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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
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91
10.15
0.V.4
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(10
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8.1'
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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
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ut
u.-.i.i
no'4
1-1
10;
1)5
7.1
Oil
"T.,
8.1 1
r.t
87
111
88 Ji
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404
04 4
so
89
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874
in
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93
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s.ijs
824
89 J,
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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
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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!'
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