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