'BVENlNq LEDOBR-PHILADiBLPHIA,- SATTJEDA.T-, BEFfBMBEB 22, '1917' ,-. . kp. h FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK QUOTATI0 ?:? - to.. 1,' I tl J I ' ' ' , i f , ' : ''" ? i REIIXY. BROCK A CO. BUNKERS SHORT TERM ISSUES DUE 1017 AND 1918 TO NET 6.50 - TO 7.50V. DETAILED OFFERINGS ON REQUEST 306 CHESTNUT STREET PIlILADHLPlltA I The American Gas Company 6 Gold Bonds These bonds arc followed by 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 89V. Applicable earnings for 1916 were over 4J4 times interest charges on these bonds. The subsidiary companies operate gas and electricity plants in 50 cities and towns, including a large portion of the gas and electricity busi ness in the suburbs of Phila- . delphia. PRICE 97V, AND ACCRUED INTEREST Bonbright & Company MORRI3 WISTAH STROUD. Jr. Manaser 437 Chestnut St., Philadelphia Cblcaco Detroit Paris New Torlc boilou Licndan Marine Engine Business To Be Sold on Favorable Terms The Jagcr Engine Co. has de cided to dispose of its entire prop erty, patents and equipment for making and selling the Jager Ma rine and Stationary Gasoline and Kerosene Engines. The business has been established for many years, its products bear an envia ble reputation, and the present owners are willing to dispose of their interests only because they are overburdened with business in other lines. This affords an un usual opportunity to secure a manufacturing business capablu of wido extension and nearly cer tain to pay satisfactory profits. For full information address Charles J. Jager 15 Custom Hous: Street BOSTON, MASS. L Charles J. Bender & Co, INVESTMENT BONDS MiBbtn Ptulsdelphla 8 toe It Bxci.li NORTH AMERICAN BLDG. 3 DIVIDENDS , PHILADELPHIA COiMPANY nivmnNn No. m Plttsburch, Pa.. September 10. 1917. A quarterly dividend of eighty-seven and n-halc cents per share (being ana and three fourths per cent. IIs4el on tho par talus f 350 per share) on the Common stock of ibis Company, hag been this day declared payable October 31. 1017. to stockholders of record October 1. 1017. Cheques will be mailed. C. J. IlRAU.V, Jr.. Treasurer. PHILADELPHIA COMPANY DIVIDEND No. 10 Pittsburgh. Pa., September 10, 1017. The Directors hae thia day declared a aeml annual dividend of One Dollar and fifty cents jier ahare (being three per cent. 13 1 on the f'ar value of 160 a share) on th U'i Cumu atlve Preferred Stock, payable November 1, 1817, to atockholdera of record October 1, 1017 Cheques will to mailed. C. J. 11KAU.V. Treasurer. . DUQUESNE LIGHT CO. DIVIDEND No. 11 Plttsburch. Pa., September 10, 1017. The Directors have this day declared a auar ierly dividend of ONE AND TURRK-FOURT1I8 PER CENT. (Hiji) on the 7 Cumulative Preferred Capital Stock, payable November 1. 1017, to stockholders cf record October 1, 1017. Cbiuues will be mailed. C. J. BRAUN. Jr., Treasurer. PARTNERSHIPS ", JfOTirU IK IIEREHV OIVKN THAT HORACE K. McCormlck. Jr.. (a no longer a member of iv. itte itrii, w mt."m . vvvii i i o., iiz orth ". J roill. Birtr-fc. nm uuiintii mil SiKHv, front street. The buslneaa will be continued by iara ij. "en unaer me name of liernard pYVIJ ss L O DIRECTORY OF ACCOUNTANTS Certified Poblle Accountants UWRENCE E. BROWN t CO. ISIS REAL, ESTATE TRUST DU1LDINO l.NVKSTIOATB ADJU8 r PARTNE118IIIP CORPORATION ft DISPUTED ACCOUNTS. tr.-. u Wli A .r vnm. r.rr.T-rvr. .. . n.. jnjun i unrv. uur r X.& ji Alllim- WEW TOniC, Sept. 3:. Tho coffee, mar ty'ssst was quiet this morning- and Drlce sAanxes were narrow, opening- quotations vMnk unchanged to 1 point lower. i Vy . . Opeh Utah Low Clam lna. nber 7.40 7.49 7.43 T.45 7.43 usr , 7.8 7.81 t.ro, rc,h 7.88 7.70 7.8T 7.68 7.87 I.Od f.DV f.flZ 7.H0 ms&u a -fmmr t f' 7.Bt 7.88 7, HO 75 T.I 7.o Quits 3600 Job. to Enlist in Army RKADINO. Pa . Sept II Emll I Nueb- liojr; who for twenty-two years has b.en ebtet elni" of the water bureau, a po- iumt .vt.- 00 a year haa decided to acmi wiran a ma lor In tho United Hate army Wtlneertnit rps. An one of i lurarooat nyswwwic ensmeers In America ?r..-z7rzrrr. r-rr'r " STOCKS DECLINE EARLY IN DAY, BUT GOOD BUYING BRINGS GAINS Professional Speculators Unload When They Find Government Delays Fixing Steel Prices Read ing and Union Pacific Strong High Points in Today's Financial News Stocks declined in New York when upeculative professionals unloaded, but there were recoveries in many issvts before the close of the short sessiotu Curb shares were generally lower. Com lower. Cotton irregular. Rubles advanced fo new high rcrord price on this movement. New York bank state ment showed big increases in average and actual loanst while deposits decreased. Clearings throughout the country were larger this week than last and above those of the corresponding week of last year. Bar silver unchanged in New York and London. NEW YOUK, Sept. 23. Tho trading clement was whlpsawed ngaln In the half day's tradlne on the Stock Exchango ns a result of tho professional speculators on tho floor yesterday buying stocks at tho top prices on a belief that tho finished steel prices would bo announced by tho Government after tho close. When this belief proved to bo un founded these traders turned to tho selling- sldo at tho opcnlnff, disposing of their long stocks and putting out fresh linos of shorts and causing declines of 1 to 2 points In nearly all tho active Issues. Tho low prices which wero then reached brought In a good volumo of outstdo buying and rallies wero quickly In order, leaving the market townrd noon not far away from yesterday's final prices. Thero were somo exceptions, however. Heading developing pronounced strength nnd advancing 2 points to 84, and Union Pacific rose IK to 130H. whllo Bethlehem Steel "B" was under pronounced pressure again and dropped more than 4 points to 82i. Mexican Petroleum sold off on the declaration of tho IM per cent dividend, recent buying having been on tho belief that dividends will bo resumed at tho rate of 8 per cent per annum. Canadian Pacific was ngUln subjected to bear attacks based on money condi tions in Canada nnd sold down about 2 points. Published statements by officials of tho coppcr-prcduclns companies had a good deal to do with checking tho buying movement In those properties and made them show a wavering tendency during tho half day. Some largo blocks of Llborty Bonds again sold above par and no sales wero mado today at a discount. During tho first hour. $350,000 sold at 100.2. Railway Industrial bonds generally continued, with Denver Cs selling at 63',. Control of Money Gives Country Relief Now that tho money situation has been placed under control, bankers and other large Wall street interests aro making no secret that tho position, particularly during tho last fortnight, has been dcllcato and at times a dangerous 'one. For a considerable period New York commission houses wero unable In a broad Bense to borrow on any terms for fixed maturities on "all Industrial" securities as collateral. They had to depend upon day-to-day demand loans. With tho latter ruling as high as C per cent, and with every indication of going higher, it was considered necessary by many largo commission houses to not only call additional margins but to increase their marginal requirements on such a scalo as to afford active encouragement for their customers to close out, or at any rate, materially reduce their commitments. Hence it la not difficult to understand the active liquidation that has been in progress and tho severe declines that have recently marked the general price lovel of stock exchange sccurltls. Banks Asked Impossible Collateral The banks did not specifically refuse to lend. But lor all practical purposes their attitude was tantamount to a refusal, since they asked Impossible collateral Impossible for the reason that it did not exist. There has been a subtle, incessant change in tho character of securities traded in on the Now York Stock Exchange during recent years; .a change that has been so gradual as to remain unnoticed even by the banks themselves. The crisis that has Just bcon encountered may be said to have caused a widespread awakening to tho fact that railroad stocks and bonds have become a concededly minor part of the general dealings on tho stock exchange. Not Pleased With Railroad Situation Clients of tho commission houses do not like the railtoad situation and con sequently are not buying railroad securities. Thus brokers have a very restricted supply of these hecurltles on hand; and when, as recently has happened, the banks and trust companies have suddenly and systematically demanded "mixed collateral" Wall street finds Itself faco to face with impossible conditions. "Mixed collateral" tcchnlcaly means half and half of railroad and industrial securities tho former by Its supposed greater stability being required to offset tho degrco of skepticism which to many lenders display toward industrials. This sudden attempt to relnstato tho old "mixed collateral" practice Is trace ablo to tho revival of peace talk and tho fear that even If peace is not to develop In the near future that tho determination of the Washington Administration to keep profits of Industrial products down by means of a price-fixing plan, will causo somo serious declines In quotations for industrials. Meanwhile the highly sensational decline that has taken place in quotations for such high-grade railroad stocks as tho Delaware and Hudson, New York Central, Louisville and Naphville, Reading, etc., has accentuated the withdrawal of speculative interests from tho railroads and has nt tho same tlmo reduced the supplies of these stocks in the hands of the brokers. Big Bankers Provide Funds A full realization of the changed conditions followed a meeting of large banking interests on Tuesday nhd tho Immediate result was the loaning of about 35,000,000 for fixed maturities as a first step In relieving the situation. The greater part of this sum was put out for sixty days and four months at 6 per cent on "all Industrials." while the remajnder was for thirty days at 514 per cent. This action produced immcdlato relief. In the first place It curtailed to that extent the insistent demand for call loans, the rates for which were steadily reduced, until late In the week they touched as low as 2 per cent. Tho meeting of bankers comprised members of the subcommittee of the Liberty Loan Committee of the New York District, which has been'cnlargcd by tho addition of James S. Alexander, president of the National Bank of Commerce, and Albert II. Wlggln, chairman of tho Chaso National Bank. Future meetings of the committee will bo held whenever necessary, and concerted action taken to keep the money position a comfortable one. In announcing tho action of thl? week's meeting, Governor Strong, of tho Federal Reserve Rank, was careful to explain that as a result of the discussions at the meeting, "but without any formal action being taken certain of the larger New York banks and trust companies have put out a considerable amount of time money, the loans being mado by each institution for its individual account on such terms and collateral as It may determine for Itself." First Steps for New War Loan This concerted action to relievo the money strain may be regarded the first step in tho' campaign to securo tho success of tho new war loan. Tho Secretary of the Treasury Is unable to announce tho details of the new bond issue until tho bill authorizing the now securities is on tho statute books. But his tentative plans aro well known In Wall street, nnd the offering will bo made at the earliest possible moment. The bonds will bear 4 per cent, and, it is understood, that the Secretary has been prevailed upon to clothe them with tho same rights of conversion that the Liberty Bonds issued last June possess. That is to say, if the Treasury shall find It necessary before the close of the war to pay a higher rate than 4 per cent, then the bonds that are to be Issued, as well as tho 3 per cents 6old In June, will be convertible into bonds paying such higher rate. Meanwhile thero is a steady absorp tion by largo interests of the old 3 per centa because of their exemption from Income surtaxes. In this they possess a distinct advantago over tho per cents that aro to be issued an advantage that is many times the value of the additional one-half per cent interest which they will bear. Essentials for Success of Loan Two prime essentials for the success of the new bonds are first, Jhe assurance of a comfortable money situation throughout tho entire period of offering; and; sec ond, tho spread of a substantial degree of cheerfulness in the investment situation. These are Intimately related since the first usually encourages tho second. But Wall street Is entirely unanimous In tho contention that cheerfulness In invstment cannot contlnuo lasting unless the uncertainty connected with the Government's price-fixing policy is relieved. Thero is reason to believe that the Administration Is fully alive to the urgency 6f making formal announcement of Its prices and also of tho necessity of making these prices sufiiclently liberal to maintain prosperity throughout tho Industrial fabric of tho country. The firmness in tho stock exchange price level was traceable to expectations In circles usually Informed on Washington affairs that a policy of liberality In "price making was on the point of announcement. An added factor in this respect was, of course, tho passing of tho money crisis. 'railroad earnings kansas crrr boutheiin 1017 M5-I! 08.1 IS R.H78,K77 Increase 1222,740 B,SU AUCUlt (TOSS .,,,.. Nt v.;. :V'. ".::"":... 8,m:j8 mi.j lvOUISVmLE AND NASHVILUS HonI weslc BepUmbsr. JI.".0 ifoim January 1 B2.277.074 CHIUAIMJ U lit; A I WMI1UIH l.Bss.eis tu II4T.S20 i.ovt.ooa a.....i wmIt Hrotcmber SS71.011 From January 1 11.8S2.0O UMrea. . onANDr TltUNK .8T8TEM Uraml Trunk jullwar of Canada ,, A. .-,. jutf.tr'"-...-.- . .."iswss Srn months' sross . 8.J88.&80 Net ;' 1,Z07.9V) Urand Trunk wssurn Julr i-rosa JI7S.0.1U Net ................ . I A. I3, U3 iio IIM.bOO 11.S50 fvCotton Buyers and Sellers NBW YOUK, Spt. 28, October Mc Enaay. My man and Fllnn bid ; Hentx, Hart' iwni, pieiiiuKciiBr sua urooKs orxerea. December McEnany, Os Qumoens, Cone, Schlll, Martin, Wilson, Johnston and tow ensteln bid; R. Hubbard, Hents, Qttr Brooks and Farrott offered. ' January Mitchell, Cone, Lowensteln, Dixon, McEnany and Fllnn.bld; Hubbard, Hents, Hagedorn, Hartdorn, Hyman, Abra ham, Wilson and Lee offered. March Hagedorn, McEnany and Allen bids Mitchell, 'Rountree, Parrott, Glfford and C. Hicks offered, May Downs, Kelrfer, Orvis. Wllsoiv Etelnbachsr and Fllnn bid; Mitchell, Vri-l' ertckson and W. Qumoens offered. New York Stock Sales Low. 94 SS 85 ny io MH 3t lttt Vi 61 lft 88 7H Close, chce. Net 4 H KB H ia i 4tv 94 7U4 Vs io 1 81H H Sti 1 lH W 4H "4 1H H 6IT4 n ltt Vk T 1' 88 1 JW lllah. Alaska Gold Mln.. 4.i Allls-Chtlm.rs Co. syt Am Iieet Hurar. . . sstfa Am Can 4il Am uar & vay Co 71i do pref ,10B Am Int Corp tu".; Am Cotton Oil . . S2H Am Hide ft Leather ltU Am Linseed J4H do pref eiH Am Locomotlvo.. 8 Am Malt pref .. . S4V4 Am Smelting ....ioih Am Sum Tob Co. . 8894 Am Steel Fdry.... 97V4 Am Sujrar nif, 111H llltt W Am Tei Tel....llsu 117H 117 Yt Am Tobacco 1014 Am Kino ft Lead.. t7H Anaconda 734 Atchison oaii do pref tsy. Atl Quit ft W I... 7 Baldwin Loco Co.. 68T4 Dalt ftOhlo 67 Vi Uatopllas Mining, ivi Bethlehem Steel.. 9U do B DS94 Brooklyn K T 80 Bums Bros Butte ft Sup Cop. . 24T4 Cal relroleum . . . . 1794 45H 149U MW 33 76 tt S8U 89 38lJi 834 03, 19 83 -48H 40V4 39. 76 SSU 2U 68 2894 r3 6 Hi 1894 S3 4SK, 40H 34 103 2794 98 73 83Vx 8t 101 9 M 31 2H. 31H 21 do pref Canadian Pacific. . Central Leather . . Cerro de Pasco. . .. Chandler Motors.. Chesa ft Ohio Chi Grt West pr. . Chi M ft St P Chi n I & Pac t c. do 6 p c pref to. do 7 p c pref t c. Chile Copper Chin Con Copper. Col Fuel ft Iron . . Col Gas & Elec . . Colft South 24V4 Consol Gas 108 Corn Products . . . S9J4 do pref 98 Crucible Steel 74m Cuba Cane Sugar. 8414 do pref 84 Vj Del ft Hudson... .101 Dome Mines s4 Distillers Secur . . .11 Vi Erie 2 Hi do 1st pref 31H do 2d pref 24 Gen Eleo Co 14494 General Motors . . 98 Goodrich B F 45 Great Northern pf IOS94 do Ore subs .... 84 Greene-Can Cop. . 4194 Gulf State Steel.. 102 Illinois Central . ,103 Int Agricul 1S14 do pref 48 Inspiration Copper S2Mi Int Mer Marine... 2894 do pref 8694 Inter Paper S0H Inter Nickel 34T4 Kan City South. . 19 Kennecott Cop. . . 48 I.acka Steel S3i Lake Erie & W.. 1294 Lehigh Valley . . . 03 L & M Tob Co rts 94 Loose Wiles Bis Co 18 Mackay Cos 77 Mar Motor 3394 Mex Petrol 9394 do pref 93 Miami Con Cop... 3594 Mlnnft St Lnew.. 1894 Midvale B'J Mo Kan & Tex ... S Missouri Pacific . 29U Mont Power 80 Nat Acme 32 Nat Con Cable .. 28 Nat Enam ftStpd. 4894 Nevada Con Cop. 22 y N Y Air Brake ..129 N Y Central 78Vi N Y Ont ft W. ... 21 Norf ft West ....112 North American .. 82 Northern Pacific .101 Ohio Gas 47 Ontario Silver .. 794 Pacific Mall 27 Penna It R 82 Pere Marq w 1. .. 18 Pitts & West .... 26 do pref SO Pitts Coal 8194 Ray Con Cop.... 26 Reading 84 Rep Iron & Steel. 8394 Royal Dutch 67 St L. S F 1 Sinclair Oil 38 Seaboard Air Li pr 28 26 Sears Roebuck ..188 188 Shattuck Aril ... 2494 2494 Southern Pacific 92 01T4 Sup Steel 43 4494 Southern R R . . . 28 2794 do pref 62 63 Studebaker 4894 4494 Tenn Cop & Ch w 1 15 13 Texas Co 166 164 Tobacco Prod.... 73 7194 Union Pacific ....180 129 United Clg Storcs.U0 H8y United Fruit ....128 128 U S Ind Alcohol.. 140 138 U S Ind Alco pf,.102 10S U S Rubber 89 89 U S Smelt & Ref . 6694 88 U S Steel 11194 110 do pref 11694 11694 Utah Copper .... 96 9894 Wabash 1094 10 do pr A 4894 47 do pr B 28 25 West Maryland .. 18 1794 West Union Tel... 89 89 Westlnghouse Mfc 46 46 Woolworth 1M 122 Wheel & L E .... 13 12 do ctfs 26 23 Willys Overland.. 28 2794 Wis Central 44 44 10694 94 17 72 194 06 95 94 8894 Hi 1 1 67 Vi 3 94 94 4 0294 4 60 94 96 94 2494 94 1794 48 147 148 1 83 83 14 3294 76 no 28 8894 26 R394 0294 196 1694 72 96 05 0894 01 67 1 9394 92 60 96 24 1794 48 -1-1 1 1 1894 Yi 83 48 40 24 103 28 98 78 33 R4 101 0 :u 219 81 94 94 1 H4 "4 Vs 14494 14494 93 43 10894 33 42 100 101 1394 43 82 28 83 80 34 19 41 83 12V.I 6194 16 77 33 9t 93 38 13 80 fl 28 80 32 28 43 22 129 77 20 111 82 101 46 7 284 Si IS 28 80 81 26 8'i 82 67 15 33 9394 45 10394 3894 4:94 100 101 1ST4 45 32 28 8394 30 3494 19 41 83 1294 62 94 16 77 3394 04 93 33 1394 31 S 58 T4 94 94 y 1 1 194 '.4 80 94 32 .. 28 43 94 --l 91 2 120 7794 31 11294 82 101 94 46 7 27 32 15 2B 89 5194 28 83 1 94 94 H4 82 1 87 10 35 28 138 2494 01 13 37 62 43 13 164 y 1 94 3 -1 71 14 12994 94 11894 94 128 2 138 194 102 1 80 65 11094 1 11694 .. 88 1 1094 48K 25 18 89 46 122 T4 26 2794 44 94 14 1 94 94 M Total sales, 373.100 shares, compared with 670.000 shares yeaterdari thua far this veek, 8.560.400 aharesi asms period last wrtk. 3,098, 000 shares. Financial Briefs The London Stock Exchange and the Liverpool Cotton Exchange were not In session today. A Chicago Board of Trade membership has sold at J5000 net to buyer. Thi estate of J. C. F. Merrill posted Its membership for transfer, J. P. Kelso has applied for membership. The 12,800,000 Procter ft Gamble Com pany 6 per cent notes, due October 1, will be paid oft at maturity at the National Park Bank. New York. Commercial failures this week in the United States were 244, against 23S last week, 216 the preceding week and 289 in the corresponding week last year. Failures In Canada numbered sixteen, against twenty-six last week, fifteen In the preceding week and sixteen last year. Directors of the Pittsburgh Coal Com pany will meet In Pittsburgh Wednesday, September 26. Heretofore they have met In Jersey City, as the holding company was chartered under the jaws of New Jersey. Under the plan of readjustment formulated July 10 the New Jersey corporation was dissolved, and it is now legally called the Pittsburgh Coal Company of Pennsylvania. Figures compiled by the Financial Chron icle give gross earnings of twenty-four rail roads during the second week of September as 14,779,010. compared with l,22,78i for the same period last year. The in crease la il.4e,22. Temperatures were slightly lower in the South, but It was generally clear, except In th. Mlrems East, where preolIUtlo was mmmmminm ar spfsspsj; for Sales in Philadelphia Net llllh. Loir. Close, chre. Am Milling toft .. Am llwys pf .. ., 189 . . 40 Brill J '... 19 10 19 104 84 Cam Iron., 44 44 44 H 20 Eleo Stor ..87 87 87 13 Erie 21 21 21 28 Lk Sup Corp 1694 1694 1694 -185 Lch Nav ... 78 7494 73 M Lit Brothers .. .. t4 SOMIdvalo .... 81 81 81 194 lONev Cons .. 2294 2294 2294 94 102 Penna It R.. 82 82 83 H Phlla Co cum pf t 33 Phlla Eleo. . 28 2894 2894 H 138 P R T tr cfs 30 29 29 .. 15 Phlla Tract. 74 74 74 .. 8 Reading 82 S294 8294 94 80 So Rwy ... 3794 2794 2794 H 878 Ton Belmont 8 8 8 .. 230 Ton Mining. 6i 6)1 694 h lUn Gas Imp 77 77 77 C630U S Steel... 11194 11094 11094 1 Wm Cramp t76 York Ry pf 436 tQuotatlon given Is yesterday's close. .9J?' a'e', 7143 share, eotnpared with i9'222 " yenterdsjl thua tar this week, 71,283 sharei j same period last wrek. 13,132 share. 110.VDS Net 81000 City 4 1D43 00 09 00 ' 1000 Keystono Trl 1st fis ... 94 .1000 Lehigh Vnl gen 4s ... 83 7280 Llborty Bond w I 00.96 0000 Phlla Klec 1st Cs 100 2000 Spanish-Am Iron 6s ..100 100 100 .. 2000 Union Rwys t c 4s 74 74 74 Total nle, S2I.230. compared with (11.200 reMerdari thus far Ihla week. $133,030; mine period lint Meek, (331,200. 09 00 94 01 83 83 09.80 99.96 100 100 94 1C 14 Local Bid and Asked Today Yesterday nid Ask llld Auk . 33 .1li Hi art . i!0 23 Hi) 15 , 33 .'.1 35 r.u , no . S2 r.o R2., . lli 01 i B2 i2i 1 nai 67U si B7',i . 17 10 17 19 , CS 0 5S 60 . 11H 12 114 12 , 03 ll B5 ON 10 ioi lfiH lH , 73. 70 74 75 , fll'i ttt Olii 01' , 23 23 !!3 23 43 45 43 45 r.2 . r.2', r.2 62'i 2i 2S'i 2SH 2H 33 3d 4s nn 82 8 32 35 .",, 37 .10 37 VnH 30 2(l, 2fli h s?.'; s;n r & 4??: .?' .? 77., 7K 70 77'i no; nan in; in; it n it M i ao n a 75 78 77 70 Amer Stores Hrlll J t Hurt & Kusij t c do pref Ilaldnln i:iectrlo Htornito General Asphalt do pref Keystone Telephone . , no t c LakB Superior Corp . Iihleh -Nnvlsratlotl . . . Irfhluh Valley Lehigh Valley Trap... do pref Penna) Ivanla, 1'hlln Eleetrif 1'hlliv Co do f per cent pref. . .. '! .1 Per rent rref . . I It T t o Heading Tonopali Helmont . . . Tonopah Mining- ... . Union Traction IT ! I U H .Mteel York Railway do pref Vm Cramp INACTIVE PHILA. STOCKS Following aro quotations for Inactive stocks listed on tho Philadelphia Stock Ex change and In which there were nc; trans actions yesterday. Tho price given is the last previous sale: Alllsneo Ins ... do pref ... . Amer (!a- Am Gas war... Amer Stores . . liurr Husq t v ilo orcf Cambria Steel 'am Iron Cons Trac N J clen Asphalt . Ins Co of N A Lehigh Valley lrfh Val Tr... Mlnehlll , 20 90 100 North Cent . North l'ennk 1'enno. Halt i- mil a Co . . . 37U Jo pref . . . I'hlla Trao . r.u S3 ..133 .. 44 . . 71 . . 20 .. :.Vi . . 1111.. . . 27U . . S5 Ilwvs Uen Union Cos N J Vnlon Trao . . . U S Steel pf . . Wurwlck Iron. West Coal W Jer fc S S.. Yrrk Rwss . . 7BH on . 91 . 34 . I'.S . 74'i . r., 20(1 . 43Mi 11C. . 73Vi INACTIVE NEW YORK STnrrirs Following aro quotations for Inactlv New York stocks and In which there wcr en ... .....,, wlcl ivcro no transactions yesterday. The price glv Is the last previous sale. A,1ams Express ..115 Max Mot 1st pf G3"i Advance numely . Wn do 2d nf iui AJaxTtuhbe-r .'" Co May leS g tT'pVlO Alaska Juneau... JJ. Mich Cent ......no Alaska Juneau... j- jiicn Cent ...... lib AlltS'Chaltn pref. Mis Morris & Essex! nn Am As Chem.... 83 do pref .. .': ?V 11 t do pref ...... UJ ?J s I St L ; BV4 Am Beet '.?'-," Pe e of d f p fll A 11 S & K etjs. .102 Mq Iao pref . . . . . oo do ctfs pref... 191 K ' T pr . . . . , do pref 1154 Jjont Power pf .lnu AtS cSn Pf . . . yi0H Natl Cloak jsult TSH Am Car Fy pf .108 do . , Am rnrNS Am II L P' Am Ics See.. Am ico prci. Am l.oco Am Jiait :io8 - te5xr.r.ri(n : lnH pt Sap .?. s,k 'ii?lnVfa.1 oref...ios n T.U. o ic i- v..'.u"a orer... cf.. .. H"4 kU"1 ' 2d pf pref. . .101H & Q Twr & M,,?. j'A:L;rrref! H1H 24 14 Am Hnmaira. Drei v.. . - -. .-'. " ,- r.if iixi .';' .oomn . ?m.?-u.--',-?K,:' o -v Scotia Steel. n. Am i"l S. V5 iv.e onic. Owens Hot . . st Am T AT 3d pref 92 i 0h0 J? HJ Am "SSJen n,,--2?i Shl O" rts.!. Am0rft'raWpf. M r.rt00 ffVt" " 6?r. Aatia u v ihii rA " ::i' i nirm &. ah.. i'i Air?eUt't ; W.-V -JH ? tta'PpTe?"' Harrettf Co pr;f . .107 VM PJ" . . . Paid Loco Pref...t00t do frer 99JI n...n Uln 14 n...n Xtlt. ..t. fli..l rts Heth Hteel Pf... Hrkn un jo... Urown Shoe . . . . llutterlck oal Pseklnir Co, Cal fc Ho 1st Pt. Cent Fdy pref.. unil x 46.1 Lir.lll n'ii WulckpiUrr ., fit lov RWy mi 'b;l :,- IS.. n""K It" pretV 88 05H ,1U3 as SS? iV.Wr,f .mH S"on. Motors.... 12" nav Arm- zz 75 CentSAmTei " E"Drd A I,. . 114 m.1 A. Alton 11.. PChatturlf Art, n71 do pre s2 ,i Wo--Sheffleld . . i Chi Ot "Veal..... 9's Hlos-Sheff prer . 2o r M A St P pref. 103 go P Rico s"l 20? CM A Nrthw't..ip-g Sears nob'k Vf'.l" riustt.reabdy rt.llg,, o.d rref. f. Col A So SOU. l;7f SS ',' 1 Z .''- 0 Yr' Th nee. 35'. t.L A B W. . . Si iuiit,' . i .. nm ., . 1 . m w o 1 do pref Con'a &.!-?? s2sin?:.pa'::.Siu .?5,;:::::i3H Cuba Am Sugar.. IJ ,. jrw ,B Den A It U 7 T fiJ '- W j iJ". .;' n do rtf. '." i".. K,i n K 1, A r..ius. "o prer ... i, SSt ci. pf ;.-i 2 Fm!f.:,Jj'- Cuba Cane pref.. SJ., ?enn Cop i!t,. DH8A.lf...,5 Detroit i""""ik Kleo Stor Bat... 0 nikhorn Fuji JgV naal nn ma t . t ?' ;: i- i4U Twin City nod. l?u 7 S ftAU 103 32 nm TNrmQ.c! rttt.'RS LOHAT, TRAnTfvjn. TONOPAH BELMONT IS MOST ACTIvl Bond Business Much Larger Than Usual, With Liwl uvuii in uuKu AJA.AAI jia, iuuie inan 10 Points S:::JS Stel cirsnby Mln . . . , Si Un.,lr. 9n.?'. .113 QuK S Stl isi Pi."i do pref "" .91 liartman Cpro... -,. UniT.S'fi'.J .:. ...114 i .Sf'Tioi7 ...-sr " g? Int lfarv of N -S1. U 5 O I rVp i II isiMVita1? Jiis.Fw: if Iowa Cent ,?' do pref "" Js do pref " U 8 Rub iiVif,'in?u J.w.1 Tea "3H Utah, S?oI,.,.i'f ::-J do pref ... "" Va Car Chem 45 Kan Air SB..... BJ Va CaVch "IS'pj Jfw KellySprlngflsld.. 43J4 Va Iron c A J.? o4 Keok A D M,.... Wabssh ..." Vn Laclsdsaas ..... 97 JVells-Fargo ' . ..' l I, H A W pref... 2 J IVeith'ss 1st if 8? jJeTnub A Tire.. 174 JV lid 2d pf.::! SI Ui A H T......200 West Pao ft n.l l?tl tit A M T prst..l04 VhI L B.... iJJ? Lons-III ctfs prsf 40 "Vhlt. Motors! . ! 1Z !-'"'".- 7oS & "S S? v.".-.?? jjsrv tviiv.:f worth PA-ii:::1, MHiPA8SUprf..lt do. pref n.. it Mackay Cos pr... 0 ,w.Klw9J-th rf...lj Manhattan Death 1 WllUs)vrr4 pf", S Manhattan EIV...113 do prt ....;.. If DIVIDENDS DECLARED West Pnn Power Company, regular quarterlr of 114 per cent on nreferrsd. payabls Novambir I to stocic o' record October 20. -.uur Ohio I-uel Supply Company, regular quarterly of 03V4 cents (2 per cent), payable October lb to stock ol rscord September sit, w"r - McCrary Stores Corporation, regular quarterly ot lK per cent on preferred, payable October 1 to stock ot record September SO, CenUal llllnoU Publla Bervlc Company, rsgu. lar quarterly of 11.60 onprefsrrsd. payabl 4. tober 15 to stock of record fcepttmber 29, Btanaard snrsr sns wo junior Compenr. Only a finall amount of business was transacted on the Philadelphia Stock Ex change today during tho two-hour session nnd thero was about an much interest in tho bond division as there wan In stocks. Bu'slness in bonis was the largest It has been during a forenoon for c-mie tlmo, bujt the prices were virtually unchanged from the last previous sale. The majority of business was In Liberty Bends and tho bulk of the remainder was divided among Lehigh Valley general 4s. Philadelphia Elec tric first 6s nnd United Hallways 4s. Tonopah Helmont continued In demand nnd was tho leader of tho homo list, but tho price was unchanged nt 5. Tonopah Min ing, however, made a fractional ndvanco on tho second largest turnover of' local shares. Steel followed tho trend in New York, de clining li points to 110H, with tho sales totaling 6630 shares. On a forty-shlre transaction Hrlll dropped 10 points from tho last previous sale to lO'.i, but higher prices wero bid latpr without any sales. Tho Strcot attached no Importance to the decline on tho odd-lot transaction, and It was said that tho drop was duo to tho lack of a market. Concerning tho drop In the price of tho nrlll stock nn executive officer of the com pany said: "We are not concerned rIui m I sneculat nn i t n -., """Nock niktiA say, however, that thero has been J-.! tfl In the financial outlook S fta! which justifies any such pel. EntaSX,"' on the part of anybody. Th? VZ ' making munitions for the Oover?i-y ' Is turning out largo orders f oMhT"' orders which aro being accepted by SL?' authorltles. The comoanv I. e..?.4!. every way what the muKtmaA??3'' company anticipated at the outset 5 ' fiscal vur. l UM . "Tho problems which the manatm,,, ' i this company have to solve are tW5 labor, shipments and purchase of mii!i5 , and for operation, such as confront ia5 I nthep lartfn maniira.t-(n iM. :: '"WT h The company is paying regular enirU. ,i dividends of 1 per cent on th ,$&? stock. wrrir Ilapld Transit trust cert'flcates did ti.v,v, v,,,jr n. .n dwwi uit'n place. TV. : first was at 30, a fractional ran over iZ ' terday's last salo, r.nd the remainder at M" '.' tnAhenaAf1 T.atsk Qittstsln s . . " Mt V Philadlphta Electric wero unclum.d Z i near the close when the Utter bit a wtT T.,ig-tpln CfnfafTA Tlu trr .!.. -,- Lehigh Navigation the same amount i2!J Pennsylvania Itallroad wan oft a frtctS' LOWER PRICES ESTABLISHED ON CURB IN UNIMPORTANT TRADING,! Holders Follow Lead of Speculative Element on Exchange ana sen wrignwviairm ana unuea Motors Record Losses -NEW YORK, Sept. . Ijowcr prices were generally established In the trading on the Broad Stmtl Curb, but tho dealings thero wero without special Importanco and the decline- lil most cases wero simply duo to selling by traders following the lead of the. iBeai.l latlvo clement on tho Now York Stock Exchange. '11 Tho markot tone was influenced to some extent by disappointment over tin . . 1. .,-.. S ....... a.. . ,lnAr. trw. fli.lul.Ail nln.l -.wm.ia.h ..aba . . '. " lilCL II1UL IIIO VJUVC1 llllll'Jlb HUVU3 w uaiaucu mewl fJluuuvia WCID HOI annOUnCSl i I as somo of tho trading element had lea 'homselvcs to expect. Bethlehem Steel preferred was traded in at 101 to 101A, and SubrntriMJ IJoat was again In supply, selling from 19 to 18. Wright-Martin dropped ! from 10 to 8?i, and sales of Aetna Explosives wero mado at 5 and 6,. United Motors, on small transactions, yielded from 20 to 19"i. Many of tho mining stocks wero in good demand, with Mllford attracting most atttntiMj advancing to 1 15-16. Niplsslng sold at 3 and 3, Stewart at 1 1-82, Big Ledjij at 1 nnd.Hutto Copper and Zinc at 8T. IMlUSTItlAT.S ma 88 4T a 2V4 s S5 SO 8U 76 78 41 Vi 84 Am lleduction Aetna Explosives Am Brit Mfg Am Marconi Am WrIMnc Vnner rVtnadlan Car Co Can Car & Fdy pref. . . Charcoal iron Chevrolet Sl&tors Cramp Curtlss Aoroplnno Carwcn Tool Carbon Steel Emerson Phonograph ... 6 Federal Dyo 5 Hnndco Alfg ICathodlon Bron-o pref. . j Lake Torp Boat $ Lehigh Coal Sales 75 Lima Loco u Maxim Munitions 1 Marlln Arms HI N Y Shipbuilding 40 Nor Amor I'ap ruip.... y Otis Elevator 48 Peerless Motor 1 1 Poole Eng 70 Kcdden Truck l Sclpps-Booth l H S Kresee w 1 00 Standard Motors 8 Steel Alloys 7 Submarlno ,8V4 t .TnRpnh Lead 17 Todd Shipbuilding 75 Triangle Film v Cnlted Front Sharing . . V V H Steamship 4 United Motors "0 World's Film Wright-Martin Air 8", Zinc Concent ' 1V4 !TANDATin OIL Tes. Ask 01 BH 1 3 SO G5 8i 80 83 41 10V4 00 6V, in 30 1 3 "4 80 as 118 43 4i 33 13 80 15 100 0 7H lBMl 17H 80 1 4,i 20V4 "4 8-4 rloee. (Bale) 00 Hi 104j 1H 38 3a 7V4 10 17?i 4 SO, 10 Illinois Ohio Pralrlo Pipe S O Cal SON SONY.... ..213 ,.nio ..377 ..238 ..333 ..270 218 342 383 343 f &37 273 S3S lNDKrENDEST OIL STOCKS Barnett Oil & Gas Cosden & Co Elk Basin Federal OH ....... Inter Potrol Houston Oil .. 1W . . 0' .. 4U .. 124 12',4 .. 13 18 lTi OH 0 lis 9's INDEPENDENT OIL STOCKS CtaUiiti TL s1au Morrltt Oil 35 Midwest Jltt 141 Met Potrol Ohio Fuel ...( Oklahoma Ref Osage Hominy nice Oil Sequoyah Sinclair United West ., MINING STOCKS 1A 17 Vl A a 18 AU -y. in 1H 19 H -i U 1 : (Salt) H lit .! 11.: -', K 1 w i 0 9 1 4 9 1 "4 2 Alaska Standard . ... Atlanta Big Ledge , Bl-bee Copper (a pros) Butte Copper & Zinc. Butte New York , Cal & Jerome , Con Ariz Emma Consolidated .., First National Goldfleld Merger 4 uoldfleld Cons 40 Goldfleld Florence 10 Goldfleld Kewanas 0 Green Monster i Hecla Mining 8 Howe Sound 5 Independence Lead 9 Jerome Verde I ft Jumbo Extension 2! Magnate Copper McKlnley-Darragh Magma Copper Mother Lode . Nevada Hills . Niplsslng , Ohjo Copper Ray Hercules ..., San Toy Stewart Tonopah Extension United Verde West End Con White Oaks Yerlngton . 71 43 81 12 H 1 SH is 9-12 14 II s 8 20 3 n; 4 ; lVs 2)4 3H iA x 41 IS It i II. Sii 10 Hi Mu 71 80 31 11 9',i A 14 IS A "4 71 :..; mJ t wj IW 'At: 41 :m Hi Itil m ti . l ii it Mil I' BONDS Bethlehem 6s Cosden Oil 6s Cosden ft Co Us Cudahy Ss Russian Govt Bs. do 6 Vis Southern Railway Es. Sinclair Oil 6s Todd Shipbuilding 6s. Western Pacific 6s... Bethlehem pfd It ft II 17 ! .. 9774 .. 90 .. 91 .. 91 .. .. 70 .. 9ttt .. 91 ..100 ..101 ..ioitt iu4 -''Mi 7 M! II 91U . i tl 111 .' L New York Bond Sales lllffh JR4500 Amtlo-Freneh 3s V.i 17000 Amer For fcep "" "J,1 soon Amer Hmelt t llet 6s. 1 JfiOOO Amer Tel '",. 'L'S 1000 Amer 'J nreaa ..... "-.f ?9?.!?P'',?r.YiR::2?2 V""" "'V"V. r.'. "ait" 05 innn r'hM L- Ohio ct 4HS. 70 2000 do 4'sS 11000 do CVt 3s . 4000 Chi 11 Q Joint 4s Ixjw Close 5H 03 Ol 01' Ofl'i 00'i 07S. 97S 70ti 10'i it Mi U0O0 llrkn Up Tr Bs 1918.. 97Jj ' 77 77 I II IIS a. Ill II cs. - jwe. ww . . . . 10000 C M St P sen 4 33s 4 souo no s 13000 do rfd 4V4s .. .. . SO0O Chi It I P rfd 4s. 6000 do 4s .... 6000 Col Industrial Bs... 4000 city or i-sTia n'. 7000 Col FI ten 3a, 79 7S 7'4 78S 78 KIH K3 7on 07t 0314 70 '7., 82 i T 03S 84 71) 70's 70 tuoo i.oi r i s-ii v-,.... '. 3000 CompTab Heo Co 0s. S2 nA.. ,.-. ,1-- vf lO.I. 1034i 33 - 4B7. onvi 73 2000 Del ft Hud rfd 4s... 1000 Kris cvt 4s Ber B, . . 9000 French Repub 04s.. 1O00 Hud & Man rfd Sa, . . 1000 III Cert ea ivjta.. 1T000 2000 innft "SKFmS Tei1 s,:. :.:::::: i g jrpa8''.8!::? 18000 do im 4s ...i 5". fa-T I,k Sh n Hs 73W i.ir t M T bs 09. .It. i,mh n. I "U.a 1(W 4 77 82!. 73 93't 84 70 7 78 07 87'1 78V4 7RU 77'4 77 91V. en. 85 83 S'i 82i 10344 io"; B3H 68H 484 48 9AH 98V C3 r.sC 75 73 87U 874 73V 73V OO.SS 00 68 U9 SOT. BS OR 8i 81 80i ,. iui!.... oiii lomni " , i zuuu Jionv un. T," 8000 N Y C I. 8 OVSs, 1000 N X C b T 6s.. 1000 do 4s 1000 N Y N II II OS,... loooo N Y Rwy 4s. ....... "X.X t. v ... . A Tl JU. 10(K) Norf ft West Poch 4s 4000 Nor Paclflo 4s ,, 1000 do n Ss.,-. 1000 Ore Short I. 4s 2000 Paclflo Gas &..,..,,. S'OO Penna sen ct 4Hs... 8000 Heading -en ...... ; 2000 Rio Or ft W 1st 4s... J7 izuuu HI 1. a u. ...... .' 7000 do Her A,..,.... 1000 do Her B 19000 Seaboard A I. adj Cs 1O00 Bouth Pao 4s in ,, k n,,,,..,., 2000 South Pao rfd 4s S3 8A 84 . MU HH . . K8 . 78 .. nn ,. 81S . ; nnnn hamiii iiv sen 4...... nn llfyflO do Ss 93 1000 Term Assn 8t L 4Hs, 91 2000 U 8 Oovernment 8. . 9ft 11000 U S llubbcrC .82 4 AWl Jin Asa . . 1 Ol S800O If H Steel S K t. ." 'l01 2000 union I'ao cv 6000 doirfd 4s..,. , . loooo U k of a n ft i Bs 2uuti no 071s 4b 2000 do 6ft 1919.. .. 72 0 da fits new 1919 100 do 6 Vis 19ZI 1000 Va Rwys OS, ...... . 9000 West Shore reels , i ii?a v7a 91 04 37 57 93 93 8 ( B8i 0$K M 81 RAH 8AU 604 31 2lS 21S 91i OIK 40 40 84.i S4U 84 84ft 62 62 80 88 84 84 93U fISU 8(1 8D Ji H7V4 67U VI r,nK. kC 78- 78 4HV4 60 7fl , 76 Si$ SIS A4U A4U Vi 03 V. 3Vi V4 V3i 9811 Vi on',i 99U H 83 . 83V tl imU mil? loi ioi ns . ns ss H3i hSK ISK 97J 07 91 naft 90s 8 i 93 1)4'., 94 99 98i 99 W 1 IX BOS 10 80 VIOLENT CHANGES IN COTTON PRICES! October Advances 14 PolntM While Other Months Decline. Wall Street Sells Mirnr TftTlK. SeBt. ti Violent chances occurred .In tht J0"" market today under the Influence ef W prices sirowea luiura " -; "Tr" As far as could be ascertained If J"J no fresh factor connected with P' and excited advance, in sunio s--"- M least, the hope of peace within a few nontsr waa stroner. . ,. i Irregularity prevauea ai m i-;l-tober ihowlni a rIn of 14 poInU. P4? nn advance of 2 points and other fVA cunea ori to iu poinm u.i ",-- -Tt. street and western lons were mIW W! ently taking pronts, wniitiw---j piled the later months. Commission JWJfi and southern interests took the wgwl tlons and Liverpool was a buyer ef tM if P0There.pt, of cotton at the porrjjjj day are estimated at 28,000 koUes, fSl with 21.002 bales a ween - m bales a year aro. Tssterday-s ..Irian ooen 28.40 S8.90 October., December January, i March. May opo. a An OS. 40 "iao 28.88 in so 2-4 , 24.70 is'is 38.33 - rr 2 , .' i so MAI j.vE ViV 41.41 JLV3 ' -' . sr .,! LOCAL MINING STOCKS TONOFAI 8TOCKB Jim Ttutler ' 'm HaeKamara ....,.,. is Midway ( ja Mitpan jsstensioa i siontana. .14 North Star , ....t 'i' Rescue Eula . West En.4 'JlXm Atlanta ..,,. "st rilue Bull "o4 DlamondflsUI O U.. ...... M palsy . ,., .... . e Kewanas ., .. Jn Oro ......... ..., it Sandstorm Kendall . M Silver Pick "HAitm MISCHltWU'"""- 1 i vwp?KsasTssV .rm"mmmntm hi bbm t li is ins 1 1 i H jirir-Jwy kajSivWctai 1 -..., iiiiir assr sv sssasiAsa at .imBu i - isSS?!? !?ai :--" "J.. a " w . "in. IMiXssVssfclsst mnwiwuaj yr; - U . fa jM i.T r ;?' .5;i, . i --'flrW? rt : 'Cis-w. Tjr. itJ Vt'a alil J V fcV IP -' ' '
Significant historical Pennsylvania newspapers