f I2VENIXG LlsiDOERr-PHILABELPHIA, FRIDAY, SEPTEMBER 28, 1917 ik-- n st,-' t "v iy H & ' PENNSYLVANIA TAX FftEE ISSUES CITV OF PHILADELPHIA At PHILADELPHIA AND HRADINQ RAILWAY TERMINAL FIRST REGISTERED 5i PHILADELPHIA ELECTRIC COMPANY FIRST MORTOAOE 8 REILLY, BROCK & CO. BANKERS ' 306 CHESTNUT ST. rttiLAbcLrniA. FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK QUOTATION BEAR PLUNGERS CONTINUE THEIR . EFFORTS TO CUT J3T0CK VALUES Railroads Suffer Severe Losses, With B. and 0. and St. Paul Leading DeclineLiberty Bonds Advance to 100.22, a New High The New War Tax Law Tkt nttv' Un tnttyni tod tiuced tit a ecnvenitnl rttittnct lor the only m We have In press now and ready for final revision 1-The New War Tax Bill annotated and indexed 2 Rimed income tax chart The new law is conveniently arranged for reference. The chart shows how it af fects incomes ranging from $2,000 to $3,000,000. Requests for this War Ta Lit erature PE-llO will bo placed on file and coptts forwarded tmtn dlately utter the bill Is signed by President Wilson. TheNationalCity Company 1421 Cheitnut St., Philadelphia New York Chicago San Francisco tloston Pittsburgh "CAPITAL" . For purposes of increas ing the efliciency of an established shipbuilding plant additional capital is required. Present con tracts demand the en largement of our working capacity. A .corporation whose plant is located at the largest port on the Gulf Coast will entertain a pro-, posal from Financial Men of known reputable stand ing. Capital required, $200,000. Particulars on Request. For appointment write F. A. HUEBER Bcllevue-Stratford Philadelphia War-order shares High Points jn Today's Financial News Bears continued efforts to force stocks to lower cvels in New York. Rail roads developed severe weakness. Liberty bonds at new high record price. were negieciea on xne euro, urain ana cotton iu,irer. unto renue, went ended Sent ember IT tcerh the lament in hinlnru. Itnr nilver nrices declined in New York and London. Rubles declined in dull market for foreign exchange. Baltimore and ( Railroad's statement of earnings for August showed a gain in gross rive but a big loss in the net. Earnings of Philadelphia national banks for THIS WEEK'S MARKET FORECAST Treat of more stnrka than unj- lie have ter Itfcuet! before a? Steels Railroads Copper Industrials Sent free on request HUGHES &DIER ,,,l. I Philadelphia fitorl; Exchange Members I Chicago Honrd of Trade 1435 Walnut Street Philadelphia 115 Broadway, New York Woolworth Building, Lancaster, Pa. -J I ! BARNETTOIL&GASCO. tins Iteen described by authorities as one of thu leaden of the Independent olla, Wltli valuable producing properties. Its fftvr, plp line to the railroad, Htn 100 Unk rap. a lance refinery and distribut ing nations this company's future la M.HMUI "U. IUc i.r dividends are belnc paid at a rale which will yield approximately 12 pr cent upon money Invented now. 'rlte for latent Information and ffft paj; Illustrated book describing Iturnett proprtlt.- E. H. CLARKE 602 Kinney Hide. Newark, N. J. Vhonr Market 7S40 W1I. WKNNIK. Rr.ldent Partner. VT William Ml . New York. . Philadelphia. Chicago. Indianapolis, THE HAVILANDARMSTR0NG COMPANY STOCKS BONDS 1413 WALNUT ST. PHILADELPHIA NEW YORK-BOSTON OIL .INTERSTATE ft REFINING COMPANY 33 PRODUCINB WELLS NCSULAR QUARTEMV B4VWCNM tMTMMATMM IHN MfttKST GS A FAMILIAR EXPRESSION "Pour o'clock, and I forgot to go to batik'" How often have you heard that? Hut Republic patrons never say it Thtnfc if over REPUBLIC TRUST CO. 1429 C$kmtt Strctt NEW YOllK, Sept. 28. There,, wus a good deal of confusion about the trading In the stock market during the day. especially in view of the recently created belltf that stock mar ket operations would be subject to co-operative supervision by the governing committee and tho Government. There was no cessation of the efforts of the bear plungers to Impair values and to force sales of actual holdings. The opera tions of this speculative element, however, did not take the shape of vigorous attacks, but consisted in what might bo called constant nagging In tho offering of hundred-share lots at concessions and filling up the small demand that had '"been In the market 'around current quotations. There was an Incentive for uneasiness found in the Baltimore and Ohio statement for the month of August in which an Increase of $1,300,000 In gross earnings wu.i turned Into a decrease of nearly JOOO.000 In net earnings, and this statement had u dliect Influence in forcing llalllmore and Ohio down more than .1 points to C4, although :t would seem Unit the company's position as si 3 per cent dividend payer is reasonably strong. St. 1'aul at the same time was hammered until some long htock was leleased and Us price broke to 54. the lowest figures touched since 1893, when the silver theories of William Jennings Bryun were everywhere discussed. ' Home stocks showed u resisting power during the greater part of the day, but In the afternoon virtually everything traded In was on the down grade, with t'nlted States Steel common, after ranglcf jbove 110, dropping to 108VJ, and Bethlehem Steel "B" declining from 93 to J2i. General Electric sold off from 145 to 1414. Dealings In the Liberty Loan all through tho day were on an enormous scale, with the price advancing to the new high record of 100.22. The statement was made by some of the largest dealers that the bonds were bought In order to place bank nssets In securities exempt from the personal taxes. Midvale Steel Earnings Safe for Year The Government's) price-fixing pit gram will not have any effect on .Midvale .Steel's earnings until the end of the current fiscal year. The company is so well sold ahead that It Is confidently predicted that earnings will hover between $22 ttnd J23 per Miare during the remainder of the year after taxes. The full year's dividend was earned In July. It Is understood that the balance for the stock In that month was $0,000,000. While the stock has yet to overcome the bad taste created by methods re-sorted to In the early stages of Its speculative career. It Is understood that large Interests are holding their shares Intact, convinced that the $6 rate can be maintained. Labor conditions and machinery equipment are figured as more important In the character of work turned out by Midvale than'costs of raw materials. v. It Is obvious that recent movements in steel shares reflect an overdose of guesses us to their standing with regard to tho prices fixed by the Government. The readjustment, however, in the trade is making headway, but it will take come time yet, as the average of steel products this week of $10S.ul, compared with $108.0-1 a week ago. shows, l-'rom time to time new points come Into view with reference to the plans of Government authorities regarding the establish ment of prices for products and control of distribution to consumers of such urtlcles as the Government must have for the successsful prosecution of the war. It K being hinted quite strongly now that when the steel men were In the oapital for the final conference they received certain suggestions as to some lines in which it would be well for them to curtail deliveries of steel, as far as could be done under contracts. The pleasure-car automobile industry, it was said, may be limited to enable the speeding up of work on trucks, airplane engines and possibly other things made by automobile companies for the Gov ernment's use. May Pay Large Extra Dividend Talk In some quarters of the financial district Is that directors of large corporations are considering 'the advisability of paying large extra dividends In the event of passage of a tax law that they may consider too drastic. In conservative circles these rumors are not considered seriously. Much of this talk may l.ave oiiginated because Swift fc Co.. of Chicago, are expected to declare substantial extra dividends in addition to the 2 per cent extra announced today. Wall Street Is awaiting the next Important step In the price-fixing pro gram at Washington relative to oil and gasoline. It is expected in many quarters that tho quotations will be such as to stimulate production, as low prices may tend" to cause a decline In operations at a critical time In the affairs of the country. It is anticipated that Pennsylvania crude, at J3 a barrel, will be reduced less than 17 per cent, while Oklahoma Is not likely to be modified more than 13 per cent, to about $1.70. which quotation is approximately 10 per cent above 1912 prices. There is little question but that production in California fields will be nursed by a better scale of quotations. Some authorities In oil circles hae estirnated the United States Government will use upward of 50,000,000 barrels of oil during tho coming year. What may be used by the Allies Is best indi cated by export figures showing 2.483,601,229 gallons shipped abro.ad in eleven months to June, 1917. Crude oil Is playing an important part in warfare, but its use for Industrial purposes is no less important. It propels every kind of war craft from the small destroyer to the, big dreadnought, and while the demand from this source lias figured materially the past few years, the -apldly Increasing consumption of petroleum has been fostered also by the automobile industry. This can be appreciated when It is pointed -out that official f gures Indicate registration of automobiles is increas. lug at tho rate of approximately 500.000 per annum. To this, of course must be added the ever-growlr.j demand of the world's airplane rltfe.i. Oil Burning Ships to Need Supply What will mark another step toward further Increase in oil consumption will be the equipping of cjl-burnlng steamers in the transatlantic trade in the future. Officials of the American Line announced not long ago tlrat their pas senger liners will be remodeled as oil burners. The great merchant marine being built by the Cnlted States will be an enormous user of oil cither directly under the boilers or through the' Diesel oil engines. Therefore, the price fixing of oil by the Government will be a most interesting one to a great many people and will have considerable influence in the distribution of investment funds by capitalists. Commercial bar silver has experienced a 7-cent reaction in two days being now quoted at $1.01 an ounce, against a high price of $1.08 officially reported and private sales made up to $1.12. A corresponding decline has occurred In London. Tho level Is still an extraordinary ono compared with the normal CO cents, but is stimulating production of mines long unable to operate profitably In 1913 the Director of the Mint purchaser 4,000.000 ounces of the white metai at 48 cents, which gave Impetus to the rise culminating a few days ago Most bullion experts attach little significance to the reaction in view of the recent steady .md spectacular rise. United States Treasury Not Likely to Release Silver There is less likelihood that the $450,000,000 of silver dollars held by 'the Treasury against an equal amount of silver certificates will be released at pres ent levels. This may not occur, in fact, until the quotation is established close to the bullion price of $1.2928, as tho silver certificates outstanding, if freed would have to take a loss estimated at 11 cents on each dollar. ' A curious, side-light on tho abnormal price of silver is the many inquiries ...uuo u...j. ut n.v mai nj unite as io me value or old silverware naa oeen resting in lamuy cnests for years. which Money-lending rates NKIV YOItK Money on call opened at G per cent : high 6 : low 4 ; last 4 ; closed 404 U ; ruling rate 6 per cent. The monetary situation today showed un changed conditions of firmness. No busi ness whatever was done in time funds under G per cent, and offerings Mere as limited as In the two previous days. Some small loans were made on Industrials at G per cent for ninety days. 'So discrimination was made in rates in favor of good mixed. Cull funds ruled firm at 6 per cent, the coincidence reflecting regulatory measures by the larger banking interests. Prime bank acceptances continue to re flect in dullness the firm rates for col lateral loans. Rates are unchanged from Thursday, at 4?i(H per cent for Inellgibles and 3 43 5-16 per cent for eligible. l'llILADiJUMIIA Call, S per cent; time, tip 6 per cent. Commercial paper, three to four months, H'iOB'.-s per cent; alx inonthf, 6',i5 per cent. government bonds St. rtclatrrcd. 1830 . .s. coupon. J u80 . , . , s, rtltere1. mis h), tatMwm lam Bid. 9T DTJi Ask. New York Stock Sales ' lllsh. Alfiska Old M i Alaska Juneau... .1 Allls-Chalmers Co. 58 Am Ileet Sugar. . 83 U .Yin Can 44 Vi Am Car & Fdy... ?1V4 Am Int Corp lit Am H & L pf 7 Am Linseed 21 Am Loco 82 Am Malt i4Ji do pref 6IH4 Am Smeltg ooii Atchison 96i)i Atlan Gulf & W I.104H Am Sum Tob.... 574 Am Steel I-'dry. . . 65 Am Sugar its Am Tel & Tel 11854 Am Tobacco 104 do pref new. . . . ddt Am Wool 4lii Anaconda 71 Baldwin Loco .... fij4 Bait & Ohio 6H Bnrrett Co os?4 Batopllas Mining . t, Beth Steel B o Brooklyn B T . . . . 60 Burns Bros loa4i Butte & Sup Cop.. 244 Canadian Pac . . .m Cal Packing Co. . 30 Central Leather... 8U Chandler Motors'.. 7414 Chesa & Ohio .... so" (ill (Jr West pref. 39 Chi it i- St J' . . 5 do pref inn',4 "ill & Northwest, ion Chi It I & Pac t c. 27 do G p c pf t c. . .1.1 1 do 7 p ! pf t c. . 6.1 Chill Copper I CI1I110 Con Copper. MRi Col Fuel & Iron. . 43 Col Gas & Elec... 40Vi Consol Gas 102 Cont Can 102t4 Corn Products . . . 30 do pref 0914 Crucible Steel ... 72 Cuba Cane Sugar, .is1)! do pref 83ii Del & Hudson . . . 103 Denver & n G pf. . 14 Dome Mines ST Distillers Secur . . .13 1-rle 211,4 do I'd pref 24 Gaston-Wllllanis. . S7t4 Gen Llec Co 14 4 U General Motors ..100V4 Goodrich B V .... 4 4 ',4 Granby Mining ... 80 Ut North pref 1U4H Gt North Ore subs .14 4 Gulf States Steel.. 9U Haskell-Barker .. . 38VA Illinois Cent lol.i Int Agrlcul pref. .. 43 Inspiration Cop . . SOTi Int Mer Marine... 2Di do pref 88V4 lntern'l Paper .... sn do pref 62 V4 int Nickel 33V4 Kansas City Soutli ID Keunecott Cop.... 40U- Laeka Steel SCU Lehigh Valley siBi l.ig & M T Co pf..l07V( Loulsv & Nash . . . 120,4 Max Motor 2d pref 20 Mex Petrol 034 Miami Con Cop.. 34 Midvale S2"A Missouri Pacific . . iOM, do ctfs 31 Mont Power pr..108Hi Nat Con Cable . . 27 Nat Biscuit 1024 Nat Knam & Stpd 43.4 National Lead ... 51 Nevada Con Cop.. 21 N Y Air Brake ...121 New York Cent... 77ni N Y N II & II 2 N Y Ont & West. . 22 Norf and West 1 12"4 North American .. A I Northern Pac . . .I0IV4 Ohio Gas 47 .Ontario Sller ... 6',i Olilo Kuei 4.-14 Penna It P. 32 Peo Gas & C 65?;, Pere Marquette . . 13 Phlla Co 3514 Pitts West 2D do pref SI Pressed Steel Car. flu do pref 1110 Pullman Pal Car. 139 Rwy Steel Spring. 46V4 Bay Con Cop 2314 Beading 83 Bep Iron & Steel Klli do pref 100T Royal Dutch 7 14 Saxon Motors 1214 St L S F w I. .. 1514 Savage Arms 73 St L & Southwest 30 Seaboard Air Line ll- Sears-Roebuck ... 1 8 1 Sloss-Sheff St & I. 43 Southern It R . . . . 2714 Sup Steel 46 Southern R R 2714 do pref 62 Sinclair Oil 36'.i Studebaker 48 'lenn pop & Ch w I 1 44 Texas and Pacific. 15 Texas Company ..168 Tobacco Products. 714 Transue Williams 4114 Union Pacific .... 13014 do pref 7814 United Alloy Steel 43,, United Clg Stores.117 United Drug 1st pf 6014 United Fruit 12 14 U S Ind Alcohol.. 180 1 S Rubber 59 do .1st pref 10314 U S Smelt & Ref.. 63 U S Steel 110 do pref 117 Utah Copper 9514 Utah Sec Corp.... 17 Va Car Chem siVj Wabash pref A. .. 48 do pref B 24 West Union Tel. . . 88 14 Westlnghouse Mfg 48 Wheel & L K ltti Loir. 4tt 3 2.314 83 li 43 70i 3014 37 24 6(1 14H .8814 07K, 95 101H 36 63 J 09 14 116 10214 09T4 47 li 7014 0114 64 98H iii 92T4 60 10114 414 .19 8414 :4K, 5514 20 3314 10014 10314 2014 3214 62 14 li IT. I 2Vi 14 114 li 114 18i 5014 1 43T4 1 30 Ti IOIVi 99 2914 0914 70 32 83 ?i 101 14 8T' 33i 3114 24 3714 14 Vk 414 14 t 14 14 K. 214 1 Net Close, chre. 44, H S 14 24 1 88U .. 4314 14 70' B04 1 57 1 24 14 00 iy 14 H 0614 114 0714 1H 93 Hi 10214 194 an 114 63 114 10914 2 lie ,4 10214 3 09T4 !U 4714 14 70 Hi 62 1 8414 294 08 H iy 14 03 114 60 114 10114 J 2414 114 14814 14814 314 3D 83 7 414, SB li 29 3414 0914 103 26 32 62 18 SOW, 43 3014 10114 99 29 98 70W, 3114 83 10014 14 8 14 33 ;:- 371,4 14 1 98 4314 80 103U 33 05 y4 3614 101 45 49 2814 87 28(4 02 3214 10 -19 14 811,4 3914 I07U 119 20 0214 33T4 51 2714 51 108- 2!i 10214 4214 40U 20 122 76 23 22 110(4 .10 91)14 48- 8 47 32 31i 14 .1314 2714 39 60 100 13314 4814 25 80 8014' 100 67 1214 1514 73 29 1114 156 45 27 43 27 Alia 36 4314 1414 13 16414 7114 41 127 4 78 43 14114 98 4314 80 10314 33 9514 3614 10114 45 50 28 87 2814 62 3314 10 39 81 0014 10714 119 20 92 33T4 .1114 14 2714 14 St 14 108 2614 114 10214 43 , 40(4 20. 122 314 214 14 1 Hi H4 3 , 1 1! 114 li 2 '3 251 11014 214 50 2 9914 401-4 6 47 52 -H4 - V4 14 0414 114 13 3514 14 2714 li 39 60 I Oft 13314 4614 SBK, 81 80 10014 UT -1 : 14 3 IV li 214 l'i H 1214 H4 151i 73 20 UK ISA 45 43 27 0114 3614 4314 14 15 185 71 41 12714 7814 43 "A 3 I 94 114 94 H 14 1 31i 14 11714 117 14 FOREIGN EXCHANGE NEW YORK, Sept. ?. The lack of steamers again contributed toward extreme dullness In foreign exchange and neutral exchanges continued strong for the came reason. French and Italian exchanges and demand sterling were a shade easier. Rubles were dull at the low figure, on this reaction, at 1614 for cables and 'l6i for checks. Quotations were; Demand sterling checks 4.7E, cables 4.76 7-16, sixty-day bills nominally 4.71 04.72, ninety-day bills 4.69;.70. Frano cables 6.77s, checks C.79H. Lire cables 7.73, checks 7.74. Swiss cables 4.70. checks 4.72. Guilder cables 42's, checks 42. Pesetas cables 24 li. checks 24 (i. Ruble cables 16'i, checks 164. Stockholm cables 34.30, checks 34. ChrUtlanla- cables 11.30, checks 31. Copenhagen cables 31, checks 30.70. do pref Wilson Co Willys Overland.. 2414 8514 S7 5014 12814 138 68 103 62 108 117 0294 1014 3714 4714 24 hh 46 .1214 23 6214 2514 50(4 128 3 13014 16 69 14 10S 02 2 109 1 117 0314 194 17 3714 9i 4714 1 4 14 88 .40 14 14 23 1 63 SS14 -1 Total unlet. -531.500 shares, compared with 446.800 aharea yeaterdori thua far thla week, 3.111.800 ahareti tame period last week. 2,517. 300, aharea. Ex dividend Lehlih Valley, 1U : Allls-Chal. raera preferred. S!Vi i Ohio Fuel. 1 ; Shattuck Arizona. (4 and I4 extras Central and South American Tel.. 114 1 American Tel. and Tel.. 2; Kansas City Southern preferred. 1. s BANK CLEARINGS Bank claarlnsa today compared with corre apopdlns day last two years:- 1917 1018 1415 Philadelphia $51,010,010 I52,724.6I f87.158.Ttl Iloston.. .. 45,047.528 S3.08tl.lll9 2&,42.I48 mw ion lioirasQ. -Ut, XotlU LOCAL MINING STOCKS TOSOPAH STOCKS Jim Uutler ........ MarNamara Midway Mlspah Extension Montana i Northern Star ....I. Iteacua Eula. - West Knd GOLDFIKLD STOCKS - Atlanta 09 Illua Bull ot Booth .......... 04 niamondneld U B 02 Daisy . 02 iw ot 112 ... r.. .OS Sales in Philadelphia Blah. 403Allla Insur. . 20 10 Am Gas ...10014 Am Milling. .. Am Rwys pf . . 10 Bait & Ohio 6314 10 Bald Loco... 0114 Buff & 8 pf -. Brill JO 50 Crucible Stl. 72 10 Kleo. Storage 57 Ins Co N A. . . 835 Lk Sup Corp 1014 120 Lehigh Nav. 74 20Lh Valley.. 02 200 Midvale 6114 ION V Cent,. 10 380 Penna R R, 82 20 Phlla Co cum pf . . . 36 228 Phlla Elec. . 2814 1818 P R T t c. . 2094 280 Reading ... 82 020 Ton Bel 414 100 Ton Mining. 6 13 Union Pac. .129 206 Un Trac . . . 43 74 U O I 78 3705 V S Steel.. 110 6 War Ir & St 0 lOWestmor C. 77 200 AVm Cramp. 75 80 York Rwy pf 3514 Low. 20 100 63 0114 72 87 is 74 00 01 78 52 .16 28 28 8094 4(1 6(4 120 43 7814 108 0 77 76 3314 Net ens'. Close. 20 100 .. 40 .. 488 .. 65 19i 61 1 88 - 30 72 87 20 16 74 00 81 18 l"i 32 H 1 29i 36 28 . . 20 80 2 41! 0 120 43 1814 109 0 77 78 3614 V 14 I 14 8 1 Total n1e, 0203 (thorn, compared with 4629 shares jeterdayi thu far thl week. 49,623 sharrsi anme period last week, 53,357 aharea. Net chge. Cloe. BONDS . llluh. Low. 82000 Amcr Gas Elec Cs.. 90 00 90 1000 Interstate Rwys 4s. . 32 47750 Liberty Bond W I 100,00 09,80 90.80 .24 6000 l.eh Val cons 43S2003. 93 11500 Phlla Elec 1st 5s ...100 10000 Reading gen 4s 80 800 Union Rwys t c 4s 74 74 74 52 32 03 99- 100 94 80 Total sales. 870,030, compared nlth SS19.70O TPsterdayi tho far thla week, $601,850; same period last week, $242,600. Local Bid and Asked Todar Bid Ask American Stores 34 Brill IJ CD 20 23 Huff & Susq t c ".- 57 do prpf . 52 BnMwIii 02 n-J'i Klcctrlo Storocn ." .'iT (iencrnl Asphalt 17 IK do pref 5H nil Keystone Telephone.... ll'i 12 d o t c 8.1 88 t.ake Superior Corp.... 10 Iflli I.ehlgh Navlcation 73 74 I.ehlah Valley r,Hi noli I.ehlgh Valley Tr 2:1 trt do prof 43 45 Pennsylvania -- 51?s 52l Philadelphia Electric. . 28(4 2S Phlla Company 34 3d do 5 per cent pref. . . 32 35 do 0 per cent pref. v 8,114 36 Phlla Rap Tron t c 2SJJ I'll Reading SIU 81 i Tonopnh nelmont .... 41 4Ts Tonopah Mlnlnir H' 114 Cnlon Traction 42' 42. United Uaa Iinpvt 7ilI 7(lTl t'nlted States Steel. . .los'J Km',, York Hallway 11 12 do pref . . .'. 35 Mil Wm Cramp & Sons. .. 70 75 Yesterday Hid Ask 34 20 ::5 55 1 , 57 50 52 (12s HB Mi's 574 17 10 r.s i;ii It's 12U (15 OS IH'i 17 7t 75 02 2i 2.1 S.I 4.1 45 r.-JU 52(i 28I 29 35 87 32 .15 H3J4 38J, 2l)'4 294 US' h3W h " Hli 43 43', 77i 7, 110. 110. 11 14 83 38 79 INACTIVE PHILA. STOCKS Following are quotations for Inactive stocks listed cm the Philadelphia Stock Ex change and In which there wero no trans actions yesterday. The price -given is the last previous sale: Am Gas war.... 114 Amer Htorea .... .171i Amer Stores pref 9l fambrla. Steel . . .155 , Cam Iron 44!j Cons Trac NJ .. 71 Gen Asphalt .... -i l.eh Val Tr 27 Lit Broa 24li Utile HchuMMII. . 51 Mlnehlll North Cent .... North Penna . . . Phlla Co ltwjs Oen Cn Cos of N .7. V H Steel pref.. W Jer ft S S... Ycrk Rwya . 55 . 70(4 . no . 33 . M .2084 .1174 - 4s . . 14 INACTIVE NEW YORK STOCKS Following are quotations for inactive New York stocks and In which there were no transactions yesterday. The price given Is the last previous sale. Adams Express . .113 Advance Rum pf. 23 Advance Kumley. J J Alax Rubber w Alaska Juneau .- a Allla-Chalm pref. 84 Am Can pref.... inj Am Car &F pref. WO Am Agrl Ch.rn... 854 do pref ...... 98 Am Deet Pug nt- AB S ft F.ctja..l02 do ctfa Pref...J ,do pref ...... Up; Am Cotton Oil. . . 32 4 Am Exrres . Am Hld ' Am Ice Sec. Am Ice pref- ; Am I.lnseed pre! Am I.OCO U"i nn 12T. 12 48 Kd'-i 1014 kny Hmftll lrOI,. ?.-? Am smelt A S4 do oref B ! "5 Am Woolen pref. 05 Am Zlne L pref M ASSO U U l "-v Asso Oil .....- nlVi Atchison pref "J Atl Blrm A.t-105 Atlan Coast Llne.lutf At Oult & W I f "J n & O pref...... 74 Bald Loco pref.. 991, Barrett Co pref.. 108 Meth Steel rta.,. Beth Steel Vf-.-- 93H Beth Steel ....904 nrkn un vj - nrown Shoe Ji, Butteries Cat Petrol . - - Cal P't'oF8'; Cal t So lat pt. cent ray Co.... Cent Leather pf. Cent 8 Am Tel.. Cerro doPaaco.. Chi Alton.... do P'ef f.1,1 at West.. Cluett-Peabii Sf-10 Col & soutn.... . j r, fc So 2d, Pf . - 424 con aavuv con mi rant Ca 7. ....... cSCclbli Bit Pref. 054 Cuba Am sugar.j"' do pref i-jji'-lSs Del Lacks. fc..-'Xn Deere tC "jf . .ton Pen fc Bio Or... 7 a a t. 4 nraf.. 6 K.iit Edison... 12 Kleo Stor Bat Eo i ssl:: 55z do pref ...... i Oen Motors P"f.. 824 OoSdrtch B V JpMOS nreene-Can Cop... 434 dull 8 Stl 1st Praor. 104 . is . 444 , 511 . 27 .109 ,1154 . 33 :!U . 10 .114H .108 int Cal Mln-lJW Can oref..-1024 nental Ine . 814 .92 .94 ,2a .24 .12 .14 .08 .09 '.20 .22 .10 .11 .18 .20 .71 .72 R84 A. llartman Corp Havana " Ilomestake Mln Tnt Aarl ...... Int Cons Corp e: 101 v inter Cone Crp pf 584 Int Harv of N J.11J (JO IS J prci. .'JiiT? .xva-n WStPtsSM pref. .117 Mackay Cos pf...' "a Mackay Cos ... 77 Manhattan Heach 1 vS:hVf,7n E1V...11S Jlax Motor 3:14 Max Mot 1st nf. . cii May pep sts pr.10.1 Mex Pot pref..... ,11 Mich Cent 1111 M St P s s M.H9'. Minn & St I. new 144 Morris fc Essex.. .104 . do pref 114 Mo Kan A Tex. . 5 Mo Kan & T pref 9 Vr!1,,S, aia ' P i Mont Power .... sn' Nat Acme 324 Natl Cloak & Suit 784 .d.l4,ref 105 Nat Enam A a rf 9K do P"f 104 K'-JHi -5"2 '(1 Pf N TO J: St w;JI O W 2d pf 604 NT Dock lilj do pref 40 .ori South... 244 Norf IVmI n e in Nova Scotia Steel (IBU N O Tex & Mex . . 28 ''np ioi Ohio Caa rt... I'acldc Mail . . . Pan-Am Pet pf. do prior pf ct. Pere Marq pr' pf ', PlerccArrow . . . Plerce-Arrow pf , . P c C St ),. . . Pitta Coal do pref Pitta Stl pref.. do pref Oiilf.Irafli, Quicksilver o'ref'. '. R,.d'SS Pre-f?:?': s? S"nte,B?.?5: seaboard A L pf 4 Shattuck Arts .!. 25 Sloss.Sheff pref. . 884 Standard Mming 88 do pref 83 St L S P it... 80 do pref ai S'udebaker pref. . 00 Stuti Motor .... 41 Sup Steel 1st pf.1004 Texas rta mii Third Ae . ... sJJ2 Tidewater on.. os Tobacco Prod pf. 100 T Rt 1. A W .... iV T St 1. 1 W ctff. 10 da ctfs wi! do pref ....I.; 10 Twin Cltv Rnd.: 5t4 Un nar A Pap.. 10 United Drur .... 72 J.-ntd,Druc 2d pf. 81 untd Rwy Inv. . . 94 United Ry Inv pf 184 Un Cigar ,8 et.Aiw Underwood Type., it) do pref 114 United Dye Woei 68 do pref 034 Un Paper Bd.l" 25 u s c i p v p.;. 174 is A3 26?. 90 0.1 44 01?; 70 534 Rni III US .20T Kewanaa Oro Sandstorm Kendall Bllver Pick .! MISCELLANEOUS Arltona United . Nevada. Wonder Tecopa Mining . .20 .10 .02 .08 .08 .03 .11 .02 .03 08 .33 k . B7i,3L,97i 7i9.tto.ssi 4.iii,8o I ntoti Octoher 8wlft & Co. Pay Extra 2 Per Cent CHICAOO, Sept. 28. Swift & Co, direc tor have declared a special dividend ot 3 jr cont. payable October 20 to stock of record October ltrhlraake io per cent Int Nickel pref lowa teni .... do pref .... Jewel Tea .... do pref .... Kan City So pf KeOK BUM Kelly-Hprtnr La 44 101 334 98 SO 44 .1.. 414 .aclade Qas ..A. ST l.nk Krl L W:. 124. Lake Erie W pf 27 , Lee Rub Tire.. 174 Lit A M T 00 Llr M T runts 4 Lone lal ctfa pref 40 Loose. Wiles .... 16 Lorlllard P 208 , da pret 1004 UH Express. u H ind Aleo pf.102 U S Realty imp.. l4 do pref to U 8 8 : it pref. 40 V Car Ch lit pt am Va Iron C ti. i. . . 00 wabash in4 Wella-Farfo .... ss Westh'ae lat pt,. 7 West Md 184 do 2d pref . . ,. 274 West Pao R n.. 47 White Motors ... 43 Wilson Co pf...,10 wis Central .,,, 4(1(4 wooiworm ......IZ wooiwortn p:..,ii: wiiirs-uverra sx, da pref ....... Worth P t JI... 834 LIBERTY BONDS AT NF.W Tnr 'nnrJ Z . . x xAVl-VJi!ji Rapid Transit Trust Cevtificates Deyelop Weaknes. Baltimore and Ohio's Net Revenue Drops for August, With Gross Larger . Outside of trading in Liberty Bonds, business was not large on the Philadelphia Stock Exchange today, but there were sev eral sharp declines In railroad shares. These losses followed the course In New York where the rails became weak following the publication of the August and eight months' statement of earnings of the llalllmore and Ohio Railroad. Tlie fncVlint the net reve nue was much below tlS corresponding month ot last year caused some uneasiness among holders of several of the railroad st sues, who offered them for sale, On the decline Baltimore and Ohio sold off to 65'a, down W, Heading dropped more than 3 poln'.s, Lehigh Valley was off i and the same amount was cut off the price of Vnlon Pacific. New York Central dropped li, add Pennsylvania, which held up better than nny of the other rails, lost a quarter up to nildafternoon on a small turnover. Although tke turnover' of Llbertv Bonds was much below that of the other'day of this week, the price continued to Improve and advanced to 100.00, the highest figure It has ever reached on the local extiliange. .lust before the close, however, a small sale occurred at 99.80, oft .2 4 from yesterday's close. ' ... llapld Transit trust certificates led home shares, but were weak, following the gen eral trend, and dropped to 284. down . Union Traction was unchanged. "Westmore land Coal ndvanced 3 li points on a small odd-lot transaction. This was the first time; this Btock had appeared on the tape for some time. , Eloatric Storage Battery, Philadelphia Electric and Warwick Iron were nchanged. Lake Superior held steady until near the close, when It dropped a fraction to 1014. Cramp trust certificates were a point lower. Steel common, on nominal transactions, de clined more than a point. United Cas Im provement was more than a point, and Baldwin dropped 114. The stock list committee nf ik. ... . ruled that on and after today Mi? actions in the Liberty Bonds . I .?"" settUd by delivery of the deftnitlv. ?' States Liberty Bonds or the lnt;,f,U,'1, I ncates issued through the Federal r..1"' Bnnk of Philadelphia. ' Rrtv 1tri.it. . i ".no rauroaas aro generally,,,, greater gross revenues, the Increased if'i of operating expenses Is cutting oal "'' ' net ot many companies. Eiif ?ow? " : M by the statements for August an V?'' "! ?'."' Baltimore Z SbVf jjuuniu uiiu nusnupiinnna - ... - hand the statement of the NorfolI iprn iiauway, which also wis ... 1 I PUbllo today, showed Increase. ,-mi ' Previous year both for gro and net' "' ! The operating revenue of the Daiii,,-' ' and Ohio for August was u.tu ful gain of 11,309,807, but the net HZ. ' i 3504,373 to $3,066,879. For c'gh? m.Mtd the gross of this road was tlMlliiT .' gain of J8.237.0S4, and, the net " ,V ' B96.288. a loss of 14.11 Kit i--...M 2 ng revenue of the Buffalo and s2 hanna for August was 1167,764, an lX? of 110.843 over the same 'montti M, nffl? hut the net revenue 'from operations 1 $9221 below a year ago at 39 695, the ee ht-mrfntli nsrlmi it,. ....' "f $28,441 ,0 $1141.77.. and ,." Ing revenuo dropped $68,103 to $2l iir " The net Income for August and the ei.v. ' months was above that for the correjpojj i ing periods of 1916. " Hallway operating revenues of the vw. ' folk and Westorn increased $678 tit tL August to $6,021,972; the net revenue frea ' operations totaled $2,376,894, a rain 3 $25,262. and the net income Increased Hi. ' isi to 11,991,349. During the elghtjnonth, Wl nor n.t ik. inioi . ......1 :VU- '4B' ..vu ... ,v, .,wn. uciuiiune waa in.- -645,800, up $3,315,608, the net opertUu ' revenues totaled $16,106,857. a decrease ef 1' $1,191,510. and the net Income 'deeretsftl ; $610,934 to $13,931,408. t r" NEW. YORK BOND SALES 1 1 Hleh . 954 93 l2 SU'i 1)74 97 til) suji 844 1104 844 k:i 974 (134 95(4 95 084 7114 844 1154 70 7ti 844 87 Low 954 9s4 92 804 1174 117 h4 MI4 844 noli 844 824 1l7. 93S 31 95 98 70 83 93 711 711 814 '87 1174 704 774 91 1054 1124 7H 994 7114 48 594 9H4 1014 101 854 100 Close 854 924 92 SOU 97ft 97 VI) 8114 814 IHI'i 814 824 1)74 9.1S 954 115 98 711 844 03 79 711 844 $11000 Amer For Sec 5s 146000 Anulo-French B 2U00D Amer Smelt & Itef on 6000 Amer Tel clt 4s 4000 do 5s joiiit do cvt 44 1100O Armour Co 44 45000 Atchison en 4s 11)00 Atlun Co Line 1st 4s. 2000 Halt & Ohio on 5000 do 4a 7000 do cvt 44 11000 Brkn Rp Tr 0s 1918.. 1KU00 Bordeaux (la 4000 Can Govt 6s 1921 4000 do 5a 1931 3000 Cent Leather 1st 6s. . 8UOU Chea & Ohio cvt 44 a. 4500 do ct 5s 4000 Chi B & Q Joint 4a. . 2000 C M & St P ten 4s. . 11000 do rfd 44s 11000 do cvt 44 s 2000 do uen l'4 iniinii rhi ni tp rfd 4a... 10000 ( C C & Ht 1. am 4. . 704 1000 Col & So'.'.th 44 a 774 4000 City of Purls lis 914 400O Con Clan cvt 0i 1054 2011O Den & ltlo Or 4a 1124 3000 do 44b " 5000 Det ndison lat 6s 83s. 1194 HOOD DIs Secur Corp 5s. . . . 7114 5000 Krle cvt 4a Sor II 49 1O0O do cU 4a Ser D 61)4 U00O French Repub 54a... 974 1000 Oen Elec deb. Ga 1014 1000 Oranby sta 1)3 101 7000 HI Steel deb 44 a 854 25000 Indiana Steel 3 loo 2000 HI Central let 34.. 78 tn 1000 do 4 1953 75 75. 2000 Interb Met 44 a ,V.i( 594 15000 Interb It T ref 6s 87. 87.. 3000 Inter Mer Mar Ha 11II4 Ul'i 10UO Internl Paper 6s lill 1)11, 2000 Lack Steel 5a 11123.. 984 984 11100 l.eh Vol of N V 44 a r 88 8S 1000 Lie M T 5a 1)0 till .10(10 Lorlllard 7 ........1124 1124 innnii Tallin A x'nnh 4h K7U H71. 4813300 Lib Bond w I .1!4n.l00.24 100.08 10O.2O 11100 Lyons ua J" vo-t - 31000 Marsels 0. 1000 Minn & St L 4b 10000 Mo Pac W J. 6s 1928 22000 do arm 4a 2000 Montana Power Bs.. 27600 N VI' t IH,. 3000 do 4s 1000 N Y'Oaa II & P 4s. . 5000 N V Rwy 3a 17500 N V Tel gen 44 a 29000 Nor I'ac 4s 3000 do Ken 3a 11)000 do ".v I 3a 1000 Ore Short I. lat lis.. 1000 Paclftc Uas 5a 1000O Penna lien ct 44 a.. 1000 Public Scrv N J 5s.. 3000 Pere Marnuctle 5a. . . 27000 Readlns Ben 4. ...... 2000 ReadlnK-Jer Cent 4s. . 6000 Rep I & H 6s 2000 Ho Car Oa 6 10000 SI M 3 'F nit 28000 do In rtnnn dn Ser A . 17000 Seaboard A L ad 5s 17000 South Pac 4s 2000 do cvt 4a 23000 do cvt 5a 7000 do rfd 4a 8000 South Rwy ceil 4 'A.'' 934 48 1(84 64 "s.. 1)74 82 784 21 93 84 014 88 105 834 934 8114 83 89 87 as 984 1144 62 59 48 4 704 814 97 844 014 934 48 11.14 5114 924 It. 82 784 21 924 844 105 834 934 804 83 884 87 98 984 1)4 31 59 47 "fl 814 9H4 844 034 1174 704 774 914 1034 1124 7(1 994 7114 49 69 4 97 1014 101 854 10(1 78 75 Ml 4 87 914 III) 1184 88 III! 1124 0.14 48 934 604 113 1174 82 784 24 U2t 8(4 ' (114 884 105 8.14 9.14' 8114 8.1 8S4 87 98 984 1144 r.ili 59 474 70 814 97 844 034 500O do con 6s TtWM) Texas Co 0a 2000 U S Rubber 6 3090 do 0s 2000 v h s & u da..;;;; 2000 U S Realty 5 33000 U S Steel a f 6 13000 Union I'ac laC4s.... C00O do rfd 4a .2000 Un Rya of St I. 4a. . . 40000 UKotOII.I 6s (WOOO do 54a 1018 .? 3&00O do 54 1910 JtnSSin ' 5i I new.. 801)000 do 64 s 1921 .. . (1000 West Shore 4s 6000 West Union 4s -owl Wlscon Cent cen Is. . Illth Low CM. It 95 3 .1014 101U loil! '.nf2 ,!? MS'' X5" Xi" ,' -- .U.J III. S2 100(i loos 83 m" 3?.. ?3. C .62 .100': 904 . 83 . 68 . 074 . 94 . 954 . 90 .80 . 71 8 3H us 80 o 91 HI 71 l ..T'JiSj ,,,5 ,0.200.000, compared th II 22'SX2 "! hui far thl. week tf,': 908,0001 ,1111111 period last weeki 1S.070,M. DIVIDENDS DECLARED American Piano Company, regular ouirtitli ft 14 per cent on preferred, payable T o'toSr 1 Hooka close Septemter 20 and reopen pctober t Public National Bank of New Tork, quirtwlr of 24 Pr cent, payable September 2 to hoW era of record September 27. Wayland Oil and Gas Company, regular iiral. annual of 3 per cent on preferred, payable No vember 10 to atock of record November 1. National Cloak and Suit Company, reinur quarterly of 11.25 on common, payable October 16 to stock of record October 8. Lehigh Vailley Coal Sales Company, a dividend of 4 .f cent, or 42 a share, payable October 1! to stock of record October 4. " Illinois Northern Utilities Companv. renltr quarterly of 14 per cent on preferred. pirtHi November 1 to stock of record October 20. North Butte Mining- Companv. quarterly if 25 rents a share, payable OctoVr 29 Io Hock of record October 11. Delaware, Lackawanna r.ml Western Coil Company, regular quarterly of 42.50 per ahare. payable October 15 to atock of record Octobirl. Mountain State Telephone Company, dhldeid of 41.75, payable October 15 to atock of ricord September .10. n Illinois Northern Utilities, regular quirterlr of 14 per cent on preferred, payable Noma ber 1 to atoclt of record Ootober 20. Philadelphia and Camden Ferry Cornptnr, reeular quarterly of 5 per cent, payable Octobir 10 to atock of record September 28. Arizona Commercial Mining Company, divi dend of 50 centa a share, payable October It to stock of record October 19. , Uureka Pine Line Company, regular ooarterlr 0( 10 a ahare, payable November 1 to stock ot record October 15. Philadelphia Chapter American Institute of Banking Offers courses in Economics. Banking. Commercial Law, Credits Investments and Foreign Trade to men connected with Trust Companies, Banks, Hanking und Bond Houses. Hass In Elementary Banking open to men employees. Com fortable quarters at 608 Chestnut street and high-grade Instruction by leading educators and bankers. Year Book Outlining Educational Courtes Sent on Requeit E. J. SCHALL, Secretary Philadelphia Trust Company W. W. ALLEN, Jr., Pretident The Philadelphia National Bank mvinKNn notice TllF. K. I.. DOLL1NOS COMPANY Wldener Building Announcea the following quarterly preferred atock dividends, payable October 1, 1917. II. L. Dolllms t'e.v Columbus. 0.. ll.ft-. Burton-Ton neend Co., Zaneitllle, 0 i.e;, liar Product- Co.. Ilraill, Ind., llifj. Rude Manufartnrlng t .. J.lbeity. Inri,, 84. Herrlee Truck Co.. Wabaib, Ind., 14?. Checka will be mailed. UEOnQK D. PORTER. Vie President. DinncTOKV of accountants Certm.d fublle AceounUute IVttENCB R. BROWN A CO KfcAL fcSTATiSTU8T aJUILC KUVAXBl . A uju?i . .TKIH ev V4WUTI ma wiitsmt PHILADELPHIA, is a city of many milk factox-ici, elevators, shipyards and diversified manufacturing industries. "THE WORLD'S GREATEST WORKSHOP." Its many busineis enterprises give rise to a largely in creasing; number of banking transactions, WitK bankers, the placing of their growing Philadelphia business is naturally a.i- important matter. ,vVith our years of experience, large resources and extensive bank connections; we believe that we can serve you to your entire satisfaction and invite your business. TheFirst National Bank of Philadelphia was the first National Bank chartered in the United States, First National, Bank of Philadelphia 315 Chestnut Street RESOURCES, $42,000,000 KfeatktfcUi '&,. .-JiumM ' NEW YORK COFFEE MARKET NEW YORK. Sept. 28. The market for coffee futures opened quiet today at to 1 points decline. Sales on call amounted to 750 bags. January and May were tin only months Mn which there were trades. Ti. Open High J-ow close CIom December 7.4S 7.M 7.4,1 7.4 7.4J January 7.B3 7.B5 7.3S 7.67 T.ST .March 7.72 7.7ff J.jl Slay 7.R2 7,112 7,S 7.J0 1M July 8.02 8.07 B.03 8.04 M M m PJKlIrP t V vv.v -4ae& r T
Significant historical Pennsylvania newspapers