It;
I3YJ3N1KG LEJJOJaK-J'HiLABWLPHIA, FJRID
SBlrBMBKlt 21, 1017
-m.
ft
j.. . . . v ; '; ;
THILADELPHIA PLAN
EQUIPMENT TRUST
CERTIFICATES
BALTIMORE &. OHIO
RAILROAD
EQUIPMENT 4yi
CHESAPEAKE A OHIO
RAILWAY
EQUIPMENT 4!,
CANADIAN PACIFIC
RAILWAY
EQUIPMENT A'.t
REILLY, BROCK & CO.
JIAXKKItS
306 CHESTNUT ST.
rnii.ABEi.niiA
FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK QUOTATIO
U.
FIXING OF COPPER PRICE BRINGS
MIXED MOVEMENTS IN NEW YORK
Good Gains Are Recorded Early, but Later Calcu
lations of Influence of Earnings Result
in Selling and Declines
High Points in Today's Financial News
Prices started higher, and later declined. Curb shares were strong, but business
Price startod higher, and later declined. Curb shnres were strong, but business
was not large. Com closed lower and cotton higher. Rubles steady in foreign
exchange market. August earnings of Lehigh Valley Transit Company showed
good increases. Hanover National Bank, of New York, declared an extra
dividend of 2 per cent, liar silver advanced to new high record prices in
New i ork and London.
The American Gas
Company
6 Gold Bonds
These bonds are followed bv
stock having an actual book
value well over $7,700,000.
Dividends have been paid on
the stock for over 24 years,
the present rate being 8tt.
Applicable earnings for 191ft
were over AH times interest
charges on these bonds.
The subsidiary companies
operate gas and electricity
plants in 50 cities and towns.
'Deluding a largo portion of
the gas and electricity busi
ness in the suburbs of Phila
delphia. PRICE 97' 2 ND ACCRUED
INTEREST
Bonbright & Company
Jionrtia avirtar stjiouu.
Manager
Jr.
437 Chestnut St, Philadelphia
New Tortc Uoiton Clilcaeo Detroit
Loudon l'arls
The New
War Tax Law
TU tin faic analysed nntl
rcducrd to tt ruiit'mieitf
rrrreiice for the bntu man
Wc have in press now and
ready for final revision
1 The New War Tax Bill
mnotated and indexed
2 A revised tax chart
The new law is convenient
ly arranged for reference.
The chart shows how it af
fects incomes ranging from
$2,000 to $3,000,000.
Requests for tills War Tax Litera
ture P1C-H0 will bo placed on file
nntl copies forwarded Immediately '
nftcr the bill is signed by President
Wilton, ,
TheNationalCity
Company
1421 Chestnut St., Philadelphia
New York Chicaio San Francisco
Boiton Vittsburgh
THE
HAViLANDARMSTR0NG
COMPANY
STOCKS
BONDS
141 8 WALNUT ST.
PHILADELPHIA
NEW YORK-BOSTON
INTERSTATE
OIL REFINING COMPANY
33 PRODUCING WELLS
ItESULM qUAJ)TCiH.YOrVIDEN9C
IMVOftMATIOM UPON REQUEST
Suggestions How
to Invest
Send for Circular L 143
A. B. LEACH & CO.
US South 4th St.
nivinnxij i
" """ FKAXKLIX TItl'ST COUIJV I
IMIt unit MnrLrt St. 1
Philadelphia, Sept. 11th. 1UI7. I
The Hoard of Director thin day deilarril h
amlannual Dividend of Hirer (3T.) per rent. pj.
kbit October ii, to alockholdera of record Sep- i
Uoibtr ISth, Itil". Clireki will lm mailed. '
C. A. HAltniH. Jr.. I
Treasurer.
1HRECTORY 01 -ACCOUNTANTS
Ccrtlfleil lut,lle Arrountanta
- I
kAwnBxcn M. urtowN & co.
mis iiKAt. Kssyati: thi;st ntTtt-Drvri
IN RSTIOATi:, k AUt'ST PAIITNHIIHIUP,
J c uwri 1J.U At(.yu,ia.
onPOKATION
IXGAl. AHVKUWKMKNTS
ap in Tin: tJL'KT r ocaktkk seh-
Xjffif alon fur the Cotiutr of Philadelphia.
tn th matter of tti petition for the dlrislon
f the Tblrtr-fourtl- Ward.
S'otlo la heihv Ivtn tliat the eoramls
lontra appointed b the court of Quarter Uta.
alon of Philadelphia county in the above matter
wilt hold their, lint publli. meeting- at S p. m. on
rtatiirilar. otemlirr 32. 1017, at Fltzpatrlck'a
llalt No. 1523-27 -V With at.. Philadelphia, and
tta second public meetlne at K p. m. on Mendar,
September iM, 1017. on the third floor of aiobe
Hall, ttH lr'kt at.. Philadelphia, to hear the
i)nlon of. -itlu-iii at to the advliabtllty of
Hitldlnc said want.
IlErtHnr.T HAIX'S. Chairman.
HAnilT FKU1KK. Hecretarr.
, 0U34 Webster at.. Phlla.
NEW YORK. Sept. 21.
Tlieie were vigorous movements botli ways in today's stock market, follow
ing the announcement that the Oovenunenl had fixed the pi-Ice of copper free
tin board at New York at 23i cents n pound. This prlce-llxlngr, which means
u reduction of nearly 10 cents a pound from tho high price at which copper
metal sold In the period of urgent war activities, must necessarily mean an
adjustment of values to new conditions.
At first expressions of satisfaction over the figures named caused a specu
lative demand, on which nil groups of stocks mado advances ranging from 1 to
3 points, but It was not long before different views prevailed and calculations as
to the direct Influence, on earnings started nnother selling movement, which
entiled a wiping out of tho early gains, with some substantial losses shown In
the Industrials and In a few of the railroads at midday.
Speculative Interests became diverted to new channels In the afternoon.
American Smelting was picked out as a bull favorite because that company
must enjoy increased business without regard as to what price the copper pro
ducer may get or what profit he may obtain. On this buying American Smelt
ing mado a gain of moro than 3 points, crossing 10t, and its advance was
followed by more confident buying of other copper stocks, I'nlted States Steel,
after an opening gain, dropped from 11 1 4 to 110. but strengthened in the late
dealings, ending the day with a brisk upward movement In progress.
Utah Copper ranged early from 8' to 95?. followed by a rally to above ST.
Tiie most important feature of the bond market today was the enormous
trading In the liberty I,oan. Mnuy blocks of $500,000 changed hands at 100.
and around midday one bond sold at 100.03. Hallway and industrial bonds gen
erally continued heavy, with nuin Issues selling at above a G per cent basis,
and large amounts were in supply at the low range which has been established.
Washington Stops Hear Raids
There are three causes for the abrupt tuiti in the security markets. In the
order of their importance tliey are, first, a quiet notification by the authorities
ment of prices on copper and Iron and steel and the general understanding that
at Washington that professional bear opeiations on the New York Stock Ex
chango must be stopped, for they have gono beyond limits and are undermining
a confidence that lias to bo preserved for Government credit; second, tho state
ment that funds at fairly low rates of interest would be available for long-term
borrowing through the rest of tho year, and third, nearness of an announce
these will be based at a level that will maintain production at maximum.
While the Liberty Loan waB being floated there was a ery strong stock
market and a fairly steady bond market. The prices of securities have been
falling almost without Interruption since the news of the 50 tier cent oversub
scription was published in June. There Is not now the buying power that
existed four months ago. nor the business confidence, and the trials of the war
are better understood. So it will bo ditlicult to stir up public enthusiasm except
for Investment bargains. The short Interest Is extensive enough to keep the
market active and firm for some time if no bad news comes along. It is strange
that Wall street should be claiming such interest in peace when there is less
peace talk in Washington than In several months.
Net Earnings of Railroads Greater
The July net earnings of the railroads of the country weie above those of
ISflO by several millions in spite of high wages anil materials. The full effect
of the increase in freight rates hud not yet been felt, so the promises for
August are good. The total is affected by the libera gains in the territory
west of the Mississippi nntl below the Mason and Dixon line. Theso have offset
the net loses in the central classification district. Lines like the Pennsyl
vania, Now York Central, Ualtimoc unci Ohio, Lehigh Valley and Delaware and
Hudson will have to live on their fat up to Christmas. By that time they,
should have the benefit of a reduced average of materials costs, though not any
special benefit from lower coal, as most of their contracts have been running
under the rate fixed by the (Joverninut of $2 a ton.
Federal Financing of Corporations
The Atlantic City convention of the Chamber of Coininuice ol the United
Stales started a lot of loosly formed Ideas moving to the point of definite
policies. Kor instance, considerable agitation lias developed amont; hauliers re
cently for Government financing of corporations. It is argued trat there should
be a priority for capital Just as for materials. The Government needs have to
be met. These take the form of long-term loans and purchase by bankers of
short-time paper.
After the Government, the transportation Industry or the manufacturer en
gaged in work for the United States should bo relieved. Neither can compete
in interest rates with tho Government. From double to triple the Government
borrowing rate Is being charged now by those who underwrite private enter
prises. Some of the corporations object to tills plan, believing that it is a con
fession of weakness. Just i-o did bankers nt first refuse to rediscount with the
federal Iteserve Hank on the score thut it mode them exhibit a dependence
which had been remote from their traditions. President Saliln, of the Guaranty
Trust Company, advocates the cteatlon f a money hoard. This would have to
be operated from Washington.
Checks Liquidation in Listed Bonds
The easier money rates not only make the outlook for the Government
bond issue better, but check the liquidation in listed bonds. Dealers have been
advising selected purchases, half first mortgages of railroad, Industrials and pub
lic utilities, carrying 4 and 5 per cent rates of Interest and selling to yield from
4i to fj',4 per cent, and half scmi-spceulatlve railroaij bonds, as those of the
better reorganized railroads.
Tho market position of bonds like Missouri Pacific Hjnerai 4s, Frisco prior
lien 4s, New York Central convertible Gs, Pete Marquette os tthe last named a
very excellent bond). Seaboard Air Line adjustment 3s. Chesapeake and Ohio
convertible Es and BJrle convertible Ds was ery much like that in speculative
railroad stocks.
There had been buying of them in anticipation of a- forward movement in
all rails this fall and on account of the high return they gave. When liquida
tion in rails started the bonds sympathized, and tlioy tvere further affected by
financing of expensive character, such as that cf the Seaboard Air Line, Dela
ware and Hudson and Groat Northern.
The St. Paul situation lad a damaging effect on all rails with dividends
none too well secured. Suclt general mortgage and adjustment bonds. as now
returnofrom 8 to 10 per cent are a very good speculative purchase.
In most cases, the earning power applicable to these bonds is steadily
rising becauhe they are on roads in the more profitable parts of the country from
a current revenue standpoint.
"Piilntotoriny" Certain Securities
It has come to bo exceedingly interesting to the onlooker, but discouraging
to the engineer, as it were, to watch the methods employed under present con
ditions for reviving speculation in securities which were "bulled" to the skies
during the wild speculative orgy of a year ago. Very few of those who bought
Cuba Cane Sugar during the height of its speculative career, when It was ad
vanced above 75. have seen daylight. One of the most obvious troubles the stock
has had to contend with has been that of an overestimated long account, which
has been in process of liquidation now for several months. It is claimed also by
thoe friendly to the issue that the presence In Washington of one of the
' largest speculators on the floor of the Stock Exchange, who has been a friend of
the sugar Issues, has caused the stock to be allowed to drift. The other side
ot the picture is that of changed operating conditions as a result of the food
administration. Formerly it was a practice ot the sugar producers to dis
pose of their entire crop within six months, whereas now the Sale will have to
be spread out over a full year. This will result in the largest Inventories the
producers ever have been obliged to carry, with 'a resultant addition to the cost
of conducting business. It is expected that the report of earnings for the year,
which will be available within if few months, will show the effects of labor diffi
culties and the extent of tho damage due to the revolution. There is much
curiosity as to the effect on earnings of the operation ot the excess-profits tax
In Cuba.
DIVIDENDS DECLARED
ner and Itallwaye Companr. I
14 per vtnt on preferred, 1
o hoMara of record Septem- j
;Huntln5on Development and (laa Company,
.fecular quarterly it m ver cent on preferred,
tiayable October 1 to itocklioldera of record
September s:.
Oeorsta Uati- Powei
roJular jauarteriv si J
Movable October I to
ef. ?.
- Wet Koote.r I;" ' ' ami Llglrt Companr.
rtafiQtar ouarteri) of 1' par cent un common
lH per ! on preferred both patablo
jLkrr6bcr 1 to eto v re urd Septeaiber So.
' t(sna I'tah Oil ojiioauj. tetaiar monthly
vr l per cent Payable UctoOrr Jb to atcck of
,ea ucwooer w,
nltrd Stataa tnduetriai Au-ohul. rezular ouar-
t, : jy f 1 r fent on preferred. paable Oclo
i,r 15 to Mo-k f record October 1.
'eMtt.1 Prln&um Company, regular ira!
II 9 4 w w. vrierrcu. paiuie ksviuvci .
mt record September 20.
ueropamr. uauat auar-
en ureierrtf una vae
WM OCHfkrr 4B M
r
.&S9F
Preferred Dividend Heduced
NEW YOHK, Sept." 21 The United Gas
and Electric Company declared a dividend
of 1 per cent on the first preferred stock,
payable October 1 to stock of record Sep
tember 2!. This Is n reduction of three
quarters of 1 per cent Tho stock Is 7 per
cent cumulative. A statement issued by the
directors say "The full dividend was not
declared In view or the uncertainty as to the
full amount of th Federal revenue taxes
to N met and the abnormal conditions
exlstlnr In the security markets. The re
ports of operation showed that the Increases
in grots had been sufficient to absorb the
Increased operating costs and provide for
the prospective Federal tax." There are aoyr
per cent back, dividends due on the first.
inrrTe SIOCK,
. 4 "r
New York Stock Sales
Net
Illih. I.oir. Close, chse.
Alaska Gold M... 4Ti 4 V4 - S
Alaska Juneau ... 3i ni t '
Allls-Chalmers Co. jsh i 2tVi 1
Am Agr Chem. . . . f V.
Am Beet Sugar... evi !l '.4 U
Am Can ,. 434 4? 4JT.
do pref iooH 100V4 100,i 14
AmCar&FdyCo. 71 71 7 lVi
Am Int Cotp it
Am Hide & Leather
ftl
17
(18
Mtt
60
t?i
till.
6tU
oo pref s
Am Linseed ..,... i t i
do pref el
Am Locomotive . . t;
Am JIalt lje;
do pref ojiji
Am Smelting; . . . ,ioi9i
Am Sum Tob so 14
jm meei jrury. . . 7 67
Am Sugar 1U ill
im jet & Tel
Am Tobacco . .
tto pref new . . . innii
Am Wool 4;
do pref 94!ii
Am Writ Pap pref .it
Am Zlno & Lead. . is
do pref .... 51
Anaconda . . 74
Atchison 64
Atlantic Coast LI.10B
Allan Gulf & W I OS
do pr 1 14
llaldwln Loco .... 6Si
llaltlmore & Ohio 67,J
Harrett Co 9i
llatopilas Mining. . li
uetlilehem Steel
do 11
do rights ....
Burns Bros
Butte & Supr Cpr
'al Petroleum . .
do pref
Canadian Pac . . .
Central Leather .
' 'crro de Pasco .
Chandler Motors.. 76
Chcsa & Ohio . . . SSi
Chicago M & St V ',
Chic & North est.105
Chic n I & Pac t c 26
do 6 p c pf t c. S3i
do 1 p c pt t c. 63(4
Chile Copper t9i
Chlno Con Copper 0.1 U
Col Fuel & Iron. . 4C',
Col Gas & Illec
Consol Gas . .
Cont Can . . .
Corn Producfs
do pref f7'
Crucible Steel . . . 7fiU
do pref Ofioi
Cuba Cane Sugar. 31
do pref SI
Del & Hud lopia
L ll Oi v
ffl
1?
fig
34
H
V,
61 1
65 U 'n
i ..
6414 ii
9M4 101. -rS"!,
fi4R 66 1
67 67
TI2i -, i
.11M4 117A 11S',4 -t U
19H 106 106 2 V.
88
7.
934
57 U
174
43?4
100
47-7
94 "4
37
16
SI
73 14
0"a
109
08
61't
fll'i,
67
S
ta
9SVi
OS's
Ta
Ott,
33 .k
17
44!4
Mi
100U
47i
mix V4
83 14
74 t
84 1
73T. !
96VJ -
109 1
97
61 14
63 14
67
08
Hi
08 '(,
B6i
Ta
08 U
55
1794
45U
a
.'
'.4
Ti
4
'.4
15014 147U 14914
85
33
84 ii
33
75
03 1 4
7 ', 4
J05U
3BA
OS'U
01 '4
18T4
63
4ff,4
mat 40
034 10S"!
93 03
2774 37
7',i
734
96!4
3114
St
9914
14
8474
33 4- 4
75 U4
5894
0794 4- 14
105V4 Va
5594 . .
5294 I
61,4 1
ID -' "4
S3 1- A
4614 .
40 ',
10394 14
93 5
2J9A f li
0714 4- 14
75 -r T4
9994 14
337, 714
84
100 114
Distillers Secui
Krlc
do 1st pr ....
Caston William
General Flcctrlr.
General Motors . .
Goodrich B F
Granby Mining
.lOHU 196V4 19614
S3
3194
SI 'i
14314
96
4514
83
31
21
3114
38
141
94Vi
44
81
4- i
SIT,
2 114
3114
3814
14114
96 I
4.114
8!
Gt Northern prjf. 10314 10314 10314
do subs .1414 881:i 3394
Green-Can Cop... 4214
Gulf State Steel.. 105
Int Agricul 1514
do pref 46
Inspiration Copper 5394
Intcrbor Con Corp 814
do pref 31 ',
Int Mer Marine . .
do pref
lntcrna'l Taper .
Int Nickel
Kansas City South
Kennecott Copper.
Lack Steel
Lake Erie & W.
Lie & M Tob its.
Louis & Nash . .
.Mackay Cos pf .
Mhx Motor ....
do 1st pf . .
do "d pref .
May Dept Store
Alex Petrol
Miami Con Cop . .
MIdvale
Mo Kan & Tex . . ,
Missouri Pacific .
Mont Power . . .
Nat Con & Cable.
Nat Acme
2894
8K9i
31
34T4
184
43
8114
17
43
103
1414
44
5194
814
5314
78
834
31
.1394
1814
1Mb
8314
13
4214
103
15
4174
S294
S's
5214
38(4
8614
31
34i
1814
4194
84 14
12
2
-;-2ii
1 1
14
1
119
63
.l.lli
64"',
1014
501i
9714
5614
33 T4
474
284
8114
3814
3314
118
63
33i
63 9 i
I04
50 "4
9J1
35"i
5194
474
38VA
81a
3714
33 V,
43
53
118 1
63 I
3394 li
63-14 314
1014 14
l- 9
Nat Knam & Stpd 4394
National Lead . . 03
,CtAUtt V-.UII V Ul . . .-"4 i.
V Y Air Brake . .13914 137
New York Cent. . . 78 7li
N Y N II & 11 2614 2fl
N" Y O & West . . 30', 30H
' American.. . 5394 53
Nor Pacific I0II4 10014
Nov Scotia Steel. . 95
Ohio Gas 49 16
Ontario Sihei.. 794
Penna B H 53
Peo Gas & C 65(4
Pere Marquette w I I59i
Phlla Co ....'.... 35
Pitts West 75 .
do pref 59
Pitts Coa". .7. .. 5l4
Pressed Steel Car. 1
Pullman Pifl Car. ill
Quicksilver ... I',,
Itwy Steel Spring . 47
Hay Con Copper. . 26T
Reading 8t4
Rep I & S 8494
Royal Butch .... 6714
St L & S F 1594
Sinclair Oil 3614
Seaboard Al,.... 11 14
Sears-Ttoebuck . .15994
Savage Arms . . . 75'i 7
Bli
I
Shattuck Ariz
Southern Pacific. .
Sup Steel
do 1st pref . . .
Southern BR
do pref
Studebaker
Stutz Motors
I Tenn Cop & Ch w 1
Texas Company . .
Tobacco Products.
Transue-Wlll
Twin City It T. . .
Lnion Pao
'.a
714
52
654
1 5', 4
35
75
59
5IU
. 64
llll
1'a
47
3614
8P4
8394
C694
1514
35
1U4
158
5
24
9194
4194
25
02
441i
10174 1U174 10174 94
3714 2694 3714
5014
969,
36
53
4T4
2894
Sl'a
28
3314
43
53
2294
129 '
7H
30
!a 9a
53
1001a '4
93 114
4714 H4
794 14
!
6514 14
1514 94
85 14
2514 14
59
5I4
64
141
I's
47
36(4
83
8494
6694
1614
3314
1114
158
75
25
93
4414
'4
14
M
11
14
14
-1 14
- li
3V4
6194
47 14
41
16
168
7394
42
8tVa
12914
United Pap Board. 35
Cnlted Alloy Steel. 43
611
41
4t
1694
16414
7394
42
8114
12814 129
23 35
43
6114 94
45 14
41 114
1574 .-
16514 -294
7314 14
42 I.
81 ..
94
1
43
Granulated Sugars Unchanged
NEW YORK, Sept 21. Refined sugars
remain unchanged, with the American, Na
tional and the Warner companies quoting
fine granulated at 8.40o and the Federal
and Arbuckle Brothers quoting at 8.60c.
The Pennsylvania "Company, at Philadel
phia, continues withdrawn. Sales depart
ment of local refiners wilt be closed to
morrow, . Last sale In spot Cuban raws was
at 8 90c
GOVERNMENT BONDS
2a reilatered. 103a
uauDotl. 1113(1
Si. registered ISIS
St. coupon. 1918
inert.
Se, registered. 1046
4s, rethuered. 192
e, coupon, JV.D
nij
07
87',
!)ll
OOU
mi
1 -.vUSS,
A k
10C
H. coupon, 1946 ,, 1.,.4. 4. V..H'fA-
United Cle Stores.12094 11894 11994 9;
United Drue it! pf 80 80 811 314
United By Inv pf. 16 ib
I'SCiriP I74 17
U S Ind Alcohol. .141
L S Rubber 6014
do 1st pref 10394
if S Smelt & Bef . . 6394
U S Steel 11114
do pref . .
Utah Copper
Va Car Chem .... 38
Wabash 10
do pref A
West Maryland . .
West Union Te!..,
Westlnghouse Mfg,
do 1st
Wheel & L E ...
do ctfa
Wilson Co f.
White Mctors ....
Willys Overland
Wis Central 44
138
59
10.11
61
110 nit;
.11694 11694 11694
9594 97
7
10
7
17
89
45
67
12
5V
0094
43
594
44
811 3
16 4- 94
17
140
5994 94
103
6594 194
47
1794
8094
469a
67
12
3594
63
43
I894
3
10
47
1794
80
4694
67
12
1
' 74
94
1
H
s
S94 94
60 1
79i 1
44
compared with
ek,
Tntnl !- 610.000 aharea
a) a ft aaiki a-aa ai m f aaati wr a tlmM A d a- 1
8.187,300 ahareel tame period lat week,' 2,835
600 aharei.
Rz dividend Colorado and Southern tint
reierrvu. . vwi
r.. preferred. IV i Teras Companr. 2ii ; Oreat
ea. txi.uinneapoili. bt. Paul
, biii preierrea, 3ft i
li extra) do preferred. lS.
VarrrMPtl nratf atrri
and Bault bte- atari;
utvens uoitie, s auu
New York Bond Sales
$10000 Adama Kipreaa 4
ujuuo Anglo-rrencn 0
,,n;u Am forneo n ...,
10000 Atner H ft lief Co Ea
.200i Amer Tel clt 4
40000 do 6
l0i Amer Writ Paper H
6000 Armnllr f'n ALm ...
00(70 Atrhlaon aen 4fi
,,,,,, Atlantic 1; cine jat ea en-
11000 Halt Ohio AM 0tj
200O do D Ol
200O do 4a S.1i
7000 do cv 44 a H-Hi
.2000 rirook HTli SH'4
J100 do 5a 1018 I71
10000 nordeaux 0a .15
17000 can tlovt On 1131.... 05'i
400O Cal Una t, Kleo r.a... I414
4000 c:ent l,eath lit Si .. tm'J
12000 Chill Copper 7 11114
1000 Ches & Ohio 4H a . . . 77
2000 do conv 6s R2i
1000 Chi tin Sla 4',ta .. ..0.1
1800O O It & Q joint 4. ... 0B"4
,BOOO (.! S ft m p gen 48 25a Mta
10000 do rfd 4'ia , 77'J
(IO0O ilo CV 4' 8,-,J,
jw u it 1 et v rid 4 . . it i
juu",i uny or ran n . .
1000 Col P ft I gen 0s . .
10000 Den ft It Q 4a . . .
1000 1)1. Bee Corp rn
looon Rrle ronv 4a Hot II..
0400O Kreneh Itepub 54 a .
fOOO Hud ft .Man rrd Be..
1500 III Cent 4 1053... .
1000 lnterb Met 4'4a
4HO0O lnterb It T ref 5-,.. .
juu inter Mer Mar Ha.
,000 Internl Paper tlv
i.uw japnneae 4n
High, lioyt, CIom,
... 07'. 7'i V7
.... P2 02 'J Vi$
hj: un v?7f
ml ni . oi i
K8! Hjt 801
04 OflS t'0'5
.. 804
Am UAtJ.
20000 tin new 4U
flOOO like Shore gen 84
KM) 1.1b ft M T 5.
2000 ,ln 7a
5000 fxirlllard it.
014
8.',
4n
tid ;
r,n4
7m.
M
"s..
. . 01 '4
..loo
. . KH14
. . dM'.j
a. 7(1
. . 97"
..117'
H
l.
tisS
mil
8t
00
R4J4
801,
R?
no'.i
"'..
8i
83
K9U
l7
03-,
1'5l
044
118
111'i
IU
0.1
o.-.'i
84',
77
S.I
(17
11 '4
41)
fiDA
5.14
75
504
H7
Hi'.
loo
88'
Nt'i
70
07'.
84.
f-04
85,
8 1 J.
noli
111
8.1i
till
SOU
H7'4
o.iH
nsU
944
08
111
Ihi
113
!,
lb
nt'i
85
n. i
754
411
mis
75',
504
87J
III'.,
10(1
8H4
R(i
70
!ll
i jiuu r, v. ...... . pn-t in'4 nn-4
It Pet Oo (H Her C.107' lllflU 100',
Pro IV L Ba l;o. lioi noi imV
lo Bm 4, 57' 5(1. .(.'.
1174 117'ji
,mCr iiillT
3108000 l.lli llonil w"l "3'V.i00.2' 99.0(1 100
1000 I,e,x And R t- BM1 ILS'4 OH'
jiiiiui, .-vieg i-et
.1111)11 .Mo I
4.10(m An
L'OOO Stontana Power IS... 034 l3'4 I'.Ti
-vuii . r u i, m a1, a (in
160(M N" Y C L II (Is 0Si
.1000 ,ln 4 8t4
1000 oo 44 a 7.-,
8000 N Y City 44 100.1. In"
4000 do 44a 1000 M'4
t!!2!! ..Ja 4,-i May 1057.. m-j',
1000 f Y Dock 4 7.1
4000 N Y Oaa U & V 4a. . . 7Si
1000 STNIUflll..,, Ml't
4000 N Y Itwy 4 51
loon K Y Tel gen 44 a 014
JUUU IN 1 V t C If 4L K .. ;ut
,14 IIS
W1i nsi
sl'a si 4
loi, 1oL!,
lis , lis ,
102' 1H24
73 7.1
N'i 78i
814
111 ,1
Ml' t
r,).
ni'i
:io
81",
111"
8ll'
.-.1
lll4
I'M
M'l
(II
KIP. 1014 H'41
411(10 Nor Pnc 4
looo do gen 3
1(100 Ore Phort l.lno .,.. .
25000 Nov I'ac 5.,
1000 Pacific Oaa B
Mon Penna 4s 1018
114000 Penna gen rt.4',js;..
1000 Penna en 14
S000 Public Kerv N J 5..
2000 Pere Mnruuettft 5...
000 Heading gen 4
2000 Hep Cuba 5 1001...
240(1(1 St L t 8 I' HJ
27000 do Ser A
.1(100 Kt I.oul Srni fia....
2100(1 Henhoanl A I. arlj D.
5000 tioutli Pac Is
looo do cv I..'
looo dn cv I)
1000 do rfd 4e
5I0OO South Hivy gen 4...
240OO do 5
10000 Texas Co 0.
(',.-(100 V s Ituhuer 5 . . .
21000 I'BR It (lit
1000 IT S Realty 5 . . .
11000 IT s Itubber 0
23000 V S Steel H V 5
liooo Union Pac lt 4...
11000 do In
2000 ilo rM l
750(10 Pn Itwya of St I. 4
25000 U K of (1 II .t I .7..
25000 do 54a 101S
11000O rlo 54 1IIIII
I700O lo 5 'is new 11110
15000 do 5',H 11121
1000 Va HWJ.H .-.4
Total sale, J.1.0.1 1,000, ronipared ullli S:t.3l5..
(10(1 jrterda: thim fur tlila urek. 810,001.0001
unie period lavt week. SIS, 220.000,
.1(124 124 1024
. 81i 81. 81'.
. Ill", 111". 01 "
. 11.1 4 ten f'l'i
.1(111',, 111111 pill.
. 81! 8(1 8(1
. 814 814 81.
. SO 80 80
. '.Ill' 1'H'l 004
. (11 tj 113 4 K1'
. 504 fix. 58".
. CI Ot III
. .-.14 5(1 fid
. 71P4 "ii 7C
. 82 82 82
. II5'4 1(5 ' O.'i'i
.81 81 8.1 "4
. 0514 H" 115
. 113 9.111 O.'ili
.1014 llll 101
. 82.4 S2 82
.1113 no loa
. r.l'i 514 514
.lot'.. 1014 1014
.in-j'5 I'll 4 101 4
. 804 8'.' 4 80 4
. S74 87 4 87 4
. s:i 8.1 8.1
. no 2s4 ,10
. 1174 1174 1174
. no' 004 1104
. Ol'i IH4
. 00 111. H!l
. n.i'a 11.14 11:14
. 024 02 4 02 4
INACTIVE NEW YORK STOCKS
Following are quotations for Inactive
N'ew Yorlt stocks nnd In which there were
no transactions yesterday. The price glten
Is tho last previous sale.
Adam Express ..11. MStPftSSlt pref . .11'
i.li-nnrrt Iliimelv. . 11
Advanne Hum pf. 23
A1ax Itubber i''.
Allls-Chalm pref. 82
Am Agrl Chem.. J-.,
tlo pref 0
Am lleet Sug pf .8,
A 11 S ft F itrs..l02
do ctfs pref.. .101
do nrer '
Alftcknv Crt . . rnlL
Manhattan Heart 1
May Dep Sla pr.105
Manhattan i:iv...n,i
May pent Stores. 40';
Mex ivt pref n:i
Minn ft St I, neiv. 12
Morris ft nsse.x.. .in'i
411?. nrp ..-.- H '
, .. " -' '.... t'.i'
i. ,
V,n ITi" ' : : : 12 Wl w :. in!;-
aS V2e?rirer,.:-.10i;, x$ JRl'l-if X &.
Am Smelt Pref..l04 S?t IrlM:,? .flSs''
do A 4
do pref mi
Am Sumatra pref p.,
Vm Sugar pref.. 1144
4,m Tel Cable. . 00
Am T ft T .Id pref 924
Ao D O let pref 52
Aseo Oil- 1'i
Atrhlaon pref . . . 05'
Atl IHrm & All.. 13
Barrett Co nref..lo.
llald Loco pref. . .1004
II ft O pref 07
Itatop Mln 1J
lleth Steel of 954
nrkn Un Gaa 103
Hrooklyn It T ... Bl4
Ilrown Shoe it
Ituttericlt 104
t-at racking co. . 40
Cal ft South.. . 2:1
do let pref ill
Cent Fdy Co.. . . 2.
Cent Fdy pref .. 4..
Cent I.euthi-r rf. lot's
Cent S Am Tel. . 115'j
Chi ft Alton. . . 11,
ilo pret 2.14
Chi Ot West. . . 4
fill Ot Went pref. 2. "4
M ft Ht P pref.1u:i
Chi ft N IV pref..l14!4
Cluett-Peabdy pf.110
Col ft So 2d pf.. 424
Comp Tab llec. S5U
Con a E I. ft P.. 108
Con Int Cal Mln. 174
Contol Oaa 10.14
Cont Can oref...l24
Cuba Cane prtf.. 85
Continental Ina.. Bt'.l
Cuba Am Sugar.. 170
do pref 102
Deere ft Co uref . .10(1
Den ft It'G 7
do pref 13
D 8 S ft A pref. . 6
Detroit Edlaon. . .12.1
Dome Mine . . .
Kloo Stor Bat... 58'.,
KIMiorn Fuel ... 20
Ilrle. 2d pref 24
Ueneral Cigar... Hil4
do pref 1)84
Oen Motors oref. . Mils
Goodrich n F pf.10.1
flulf 8 8tl lat pf.10.1
llartman Coro. .. 62
Haskell ft tlarker 54
Havana Elec ...101
Homeatake Mln.. 1074
III Cent 10lVi
int Harv of N J. 110
Int Harv Corn. . . 78'4
do N J pref... 1114,
Int Nickel oref . . .101VJ
Int I'aper prex ata ua
Iowa Cent
do pret
Jewel Tea . . . .
do pref
.Kan City So
KellvSprtngfleld
Keok ft DM
Laclede Oaa . . . .
1. E ft W prefi .
Lea Hub ft Tire.
Lehigh Val ....
T.lg ft M T
T.lir'ft M T nref.
I.ooae-Wtles B..
44
.101
, 35'4
, 1
. 50
:438
. 97
. 211
. 174
. 014
.200
.10414
10
Long III ctfa pref 40
lyoriuara r
do pret
208
1094
nrpf inb
Mich Cent 1111
Nt im Mex 2rt pt n
N ri Tex ft Mex.. 2r,'i
N Y C ft St I.. . . 20
N VOt V 2,1 pf -,ni
N V Dock ..... 1 1 it
do pref 40
Norf ft Vct. . . .112
Norf West prer.. SI 4
Norf ft South. .. 24 4
Owens Cot S7 '
Ohio Fuel 4S
Ohio Oaa rts ,:t
Pan-Am Pet pf. . un
do prior pf ct.. :i
Peo ft Kaat.... 74
Pere Mara pr pf. 434
J,C (! ( it L. 70'i
J'lercy-Arrow ... 37
Plerco-Arrow pref 11:1
Pitts Coal pref... 80
Pitts Ktl pref... UD4
, lo pref L'lii,
Prees Stl Car pf. silt,
Oulckallver pref.. 1',
It ivy Stl Spg pf. US',
ftendliiB 1st pref. asli
do 2d pief 3s4
Hep I ft s pref. .11104
Saxon Motor..... 12
Sea A I. 11
Sloss-Sheffleld . . 45
Sloss-Shett pret. . 90
So P Illco H 207
Seaboard A 1, pf. -jr.ij
Bears rtoeb'k pf..l25
Standard Milling. 80
dn pref gs
St I. ft 8 P pf... so
St U ft S W 28
do pref 31
Studebaker pref. . 00
Texas ft p, h
Texaa rta 1914
Third Ae no'i
Tidewater oil . . .o.".
Tobacco Prod pf. .100
T St 14 ft S .... 7-4
T St 1. ft IV ctfs. 10
do ctfs 141;
do pref 30
tin Hug & 1' 1(7i
Pn Hag- ft p new. 71
United Drug vj
Pnlon Pao pref. . 77s.
Jin Cigar S pf..lts
Underwood Type.. 00
do pref 114
United Dve Wood. 68
do Pref 9.-,4
United Itwy Inv.. 7
United Fruit.... 126
P S c I P ft F pf bo
P S S ft It pref.. 404
1' S Eipreis.... 18
Un rtwy Inv ... 151,4
U 8 Realty Imp.. 15U
do pref 50
II S Ind Alo pf..l00'i
Utah See 154
Va Car Ch lat pf SI 4
Va Iron'C ft C. . , B4?,
Wabash pref H.. 23
AVells-Fargo .... po
w mo za PC. .
ei i-ao
Wheel ft I
Wilson Co Pf....l02
Worth P ft M. .. .12
do pref B 50
Woolworth 121
Woolworth pf...l22
Wlllys-Overl'd pt. on
do pref 47
Brno .... nil
2d Pt .H
'ao ft It.. 174
t I. B.... 1214
Co nf tn'j
1 LEHIGH VALLEY TRANSIT EARNINGS
FOR AUGUST SHUW GOOD INCREASE
Trading- on Local -Exchange Is Dull, With Maiorit 1
Business in United States Steel Lake Superior CoiJ
poration ana ronopan xouiinoni, j.eaa nome Stocks "'
The rnrnlntra stateinent of Hie Lehigh homo Issup. wltli ii .i.
Vallev Tr.ini.ll fninnanv for AllCUSt and I fraction. On thi. ll,. i. . D Mn
.rf T.. ......... .rf -- .. ,,
K whs not active and declined V J
ake Super or Cornnrnii l."?a lm.vl
mand and, on sales totaling iraTJJ
shares, advanced i to loi. jJT?. 'Hi
mi uiu very little, only a few alii, "v-l
tnB hands, with the prlcw eha5j
(ar.ni,, trust c-rtlflcateajumpcd ? i, M
of tho Kaln was lost later ' bul' '
nichurd U Austin, chairman of it. ' f '
of directors of the Federal rtcserl. T lo-1
Philadelphia, today sen! out m5S Kl
her liankn thai nn ii-.. .vtoni.
Hon. On thn nil,.,. 1,... aaTCljie .1
twelve lnonth which came out today, I Itifr was not active and declln."11 I
pnowea mcreasea ror Aticust in tno operai
Insf and net revenue and In the net Income,
Kor the month the operatlnu revenue totaled
$279,077, a Increase of $40,373. as compared
with AUBtiat of last year, nnd the net was
J110,03G, a pain of 37972. For the twelve
months endlrttr August .11 the total revenue
was $2,760,031, or $356,427 greater than tho
corresponding period of last year, and tho
net was $21,681 smaller nt $1,018,209. The
net Income for August Increased $8843 anil
for the twelve-month period It decreased
$6313.
Tradlnp on the Philadelphia Slock Ex
change today was dull and price changes
woro generally unimportant. Steel common
was the moat actlVte Issue, but even thli
stock, which Is usually the market leader,
did not develop much momentum. Rarly
In tho day Its price was somewhat higher
than tlm closing quotation of yesterday, hut
It booh turned weaker, following the courso
In N'ew York, and sold off to a fi actional
decline.
Tonopah Uehnont continued active, re
flecting the increasing rise In the prices or
bar silver In Xrw York and London, and
was moro heavily dealt In than any other
fraction
li
I.
n t aIaaiIu
ii ticLiitin fir .. '.
to succeed Charles .1. Rhea'. -alfwSl
Lei J" ."!". 20 to D,:t1vn,
inclusive, jir. iihoaiis's term of " 1
Plies on December 31. and hi has"? '
m o lanumaic ior re-election ""
Of Mr. Ithonds's decision to'tttir.
the hoard the circular makei ti,. ..,; '""
statement:
tlon
no
""kei U,. fonoJ
.Mr. lihoads. thotiRh eligible fo. j !
in as a ra? director Is not .VHl
t he a candidate. becat.;.i.?0.f.n4
to be for the het Interests of the P.. "
Hank lo Ime elcttd ns riRSS a dV"l
men who are actively Connected wlthnZ.
ber banks, and are thus In a posltTon t
resent tho Htockholders ' PU3,uon
Financial Briefs
Sales in Philadelphia
HUli.
SO Am Hum Tub SSIJ
Am Gas
70 Amer Milling !ii2
SAm rtys jif. 80
SO Butto Sup . . .'.'P'i
IOC M & St P. fl7?,
20 Klec Storage S7
Ins To X A, . .
700 Lk Sup Corn IGT
Leh Valley.. . .
10 Mt Urtvi. .. i'l'i
1B Penna P. P.. .TJ'c
P.i Salt Mfg . .
20 Tlilla Co
cum pf. . . 3(1
133 Phlla i:ic. . 2I
40 P 11 T tr cfs 30
14 Heading 8?!
2030 Ton neimont ft
130 Ton Mlnlna:. (1(1
!!) Cn Gas Imp 77
71S5U S Steel. ..11H
70 Win Cramp. 77
13 York 11 y pf 30
tQuotation given is yesteidtij-'s close.
Total sales, 10,730 aliares, fompureil wilt.
Id, Kill sliuren esterdayi thim far thU erk'.
(11,087 allure! Minip iierloil Jt-t urek, 37,837
ilmres.
IIONDH
inch.
TlOOOCHy 4 lOH 00"4
1000 Kleo & Pcop
Tr Is . . . 75j
2000 Interstate
rtwys 4s.. 4
lOpoKey Tel 1st
Os 01
3000 Leh Valley
gen 4s .. . 83
139200 T.lb Bd9 w 1 00.00
1000 Penna Co
cons 4 'is
1048 OP).
4000 Phlla Klei?
1st 5s . . .100
Low. Close, dice.
n.ii ftsij -t- 'i
tlOO ..
tl'.j 014
80 80
23i 23n,.,3'i;
ft7-; r,-, j- iH
37 37 -1- 14
73 ii ..
Id 14 IB? J '.ii
.. tol'.i ..
M',4 Sl",i i
37 f.3i ..
.. tni
3(1 30
!87 !,, H
.!)(, 0T t4
8ti4 8 1 w n
U n i'
it Mt V
77 77 - M
111 lll'i, 4-Hi
75t; 7(! --t
3K 30
Net
LOW. Close cllge.
OBI', 9i!4 OJ
75i!l 734 "i
81 '' 34 -f-l'.i
111 01
83 83
99.80 99.80 .IS
OtiJi
09Ta
9iaj
99Ta
Tolnl ale. $171,700, coinpared wllli $39,930
ri.ter(lii! thus far tills week, $113,800: same
period lust week, $181,330.
INACTIVE 'PmLA. STOCKS
Following; are quotations for Inactive
Mocks lined on the Philadelphia Stock Ex
change and In which there were no trans
actions yesterday. The price given Is the
last previous sale:
Alliance Ina , .
do pref
Am Oaa war. .
Amer Stores . .
Drill JO ....
p.urr a suici t
do pref
Cambria Mteel .
Cam Iron . . . .
Cona Trac N J
aen Asphalt .,
Leh Nav
Lh Val Tr....
Mlnehlll
. 20
. Utl ,
. 1'i
. 37U
. 20'.
. no
. rr,
.133
. 44
. 71
. 2(1
. 7414
. 27
. ft.'.
North Cent ...
North Penna . .
Phlla Co ,
do pref ,
Phlla Trao ....
Kwya On
Pnlon Coa N J.
Pnlon Trac . . .
II S Steel Pf ...
Warwick Iron..
West Coal
V Jer & S S. ..
York Rwya . . ,
. 7n'i
. 80
. .14
. its
. 74?i
. ft
.200
. i:t"i
.llllh
II
. 73'i
. 4M .
. 14
Local Bid and
American Swiss ...
Hrlll J'f
UUffHlO & fUlf t ..
lo pref
Baldwin
Klectrlc storagei
Oencral Asphalt . . .
do pref
Kevstonc Telephone..
do t c
Lake rinti Corp
Lehigh Nav
I.ehlKh Valley
Lehlch Valley Tr
ilw pref
Pennsylvania
Philadelphia Electric.
Phlla Co
ilo .', per tent pref. . . .
ilo II per cent pief . . .
Plilla It T t o
Itenrilmr
Ton Pelmont
Ton Slln
Pnlon Traction . . . .
P CI I
r H Steel . . ..
Vorlc Itwy .
rlo tiref
William Crump & Sons.
ToJsv
Hid A.L-
-
Asked)
" 't
JU ;it;
z s
r.fi .-.-I
;!' a7;
17 m
on
11 '1 is
O-i I1R
(Ki'i 1i
71 ;.-,
Ii.'1' !il'
4:1 .,
-' wt
'i 2.8'.
:u an
m 3.-,
an 37
i'O'j Sli'4
OS n'i
"iwtjtr'i 1 1
i. a ,
ai
M
SI
(CS
rs :
1H
,
n
s
02
,?'
4?
:s'; ?i2
'5'
sS. 'i.
SIN 62
Vice
E
JOHN
tendln
ire so w
'iltlons I
wcelltn'
Thci
aperalloi
Dan'
thJf
must bo
!rwpr
"Cli
fs0 petit
for tber
1 'I
(a Chic
aitnt, t
'mypp
! Mr
'vlilon
tesourt
in Eur
Ihe iv.
the ta
presen
Into c
"V
elves
time I
leWes
mtnU
' unif ti
every
natlor
wewl
77 ,
LOCAL MINING STOCKS
TONOPAH STOCKS
.II111 llull-r j
MarNunara ;jw
Midway in
Mlzpah Exten4on 07
Montana tj
North Star 111
It.scue Eula" 17
West End j
OOI.DFIELD STOCKS
Atlanta (13
lllua Bull nt
iioom
Plamondneld II II
Daisy
ICewa naa
Oro
Sand Ken
Sliver Pick
MISCELLANEOUS
Arizona United
Nevada "Wonder
Tccopa Mtnlns
.1
M
. 'ii 1
.1!
.01
:t
.11
.ii
.it
ii
.o;
Hi
.02 ,ot
,02 .01
o .10
.01 M
.01 ,M
.OS ,
f
.30 .1
Canada After $300,000,000
OTTAWA, Ont. Sept. 21. Tho Govern
ment Is trying to obtain 300,000,000 at tM
conference today with tho Canadian Bank'
era" Association. The Government If en
deavoring to obtain approximately 1150.-
ooo.oou to no used for establishment of far
ther credits. -for tho British Government in
Canada. The British Goernment desires (0
tako 40,000,000 bushels of wheat, which Is
regarded as tho surplus ot crop available
for export. The British Government would
undertake to pay off credits in July, 191J.
Tho remaining $150,000,000 the Dominion
Government will endeavos to obtain by fh
Internal loan In November.
"1
It wa
h dollar
T
some
: 1
1 1 Bute
State
icfop
t Vep'
E 1
fcorn
r
afoun
to x
I th
ltd
inn
iitWb
it- m
I O'cl
Jersey Central Re-elects Directors
NEW YORK, Sept 21. At the annual
meeting of the Central Itallroad of N
Jersey retiring directors were re-elected.
Tho annual report for tha year ended De
cember 31, 191G, which has already been
printed, shows earnings of $21.49 a chare.
,li
lift
fbtr
tdM
('an
lib
McAndrews & Forbes Co. Pays Extra
NEW YOflK. Sept. 21 The McAndrews
& Forbes Company hat declared an extra
dividend of 1,4 per cent on Its common
stock In addition to tha regular quarterly
dividend of 2t per cent on the issue. The
usual quarterly dividend of 1. per cent has
been declared on the preferred stock. All
will be ktrifeutl October It to holders
of run -siijnr ',
A special meeting ot tlie stockholders of
the American Pulley Company will be held
on November 7 to take .action on the pro
posed Increase in capital from 1750,000 o
11,000,000.
J. P. Morgan & Co.. as head ot the syndi
cate which has underwritten the $16,000,000
two-year 5 per cent notes of tho New York
Central Railway Company, this motnlng
began to offer the notes privately for sub
scription on ikO'.i per cent basis.
Application has been made to the New
York Stock Exchange to Hat the following
securities: International Salt Company
6,077,100 capital stock and Sinclair Oil
and Refining Corporation 500,000 shares ad
ditional capital stock without nominal or
par value on official notice ot issuance
thereof in excuanre for stock option war
rants now outstanding.
The New York Subtreasury lost 1939.
000 to the banks on Thursday, making a
cash net loss since Friday of 19,659.000.
Extra by Hanover National Bunk
NEW YORK. Sept. 21 Tho Hanover
National Bank has declared a dividend of
6 per cent, and an extra dividend of 2 per
cent, payable October 1. Book wIR cteM
toay M.r49MtoeyB-r 1,
KlilMilHfl'EIIHlUMlillMfflfcH
!ll'llllffillHUntW
What Will Your
Taxes Be?
They will be large enough to
warrant establishing now a Re
serve Fund to meet the call when
made.
The best 'reserve for such a pur
pose is an account in the Savings
Department in this Bank.
3 interest allowed on- these
special deposits by the
Corn Exchange: National Bank
PHILADELPHIA
Chestnut at Second
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1
Service Day and Night
The Colonial Trust Company
Now Located in its New Banking Rooms
Market at Thirteenth Street
announces that for the convenience of depositors its banking
department will remain open in the evening for the receiving.
of deposits, '
Individual, firm and corporations arc cordially invited to
avail themselve of tfei service. , ' -
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