 SO OJ'i 5NI4 100i 102 101'4 101'i 074 07', 07: 07I ... II R6t4 .. . 86S s.... 02t4 02'5 no .. 82 . . oss ., 87? ..102 .. nis .. ss4 .. 84: . . 00s .. OS .. na 191 mJ naif 1110 nnk" BUSINESS IS SMALL ON THE CURB, WITH PRICE CHANGES TRIFLINGS 414i. iuittv, AUg. 18. Business on the Broad Street Curb today was probably tho smallest so far this summer, with a largo number of stocks neglected, many Issues in tha .,.,,.1 nctlvo list not being traded in during tho half day. Price changes were generally f I ior inning iruciions, uiiuuub" " nmu nrai wa.-i Bnuwii in eovcrai or the copner ' stocks, Consolidated Copper moving up from 0 to 107. Wright-Martin w..J steady, selling at 10 and 104, nnd Curtiss Aeroplane ranged from 47, to 477 a Maxim Munition shaded off slightly, declining to 1. ' S Tho independent oil stocks wero also dull, with Cosden & Co. selling at 10 Z. nnd 10, and Sapulpa ranged from 11 to 11. Among tho sales of the cooDer stocks wero Big Ledge at 1, Canada at 2 and Mason Valley at 7. ? The bond market was steady, with Bethlehem Steel 6s selling at 05, Can. .1ln AiiniinHinn Pit rt 07 en A71Z nnAiaril TTt nnt titn . tV f1 mt ii nun uuvciuiiicuv u " 'i7u. vn.-iii.-iui .icv-ini; m mi ; ana ureat Northern !J Cs at O8V1. There was an active demand for Crosbv Petroleum. tv1,im, ...... . fC 44 nnd mado a quick advance to 55 cents, on reports that a group of important western operators nuu uuiuineu uuniroi 01 tne properly. INDEPENDENT OH, STOCKS-Contl.. INDUSTRIALS nid. Air Tteductlon 05 Am Stores 35 Aetna Explosives f Am-Hrltlsh Mfg 6 Am Marconi 2 American Writing Paper. 3V4 Canadian Car vCo 30 Can Car & Fdy pref 08 Charcoal Iron 84 Chevrolet Motors 89 Cramp 78 Curtiss Aeroplane, 41 Cam en Tool 10V4 Yes. close. Asked. (Rale) 00 6 40 38 1 6 75 84 08 5 12 3 4 V 33 73 f 93 8.1 48 11 100 0 34 2 1Y 85 56 1 125 47 4Va 54 16 90 18 !5 100 101 8 37 20 83 1 'A 2214 V4 104 384 6TANDARD OH, STOCKS Illinois 230 . 233 Ohio 890 80,1 Pralrls Pipe 27g 2K3 niana uu or uaurornla.,260 284 Stand OH of New Jersey. 60S 615 Stand Oil of New Tork.287 291 INDEPENDENT OH. STOCKS 01 Carbon Steel Kmerson Phonograph . . Federal Rye Hendee Mfg Kathodlon Bronze pref. Lake Torpedo Boat . . . Lehigh Coal Sales Lima Loco 66 Maxim Munitions 14 Marlln Arms 110 X Y Shipbuilding ., Nor Amer Pap Pulp Otis Elevator 53 Peerless Motor is Poole Eng 75 Hodden Truck 11 Fcrlpps-Booth 7 S S Kresga w 1 95 Standard Motors 100 Steel Alloys 74 Submarine 27 St Joseph Lead 20 Todd Shipbuilding 80 Triangle Film 1 V4 United Profit Sharing . . 1,4 U S Steamship 4V4 United Motors 22 World's Film AVrlght-Martln Air 10(4 Zinc Concent 2 10 07 6Va 67 1 8 274 2oy4 22 Ji 50 283 911 Barnett Oil & Gas lt, Cosden & Co 10 Elk Basin 111,4 Federal Oil Inter Petrol is' Houston Oil 10 Merrltt Oil 89 1 1084 11 8 13 21 40 Bid . . 183 Midwest nef wet reiroi 11 Ohio Fuel i4 Oklahoma Bef 104 Osago Hominy nt' Bice Oil '." Sapulpa Ref 10 Sequoyah 1 Sinclair " e United West OH " .4 MININO STOCKS Alaska Standard 30 Atlanta , 0 Big Ledge jt Blebee Copper (a pros).. u Butte Copper & Zinc d Butte NW York 1 14 Cal & Jerome 184 Con Ariz .(? Emma Consolidated .... u First National Goldfield Merger 5 uoldneld Cons . . , Goldfield Florence Goldfield Kewanas ureen Monster wjwm 4tOlf 1 19 10ft 104 A 'il i 2714 :m 63 14 11 Hecla Mining n owe sound Independence Lead Jerome Verde Jumbo Extension . Magnate Copper . . McKlnley-Darragh .-uagma Copper 84 6 10 Ml 27 i 63 4794 1 0 IVn Mother Lode ...'.!! ', ,', ',', 37 .uuieu o or .sjnerlca Nevada Hills Nlplsslng Ohio Copper j i a) iierCUlCS OS', San Toy ,', Stewart t,.3. iuuopan extension United Verde West End Con . . . . TVhitis Oak TTTl.! r. " """ v-aps 11 Terlngton 4 BONDS Bethlehem Bs ogij Cosden Oil 60 07 Cosden & Co 6s . 91 Erie 5s Be Russian Government Ss 72 Russian Government 6Ws 81 Southern Railway 5s.... 064 Sine ali- nn f .." Todd Shipbuilding 6s' '. '. '. 100 46 11 10 1 1 3 ft 1ft 3 8 65 18 14 1ft 0 8 12 Ml 28 II 58 51 40 1H 25 8H 1ft t 14 :i lOHl tii 3 i m); .. !!' m y ::m ji 1 36 70 1 H 2H 37M 72 3 H4 26 tl es 98 95 8JH 74 84 J 95 162 :i M -m Total aalaa, $1,460,000. eomnared nlik 82.34O.O0O yesterday! thus fAr thl? k 81R 031.0001 same period last Meek. SU.SwIooo. Financial Briefs George II. Frazier has resigned from the board of directors of the Lehigh Vallev Transit Company, his place being niled bv the election of Paul B. Sawyer, of the Electrlo Bond and Share Company This gives representation on the board of the Lehigh Valley Transit Company to the Electric Bond and Share Company which latter company is to direct the operation and development of the new Lehigh Power Securities Company, of which the Lehlch Valley Transit Company Is now a subsid iary through majority stock ownership. Figures compiled by the Financial Chronicle give gross earnings of thlrtv railroads for the first week In Auirust of $14,103,978. This compares with fTs 505,346 during the corresponding week in 1916, or an Increase of $698,622. Commercial failures this week in v. United States were 25-, against 273 last week. 247 the preceding week and 36 in the corresponding week last year. Falinr.. week, 17 in the preceding' week ami !?!$ year. preceding week and 33 last Following the usual custom, the stc-v Exchange nt London, the Paris Bours o5 the Liverpool Cotton Exchange are closert today. The Stock Exchanga at Mor?1 was not open for business. 'l"al June gross earnings of the Western Bin... Gas and Electric Company were Iloo o against 198,081 In the Bame month ,,, year, or an Increase of 311,788. v.. , ' the month Increased 11.788. -Twelve month.' gross Increased ,105,126. with net SJnK period Increasing 140,267. r "8 GOVERNMENT nONDS a, reglatered, 1030 , 2a, coupon. 1930 .., fci, reiclatered. 1918 8a, coupon, 1918 .., 4a. refffalered. 1D2S 4a, coupon. 10JS .,,, a. rtclatarad. 1048 1 Did 074 06JI ... OOli 09U in tif ,.. 1054 ..f..t..,10i sf;ft! Aaktd 19H NEW YORK COFFEE MARKET NEW TORK, Aug. 18. The market for coffee futures was Irregular today at the opening, two points lower to two points higher. Trading on the call was quiet and confined to the March position, with sales amuntlng to 2500 bags. Most of the early business on the Coffee Exchange was in switching. September longs were seemingly nervous and getting out of that position and into the later months at greatly widening differences. The Brazil markets developed an easier ten dency, with Rio showing a decline, Santos futures unchanged to a decline of 25 rels. The local spot position waa quiet and in poor demand. On-n Hleh Low rtoa, l .. 7.55 .... 7,4, ... iuq I. on 7 ft's .. 7.72 7.75 7 7a 774 .. 7.03 7.08 7 07 7 08 8 09 8.09 Silo 8-2 8.24 ny cities 4 :::ioinoiy4Sii PROSPECTS OF RAIN SEND COTTON DOWNj September. October.... December. . March May July 7.50 7.08 7.75 7.08 8.10 8.23 RAILROAD EARNINGS BUFFALO. ROCHESTER AND PITTSBURGH Seeonfl week Auiuat... $317,275 SojBS DETROIT, TOLEDO' AND IRONTON junn iidbi , 4223 25 Net is. 173 Six months' gross 1,28 301 Net 81,005 DETROIT AN40 MACKINAC Juno, sro 1110.024 JO.U43 432,220 28,412 140.747 142,877 Net Six months' gross. Net 037,538 02,440 MINERAL RANO.E RAILROAD June gross 40" 347 Deficit after taxation,, 10 847 Six months' grosa 680 835 Deficit after taxation... 26.034 15,877 5,850 .81,118 47.825 MISSOURI, KANSAS AND TEXAS nccoiiu nn aueuh ,, lal 10 1 From January 1 24.7lB.on GRAND TRUNK SYSTEM 1850 80,009 64,208 77.548 . 185.858 4.454.053 Eecond week Aueuat.. $1,320,783 183,764 Cotton Buyers and Sellers NEW YORK, Aug. 18. October Abra. ham, Ketffer and Hicks bid; BurneUOrvU and R. Hubbard offered. urne. Orvls December Kelffer, Newman and n Hubbard bid; Montgomery. WllsonW thai and Ray offered. " -,run January Kelffer and Martin bid- Rn.m tree. R. Hubbard and Morrison offered! March Kelffer offered. onerea. 4-; .. . d . ZS.A jr'tyl ,.fV Impression That Precipitation Might Become More General Over Belt Causes Drop COTTON BELT WEATHER CONDITIONS 1N.-4TIV Vnnvr . .. . .. . , .-" tiiV.l. "" nu ine lOiiowina.ifif-iB ?"?." were recorded In the cotton belt tkb 1 YrYUwX ' "anoTine. osi HnoxTllie. ooi -f'J l.nJ?0E?..?,,Il Nhvllle. 68 Mireieport. Olkla-1 SmTO. tit,r, "J"1 Meridian. 70 Abilene, Fart! f.?1!!'- .Vlekabura; nnd Illrmlnliam. 7l UU ThOCK4,.MOI,lle(.,'enaeol, Macon, Allaatat'ij Memphla, Montcomerr. Auxusta. CharlMtM;;! ?"5 BTJn.l'' 78i t'orpna Cbrlatl. . Pel Stojl so"'i;i,V."V.rAIf''BJ Tampa and JacKsenr.u., ..iin',e AX?.02 ,nh of preclpatlon at Tkofti IVViSl -oa A Meridian. to8 at Feniacola, .Mi T.d'lwie' -18 n Mobile and .34 at Macou8eJ NEW YORK, Aug. II-',1 While selling of cotton was not pi Ucularly aggressive today there was a great deal of support, aside from covei for over the -ureeV.on nn thit market Van ...... ...., H..u .. R. easier, , i- One c-f the item of" news that attract attention was acable from Paris to taei effect that Franco would limit Import m 860,000 bales a year of all kinds. j The market was affected byiurtl evidences of rain In parts of Texas i Onened K tn 0 nnlnla ln..l- A low M rometer over the far Southwest gave tf impression that rainfall might become w general, while th nnatern belt forecMv dlcated lessening precipitation east 6,1 river. Some of the eastern belt points report an increase of offers and a considerable o cllne In the basis with enlarging recelP At the end of the first ten minutes tno " ket was falrlv nntlvn nnd weaker, WJ prices 22 to 25 points net lower. New J lennn u,n o 4.,.,,AH An tum .Afhnl, hare. 1 , ,, Hu H, WMW W,, ...JJ DVI.-VH . - TIia latul AnA r ,1.. Atiaua Du -- liul 4474JU14 Ul H. O ..--- . showed that clearances from the um1 btates to Franco for the year enaea jw were 994.065 running bales, lnclua llnters. The weekly reviews on the outlook. me crtvp were favorable on ine " -The receipts ot the. ports for the were estimated at 8000 Daiea, ii with 4417 bales last 'week and tJw laat viiai- t.l r - - - 4, Tacterilay'a ' i V-. .
Significant historical Pennsylvania newspapers