?v ; - V"tl :; A r. 'wwiwmvw ihuikaMwaiiH w. J Muivf mock co. ' . MMXEM f5 INVESTMENT 1 ftCURITIES GOVERNMENT f MUNICIPAL! RAILROAD AND PUBLIC SERVICE CORPORATION 1 D0ND3 ( 3K CHESTNUT STREET rHILADI'.LrillA Charles J. Bender & Co. INVESTMENT BONDS Members Philadelphia Stock Exrhange NORTH AMERICAN BLDG. DinKCTORV 01' ACCOUNTANTS CcrtMeiirubllc Accountants- IJVWP.ENCB K. BROWN & CO. mm rkal kstath trust huildino INVnSTIOATtJ Ic ADJUST PAnTN'KRHIUP. cpnroR.VTio.v a disputed accounts. NEW YORK BANK STATEMENT Big Increase In Averago and Actual Loans Surplus Lower KHW YDTHf. Sent. 29. tank statement this week crease In average and actlv tn surplus In both cases, fietalls follow,- AVK11AQE Loans . . . . . Demand deposits Tim deposits Reserve - ACTUAIj Loans ..................... Net demand deposits . . Time deposits . , Unserve .. . . Decrease. The New York shows big In- e loans and loss Increase 3211,01 n.nno 31,100.000 3,042.001) 19.318.990 340.200.000 34,220,000 l.ioa.ooo 5.742.400 EVENING LEDGER-PHILADELPHIA, 8ATUBDAY, JJEFIEMBEB 1 29, .1917 , . . i FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK QUOTATK VIGOROUS BUYING MOVEMENT SENDS STOCKS UP AFTER DROP Market .Consists Chiefly of Shifting of Positions by Professionals Distillers Securities Con tinue Upward Coui'se Loans AVEHAQC Increase 13.895.880,000 3220,01.1,000 deposits. 13.024. 823,000 3.1.11:6,000 et time deposits... i-iu.nu.uuu . ill,llil.ml) 183.808.000 371.747.000 Net demand Net Ctrc-llatlan Casn In vaults Keserve of member banks In reserve . Keserve In State banks and trust . companies Keserve In State banks and trust companies deposl- , torles ,. Argrecate reserve... Reserve retmlred surplus 3,012,000 HI, 000 3.583,001) 11.050.000 192.914,000 JIO.OOO 01, 407.000 4,n69,000 530,098,000 I4. 707,000 400,092,070 4,521.000 80.O0:i.030 19.318.990 IWpecle Included 3137.78.1.000. t United States deposits deducted J221,4Sj.000. Decrease. ACTUAL Loans IS.H42.200.OO0 Net demand deposits. t3.MJ.MO.ooo Net time deposits 202.01S.000 32.029.00(1 184.082,000 348.290,000 34,220,000 1,1(10.000 0 103,000 4.434,000 fMrrulatlan Cash In vaults....... Reserve or memDer banks In reserve banks 300.431,000 Reserve in uie banks and trust .. companies ........ 192.014,000 Reserve in State banks and trust companies deposi tories 109.071,000 A ureKate reserve... 600.000,00(1 Reserve required.... 492.0.18.880 Burplu r..... 77,012.120 Decrease. tUnlted States deposits deducted (240.U20.000. JSpecle Included 1139.001,000. OUTSIDE DANK STATEMENT STATE BANKS 14.702.000 3.712,000 17.783,000 (141.000 .1.101,101) 3.742.400 3428.717.100 27.073,300 19,4.13.000 24,832.400 631.023.900 104,480.(100 13,041.300 1.582.600 477.800 3,U7..-,00 1, 004. 000 3.302.900 1 Increase. Loans, Investments.. Gold Currency, bank notes Federal Reserve bks. Deposits Reserve on deposits.. Percentage of reserve, 24.1 per cent ,T per cent. TRUST COMPANIES.. Xans. investments.. II. 813.087,900 310,644.500 Cold 110.281,300 0,1114.400 Currency, bank bills. 13.9(19,900 '232.200 .Vederal Reserve bank 3il.9S9.300 1.171.700 'Deposits 2.147,385.200 34.327,200 Reserve on deposit.. 334.314.000 21,238,700 Percentage ot reserve, 20,7 per cent; decrease, Jt.l per cent. . STATE RANKS AND TRUST COMPANIES NOT REPORTING TO CLEARING HOUSE Loans, Investments.. 3843.8.16.500 J3.237..100 ftl),-3-,&UU 10,972,000 3,802,000 1,000.028.200 -8.11. 900,100 18.-401.100 Gold Currency, bank notes Federal Reserve bank Total deposits Net deposits Reserve on deDoslt. . Percentage of reserve, X.1 per cent. Decrease. 431.400 80.7)00 487.000 10.443.AOO O.S08.4OO 11.020.200 24.5 per cent; decrease. BANK CLEARINGS DECREASE Total of All Cities 6 Per Cent Below Same Week Last Year Total bank clearing? tltrooghout the coun try for the week ended today were 35, 743.830,787. agralnst $5,896,492,919 last week and $5,778,463,481 the corresponding week last year. Gains were made In tho principal cities, with the exception of New Tork and Chicago. In the former city there n-as a loss of 9.7 per cent, while Chicago's decrease was 3.8 per cent. Philadelphia stands fifth In the list with total earnings ot .$266,663,347. against $220,693,888 for the corresponding week last year, the gain being 50.8 per cent Details follow: 1917 . 1910 p.r ntir iorit.42,i8ii.i72.n.-i 13,0711.1 at, is 11.7 Chtraro Phlla . .. Boston Kansas City St. I,oule. Bun F" Cisco 3tttsbursh . Detroit , Baltimore . N- Orleans 3nn.ll5.934 211(1,(1113.247 185.200.315 1S4.427.93.1 112.6.17.860 82.540.071 611,438.721 40,008.241 34.026.872 40.520,031 411. 828,700 3.H 153.250,75(1 --19,10 91.779.803 -.40:.1 I2.392.(14 --21.7 61,000.863 3.1.1 50.183.87.1 .-17.3 .18,90.1.032 4- 5.2 30,Sli;i80 1.1.2 23.753,000 57.3 Eleven cities 3 days .J1.143.S72.042 $1,260,529,372 uiner cuiea H days.'. 700.270.984 2.0 530,942.318 23.7 Total all cities 5 day.. 14.843.832.020 (4,823,471.090 .4 All cities X day . . 889.978.761 934.901.791 5.8 Total all cities ' for week. $3,743,830,787 $5,778,403,481 .0 MONEY-LENDING RATES PHILADELPHIA Call, E per cent; time, CigS per cent. Commercial paper, three t6 four months, 55Va per cent; six pnths, 6iiy54 percent. FOREIGN EXCHANGE NEW YORK, Sept 29. The Foreign Ex ehange market showed the umial Saturday Inactivities, but was featured by the low est!, quotation for demand sterling recorded 1st a- uunibejr of months past Tills weak it was partly attributable to the firmer fcmtcstlq rates for money and the. lack of a- ilsaiiu I n -Quotations were: pemand sterling checks 4.7&K, cables 4.7C 7T14 i sixty-day bills nominal at 4.714 ; pJaiy-day bills 4.9i. jprano cabled 5.77, checks E.79U. JJr cables 7.75. checks 7.76, Swiasi cables 4,70, checks 4.72. Guilder cables 4.314, checks 42K. Pa8 caHos lVu chocks 24 . Bubie caWee 1SU. checks IB. cikhoit atblta 34.30, checks 34. Chrivtlento cables 31X0, checks 31 20 Copenhagen eablta 31.20, checks 30.91). BANK CLEARINGS High Points in Today's Financial News Vigorous buying movement sent stock up in New York following severe weakness early. , War-order issues were neglected on the Curb. Com was higher. Cotton irregular. Foreign exchange inactive. New York bank state ment for the week showed big increases in loans and demand deposits. Share trading larger during September on local exchange. Local bank clearings were good during the vionth ended today. Dar silver lower. bi.k ''-art egxuiimir ur Mi 17 t;oly comtwrMl with coit XiMiraa. NEW YORK, Sept. 29. Tho stock market In tho short session today consisted goncrully of tlio shift ing; of positions by tho professional clement on tho floor, wlth'pronounccd prcs. sure against tho general list and for n tlmo after tho opening, followed by a vigor ous buying movement toward tho close. In tho curly trading there wcro de clines In many issues ranging from 1 to 3 pointsbut tho motlcrnto losses ivcro rccoveted In tho last hulf of tho forenoon and a number of stocks at tho end of tho day ranged nbovo yesterduy's final figures. ' Tho assumption continued to preval! that liquidation Is in progress In vol ume, but with the supply largo enough in tho nurrow market to offset whenever actual demand still exists. Delawaro and Hudson sold down 2 to 08',i, but camo back to ubovo 99, with tho movement apparently in line with tho circula tion of a good deal of bearish literature by n Stock Exchaugo firm which appar ently has not como under tho supervision of tho Government committee. Bethlehem Steel "B," United States Steel common and a number of other stocks declined about 1 point at tho start, which was virtually recovered in tho later trading. So'ma stocks, including Anaconda, which have reached an inviting lovel at which to make purchases, moved up on u small amount of business and thcro wcro speculative movements in a few closely held specialties, with Dis tillers Securities causing comment by the manner in which it was marked up without regard to Federal legislation, money conditions or future earning power. Thero was heavy trading again today In tho Liberty Loan, with tho bond3 selling us high us 100.30, indicating urgent accumulation in order to transfer bank balances Into tax exempt securities before Monday. Tho bonds sold in tho regujar way dow nto 100.02 in tho lust hour, and small lots sold at 99.98, with these sales for delivery oil Monday. Trading in railway bonds was small in volume, with further recessions in prices, Pennsylvania -Is selling ut 93. Baltimoro nnd Ohio 5s at 90 and Chcsa peako und Ohio Ba ut 831. Anglo-French Es were truded In at 92 and 92?i. "Big Business" Indorses Steel Prices Tho Administration's price-fixing policy has been indicated definitely this week by, tho formal announcement of prices for iron nnd steel products. These prices, taken altogbther, have been accorded a favorable reception, although they aro much below the high figures current tecently. In other words, they are a sufficient reply to relievo recent fears that our manufacturers are to bo compelled to do business without profit. Tho prices wcro fixed by agreement between the Government and the steel producers, though, of course, tho lutter woro not entirely freo agents In tho deal, since thero was direct knowledgo that if a compromise could not bo reached tho Government would take tho bull by tho horns nnd commandeer tho plants. The reductions aro heavy. It Is axiomatic to stato that our steel industry in the future cannot possibly continue to make the same huge profits as It has been making during tho war period thus far. Tho new prices, it should bo understood, apply to all classes of business, although there Is no obligation on tho part of manufacturers to cancel contracts that already have been placed. Supplies for our own Government and "for our associates in the war will bo given precedence, and then, qulto naturally, old non-Government orders will bo filled at tho higher prices before attention is given new orders from private interests at tho reductions in quotations. Tho Government's requirements still aro a comparatively minor part of tho capacity, of our iron und steel mills. Hence, as the reduction In prices is available to all new buyers, the effect upon corporation profits must neces sarily bo important. Heavy Liquidation of Securities This view of tho price-fixing plan seems responsible for a substantial part of tho heavy liquidation in securities that became a feature during the closing days of the week. Tho liquidation was encouraged, however, by another flurry in tho money market, which sent call rates up to 7 per cent on Wednesday and caused fears in some directions that conditions affecting the money situa tion had not been placed under tho completo control that was supposed to have been attained last week. It is understood that two $50,0v0,000 pools were arranged on Monday for the purposo of stabilizing the call money market. Ono was contributed by tho banks at this center and tho second by tho trust com panies. But obviously tho distribution of the funds was not made as liberally, or as promptly as was necessary to prevent a return of strain. Latest reports in banking circles (though it should be emphasized that their sourco is rather hazy) are that tho Treasury has In mind tho enforcement of the legal rate of interest as the maximum. That is to say, in rfew York tho rate for demand loans must not exceed 0 per cent und a highec figure must not be obtained by indlroctlon, as, for instance, by the payment of commissions to tho lenders. Such action as regards money would, of course, be quite In line with that taken at Washington with regard to prices for wheat, flour, iron and ateel, copper, etc. It would, however, produce consternation in Wall street if really attempted. Ono natural result would bo that tho element of safety of loans would be the oiie consideration of lenders. Largo houses known to bo strong nnd having the highest descriptions of collateral to deposit would be accorded much better fucllitles than a small house which might deslro to present collateral less attractive. New York bankers, however, do not expect any formal ruling regarding maximum rates of interest which may be charged by lenders. If the subject is taken up at all by the Treasury, it would be qulto sufficient for tho intlma itlon to go out through tho Federal Reserve banks, for Instance, that 6 per cent is tho maximum figure justified by current conditions and that the redis count und other fucllitles nfforded by tho Federal Institutions should bo taken greater advantage of before a higher figure than C per cent is named. First Liberty Bonds Still Active It is worth while noting that the 3 per cent Liberty Bonds still are In active demand desplto the announcement by tho Secretary of the Treasury that 4 per cent will bo paid on tho new Issue for which new subscriptions are invited to begin next week. There seems qulto a widespread belief in New York bond circles that the original Liberty Bonds aro to continue in demand by the wealthier classes not only for the period of tho war, but until adjust ments Identified with peace have been completed so as to permit a scaling down of tho huge surtaxes that it is proposed by the new war revenue bill shall bo assessed on large Incomes. Tho new rates, which extend in the matter of surtaxes as high as 50 per cent of Income, it should be recalled, aro In addition to tho income imposts that already aro being paid under current conditions. Altogether, $2,000,000,000 in these Zhi per cents have been issued. While this is a largo amount, it is worth while recalling that the greater part was distributed in amounts that were comparatively small, indicating that tho purchasers were not as a rule parties subject to tho higher surtaxes. Many, of the subscribers, moreover, aro not acquainted with the process of selling securities. Thusthere will be a distinct Incentive for holders merely to give orders for tho conversion of their 3 per cents into the new 4 per cents a process that cannot fall rapidly to depleto the supply nnd, in the opinion of many bankers, cause tho 3i per cents to go to a premium. It Is not unlikely, they believe, that tho next few weeks will seo the United States 3V4 per cent bonds selling at a premium over the 4 per cents because of the special exemp tion they possess from surtaxes. Thrifty millionaires unquestionably will feel deslrousvof selling out soma of tiielr taxable securities in order to re-"employ their funds to greater advan tage by purchasing a 3 per cent bond 'whoso entire Income is exempt from taxation. Some very largo purchases of these bonds have been executed during the week, to quote one broker very closely, identified with the transactions, "not bo much for patriotism as for profits." Steel Industry Gets Busy While much is being said .about the confusion attendant upon steel price fixing, it la interesting to know that the Industry has taken off its coat, as it were, and is attacking the problem from the bottom. One of tho first indications of the readjustment is the sale by a Philadelphia Interest to a Now York con sumer of No. 2 foundry iron at $33 a ton, the price fixed by the Government. This represents a decline of $17 a ton from prices recently prevailing. The more Important interests are not only satisfied with the prices fixed by the Government, but are actually pleased that such a solution has been found of u situation that was rapidly reaching a point where a damaging collapse might have Occurred because of the fictitious character of prices. We have it from an Interest close to the United States Steel Corporation that the prices under the new schedule represent virtually the average on which the leading interest In the first half of. the year was able to pile up Its unprecedented earnings. Reason for Liquidation of Railroads The renewal of liquidation of tho carriers is ascribed In part to tho opera tions of a, cllquo of price wreckers who, have been unusually reckless In their operations during recent months. They are favored for tho account of holders who cannot see much in the Immediate future for rail shares, with short-term notes of the transportation companies of good credit finding a rather poor mar ket at 6ft to 7 per cent and more. The -weakness ot St. Paul suggests that the dividend may have to be reduced again, notwithstanding- statements by Insiders that the next change, Iff there. Is any. will be upward. Tho preferred stock below par is one of the oddities of a Mnwratlon, but npt very, consoling to those who bought it bt the 200s In tb rt)t.urv$f J 4 ygmt oa -a ttflroeWt-MMif. jww jjpMIchiA hajh. New York Stock Sales Nst .. , , , ltlh. Low. Close. che. Alaska Juneau ... 3 3 3 . . Am Can 43 434 4BH 2 Am Car & Fdry Co 70H 70 70V V Am Linseed 2SV4 2SV4 23V4 H Am Locomotive,,. 01 01 01 Y Am Malt u u 144 .. do pref eV4 0014 V4 l"i Am Smelting .... 08K 'W 0Vi V Am Sum Tob 60 30 804 V Am Tel & Tol.,.110 11 llo Am Tobacco 10JV4 103 103 V. Am Wool 47 47 47 V Anaconda 714 70H 71li 1V4 Atchison oo J4 os V4 Y All aulf & W I...103W 101V4 103H Ualdwln Loco Co. 624 OS 62 4 Bait & Ohio OIK, 01 01 Barrett Co 08 98V4 08K, .. Batopllas Mining.. 1 1 14 Beth Steel B 93V4 014 024 Y Brklyn Bap Trans, fll 01 01 1 Burns Bros 108 102 102 1V4 Canadian Pacific. .1494.147 1404 1 Contral Leather... 85V4 8 V4 1 Ches & Ohio 80 854 80 4 Chi Mil & StP.... 80 34 80 Y do pref loo 0V4 100 Chic & Northw,..103V4 103 103 .. Chi It I and Pao to 20 264 20 4 do 6 p c pr t c. 824 834 824 do 7 p o pr t c. . 02 02 02 Chlno Con Copper 804 80T4 804 4 Col Fuel & Iron.. 414 44 44 4 Col Gas & Eleo .. 39 394 394 "4 Cont Can 1004 084 084 Vt Corn Products ... 30 20 304 do pref 094 00 U04 Crucible Steel .... 71 09 71 Cuba Cano Sugar. 324 324 324 Vt Del & Hudson.... 100 984 100 1 Denver & It O.... 8 8 1 do prof 104 14 104 24 Donio Mines 8 84 8 Dlst Securities ... 304 334 SO 3 Erie 204 20 204 4 do 1st pref .... 31 31 31 1 Gaston-Wllllams.. 38 38 38 4 Gen Eleo Co .. ..142 140 112 Ti Gcnerul Motors ..loo 08 99 .. Goodrich B F 434 434 434 . Gt Northern pref. 103 103 103 Gt North Ore subs 334 33 33 Haskell & Baker. 3(1 30 30 4 Illinois Central... 1004 100 100 1 Int Agrlcul pref.. 454 434 454 4 Inspiration Copper 81 49 514 Int Mer Mar 294 28 29 do pref 88 874 88 Int Nickel ...... 33 33 334 Kansas City South 18 18 18 Kcnnecott Copper. 40 39 40 Lack Steel 81 81 81 Mux Motor 31 31 31 1 Mex Petrol 034 02 02 Miami Con Copper 34 31 34 Mldvule 52 50 52 4 M K & T B 4 4 Missouri Pac 20 27 20 1 Nat Con & Cable. 20 20 20 Nat En & Stp.... 434 42 43 Nev Con Cop.... 20 20 20 N York Cent 70 754 70 N Y N II & II.... 20 25 2641 Norf & West Ill 111 111 Nor Pacific 100 loo 100 l Penna It It 52 "51 01 Peo Gas & C .... 04 04 04 .. Pere Marq w I... 15 15 15 Philadelphia Co.. 35 34 35 .. Pitts West 28 28 28 1 do pref 00 00 00 1 Pitts Coal 52 ' 52 52 Pullman Pal Car.. 135 134 135 Ray Con Cop 25 25 25 .. Reading 81 80 81 Rep I & S 81 70 814 94 Royal Dutch 07 07 07 Sears-Roebuck ...130 135 150 Southern Pacific. 02 01 02 Sup Steel 44 44 44 1 do 1st P"f ....190 100 100 .. Souther.t R R ... 27 27 27 do pref 01 01 (11 Sinclair Oil 30 30 30 TennCop&Chwl 15 15 15 Texas Comaar.- . .101 103 104 1 Tobacco Products. 72 71 71 do pref 100 loo 100 Un Bag & Pap new 72 "2 72 2 Union Pacific ... 128 127 128 1 do pref 78 78 78 Unit Alloy Steel.. 43 43 43 Unit Cigar Stores,1174 1104 117 U S Ind Alcohol. 1404 139 140 U S Smelt & Ref. 02 01 01 U S Steel 109 107 109 do pref 110 no 110 Utah Copper 01 92 03 Va Car Chem .... 37 37 37 Wabash pref A... 47 47 47 Westlnghouse .... 4(1 .11 f Wilson Co 03 03 63 ,,- White Motors 44 44 1 Willys-Overland.. 20 23 234 .. . Total .sale. 222.000 fcbaren. compared with .131.300 uti'irfH JM-tenlaji thus fur tills ueek, 3,333.800 shares! same period last neek, 3,187, 300 shares. New York Bond Sales High $30300 Anslo-Krencli 5s 1)3 141100 Am Forelan Bee 5s. . . H5H .1000 Am Hmelt & Ref Co Cs 92 11000 Amor Tel 5s l7'i 10000 Atchison cen 4s SUH 1000 Halt & Ohio Os not? Low Close I)2 924 1.1000 do 4s 8.1 7000 do cv 414 82?I 2000 Rrklyn Rap Tr 5s 1918 U7Js u 'A II3 114 "i (14 lir.'a loon Hush Term llldc 5s, loon nordeaux (is 1O0O Can Govt 5s 11)21 ... 1OO0O do 5s 111.11 3000 Cent leather 1st 5s. nooo Ches & Ohio conv 5s. 1000 Chi Gt West 4s nooo Chi ii & Q lolnt 4s.. iDiio cm Mil & Bt i' conv ds iiiivj 1000 city ot Paris 6s iui looo Con Gas cony Os lo.1V 2000 Del & Hud 4H a KV, 3000 Den & Rio Gr 4Hs.. 7.1 1000 llrle conv 4s ser D... 00 14000 French Repub .His... 1)7 2000 111 steel deb 4Ha K.Vi 1000 Interb Met 44a no4 12000 Interb R T ref 5s,.., 87 Jiinoil tntnr Mer Mar Os Ill 2000 Japanese 4Vi a 88'i 1000 Luck Hteel 5s 1923... DS'.i 2000 do 5s 1930. 94 2131800 Mb lloncl w 1 3s. 100.30. 5000 Minn ft Ht L 4s 4 4 .n,.,. ... .- IL n 1 - Am .(It! juuu iiu ivmi at & n -.,,. ..-.i 3000 Met West of Chi 6s., 1000 Mo Pao W L 5s 1026. 20000 Mo Pao gm 4s 2000 Montana Power 5s.,. 1000 N OrxTex & Met 6s,, 3000 N Y C II Os 100(1 N Y City 4V4a IBM. . 1000 do 4Hs May 1957.. 3000 N Y Rwy 6s 1000 Nor Tao 4s 2000 do gen 3s ..t 6000 Ore Short L. 4s 2000 Pacino Tel ns 10000 Pacino 4uoo x'enna annn rin I miift Put, ftprvlce N J 6s 1000 Pere Marouette 6s..., 2000 Readlne Ben 4s. 8000 St L i P Her A 2000 do Ser B. . . . 2000 Seaboard A D 8ta 4s 11000 South Pac CV 4s..,., 31000 do 6s 200U wouin jtwy us tumn Ttim Co Os.. 1000 U H Rubber 6s noiinit IT II Mt.l H V -rYV. -1 .. .-. ., wi 2000 union ihpav.1 ; "v 3000 Un Rwys B F 4s en. ct. 33 17000 U K of O 11 6s... U7J1 18000 do OHs 1918 99H 8000 do 5s 1919....... 1 5Jj 10000 do BVSs new 1919... 99 24000 do 6H 192l...... 37 M54 1)2 97 4 1)0', 85 1' hOT, 97 13Vj 9.-.; 94 97W 82 04 9.14 UO'4 91 10.15 0.V.4 7.1 (10 n7., 8.1' r. 87 88i 85 DO.Oft 1PU' l)5J lip 894 804 894 89s 60S 5 92T4 02'4 44'i 445 Il7j 071 984 OH, ioii 101; 24 24 85 8.1 HI (11 . 87 U. 87 V4 10 'tei ns '2.. 22., lo Oas Bs. 77J4 774 a en ct -V4 oa 3 lV4s 1921 D9 l)ll 85i 82 H 59 77 73 2 97 0.1 854 82S 8U& 59 77t4 in 944 1)3 9.14 92 97 ty 8U 905 83 82 S 07M Mil 1)34 95 IMS !!$ ut u.-.i.i no'4 1-1 10; 1)5 7.1 Oil "T., 8.1 1 r.t 87 111 88 Ji 8Sfc 101) 404 04 4 so 89 fHI-4 U2Jf 071 98J4 101 24 8.1 01 874 in 77 93 W s.ijs 824 89 J, 59 77'4 73'i 97 1)5 1011 1011 Klljl s..,..., 82'i 82T 82V1 Rs.... .1014 1004 inn; 00 8.1 97 992 05 ix4 03 90 33 1)7 99 93 1)9 03 Sales in Philadelphia High. Low. '?, Allla Insur. tso 8Am Gas ....100 100 100 10 Crucible Stl M4 71 71 10 Con Tr N J. 72 Eleo Storage .. 2 Gen Auph pf 00 30 Ins Co N A. SO 210 Lk Sup Corp 16 a Lehigh Nav. 73 Leh Valley.. .. 80 Nov Cons.., 20 49l Penna R R. 824 Phlla 'Co 33 Phlla Elcc. 23 133 P R T tr ctfs 20 102 Reading ... 81 10 So Pacific 01 72 0 20 10 73 20 51 Net chge. "4 1" 3 1 810 Ton Belmont Ton Mining. Union Trao. 35U G I 2313 U. S. Steel., 83 War Ir & Stl West Qoal.. W Cramp.. York Rwy. 4 70 100 0 72 fB7 00 20 10 73 004 204 81 . t2 . 28 28 28 Y 81' 01 Y 4 .. 0... t43 ..V 70 70 14 108 100 0 0 i 27 . . .75 . . 33 DULLNESS RULES LOCAL TRADING AND PRICE CHANGES ARE SMAl Majority of Business Is in United States Steel Commo vvnicn jjeciines .raiiBuvjDtuiia in juiuuii-y JLSOndS Are Unusually Light 28 81 01 4 tQuotatlon give Is yesterday's close. t roranared with 9203 Klmrcs leitrrdayt thus far tint wen, oj.oj Total oales, 4011 sham shares) samo period last week, 01,087 shares, 1IOND3 Illgn. Low, 77600 Interstate Rwys 4s.. 514 80 6000 Lk Sup lno 5s 83 63 6200 Liberty Bond W i 100 00.80 09.80 , 1000 Leh Val cons i,a 2003. 03 03 03 4300 Phlla Elcc 1st os ....100 Closo. 60 S3 Not chge. 2 14 09 100 Total sales, 890,200. compared with S79.030 ymtenlnyi thin far till week, J80-',050 mi wo period last week, $413,800. Local Bid and Asked Today Did Ask Amer Stores . . . . Drill J U 20 Hurt & Hu.ia to 55 do pref Dalduln I.oto 124 Klectrlc Storage ' 6(1 Ueneral Asphalt 17 do pref 58 Kcjstone Tel 114 tlo t c (13 Lnke Sup Corp Id Lehigh Nav 73 Llhlgh Vl.1 59 Lehigh Vul Tr 23 do pref ., 43 Penna R R 51 Phlla Klcc 284 Phlla Co 3.1 do 5 per cent pref. . . 32 do 0 per cent pref. . . 3.1 P It T t c 28s Heading Bl Yesterday Did Ask Tonopuh Delmont ronepan .limine . . Union. Traction .... U Q I U 8 Steel York Rwy do pref Wm Cramp & Sons. 4' . (1 . 42 . 70 .109 . 11 . :i.i . 72 f.7 6.1 57 60 6(1 52 . 03 112 02 ft 67 5)1 57 111 17 18 (II) 5S III) 12 11 12 118 11,1 (IS 111 111 1(1 74 73 -71 (10 61) 00 2.1 2.1 2.1 4.1 -13 43 61 61 62 28 28 28 31 34 311 3.1 32 33- 311 35 30 29 28 20 81 81 81 3 ft & 43 42 42 711 7(1 Vs 108J4 109 12 .'111 73 11 33 70 .0$ 109 1 Hll 75 INACTIVE PHILA. STOCKS Following are quotations for Inactive stocks Il&ted on the Philadelphia Stock Ex change and In which thero wero no trans actions yesterday. The price given '. the last previous sale: Am Oas war.... 1 Lit Bros ...... Amer Mill.. vy i.Htie cnuyiKiu. Am Rwy prf 88 Amer mores ot Am-r Stores pref 90 Brill JO 20 Burt & Sua pt. . . 65 Cambria Sieel ...13.1 Cam Iron 44 Oen Asptialt .... 20 Leh ValTr 27 24i Ul Mlnehll! 53 North Cent 79 North Penna .... 90 Phlla Co 33 Rwys Oen tm Uu Cos of N J..20SJ4 U S Steel pref... 117 W Jer ii S S.... " . Yrrk Rwys 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 Eipress ..115 Manhattan Ely.. .lis Advance Rum pf . 23 Max Motor . . . 31 Advance Rumley. 12 ' Mot 1st pf . . 03 Alax Rubber ., . on.. 5J?t 2d pref. 20 Alaska Odd Mln. 4a; ;. "ept tuores. .14 AlAnk. Juneau .. JT Allla Chalmers... - Allla-Chalm pref. 84 Am Can pref . . 10 Am Car iF pref. 109 Am Agrl Chem... 85tt do pref "'J,, Amer Deet Hub.. MVi Am Beet Sus!'--,gJ ARSftFctf. . .101 s. .:::::i Extreme dullness ruled trading on the Philadelphia Stock Exchange during tho short session today and price changes wenr generally Bmall and uninteresting. About tho only issue Jn which a fan amount of business took place was United States Steel common, and following ,tho weakness of that stock In New York the price de clined nearly a point during the first hour, but before tho closs It recovered moro than tho loss. Changes were generally fraction ally lower for other stocks. The bulk of transactions in homo sharci, was in Pennsylvania Railroad and Tonopah Belmont, the former declining a fraction and tho latter changing hands at yesterday's closing quotation. There was no change In the price of Lake Superior or Warwick Iron, but thk total sales in thesn u.,,.. ' small. """" T, General Asphalt preferred k&v-.. 4 points, Rapid Transit certificate. il a quarter, Reading gained a trifla i United Gas Improvement cnii,- i"? Philadelphia Electrlo was a little iov im uutiu uivioiuu . was neglect oven Liberty Bonds, which had been -In heavllv thn m-enta i.i .. wero only traded In todav In . ?M titles. - -' 'For tho laBt week there was n .n.,.. ; crease In the activity on the exchange J5I the previous week, and tho maJorttvil pr ce changes were below the cloln?l tnltrmu In., gnn,,l. "" (Hs-l WAR-ORDER STOCKS A&E LAGGING IN TRADING ON NEW YORK CUfcjH Motor Issues Weak and Independent Oils and Miniafl HTlPVOQ Ava HanaKnllir U W.1U4VU .IA.4.V VbUCiail Quiet NEW YOniC, Sept. 2D In the Curb market today most of tho transactions Indlc-un ...i. .1, of business in tho outsido market by1 which war order stocks nr v,.i .,. eliminated from the active list. This was shown clearlv hv h ,,... -n..trl Steel acted, that stocltlaccllnlng to 98V4, partly because of the announcement!! thft InrPft ISnlnnPO lf) linnnlAoitrllin tt 1... A1.t.U..- B ......, .v. u.ak,UUUw. .uv.t u wj otuwnuuiueiEi ut par. A few sales of Curtlss Aeroplane wero made at 37 and'37. Wrlcht v. tnl' nf OBi -.-.A 01 I ...... T..-.l I . r.i . ...... . .'-'h'-l MM. .- u-,s u , ileum jiAjuuaivi.-a ui, o,n ana suDmnrino at 164 and 161 Motor stocks wero also weak, with Chevrolet dropping 3 points to 78 United Motors reacted from 23 to 23. - , Independent oil stocks wero generally quiet, with Cosden & Company Belli at 9i and 94. Midwest Refining dropped from 154 to 150, Merrltt sold at'sitftS 33, Oklahoma at 8 to 8 and International Petroleum at 124 tn nl- ' Business in mining stocks was small and even tho most prominent of totsif Issues wero In scant demand, the condition being reflected by the decline in UumA . .. m, .,.0v,i-.a,icj, nua uuuvu in at u to o-,. joromo Verde gold vs. A number of miscellaneous stocks showed a firm tone, with Everett, Ha & Company, in good demand at 23. North American Paper sold at 3i. INDUSTRIALS Did Yea. close Ask . (Sale) Am Cotton Oil Am r;-.jre ' Am Hide I y Am Hd & L pref Am Ice Bee. ... Am Ic" Prer. . Amer Int Corp. . Am I-t"sd,rf 32 ss 12 67 12 48 601 A (1014 1 .101 May rien r,- -...A ,. .;--:- ,..., Vl;V? prer...,, bi 5ll& nt '--. H9 M St P t. s S M 99 MS1P4SSM pref. .117 J'Jnn & St L new 14 Miss Pac pref.... 61 Morris ft Kssex.. 80 do pref till Mo Kan & T pref 9 ' Mo Pac o of a t p 01 Mont Tower .... 80. Mont Power pref 108 Nat Acme 32 Kn. TSl:ult.....-102V, Nat Biscuit pref. 110 Natl Cloak e. Suit 73 do pref 103 Nat Enam & S rf 99 .. do pref jot Nat Lead.. 4(114 Am Loco P"ij ' iosT Nt RIt Met Vfl pf B m smelt prcl..l"7 x. v m- n..V. .on Hmelt A "5 v v n i. u. XZ i. -Vie K Amer'meelFdy.. 1 Amer. Sugar..... inA Am """". iif ni Am Sumatra pref 95 N Y T. ft HI I. m N Y O & W 2d pf 30 n r Dock 7...' ii NY Ont & West. 22 do pref 40 IX Tel A Cab,.. , 69 , yTort & We'.V'iV.f Jnw AmTT Sdprei -a Nova Scotia Rteel 95 Amer Tob Co pf 99 A NO Tex & Mex. . 28 "i. ' ,.s.(i2 ;,.:".'.",t- 7 Am Zlno & Iad. 18 Ohlo Oai rts.. Am Zlno Ij preJ S-1 Ohlo Fuel... Asso U Q 1st pref RJ Ontario SIllcK Asso uu ..... rs- j-acina aiall Illinois .... Prairie Plpo S O Cal.... SON J.... rs O N Y l"... Writ AIC1"-"" 1. , yj Pan-Am Pet j,i'.'. l An fir n. . 40 V, n3 4TS OK 20 uu Atl Blrm A";'..? a Pflor pf ctl! 63 Allan Coast Llno.iow t'fo East.... 7ti 'ciulf & W I " "W fere Marq pr'pt 44 11 & o pref. ..-- "2 Perce-Arrow ... 37 iit txico pref.. "a Plerce-Arrnw f niv. 100 . .. 93 .. 00 ..loa Plerce-Arrow nf. P C C . St L. puts coai ....;; do pref Pitts Stl prer.!. mu rei 94 71) 63' 8(1' 99 2(11 liato - '-, Barrets -y y; Beth BtMlrU" R'th "!, Bl". ' UVJi UnOas Brown Shoe ..., ButterlcX ' Butte & .huP' ' Cal i Packing Co Cal Petrol .... rnl Petro prer. Cal & So 1st PI.. S" 00 20 Prof 88 Cent Fdy Co-.... 27 RyKteel Spring- SSZ Cent '-""".r.Y iiv4 ,. "" "wudi pi, ut r.nt 3 AmTl...l';V4 Ren Iron i Slel 71.. PUtS & V.Vt,'-ll tn "4 W, rrJ"("l "teel Cor (1(1 2 oud.?k.B.rv,r-:::;:10?, 7 yuicKsuver nref.. m BO do n, rie Pasco Chandler Mot... cni & Alton..., do P"' ; Chi. ?T-r?"r rhi ' -- si 744 5k UU nrer . . . . nA. Savaire Arihs.V.. 78 Haxon Motors,... 1214 JJo P Rico S.,.,207 o; i- - r- 44 ui -;,- Chile Copper. . ... '.a- t. "!? Pf,.12- " c uett-l'saoy- --i,T, i',";"St'irU! 25 . ...., Xr iron.. - '- RiuoB-nnoii ut COl " -,. 24 .US i1 a?.5 i4 f?. Con aPrhATu 4214 101 V. 108, Hloss-Bheff Steel. Hloss-Bheff pref.. Standard .Mflllne. do pref .,.,,! fit L & H V .... st l ft s f Pf.:: do nref 46 880H 83 80 81 Air Reduction 8'J 88 Aetna Explosives , 56 5 Am Brit life" , 5 12 Am Marconi 3 34 American Writing Taper. 24 34 Canadian Car Co 27 30 Can" Car & Fdy pref. ... 00 01 Charcoal Iron 74 8 Chevrolet Motors 77 80 Cramp . ..,. 70 80 Curtlss Aeroplano 30 38 Carwen Tool 04 104 Carbon Steel 7.1 80 Emerson Phonograph ... 0 04 Federal Dye 5 10 Ilendee Mfg 20 30 Kathodlon Brolizo pref.. & 14 Lehigh Coal Sales 73 78 Lima Loco 05 58 Maxim Munitions i 1 Marlln Arms w Ill .115 N Y Shipbuilding 34 30 Nor Amer Pap Pulp.... 3 34 Otis Elevator SO 03 11 13 70 80 12 15 18 80 00 0 10 7 74 10 104 18 184 73 80 16 1 V 4 4 V. 24 TJli V 84 8 l"4 24 STANDARD OIL 81 Bi 10 Peerless Motor Poole Eng Redden Truck Scrlpps-Booth S 3 Kresgo w 1.- Standard Motors Steel Alloys Submarine , St. Joseph Lead....;. Todd Shipbuilding ... Triangle Film United Profit-Sharing U S Steamship United Motors United Sugar World's. Film Wright-Martin Air. . . . 344 3 9 74 104 4 234 8 INDEPENDENT OIL STOCKS CeaU Old Federal Oil 4 Intor Petrol z Houston OH , .... 15 Merrltt Oil 34 Midwest Ref 147 Met Petrol i unio- uei 17 8 .. 10 1ft .. 15 mining Stocks Alaska Standard 20 Atlanta 0 Big Ledge, 1 Butte Copper &,Zlnc. . 854 uuue mew xorK 1 Oklahoma Ref Rice Oil Sapulpa Ref ... Sequoyah Sinclair United West Oil. aYm,S1b1 44 lH 17 is: IK 19 tt 104 1 20 13-31 34 lW m j V M 1 4(, Cal & Jerome Ccn Ariz Emma Consolidated .. First National Coldfleld Merger Goldfleld Cons ...."... Goldfleld Florence .... Ooldfleld Kewanas ... Green Monster Hecla Mining Howe Sound '....).. Independence Lead .. Jeromo Verdo ......, Jumbo Extension .... Magnate Copper .... McKlnley Darragh 2i O 1A 24 5 38 8 8 1A 8 5 . 8 1ft 20 il 70 ..213 ..208 ..200 ..537 ..202 213 200 265 240 533 206 535 INDEPENDENT OIL STOCKS Barnett Oil & Gas 14 1 14 Cosden & Co ,. 0 04 .. Elk Baslrf 0 04 04 Magma Copper , 50 Mother Lode 36 Nevada Hills 12 Nevada Wonder 14 Nlplsslng gj4 Ohio Copper 114 Ray Mercules 394 San Toy 13 Stewart 0-32 Tonopah Extension 14 United Verde 30 West End Con j 70 White Oaks 3 White Caps 1 BONDS Russian Govt Ss 77 Russian Govt C4s 67 25 10 . 84 1 54 24 T4 8 40 10 10 8 H s 1 22 tJ 73 51 38 V m 3T4 it 11-33 37" . 71 'ia Ill m i1 1. Hi JftJ "4 . sat -.? 'k1 M M. Hi' r II li-H'.S i:J 11 79 68 ei n SEPTEMBER CLEARINGS BIG Total Bank Business This Month Abovft Averago September clearings of the Philadelphia banks totalled 31.337,772,768 a? compared with 31.308,485,584 in August and with $1,070,781,123 In September last year. Thero Is usually less of a turnover In the summer mouths, but September shows no falling off In the gains as compared with a year ago. Comparisons follow: 1917 1010 Jan. 1, 31)7, t'.IM, 175 31,014,899.191 Ireo. 1,201.1,1 (.tn? no", lu'j.au-i 1,4H7;01(!,31U i?? V-rr-al Mln, -lYt !:??.; TMef...l02J4 rtlnentl. Ins.. 61W fit L &,8oulhest Cruclbl.St 1 pre ,. - wuMakec ..... U "ffm.'tv-i-'H.t s"..:: Total sales. S2.687.000, compared with (A.200,. oJ'yeiterd'y. thoi'far thlg. yejk. .20.053.000, same period last week. 319,001,000. LOCAL MINING STOCKS TONOPAH STOCKS Rid Jim Rutler ?, MaeNamara t r',' Midway ........ ; Mlzpah Extension .,. .g Montana " norm Bjjr , Reacue Kula, .15 West End ,.- ,07 GOLDFIELO STOCKS .09 .02 Dooth si.,:J," Dlamononsiu ,.... Atlanta llue. Dull .................... ...m... ........ ............. Daisy Kewanas ............... .....f. Oro ..........ita'a Bandstorm Kendall Silver P.dV MISCELLANEOUS Arizona Wnlted. Nevada Womlsr Tocopaj Mining; . .04 .02 .01 .01 .08 .20 lT4 .30 BAR SILVER Ask .88 :ii. .09 .21 .11 .19 .70 .10 ,03 ,0.1 ,03 .03 .11 ,03 .03 P9 831'. 19H 100 a 123 68 28 , 24 3(1 s 02 101 :J?J1 Tester- Xt -1917- 1 Today dsy Bat, Illsh ixiw . ,- r"on SUC. Y)elLackV&W. nJtre t- Co otej D B 8 A pref. Setrolt Edison.. Kleo Stor Bft.. Elkhorn Fuel .. Erie !4 "I'''i" Oineral CUar.. afiffiBVfcS" OranW MJnlnR... QSnuT?.R meei..95U 8S t STitll" P28 Hartman corn Havana Eleo. Homestako m Int Cons Corp... , JJ.r Cons Crp Pf 53 lilt rPr vnt... - Iowa Cent V An oref ...."!.. T.wil Tea .,,.., 55' do tret...; Ran City So pf Keou - Kelly-sprlne .... Lacleds Gas ..... '-""-"-".-mi- lli Lee hud iw.. -t? iVblsh Valley.... 004 LI M T......200 Lie t- M T ruhts s LUsettft, Myers Tob pref....--107 U Lone Il ctfs prsf 40 Loose Wiles Bis.. 15 LortlUrd P J08 do prst !94 Lousv & Nash... 11 Mackay Cos .... 77 Markay Cos pf. -. 03 Manhattan sisacb 1 1.1 , 19 . 204 .zu.-v 08 Texas & Pac, -jexas rts .... Third Ave .... Tidewater oil r nt l w i T 8t L , A W ctfs'. 16" do ctfs JJU &o pref ..::;:; bS Transue Wllllama 41 Twin City Rpd,. miu Un Bag- t. pii " 10 United Dru .... fj V'-Druc 1st., BOU Irntd Dru 2d pf; 81 fMyU,inv;V.1:!olf U'd y, WoVi 68 .fll Prf njif tnJ??FE.l5i 25H ; 5 c 1 p y si 6u J. 5 Ind.Alco pf.102 US Realty lm., 15 do pref ....... tn U S fi R'pref 49 9 97 1214 r- U .8 Rubber do 1st pref 49 50 10.1 Va Cat'Ch 1st pf 81 Va Iron C A c... So Wsbash Wabash pref D Wclls-Kara-o .. Westb'ss 1st pt. ,1 r, ju . , do. 2d pref vest rao II West Union Wheel 4 L E, -.d. Pref..., Wilson Co pi. . v.vnirtl , pK Mnr Apr.. May. June. July. Aug.. Sept. Oct.. Nov.. Dec. 12 mo 1,410,313,428 1,477.720.9.10 1,C03,800.052 1,831. 83 A, .119 1. 8I1N, 183,584 1,337,772.768 1.013.198.29 1,001. .134, (Kill 1,03(1.1104,332 1,072.411(1.703 1.030,970,020 998.420.100 1.070,781,123 1,232.095,604 1,273.789,873 :,3.11,H40.4,-U 1915 10(11.545,778 01 i,un,wo 069,002,179 (175,181,00(1 (147,123,(124 723.(128.887 712.81(1,570 11.1.1,855,038 737,038.207 901,4(13.81(9 87.1.459,238 1.03.1.H17.324 13.083.317,700 8,803,593,281 Share Trading Improving Here 'Share tradlhg In September on the Phila delphia Stock Exchange was a little more active than In August or July, but was of small volumo compared with September. J Plms- ,r?maB? mm. Tlnnd dcallnira In the month cndlmr pbelng anticipated 1916. Bond dealings In the month ending today wero a moderate total, being some what, less than In August but larger than a year ago. , Monthly transactions In stocks for three years follow: shares; ibit ....... 403,630 830,740 .....4. 894.690 ....... 246,933 ....... 36.1.029 87,122 33.409 18.033 55,203 No. of January February March . . . April .... May June . i, July August .. September October . . November December 1910 387.100 (142,531 289,188 220,071 284,114 291.055. 102.020 230,065 640,002 498,498 1,012,868 792,731 1915 127.803 142,672 221,622 518,747 327,605 621.663 374,287 027,482 1.06B.017 863,970 809,963 . 012,289 Cotton Statistics NEW YORK, Sept. 29. The statistical poll, tlon of cotton, as made up by tJuiurday'a Finan cial Chronicle. Is as follows 1 This week. Last week. Last year. Total vis. SUP, .. 2,789,011 2,040.106 8,851,164 American 1,608,041 1.514,19.1 2.626,164 In llsht Sept. 28.1,701.413 1.403.977 2,331,295 COTTON IRREGULAK, WALL STREET SELLSj Buying Fairly Good on Decljne by Traders, Who Consider Weather News Bullish NEW YORK. Sipt :., Uncertainty us to the storm situation It the South caused nervousness and irretff-j larlty'in the cotton market hero tody wlrtij final prices lower. Tho opening of the market was quJit ai irregular, with first prices 1 po'"1 Win 2 to 15 points lower. Wall street was a seller, apparent! evening un before the bureau report, P thereNwaa cood buvlnir at tho decllns'tjl traders who considered the weather nl bullish, as the tronlcal storm ha wow into the South Atlantic with InCr"! force, causing torrential rains at "'""I points- Damage reports next ween. as a result 01 tno i Hlxh 24. SO 23.79 23.63 23.75 3.81 LOW 24.10 .23.60 23.41 23.63 23,70 Ti es.t2 m Receipts at the ports for the dsjrwji Mmi). ot 3K nnn hales, compared n"vj: 20,727 bales a week ago. and 51.Z19 WM a. year, ago, Teaterdiv's close Open October...... 24.80 -.so December.... 28.08 28.70 January 28.69 23.41 March 23,03 23.55 May 23,75 23,74 Spot... 23.30 Brokerage House Changes Na Montgpmery. Clothier & Tyier . ..... ,.-... ti.. flrm'a business Will vtiai iicrcuiict tv ....... ----- .;-.. iMn...t.H nniitr th name of Montgomw Co, Oeorge F. Tyler, whoU a co Bionea ouicer in uio """-' .- f tsT drawn from the firm. The members oft".j firm are: Robert L. Montgomery, WflWj J. Clothier. Walter C, JwW W Gavin, Theodore Roosevelt, Jr.. Earu ' Currier ana Harry is. " 10 24 H 7. ....... 18 ' .j". 27 r n. M 88 U. .10 . 46 .123 Woelwarth ivooiwortn pr. ..iai Wlllys-Overri pi:"S do bruf Worth f k M- at 33 Indiana Pipe Line Pays Extra NLW YORK, Sept. 29. The Indiana Pipe Line Company has declared a dividend !of 33 and an extra dividend of 31 per share, payable November II. to- -ateefc & ivtoH uctesstr 21. Phaadelphia Chapter American Institute of Banking Offers courses in Economics. Banklntr. Commercial Iw. Credits Investments and 1'orelsm Trade to men connected wltn inwf Companies, Banks. Banking and Bond Houses. Class In Elementary Banking open to women employee , Com fortabletjuarters at 608 Chestnut street ind hlgh-srade Instruction by leading educators and .bankers. Year Book Outtm.Hr Educational Cowrm Scat e RqMt E. J. SCHAIL. Scriury PklUtUVrU Truat CoMIMMMr u 11 AT1VM. Jr.. Pr!' Tli! TfiiQuifUm. Nlul 9uk r- . - ; i"r."'' -M. , ,n. . . - V A ' ,. t1J fl 11 iH 7U- i"i - "'MO, V 'j rv .;- fef. j?',. y. WSL' &'
Significant historical Pennsylvania newspapers