7xi X EVENING LElfeEIPHlMDFPHIA "MONDAY, OCTOBER 1, 1917 u FINANCIAL NEWS-SvFYOBfK AND PHILADELPHIA STOCK QUOTATIONS nfc fBIMKY YHK , ARMY MU TAKE YWt TftCNCHES flW THERE" WH.L TAKE TWC LIBERTY LtAN AVER HERE ftKlt.LV, BROCK & COMPANY FOUNDED 1865 The ident rovi Me and Trust Company Philadelphia Insure in the Provident and assure your own peace of mind, your family's welfare jmd your children's future. FOURTH AND CHESTNUT STREETS The New War Tax Law ' Tkt new Urn snalyitd ami rcductd to coHjtrnwnt Ttttrtnct for tkt buiy m We have in press now and ready for final revision 1 The New War Tax Bill anneUled and indexed income tax chart iw is conveniently tor reference. art shows how it af comes raneine from to $3,000,000. tor this War Tax I.it Var.140 will ba Dlaced on Pan oavlra forwarded Imme- loir eft"" the bill la aimed by Mlda-at WlUon. eNationalCitv f Company 1421 CtHMtaut St., Philadelphia. Near York Chicago San Francisco THIS WEEK'S MARKET FORECAST Tjqla at mora stocks than any ne liar mr CTer lseued before St Railroads Conors Industrial Sent free onjequcat HUGHES &DIER ... f rhIaalphl Stork Kxrhanca atiawviri J Chicago Board of Trade 14Mt Warsut Street Philadelphia US Broadway, New York W"rWrfc BuHdinr, Lancaster, Pa. !ttaV Vaa.t'"J'4jBTU''W'Q HrxKERcbi :;h::j tlTi CHESTNUT T, N. K. Cor. 1 laaaabfn otWMa. Stock JSxehange f Direct Wlra te New Tor Calumet & Jerome The kUest information ' reg5r4injt the repqrled sirfke of copper ore, which may make Calu- & Jerome tbe third raine of the famous it Caastp. AW yaWVaieaJ Report fl-T.U. JOMES A IAXEK WtdwfWtk.Wtiiiiiiiii1 Bail, MatMt MsW-1. iUratAH, Haaaa WHaf. 5 8? 3 J" RAILROAD SHARES CHANGE HANDS AT LOSSES IN NEW YORK MARKET Drop in Net Earnings and War Tax on Freight Revenue Cause Declines St. Paul Passes Low Record of 1895 $'r NEW YOKK, Oct. 1. There were Indention lnih early trading todny that the mnrket hntl been mado artltlcinllv stromr in the' Industrial Issues. Nearly all the speculators In those stocks had buylpg orders materially above Saturday's final prices, and for a. time after the'opcnlrtr There was a strong tone In the steel Industrials and in many specials, makinjrTmany believe, that n now upward mocment had devel oped and some outSSbuylnB was Induced. ' United States Steel common, on uctlvo trading, In the first few minutes moved tip 2 points to lllf. and other Bteel Industrials made gains ranging from 1 to 3 points with pronounced strength shown In Mexican Tctroleum, that stock more than recovering its dividend of 1V4 per cent as soon as tho maiket opened. It was not long-, however, before liquidation In the railroads nnd coppers changed tho entire speculative situation. The.publlcation of tho New York Central earnings showed its net income cut In haltgfdr both the month of August and the eight months ending- August 31, and ttfe St. Paul statement for the month of August showed a decrease of more than'$l,000,000 in tho net income. Tho influence of these decreases in net were intensified by the provision In tho war revenue bill Imposing a tax of 3 per cent on tho freight carried by tho railroads. A decline In this group naturally rc- j suited, with most of tho soiling being liquidation of long-time holding St. Paul f sold below 63, passing Its low point of 63 mado in 1805 after It was replaced on tho dividend list. Tho copper stocks, especially those with low capitalization also showed pro nounced weakness, with tho greatest decline in thiH group sustained in Utah Copper. While tljcso declines were In progress, Distiller Securities was lifted, without regard to the financial situation or tho business outlook of the corporation. Its price wns simply marked up 4 points to above 43, Indicating that the market foi it was held In absolute control nnd, If any one had been unfortunate enough to put out short lines, that a corner might bo sprung on them at any time. Nearly all tho Interest In tho bond market was concentrated In the trading in the Liberty Bond loan. Largo blocks of these bonds sold in the legular way from 100.04 to 88 98. with a small fcnlo at 110.10 cash. Anglo-French Gs sold oft to 928. but other foreign bonds wcro steady. Liberty Loan Attracts All Attention Tho start today of the Liberty Loan campaign places a discount on all other financial endeavor Uvery energy of the banker is centered on tho one problem of raising $3,000,000 000 or more for the uso of the Government within less than a month's time. Tho co operation of the markets for securities was an Important fuctor for success Inst June. Now tho steady shrinkage In prices of all tho better grade of stocks and bonds is a handicap that adds to the work of everj seller of the new 4s. Last week saw another long list of "new low records" In railroad stocks of tho lung-established dividend class and also In 4 nnd 5 per cent Issues of a quality that" permits them to be legal for savings banks. The depreciation In a $50,000 Investment in securities distributed among a dozen prime Issues would, since last May, exceed an avciage of 10 per cent. It Is apparent that with this con traction in the market value, the holder of such an Investment would feel lets inclined to buy morti bonds than If ho had u credit to his account. The manner In which the new bonds are to bo Issued suggests that the rates of Interest on the loans Inevitable In the first half of 1918 will bear a higher rate of Interest than that on the loan about to bo promulgated. Only two j ears' coupons nro attached to the bonds so that they may bo converted within two years Into a bond bearing more return for tho holder. Secretary McAdoo stated at Atlantic City that it would be necessary to Issue $13,000,01)0,000 bonds In tho year to June 30 ne.t. Must Raise Interest To bring together this enormous sum the attraction of higher Interest will have to be offeretl. One of the earliest acts of the next Congress will be to make legislation giving authority for the Secretary to borrow at higher than 4 per cent. The certificates of indebtedness lastoITcred to the amount of $400,000,000 bear 4 per cent Interest, nnd In ull probability further Issues prior to Decembei 1 will command 4 and possibly 4a per cent. The final draft of the tax bill Increases the amount of tho taxation on cor porations and brings within the dragnet of the ta collector a largo number of concerns that were not originally intended to be contributors. On this basis of tho revised bill more than $4,000,000,000 will be levied on American business from tho 1917 profits, as well as on incomes. But, if (he financial program Is as planned, even this sum will have to be enlarged In next winter's legislative program. Bank dealings were lowe last week than a jear ago, owing to a falling off In operations in New York ana it Chicago. Elseuheie they were 5 to more than 50 per cent above this week In 1916. The price fixing is tending to cause some nervousness still In trades where It Is not et well Interpreted. Labor troubles constitute as unfavorable a feature of the situation as an. It is becoming clearer all the time that the Oov eminent is fixing the rates of pay as well as those of products, and that while it Is allowing higher wages to keep war work going, It is decreasing prices of products In older to quell a rising spirit of socialism and demnnd for federal lntei ference where costs pinch the con sumer. The two policies ure antagonistic and will have to be more nearly parallel as the tlmo goes on in other words, revisions of prices will be upward instead of toward a lower level. Wonder About Charter Hates The Government's announcement that all ships would be taken over has caused a good deal of speculation in shipping circles regarding charter rates, but large owners say they aro not in a position to pass an opinion on the rates as It requires several days to work out an estimate of earnings, each ship being treated separately. There arc so many phases to the situation as to make for n good deal of obscurity. For Instance, It Is contended that no intimation exists as to which ships oro to be taken for Government service, or the terms of the Individual charter. Fixing a valuation according to speed also raises the question of whether it is to bo based on trial speed, normal speed or speed developed under stress. A steamer arrived in New York a few weeks ago after a voyage in the sub marine zone. It was built In Japan the early part of this j car and tho guaranteed trial trip speed was ten knots. In the war zone a submarine gave chasu and tho ship was able to develop fifteen knots. A most Important feature, however, will be the le tent Ion of the organisa tions. Big steamship companies sucli as the International Mercantile Marine, Atlantic Gulf and West Indies and W. It. Grace & Co., have numerous agencies along the coast of North and South America and it Is eagerly awaited In what way the Government will provide for these agencies, which are tho growth of many years, or whether it will be necessary to disband them. Stockholders of railroads operating along the seaboard and southwest are giving more than passing attention to Government acts in the shipping line, as many of them will be benefitted, particularly those along the coast, which have met sharp competition from coastwise steamships. The Government's primary purpose is to put the boats on the transatlantic routes, forcing railroads to carry the cargoes these ships formerly brought from southern ports to points north. Comparative Figures on Gold In a review of the trade balance settlements, It Is shown what small effect tho gold movement had on Imports of bullion In normal periods and how large u part of our exports is subject to other setoffs In times of peace. In the four years to Juno 80, 1914, the United States exportedcommodltlcs valued at $9,082,000,000 against Imports of $6,886,000,000 in that pre-war period, earning a balance of $2,196,000,000, or a sum twice the amount of our national debt. ' Exports of gold in the same period amounted to $269,000,006 and imports $258,000,000. There was shipped out $11,000,000 more specie than was received. Adding this to the commercial balance, the normal credit at the end of th& four years was $2,207,000,000.. These were years of low Interest rates for call and time money, commercial paper, etc. Foreign drafts were cheap and American capltul was going to Canada and South America. In the three years ending in June of this year commercial trade balances In favor of the United States aggregated $6,834,000,000, and at the same time there was rapid accumulation of gold import balances, which at the last date amounted for the' three years to $,114,957, and gold imports aggregating $1,642,000,000, the largest short movement recorded of specie toward a single country. 1 New York Stock Sales High. Alaska Juneau ... 3 Am Can 4l" AUls-Chalmers Co S Am Car and Fdy. 70 Am Int Corp 51 A Hide & Leath pf B3?i, Am Locomotive. . 6iyt Am Malt 17 !. Vorfe ; l.'u las Wart. I M, iff i. Bui tei;., JOktt CLOSING LIVE STOCK PRICES CHICAGO. Oct. 1 JIOOS necalpta, 2S OOiJ head, estimated tomorruw. 13.000 head. Market fairly aetlva and etvadr and 23o lower. Hulk. tlH.US(f 1., light. 1M MUIw.43, rolled I1H SO lilBU. heavr, lIS.SStTlS.U: rough, 118 23 fATTI.B - Recelpta, SJ.000 head. Market " "lildEH lierelpts. 31.000 head. Market ateadrv 113,50. X-amb.7 1H SOUTH OMAHA. Oct. 1. IIOOS Receipts, iisv miner 1U.60O head. Market Market Arm, do pref Am Smelting . Am Sum Toll. . Am Steel Fdy Am Sugar . , . . . Am Tel & Tel. Am Tobacco do pref new Am Wool . . Anaconda . . Atchison not, . A (IB Low .1 40 35 70 14 51 S5TJ, my 14 68 oa 87 flV4 Close, 3 40 ',4 as 70V4 SI BW tV4 Net thge 1 Mi y. I OKU 100 11(1 IIS'H tOTd '4 Wt4 Tf. 9 1 88V4 iVt e4 Vt io V 1IM4 V4 IUS I0OIX, 11)0 1 . ',, D 00 Tfc . 47 4n; 40 Y 74 704 7 Hi "f. ; on'A ooy Alton Gulf Ik w l loni may tos',4 flou, nsy, 0 lfc DA IH A0V4 do pref Bald Loco Bait . Ohio . . Barrett Co . Batopllas Mining, Beth Steel . do 1! . Brook Hap Trail Burns Bros Butte & Sup Cop. Cal I'ertoleum Cnnadlau I'ntlfio Central Leather do pref . . Chandler Motors dies & Ohio Chicago M & Ht I do pref ... Chic & Northwest. 101 do pref . ..140 Chic 11 7 & 1'ac t c 21, do 7 P o pf t c . . n Chill Coppei . lH'f. Chlno f "on Copper ftlVj Col Fuel S. Iron Col Gas & IJlcc Coniol (!ns font Can . Corn Products . do pref . . Cruclblo .Steel . . do pref .... Cuba Cane Sugar do pref . . Del . Hudson . L & W no 113 03 0 on 03V4 o 10,1 10! 3 sn . 17 ISO B0 103 . 71 . nay . 8(1 00 14 39 101 100 3P. 09 53, 05 31 Hl'ii 011 ino 17 flu V, (13 1 03 3 0 Mt 1 .. Ofl 03 1 (10, Vi 103 38 W 17 1 n(i 147 n. 8 85 Vt 105 4 73 1 85 1 83 3 DDVt V 105 Vt 140 Sfl (11 1 17 1 BO Tf. Denver & It G piof 1(1 Dome Mines . Distillers Sccur 44 V Brie ... SI Mi Gen l'.lec Co . 143 General Motoia 101 Goodrich 11 P . 4 1 Granny Mining . '80 Gt Northern pf . . . 103 Gt Noith Ore subs 34 Illinois Central .100 100 100 Instillation Copper 80 48 409 1 Interboi-Cons Col. OH 103 73 84 83 0!) 108 140 20 (i 17 50 44 30 Mj 101 00 30 00 73 05 33 83 07 10" 15 8 39Tn 20 140 04 43 80 103TS. 34 Vt 44 30 101 09 3 OVi 00 73 1 05 33 n 83 07 3 100 13 1 8 13 3 20 140 !'A 05 4 43 80 101 34 !. do pref. 33 Int Mer Mailne . 30 do pref . ... 89 Internl I'nper . 29 do pref sta (II int Nickel 33 Kansas CIt South 18 Kennecott Coppei 40 Lark Steel 82 Lehigh Valley . B0 Lee Rubber & Tho 17 Llg & M T Co pf. 107 Louis & Nosh . 110 Miickay Cos pref. fl.lTd Max Motor . 31 Me Petrol . 04 Miami Con Cop 34 Mldviile 33 Mo Kun & Tex 5 Mlsiourl Pacific 30 do ctfs 50 Mont Power . 70 Nat Con & Cable. 27 Not Biscuit pref .110 Xat Knani & Stpd 4(1 40Ti . 20 .134 . 7(1 . 3(1 22 .110 100 . 47 . 87 . 30 . 33 . 15 . 09 38 . 00 33 83 83 (10 13 08 33 38 87 20 no 33 18 38 83 80 17 100 ue (U'ft 32 02 33 81 5 38 40 70 30 11(1 11 40 20 121 74 25 21 110 00 45 87 20 53 15 (19 37 60 83 04 00 13(1 40 24 80 83 07 15 (11 33 18 39 08 51 28 87 It T4 1 Vt 1 8J 1 39 1 17 Mi lo Vt 110 1 (13 33 1 03 3314 Vt 51 5 Vt 28 1 49 70 1 2(1 H 11(1 45 2 49 20 Vt 124 2 75 1 35 1 110 1 09 4(1 87 20 53 15 . 69 1 27 1 National Lead Nevada Con Cop N Y Air Brake.. New York Cent. N Y N It & H. N Y O & W. Norf & West. . Nor Pacific. . Ohio Gas . Owens Hot . . . Pacific Mall .. Penna R It . Pere Marq w I p r c i st L Pitts West .. . do pref . Pitts Coal . . Plerco Arrow pref 94 Pressed Steel Car no Pullman Pal Car 138 Bwy Steel Spring. 4B Ba Con Copper. 25 Beading ... Bep Iron & Steel lloyal Dutch ... St L S F w I . . . Sears-Roebuck . 130 150 Schattuck Ariz ... 21 Southern Pacific 03 Sup Steel "43 Southern RR . . 27 do pref .... fil Sinclair Oil 3 Studebaker . . 43 Stutz Motors . 42 Tenn Cop & Ch w I 14 Texas & Pacific 18 Texas Co.. . . l5 Third Ave RR . 24 Tobacco Products 73 hnlon Pacific .. .139 Unit Cigar Stores 118 117 117 U S Ind Alcohol 140 138 130 U S Ind Alco pf. 100 100 100 U S Rubber. . . . 50 58 58 U S Smelt . Ref . . 03 U S .Steel 111 do pref .. .110 Utah Copper .. .04 Utah Sec Corp . 17 35 10 48 25 77 ,t 1 23 91 45 27 01 30 41 42 14 10 103 33 71 127 128 no 52 04 no 130 40 24 81 Vt 83 1 no 1 18 150 4- 23 3 01 3 45 1 27 Vt l 30 41 1 43 14 10 1 101 23 2 73 Va Car Chem Wahasli . ... do pref A . do pref B West Marylnad wextlnghousse Mf 47 ..Wheel & L U 12 do pf 23 Wilson Co ... . 0J White Motors ... 1.1 Wllljs-Overland 20 n Vt 81 03 110 110 1 113 115 00 01 3 17 Vt 35 1 10 .. 47 . 23 Vt 17 48 1214 X 31 83 Vt 431 35 n 17 33 10 47 25 17 48 13 21 A3 43 23 Sales in Philadelphia Net Hlah. T.ow. t'toso. chge. 22 Am Gas ...100 loo- 100 .. loAm Itwys pf 83 ""V4 88.. lOOTlurt & S t O 80 86 80 Con Tr N J . . . . t72 10C M & St I' 83 33 83 2 123 Llec Storage 87 57 87 100 Distillers' Sc 87 87 57 .. . Gen Asph pf . . . . t60 Ins Co N A .. .. t2 Lako S Cpn .. .. til Lehigh Nav .. .. t73 7 Lehigh Vol 60 80 89 750 Nev Cons .. 20 20 20 283 Penna R R. 83 51 83 300 Phlla Co cum pf.. 31 31 31 .. 80 1'hlla Llec .. 28 28 28 315 P RT tr Ctfs 20 28 28 Vt 100 Phlla Troc . 74 74 74 .. 00 Reading . 83 81 81 1185 Tonopah Bel 4 4 4 y 815 Tonopah Mill 4 4 4 513 Union Trac. 43 43 43 1 60 U G I . 70 78 76 440OU S Steel. ..111 110 110 1 100 War I ' S . 0 0 0 3 W Jer & S S 47 47 47 in i:x dividend. tQuotatlon given Is Saturday's close. Total aales, 8A77 unarm, compared with 4011 nhurrn on .aturda. HONKS High. Low, 1 00 (Jam St scrip 1043 .... 00 10000 Llec & Pco Tr 4b 78 3000 Lit S Inc 5s. 50 1000 L N con 4'is07 100300 Mb Bond vt I 18000 Phlla Klect'c 1st 5s .. 100 09 75 80 07 100 Net Close, chce 00 Vt 73 I 50 J 07 n in 09.80 09.80 09 100 Total antra, 128,0O, rompnrrd with 9O,200 on Nlturilu, INACTIVE PHILA. STOCKS Following aro quotations for Inacflva stocks listed on the Philadelphia Stock Ex change and In which there wers no- trans, actions yesterday. Tho price given !s th last previous sale: Alliance Ins .. SOU Mttlo Kchujtltlll. Am u war is Minenm Wi Amer Mill Amer Htorea . 37 Amer stores prer vn Ilrlll JO . . 20 Hurt & Sui to pf n." Cnmbrla Steal . ..155 Cam Iron 4tV Gen Aspnalt .. 30 I.-h Val 7r 37H Lit Ilroa 24t North Cent . . North Penna . Phlta Co ... n ya (len Un Cos of N J U S Steel prel West coal Wm Cramp York Kwys York Il prof . 51 . 53 . 7HV4 . no . 3'. n'4 20sV .117(4 . 27 75 14 35 New York Bond Sales High 1)3 tiTt 1)3 . 7B Ml' UP Hoy M . Ml . 117 . sm n.-.Vs i? 7K$ 01 13'4 VI 127000 AnKln-Krenoh 5s .'OOii Amer Kor Sec 5s 4IMPO Amer Smilt . Ile( Si I8000 Amr Tel 5a . 900 Atthlson Ren 4 1(100 Atch & i: Okli 4s.. 14000 Halt I Ohio 3 '.'in 5000 do 4a 3I00O do ct 44 a 5000 n f. O Sun .I'a . 3000 Cent Leather 1st 5a 3100(1 Chea & Ohio rt 5s 11000 Chi 11 it q Joint 4s 5000 do nen4s -000 C M . St V rfd 4s 4000 Chi II I & 1 4 0(100 Cits of I'arla (la 10000 7)en i. Itlo Or rfd 5a 21000 French Hepuli 5V 5000 Oen Klec doll 5a 5000 111 Steel deb 44 1000 Indiana. Steel 5a 2000 Inter!) ''Met 4 Via l.looo Intern 11 T ref ."n 15(100 Inter Mer Mar lia . 10000 K C Tt S M 4s . 3000 l.k Shore deb 4 1011 Mi'4 1(100 Iula . Nuah 4a . NS 0170IK) I Ih lloml v I 3n . looo Manhattan Htx 4s 14000, Mo 1'nc gen 4a jooo do i,s 37000 N Y C H (la. 1,000 do 4a 2SOOO do 4Mia . . 1000 N V Clt 4a lll'.N 1(100 N Y N H & II 0a 700(1 Nor Pui 4a IIOOO do (.en la 100(1 Ore Hhort I. 1st (la 10000 Pennu cen et 4', a.. hllild Pere Maniurtte 3a 3000 liepuli Culm 5a 1014 1300(1 Hen Ir & St 5a 3000 Ho Orande ". VV It 4a ltiOOO St I, . S F Ker A 5II' tnoo San A 4 Aran V lat 4s ill 7000 Seaboard 1, ndl 5a . 47 7000 South Pap cv 5a ihi 3000 Term Aso St 1. 'a 1144 100O Texua Co (la . 1(11 ll 17000 II S Itubber 5a . ... KJ. 3000 do da lom ViP. .'iiiMMi .no a 1 oa .. 101 s I luiiii union tMe let 4s .. 110 1O0OO do cv 4a . , NT .1000 do rfd 4s . 8J 11000 U K (I II A I 3a.. I1J4 31000 do V4B 1II1K . . ('H, 7000 do .H4a mill . . l.looo do r.'ja new loin. US', 3300U do "iW 1H21 t3S Lnu 3pm l)3') vi U7 II.' Tf7 Ml1, 01 'a va S1 83V4 8(1 H7" SI If.',. Ml 75'. 78fc 01 53 A 07 in-. VA so 014 no" M"i sjVs so 07i KJ 111 Rll 7-I-, 7N- 014 534 or." 1014 mm huh N I hi Nl loo 100 too -,'4 snV4 3iiV4 N" S7 H7 HI 01 01 I II (I'l ! MlVa MIIJ KH SH 100.40 00 08 100 Ni a, ni in, -,n"4 r,-, li"i mi'a n os MVj HI? 110 0(1 11 1 H 04 H S5 N-,l, S3 H-, IIOV, 1,01, 10l till-. Hl. IM-a aj f't'Vi vv ' lis'S . KIV, no II 1 14 S54 p." 11014 lot. . 111X1 IP(I"4 lis'4 ,T -.7 no in 47 on', OIH loiU c 1.1? oT'4 op, 00 h; S3', 07 0'IH, 111'. 8314 IIIII4 OSVa 57 50 '4 111 47 im'4 !I414 10114 mm 101 - (0 87 f.3 II7" inla li-.U tis-i ViV. 1134 INACTIVE NEW YORK STOCKS Following are quotations for Inactive New York stocks and In which there were no transactions yesterday. The pries clven Is the last previous sale .113 KAILROAD EARNINGS PENNSYLVANIA 8Y8TKM T.lnea Eaat- Auaust oper. revenue intT 3I,(iRl.in(l Hy. operating; Income. 8 888,380 r.iaiih iiiumna op. rev 17, .Till, 4011 Ity. oneratin Income 44,360,315 Lines West Aueust oper. revenue. 115.125.439 Ity. operatlns Income,, 4,007.777 Klaht montha' op. rev. 103.703.348 Hy. operatlnc Income. 10,134,838 Ltnea Kant and Weft Auauat oner, revenue, ,$4(1,787,450 Hy. operating Income... 12.301, us Klght montha' op. rev. 822.II81.H38 Hy. operating Income... 03.441.373 PENNSYLVANIA RAILROAD August oper revenue. ,123.830,101 J" n81.1T" Hy. operating Income... 5,403,10 4ils!lfl8 -.., ,'ivi.u. yv ICV . 11U,1 in 11117. 4J4 Increase 4.01S.3IIB 172.181 31 X81..V04 3.100.077 (1 3(11.031 31.1.1141 n,S40.01S 3,510.030 $8 017,227 141,750 32.723.520 10,011,508 kAamm n&nreia Advance Hum pi. ? Advance numley 13 AJax HuWier '" Alaaka Odd Mln 4 ., Allla Chalm pref 84 Am Car" pref. 100 Am A-rl Ch.ra. , 83V4 ArSr-KflHu. g. rnTir.i:.ig i, i-ntton Oil... 33"i Am Fapreaa .. Am Hid" I' .. Ira Hec . Am Ice pref 96 Am i.Tn.eed pref WW 1"".'? Bo1 v m... nref Am Smelt pref Am nil"",;"" . no do prn . -. . AS suUm W aKtIWpV V4 Am Zinc t L P"J J Ao DO 1st Pt.f 2U ABM) Oil , JJI Atchison nref J ,ti mrm . - -Max Mot 31 pref. 20 May I.pt Storea It Max Dep Sta pr 10V JJixB't pref ill Mich Cent . .110 M St PUS M 0ST1 nn . St j. new 14 Mis, pac pref ... r,i Morrla . Kssex. . SOU do pief . . . ifil - ?"" 7 nrf " rn-.an c ' " ' " " Mnnt Power pref loxa;, .at Acme , , s"V4 Val 1)1....... '....TT" is'4 NV' lJk suit 73H 12 do pref .... 103 48 . at Cnom s'nf nil ...do Pref ioi JJO.nt & W'pf 40 Norf & 3vat nref o onto rtas rts. h, Ohio, Puei ...:;; J?v. l'an.Am Pet pf.. so 00 prior pf ct. . 61 o f Beat ... Ttt Pere Marq pr pf. 4,u Plerou.A-.J wi' 13' A Un Coast Line 109 pupAVS,,""" jg n-ih ateel rti... .., pin. m, i'2J."'' t5 nrown Shoe . .. i Quicksilver oref ", jij m itrnuinr n. aaii lICii 3al :-.'- i.iar rn . .i'l : .! c? F'&'i.t ir ' so -ny 8," s"r'"f ' 97" tl ,Ji VI p 27 :"n 'rn Steel Cent rdx Co .... pref ..... inT Cent 8 AmTel...llJ Savage Armi "i CerrodePaaco 31 VV " " l"u -Z.. " 111a 1. - ' cm & Alton. ao v'- II e .. . '"" Am.. in t- If M M rtA." i?4 h.m ir-'rVj'-y.'. V Z.-h?..Z," ."." . !! ctuelt-PejMi r..- ' Pears Roeb'K pf .131'" r,i Tnel 4. Iron. 1 Slom.Nh.rr u, Hi,''. Col & Sou.;5'f " au Sloss-Sheff pref.". i Con int C M'"-,S,S Bt L S Cont Can or; I. "?;? do p; CoStlnental Ins. . 8H4 st L & Kx. operating Income, Hev income . CATTLB Kecelcta, Intni In lSe lilaher. BHEKP Hecefpts. 40,000 head, Lamb JO 05o higher GOVERNMENT BONDS 11.1 " Sa. r4terl v ooosHaa. fwv. it, raauummMW Hm LONDON STOCK JIARKET War News Helps Tone, but Business Remains Quiet LONDON, Oct 1. Major General Maude' report of the successful opera tions of the British forces in Mesopotamia helped the undertone of the Stock Ex change markets today Hesitation was In evidence, however, and business remained quiet The gllt-edced section was narrow and mixed. The Impending; subscription to the ntw naAjonal bond restricted the demand from investors. The revenue of the United Kingdom for the half-year ended Septem ber 30 wraa J3.O.O0P. and th expendl tHf J.J...m09, ArftB4ln Mlia wer imatttttai tMoauM of Mm mrkd of the. tries AraTbMa w wtBt an cotcry 82.303.833 n.noiiia 27.46U.037 8.610.111 PENNSYLVANIA COMPANY August oper. revenue,. 17,714,300 $377,004 Rx. operating Income .. 2.081.011 SSO.srj Net Income 1,480.414 38.401 Klght montha' op rev. 51.807,149 1.585 878 Hy. operating; Income 8 137,184 0.81O.834 Net Income . . 4,134.013 4. 073.822 PITTSBURG. T. MrahtSB"00 AND August oper. revenue... 40.337. 430 1883.881 Hx. operating Income . 1,721.801 200.873 Net Income . ., 063,140 148.21X Klght moatha' op. rev. . 48 (I37.nl 9 7.098.409 llx. operatlnc Income 10.311. 631 UDT.038 Net income , 4.344.038 310.818 WEST JERSEY AND SEASHORE nAILROAD "'"."- a.ttrar Cuoa AM. ".-- do pr'" neicA pref OSS'! A pre. gefrolt .Edl.on, r.leo Stor B. ElWhorn Fuji . l-rle 2d pref... denVal ,CIeX' Oen Motors , pref ,1711 ,102 .100 a LIBERTY BONDS ATTRACT NEARLY ALL ATTENTION ON LOCAL .EXCHANGE Government 34 Find a Ready Market and Sell at Higher Prices Rapid Transit Certificates Inactive, but a Little Higher 3 88V, i? Pf ".....: a; H Fnf -ft pf .: : SY Slllhn a.. .... Studfbau.V-.r."1 : t.. ,t. r.:::: im, Tidewater oil.! "as -nil t j t w ctfv. io4 IbMi SS S"-, iivt . 34 t;.. .?... " irtU A. . """ imam 2'l 7,,ln C"Y nd. da ctfa Transue wiilVama 41 iJT,nr..'i,,t 5- HIM 82 ITIlVH",ir.".'D- I? Vt"Lffieh 11 r pf.ipa . iinied n: ,:: if. nreene.Can Cop, . 4JV4 l-ntd Drue-d pf' si "ult States Steel.. 03V, UnltplPrult...;."!?, Gull 8 8" p '' Hnf? i1"" lav... "o Hartnlan Corp... "f United Rx Inv Df lSu .f'"?A!! OTV4. ,V."a.9Jf?'. 8. Pffflls iiomai" ""9 JT . . "y 'XP.. inL v.wi w..-j -,, . - !?- The Government's 3'i per cent Liberty Donds continued to nttract the most ntten tlon In dealings on tho Philadelphia Stock Hxchange today, nnd, outnlde os! tradlnB In Hteel common, Mtocko vvero Kenernlly Inac tive and the price changes were unimpor tant. Tho Liberty Uonds enmo out In large quantities mid the prlco udvanced to pnr, a trllle n hove tho cloning quotation Saturday. Around $100,000 worth of the 3WjB hnd changed liaudM up to nildaftcrnoon Although Steel vnu the most nctlvo of tho Htoclis, It wnR not dealt In In large nuantltles, but tho prlco Hdvanced. At one time during tho forenoon, following the strength of that Ihhuo In Now York, It ad vanced nearly 2 iiolnts, to lll'i- And for the remainder of the session sales wcro mado at prices giving a profit of more than a point. The hammering of rails In Wall street did not seem to have much Influence in tho local market on the railroad shares usually dealt In here, although losses were recorded by some of the others llufTnlo And Susquehanna advanced half a point, and tho same gain was made by Pennsyl vania, while llendlng vvob up a quarter. Lehigh Valley lost nenrly a point and Chi cago, Milwaukee niftl St. I'aul declined more than 2 points. Hnpld Transit trust certificates were only dealt In lightly, but made a gain of, a quarter. Philadelphia Traction was un changed and Union Traction lost . Klec trlc Storage Dnttery, Philadelphia Klectrlo nnd United Oas Improvement and Tonopah Belmont were unchanged. Philadelphia Company cumulative preferred Hold ex dividend nt 3tV4i tho same as last pre vious transaction. , The statement of tho Tonopah Belmont Development and Belmont Milling Com pany for tho three months ended August 31 shows a substantial Increase In the not earnings. Kor tho quarter they totaled $314,476 as against ,238,634 the previous quarter nnd $307,133 during the cor responding quarter of last year. The net income for the last three months was $321,612, ns compared with $26,667 tho previous quarter and $314,411 for the sama quarter in 1916 LITTLE ACTIVITY IN COTTON MARKET Traders Inclined to Await Gin ners' and Oflicial Condition Re ports, Due Tomorrow NEW YOHK, Oct. 1. With tho exception of October, which 'opened 13 points lower, tho cotton market vvai 11 point!) higher this morning, but less nctlvo than usual. Trade seemed to be mainly of an evening up of values In preparation for tomorrow's report, the gin ning at 10 o'clock and the last oflicial con- dltlon report of tho season at 11 o clocK. There was little outside trading visible or any news of Importance. The tropical Btorm worked out to Eea over Sunday and was followed by clear and cool weather over the belt. The Incjlnatlon was to look for nctlvo ginning, nnd, for that reason, tho market nfter the open, sagged off, and at the end of first fifteen minutes wns off to within 2 points of Saturday's close Norman Mayer & Co. Issued a condition report of C3, a decline of 4 S points under last week. Cotton receipts at tho ports for the day are estimated at 30,000 bales, compared with 28,994 bales a week ago and 00,802 bales a ear ago The Journal of Commerce places the con dition of cotton at 64 u, against 69 5 a month ago and 59 6 a year ago 11.30 October . December Januarx Vlarih .. Max . .. Haturdav'a iloae Open 24 24 34.111 31 IH J3 III! . 31 47 31 (HI 33 3(1 31 OS . . . 33 8t 33 77 a m 34 2(1 3 I 70 33 51 J! Ill 12 m. 21 33 31 1.0 33 48 33 58 1.30 p m 23711 23 5S 33 (IH LOCAL MINING STOCKS TONOPAH STOCKS Hid Jim Butler 85 MarNamara . . .' 20 Midway .10 Mlipah Extension OS Montana '.10 North Star 10 Rescue Kllla 18 3V est Knd . 07 GOLDriELD STOCKS Atlanta " lllue Hull "1 Hooth 03 Dlnmondflcld II H '- Daley HI Kcwanas 00 Oro , 01 Mandatorm Kendall H2 Silver Pick 08 MISCELLANEOUS Nevada Wonder 2 Arizona United .30 Tecopa Mining 30 AaK .ST .22 .12 .10 21 .11 .20 .70 .10 ,0J .05 OJ 03 .11 .03 .03 0 s4l .32 LOCAL LOANS INCREASE Philadelphia Bank Statement Also Shows Gnins in Deposits The average condition of members of the Philadelphia Clearing House Association for the week preceding Mondw October 1, 1917, Is shown In the weekly statement, with comparisons, ns .follows- Oct 1 1H17 lnereaae t..un i.-iiii.or.' (inn I7 4(i5,oo(i Ixchima (."tearing House I'M " J , !(., UJ 230.000 0 1111.000 11 7.(11(1 J.331,000 1 1 (1,000 1 OSP.OIKI 1 348 000 lion frmn Itinka .. 121 Itnnk ilenoalta . HIS 134. Oil I Individual depoalta 48.1.534,000 Time dcpcalta . . 3 JO.'.nOO ItraervK with depositors 57 751,000 Cash In vaulta 33 13(1 00(1 Itiai-rvr n quired . 57.5(1(1.0011 lAceaa nf reserve and rush In inulta 33 3S1.000 In addition to tno uepoaua auove mere were thla week $11. 307. 000 Uovernment dcposlta. nralnat which no reserve Is reoulicd Decrtnse. MONEY-LENDING UATES MSW YOHK Cnll money opened today at 0 per cent for lending and renewing. Lending bankers said this morning that tho time-money market conditions had not changed a particle Money was very t-carce and 6 per cent wns freely bid for all ma turities on both good mixed as well ns In dustrial loans. Call funds failed to hhow the discrepancy with time funds that Is usual when it is sought to have the market liquid The high rates for money on collateral loans continues to restrict business In prime bank acceptances Hates on Ineligible bills Is higher at 6f4 per cent; eligible bills uro quoted nt 3 (0)3. rilII,AIini,l"lIIA Call. 5 per cent; time, C6'"i Per cent Commercial paper, three to four months, SUfixD' per cent; six months, 5'iEJi per cent. BANK CLEARINGS Hank clearings todax (omparrd with corre sponding dax last two yeara'f 1017 mill 1015 Philadelphia 58.180 314 43 733.100 SO.3lll.271 New York 484.700,077 31)11,(100.703 .()5,(.!I7.135 lloaton .3K,0R3.Sllll t 4,(lo.'.nil5 J34.3H4 H7 Chicago 87.888538 81,330. III! ,311.870,313 Hultlmore 8.870,344 (1.S18 3JU FOREIGN EXCHANGE NBW YOniC. Oct 1. The foreign ex change market was dull and not partic ularly Interesting In the early dealings, with the exception of weakness In rubles and a slight Improvement In Italian exchange. Tho weakness In rubles wag due to the gen eral understanding of the enormous diffi culties in the political situation In Russia. Quotations were- Demand sterling checkB 4.75, cables 4.76 ft. Franc cables 6.78. checks 5 79l,j. Lire cables 7.72. checks 7.78. Swiss cables 4 69. checks 4.71. Guilder cables 42U. checks 42H. Pesetas cables 24, checks 23, Ruble cables 14 (. checks 14 A. Stockholm cables 34 U. checks 34. Chrlstlanla cables 3 1 Vi . checks 30 ',4. BAR SILVER Satur- I.aat 1017 . Todax dax Sinn, High Iiit London (pence).. 4HU 40 53 35 S3U New York (cents) q3V4 UUtt 1U8V4 108i 71, ANXI'Al, MI.KT1NCS .jg-y TIIi: NrAV iOMv, MAV II VVK.V AriD HAIlTnmi) R.tll.nnAD COMPANY To the Stockholders of Th New York Near Haven nnd Hartford Railroad CompanxS Notice Is hereby elven that the Annual Vteet Inrt of the Htorkl-oldera of The New York. New Ifnvm nnd Hartford Hallrnnd rninpanx wit' b held In Harmonl Hall No 9 nim etro t In tho r"lty nf New Haven, Connecticut on Mednea dnj. the 21th day of Oitnlier, 1017. nt U.00 o'clock noon, for the following purpoaca 1. To consider and take approptlite action upon the Slatiment of tl-e affairs nt Tha New York. New Hivcn and Hartford Rail road Company for th vear i ndtnir Decem ber 31, 1010 and all nits described therein or reported at aild meetlne 2 To elect a Honrd of Dlrrctnra to nerve until mo n-st annual meetinB ana uniu iriir uc- cresora ahell hsie been elected and nuvllned. 3 To act upon proposed nmendm-nia to th Htncktinldera hvlaus hs tollona Amend Article III b (honRlnc Him date for the Annual Mielinc of the HtocMiolderi from tin, fourth VV. dnrRdm of October In each venr to th third VVV.lnes.'. ix of Uprll In eneh enr and hi etr'UnR mil th ord "Chilrmm of the Hoard and Ins r Inn: In I'eu thereof the vnrd I'resld n: " a sthat said article us amende 1 ah ill n.d ud folio- a "Ht. The annuAl meeting of thla co,iioratlon, at which dtrirtora alia I be chna'n a'inll be held In Hie "Ity of Nen Haven Connecti cut, on the third Wediieadjy of Ainll In each car at 12 o clock M. nt sjcli piece aa ahnll be fixed by the rrisl.lt nt nnd Di rectors " Amend Articles I'. VII and IX ly t-'rlUin out the wortla Chairman of tlif I'.oird'' whenever they otcnr and !ra.rtliiK In tleu thereof the word -Trt aldent ' kj ..at s-ild nrtkles as nmended shall read aa follows: IV A ppetlal meeting of this (.nr.ioratlon may be called at any time h order of tho Hoard of Dlreetora and shall be held In the ( lt of New Haven ut auih hour ind place aa shall be flxid by the I'rcsldmt or Dl reetora ' "VII For each annual nnd apiclil i .-ting of the Stockholders the Hon-il of I) . ra shall appoint two tellers to rir,l and count tho votes caat thenat. In i ha failure of the Hoard nf Directors to ako , audi appointment, or In raao of the failure or Inabllio of either or both of t era to eerve at Buch meetlnc the I'res'dent snail nprolnt another teller, or tillira In his. or their, placea ' IA All the meetlnKS of this nrinrnllnn shnll be presided over hv the President, when he ahull be preaent." 4 To trananct any other buetniea which max properlj come lieforn aald meeting, i.., ." ' 'J of thla meitlng the transfer books of n Company will be clcard from Octo "'f. V".h ' 0,'i'ber 24th. lioth das Inclualve. h. T".1 uN'".!.,.V" Connecticut, this first dav of October. 1017 lly ordtr of the Hoard of Direitora AHTHUIt K CI.AHK. Hecrelary. MITICK 01" M'KCI.M, JIKKTI.NO OF STOCKIIOI.DKltS nfN.,tlc'eJ." h'J,h,ir Klv'n HV" aSPeeisl Meellng of tho Stm kholdera of The New Yok New Ilaun ami Hartford Ilallrosd Compini will be te1"1,.1.1? "nrmonle Hall No. 0 Kim atreet. in the ( Ity of .New Hnven. Connect'cut, at Hire o'clock In the nfleriioon of the tent.rourtli ''" t,r"rr- '"J1 ,f "" Annu'l Meeting anall have adjourned at that hour, if not. then Inmediately upon the ndjournment of aald An hiial Meeting, for tha following purpoaea. 1 To iict upon the aicentance of the amend ment to the charier of thla corporation con tained In nn Act of the Oeneral Assembly of 5r?i, 'UJ of .,?.om"".r.t.lcut- 'PProved May 15th. 1IH7. entitled, "An act Amending thi Tifi'0 nT !" -"W York. New Haven and Hartford Railroad Company." In reference to the lasue ef ahares of preferred sUKk. 2 'In act upon the acceptance of the amend, ment to the charter of this corporation con- ia-lnr.d. ln .aliAct i8'"'.' I,y ' Common wealtli of 3Iasiichusetta. approved vtav 25th 1017. entitled "An Act Itelatl,. tJ the Isaua of Preferred atock by The New York.New Haven and Hartford Railroad ' 3. To act u'pon a proposition to authorlie tha Issue of not exceedlnit four hundred and fifty thousand (45().00(!) share, of cumSla. tlva preferred Block of tha par value ,ifon hundred dollars (1100) each, the holders ot which shall be entitled to receive Sut of thi annual net Income of the Company. dlYl denda of not exceeding seven per centum per annum. " For the purpose of this meeting the transfer books of the Company will be c osed from Octo. ber 10th to Octob-r 24th. both days inclualve d.y,aofV.,obIer'l"l7.'n' Con"t,:'". "" "rat Hy order of the Hoard of Directors ARTHUR E, C1.ARIC. Secretary. J"ARTNKKSIIPS MR JOHN 'II. PACKARD. 3D. and MR KnT WARD INOKHhOI.1. have thi. day retired t,!m.,rp.a,,;,.n'r,,nln Jn ,h, n"n- UENSON k PACKARD. October 1, 1017. ""-""'--i North. Indiana Gas & Elec. Co. 6 Prelerrtd Stock REED A. MORGAN & CO. WEST KNIJ TRlfvT HI.DO.. WiiLv. Members of tha 1-hlla. Mock UsriiBt 11.301,(111 OOH,1S4 511.508 5,012.444 Auguat oper revenue lly operating Income Net Income . , Klaht montha on. rev Hy. orjeratin' (Income 11 1(Mi 7o Nat Income, 77P.itS CHE8APKAKE AND OHIO Aucuat aur. after chga. 180.5.081 Klght mes. aur. at chga, 4,708,031 "UBHJOII YAI.LKY RAILROAD vtlcv. m, 4,(WI,85f I "w ., ....... 4,-t,imi,i 1 1183,000 83,024 02,088 400,882 187.087 7.3Q W4J12S &8.2HA . ....114 inter Lomv-y I tin "i "? wood, ej Int Harv of N J.;l".. i. & oraf ..... S?u do N J pref...Hl4 Un Paper Bo .! "iH int NUk.1 Sr.t. . .10J OJOIP V : s2 Iowa Cent "i JJ SCI p t p ,-,. do Pf 2!u K.8I,P,,U'.. U Jtw.l Tea. SJV4 H 8 Hfifo imp.." fji An nref ...f. Pp Kan City Bo Pf . 0O Keolt t D M fS Ksllx-Bprlnc ... JIH Laclede Oaa ..... J ljike Krlaft W,. 1S Llg t M T ..50,, Lli M T right; 14 Long Isl ctfs prat 40 Loom Wllea Dla 15 Loflliard V JJJ da prat 0tt Mackax Cos . 77 Mackax Cos P J Manhattan Ji'acn I Manhattan ElT. ..11 Vlx Mol 1st pf H U 8 S n'trif' 49 U 8 Rub tit pf So V. far Ch 1st pr 81H Va Iron C A C. . on V-ells-Fargo .." S2 Weth"t lit pt T do 2d pref .... 2iTi west rao It R.. it 3Vest UnlorV.. .' il Wllaon Co nf. ihi Wla Centraf "f'itHJ 3Voolworth .. lM Woolwortb. pt..;ii WlllxOvrf4 it :ll do prat ... ... It Worth' p A M I! J3V4 Turls Rb Saturday SesHiws IARI3, OoV J,-r4rlnnlng with October 6 HaturiUx nomton a Uw Bgurihi wslt la PARTNERSHIP NOTICE WE BEQ TO ANNOUNCE THAT MR, QEOROE F. TYLER HAS THIS DAY WITHDRAWN FROM OUR FIRM AS A SPECIAL PARTNER AND THE FIRM'S BUSINESS HERETOFORE CONDUCTED AS MONTGOMERY, CLOTHIER & TYLER WILL BE CONTINUED BY THF UNDER8IQNED UNDER THE FIRM NAME OF MONTGOMERY & CO. ROBERT L. MONTGOMERY THEODORE ROOSEVELT jb WILLIAM J. CLOTHIER MICHAEL OAVIN WALTER C. JANNEY EDWARD P CURRIER HARRY E. MARLOR - PHILABKLPHt NEW YHftJa; tITTMURH ij tf riaxT4mwM exKatt to Caaatliaa ("i aifr.42 aaajaaiaajaaiaa)aaj war if J muattsl Vm wttl wI t irVolock
Significant historical Pennsylvania newspapers