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EVENING LEDaEE-PHJLLADELPllU, WEDNESDAY, OCTOBER a 1917
GOSSIP OF THE ' STREET PHILADELPHIA COMMERCIAL MARKETS GRAIN AND COTTOjfe?
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'FIRST AND SECOND
ISSUES COMPARED AS INVESTMENT
Tax-Free at 3Mj or Surtax-Subject at 4 Per Cent:
Which Is Better for Large Incomes?
Gossip of the Street
CONVERSATION nmoriff a number of financial men yesterday turned on the
question as to how much a man's income would have to amount to each year
undor the now Incomo-tax law to malto It
whether ho Invested any surplus cash In
Liberty Bonds or In tho second 4 per cent Issue subject to Income surtaxes.
Pencils camo out, and after a lot of figuring and consulting of tables the results
' ranted all tho way from $20,000 to $80,000.
, As, a matter of fact, tho correct amount is $100,737; that Is., a man with an
Income of that amount will recclvo 3',4 per cent net from 4 per cent Liberty Bonds.
After all the figuring had been completed and the correct result presented to their
satisfaction, ono of tho party said: . ,
"I don't boo tho advantage of such a, calculation. As I see it, It Is all right
for this year, but supposing an entirely new income tax law, with different condi
tions and Increased or docreasod super taxes, is passed next year, all tho figuring
will havo to bo dono over again on an entirely new basis.
"From my viewpoint," he continued, "tho wealthy man will be safer In overy
way by investing In tho 3 per cent tax-freo Liberty Bonds; at least, ho will know
p 'where ho Is at.' "
Our National Wealth
In a compilation of reasons why tho business men of the country will subscrlbo
to the new issuo of Llborty Loan bonds, 'William Morris Imbrlo & Co. point out
that tho wealth of tho United States is greater than that of Great Britain, Franco
and Germany combined; that our estimated debt of 1917, amounting to $7,000,000,000,
is only 3.04 per cent of our wealth, as against a ratio for England of 27.9 per cent,
France 32.25 per cent-and Germany 34.2 per cent. It is shown further that tho 1917
debt ls.only 17.5 per cent of our estimated income of $40,000,000,000, while England's
r't dtDt 13 ivi per cent, oi ner income, trance
ft" per cent.
Bankers Co-operate to Strengthen Public Confidence
,4 The persistent rumor mar. nas uccn in
would not down, namely, that a special
. Now York with a largo sum or money avuuanio to stamuzo tno money market, was
confirmed on Monday shortly after tho close of tho stock exchange. This Is the first
official notlco regarding this commltcc and tho sum mentioned as being at their dis
posal Is over $200,000,000.
It is said that this co-operation among tho bankers Is not for the purposo of
facilitating speculation, but simply to strengthen tho public confidence, and is largely
a precautionary mcasuro to relievo a stringent money situation during a period bt
large payments Incident to the Liberty Bond sale, and a dcslro on tho part of the
banking interests to check tho liquidation at sacrifice- prices of investment holdings.
Whlio It is expected that this fund will have a strong tendency to benefit bccurlty
values, tho money wilt not bo loaned to produco a bull market.
Patriotic Lancaster Countian's Novel View
One of tho salesmen In the last Liberty Bond campaign, who was working In
Lancaster County, was explaining tho Liberty Bond to one of tho farmers In that
section. lie was dwelling strongly on the unqualified security of the United States,
which was back of tho bond, when tho farmer remarked that ho thought it a very
tood bond and ho wouldn't mind investing in somo of them if they had the security
of Lancaster County back of them.
New Financing in September
According to compilations maao by tho Journal of Commerce, borrowing by
Industrial and railroad corporations in the last month totaled $80,800,000, which com
pares with $186,000,000 for tho month of August and $95,000,000 in September, 1910.
Tho falling off in new financing has been duo to tho general disposition of banking
nd corporate interests to leave tho investment market clear for tho Government
loan. The total for bonds, stocks and notes of industrial and railroad and public
utility corporations issued in tho nine months ended September 30, 1917, is $1,348,
707,000, compared with $1,712,826,000 for the corresponding period last year or a
decrease of $364,000,000.
Law Expects Quicker Sale of New Liberty Loan
William A. Law, president of tho First National Banlf of Philadelphia, said yes
terday that on account of tho better organization and system adopted by tho com
mittee In char go of tho talo of tho Liberty Bonds he expected very much quicker
knd better results than wcro obtained with the first issue. "I also think," ho
remarked, "that there will bo a much better response by tho people, and that the
number of buyers in Philadelphia will bo very largely increased."
Asks Amendment of National Bank Act
In a letter to Hon. Carter Glass, chairman of the Banking and Currency Com
mittee of tho House of Representatives, Washington, D. C, Secretary of tho Treasury
McAdoo urges an amendment to tho National Bank act to remedy tho present
scarcity of small bills. With the increase in general business activity in the United
States since tho war and with tho advances in wages made- by industrial and other
corporations, the Government has discovered thcro is "not enough small currency to
to around."
To remedy that condition tho Secretary of tho Treasury proposes to convert
$324,000,000 flvo dollar bills Into bills of denominations of $1 and $2 and to Increase
the amount of $5 bills which bank's may take out for circulation. To carry out tho
Utter proposition Mr. McAdoo asks that the National Bank act be amended.
Stock Market Like Auction Room
"The stock market thesS days is Just like an auction room," said the head of a
prominent downtown brokerago firm yesterday. "There is no money in the crowd,
and no Interest in tho proceedings.
"Indeed," he remarked, "I might draw the parallel a .little closer and say that
the crowd has 'gone outsldo to watch tho procession go by, and only two or three
' decrepit old people remain in tho board
V Asked If ho believed that tho $200,000,000 subscribed by tho New York bankers
r m support the market would have any effect,
"It seems to have rallied some stocks already. If that is the cause, as I believe
it Is," ho remarked Just before tho close.
Speaking of the low marks which tho Baltimore and Ohio and St. Paul had
reached, he attributed this to foreign influence.
"Pennsylvania," he resumed, "was supposed to have got rid of her foreign
influence some time ago, and it would appear as if It did, but both the Baltimore
and Ohio and St. Paul have been largely held abroad, and tho sale of foreign secur
ities in this market is having Us effect.
"It is evident, to me'," he continued, "that many wealthy men very wealthy
I wen are preparing to purchase heavily of
as the safest Investment ln-vlow of the
, excess-profits and Income taxes. ,
"A man with an lncomo of, say, $1,000,000, would get more from u y per cent
tax-tree Liberty Bond," he added, ;than he would from a 7 per cent stock."
Hoarded Securities Coming To Light
It Is said that during tho present liquidation of securities a tot of certificates
bearing dates as far back as twenty years ago are appearing in brokers' offices.
i ' They have evidently reposed all that tlmo In strong boxes, and would lndlcuto that
- the wave of liquidation Is genuine and Is coming from stockholders who are seeking
creator security through tho purchase of Government bonds or for larger Income
though the purchase of Industrial stocks.
"War Waste" Versus "Capital Account"
The October circular of the National City Bank, of New York, discussing the
expenditures made by the Government In connection with the 'war, says:
"All the expenditures made or to be made aro not to be counted as all war waste
or loss. The loans to tho Allies, although adding to the load of the moment, will
rrtprcsent capital debt to us, and probably
come m a creditor position. The expenditures upon a merchant fleet are clearly for
capital account. A great part of tho expenditure Is caught up and saved in oho form
or another. Old indebtedness is being paid,
much advanced, both In capacity and methods, over what they were before the war."
The Resources of Russia
According to A. D, Leach & Co. very few Americans realize how bin Russia reaiiv
' U and how undeveloped are her resources. Somo Idea of the discrepancy between
Russia's size and the development of her commercial and Industrial resources may
fee obtained from the fact that, although Russia covers one-sixth of the land surface
ot the globe, her exports In 1912 amounted to only $780,000,000 and her Imports to
; wy.vvu.uuu. in tne same year America's exports were $2,205,000,00w and her imports
U,53,000,00O. And Siberia atono is twice as large as the United States!
The reasons for this discrepancy between oDnortunltv and achievement n in
be sought in almost every direction. They are to be found In a low level of education,
, In Imperfect methods of agriculture, in poor communications, in bad government and
. poimcai pressure from outside of Russia. But the fundamental requirement for
Industrial deVClODment fill nrmnHsnrn nt row mntat-lnla In tuirl,l n h '..II
f Suss! all the way from the Bay of Finland
This la an iron age. The bases of the Industrial structure of modern nations are
COal and Iron. The United fitntea nnil Ttnusln urn Ihn onlv e-ranr rnnnirU. In .!,
K orld that are rich In both coal and Iron
' ko UsaIa'1lKr,cuHural resources are enormous and they have been barely touched
fc2L!!'...':rho nuMlan farmer Mill tills hta fields as his grandfather and great-grand.
i. Jiuasi U capable of feedlntr all
S1!
LIBERTY LOAN
Immaterial from an lncomo standpoint
tho first 3 'per cent lssuo of tax-free
a jo..h per cent anil ucrmanys ..i.-i
general circulation lor some lime past ana
committee of bankers had been formed in
rooms watching the prices."
he Bald ho believed It would, eventually.
the 3 per cent tax-free Liberty Bonds
uncertainty of Income occasioned bv the
establish this country for, a long time to
and, the Industries of the country will bo
to Vladivostok.
ore.
Euronei with the surnlus of her nsrlmilt
PHILADELPHIA
MARKETS
GRAIN AND FLOUR
WHKAT Itecelpts, 21,318 buh. The matket
was steady. Quotations i Car lots, In export
Heritor, (lOTernment standard Inspection No.
iJZ?' 2.27 No. 1 soft red. $2 23: No. 2 red.
2.24; No. 2 soft rfd, h'.SSONo. 3 red. 2.21i
-No. 3 soft red. 2.10: No. 4 red, 2.17s No. 4
soft red. IS.1B. White wheat relatucly same
price an red. mixed wheat, So r.rf.) No. 0
wheats, red or soft nnd ''sample" will
nought on ihelr menu, but In no case at above
1c under No, 4,
, COIt.V Itecelpts, 106.443 bushels. Tho mar
ket dull and largely nominal. Quota! Ion
(car lota for local trade, aa to location): West
ern No. 2 ellotv, I2.lli4f2.20i do. No 3. 4 and
.', nominal.
OATH Itecelpts, 249.S87 bushels Offerings
icrc tight and tho market ruled Arm nnd
about '4o higher. Demand, however. as only
oderate. Quotations: No. 2 white, new, 054
-:f: standard white, new. I11V4 WOtici No. 3
Vhlifr new- 04lH!ic: No. 4 white, new, 03
, KLUl'lt. Receipts. 000 bbls. and 857,90 lbs.
In sacks Tho market was itenerally firm under
light offerings nnd a fairly active demand. Quo
lallons, pPr 111(1 lbs. In wood. Winter, straight,
now. Ilu.23'10.50. Kansas, rlcar, new. 1 110.2..
10.7fi: do. patentr now. Ill 23OU.Ci0; do.
fancy patent, )U.!iO(r 11.7ft; spring, first tlenr.
spot, lll.23011.TS; do. first clear, new. mill
shipment, lu.2310.7n; do, patent, spot. el-.jo
Kla?,li.l,rlnB Patent, new (mill shipment).
ll.Sseil.SOi do. favorlto brands, $18,050
J2-7r.; city mills, choice, and fancy Patent
$12.(18012.7(1! do. regular grades, winter,
straight, $10.2B10.B0: do, patent, $10.80
10.715. , ..
IITC n.Oim. Sold fairly and ruled firm. We
Quota $9.70010.75 (mill shipments); $10.25U
spot, as to quality.
PROVISIONS
There was a fair Jobbing Inquiry and alues
were firmly maintained with somo kinds higher.
Allowing are tho quotations City beef. In sets,
smoked and alr-drled. 33c: western beef. In jets,
smoked, 3Jo; city beef, knuckles nnd lenders,
smoked and alr-drled. 34c. western beef, knckies
and tenders, smoked. 34c. beef hams. 14.;.
pork, family, $4t).50W4B. hams. 8. I--!'
loose. 2Hii)27c: do, skinned, loose, 2727;;
do. do, smoked. 2R02N4C. other hams, smoked.
clt cured as to brand and nerge. -':
hams, smoked, w)tern cured. 28c; do. boiled,
boneless. i8c. picnic shoulders, H. 1 cured,
loose. 24c. l, smoked. 23a. breakfast bacon,
as to brand and airngc, city cured. IP;'
breakfast hmon, western cured, 40c: lard. ""!
em. refined, tierces, 2c; do. do, do tubs. Jflc.
pur clt, Kettle, rendered. In .tierces, 29c. do
pure utj, kettle rendered. In tubs. 29c
REFINED SUGARS
The market ruled firm on a basis of 8 3Jc for
extra flno granulated.
DAIRY PRODUCTS
, I1LTTi:rt Values wero well sustained under
light offerings and fairly actlvo demand. Quo
tations: Western, solid-packed creamery, fancy
specials. 48c. extra. H10'47c: extra firsts. 43c.
firsts, 44'ic, seconds, 13lS4e: nearby flratii.
fancy. COc. nveraite extra. 4N49c: firsts, 4'IW
47c. seconds, 44 4143c; special brands of prints
Jobbing at r33Kc.
KUUM Fine, new-laid eggs wero scarce and
firm with demand fair. The quotations were.
I'rco cases, nearby Ilrsts, $12.00 per standard
case: current receipts, $12.30 per case; seconds,
$10.B3Sfill.20 per case: western, extra firsts.
$18.00 per case; Ilrsts, $18 30 per easel seconds.
$l(.i3ir 11.2.-, per ease: fancy silected eggs wcro
Jobbing at SOMOlo per dozen. , .,
CUKnaK Offerings wero moderate nnd the
market ruled steady, but trade was quiet. Quo
tatlons follow: New York, full-cream, fancy.
June, 27c; specials higher, do, do, fresh-made,
best. 2IIU (f2(P4jc; do. do. iliolco, 83'a U-Vv,
do, do, do. fair to good, -I'a it 23c
POULTRY
l.tj: was In fair request and llrni under
light offerings. Quotations: Fouls, us to qual
ity, 23028c; exceptional lots higher. Itoosters,
20081c. Hprlnc chickens, not leghorns, plump.
ellow-sklnncd, weighing l'a t)'2 lbs. apiece,
2SW21)c. .Spring chickens, not Leghorns,
smaller sixes, 258j)27e. Whlto l'ghonm. 23ir
27c. Ducks. Pekln. 22023c. do. Indian Itunner.
802tc, do. spring 23Si21o. Turkes", 82W2oc.
(lulneas, oung, per pair Weighing lladi'2 lbs.
apiece. 70WKOr, smaller sixes. uUS(U3c. do, old.
pep pair. GOffriJOc Pigeons, old. per pair, 2lti
83c, do, young, per pair, 20022c.
DKKSHUD. Tho market ruled firm, with de
mand easily ubsorhlm,' the limited offer
ings. Quotations Fowls, 12 to box,, milk fed,
dry-picked, fancy selected, 32c. do. weighing 4ty
lbs. apiece, ai'ic.ilo, weighing I lbs. apiece. 31c;
do, weighing 3 '-4 lbs. apiece, 30c: do, welxhliit
3 lbs. apiece, 2802c; fowls, Iced, In bbls.. fancy,
dry-picked, weighing 4V4 lbs. and oer apiece,
31c; do, weighing 4 lbs. apiece. SOSJSO'ic: do.
smaller sizes, 24028c; old roosters, dr-plcked,
22u; broilers, weighing 14 02 lbs. nplece. Jer
sey, fancy. 33030c. Virginia, fancy, 30033c;
other nearby. 288c tier lb., western, 2(Ku2Hc;
roasting chickens, western, weighing 34 04 lbs.
apiece. 28A30C turkess. fresh-klUed, 1st lb.,
western, best here, 24023c common. 200-20.
spring ducks, 23020c, squabs, while, weigh
ing 11018 lbs. per doz., $3.1303 SO. do. do. !0
10 lbs. per doz.. $4 BO05; do, do, S lbs. per doz .
$3.5001, do, do. 7 lbs. per doz.. $303.3., do.
do. nitn'ii lbs. per doz.. $2.25W2.t.o. do. dark.
$20;6O, do, smalt und No. 2. 73c0$1.5O.
1TRESII FRUITS
Choice slock met with fair sale and alues
generally wero steadily held as follows: Apples
New York, per bbl Maiden lllush, $3411:
Twenty-ounco llraensteln. $405, Wealthy. $30
5: Duchess, $304.60. Baldwin. $2.0004.60; ap
ples, Pennsylvania and Virginia, per bbl.
Jonathan, $40, Alexander, $4 05.23; Home
Heauty. $4.3005.60; Htaym.in Wlnesap. $4 0
6.50: Grimes' Uoldcn. $405.25. Hmokchouse,
$405; Northwest Oreenlng. $303. York Im
perial, $304.50: Summer Jtambo. $2.5005: ap
ples, western, per box, Jonathans, $202. oO:
Winter Uanana, $1.7503.50. apples, nearby,
per hamper. rOc$1.50. apples, nearby, pel
H -bushel basket, 25c W$l 23, lemons, per Ihjx.
$8.5004, bananas, per hum.n. $12: oranges,
California, per box. $205; pineapples, Porto
Itlco. per crate. $2 73011, grapes. New York, per
3-lb basket, 14018c. grapes. New York, per 15
Ib basket, 007Bc. grapes, California Tokay,
per crate. $102.83, . grapes. California, Ma
lagas, per crate $11 73. prunes. New York,
per 4-qt basket, !IO42e: plums. New York, per
4-qt basket Damson, 40050c. Urecn dagc, (1,,
80c, plums. California Gross, per rrate, $1.5 i
2.80: plums, California. Grand Duke, per crate.
$1.6008, Cantaloupes. California and Colorado -standard
crate, $1 7502, pony crate. $1.25
1 BO; flat crate, whlto meat. b5H0c: flat crate,
pink meat, 75080c, white rinds, $102, peat hes,
Virginia and West Virginia, per bushel basket.
50c$1.50; peaches. New Y'ork, per bushel bas
ket. $101.75; peaches. California, per box, 60e
$1; pears. Delaware and Marjland. per
h.mn.-n.Mltti f l.r.nta ' '.1. Kcrkrl. si 61
2.50: pears. New York, per bushel basket
nartieit, ti.auw.-.nu; oecaei, -""""''"";
New Y'ork. per barrel Ilartlett, $507. Seckel.
$U08; rears. California Ilartlett. per box.
$2.6003.50, cranberries, Jersey, per crate. $J0
2.30.
VEGETABLES
The general market was quiet and barely
steady. Quotations: Whit" potatoes. IjJs'ern
Hhore. perhbl No 1. $303 50; No. 8. $1 60
2.40. White potato, Delaware ami .uar
nr
per bush., $1 2001.33.
Hweet potatoes. North
t potai
2.60; ?
Carolina, per bbl. No. 1. $202.60; No. 2. $12..
01.75. Sweet potatoes, Eastern Shore, per
bbl. No. 1. $2.6003: No. 2. $1.7302.25. tfweet
n'n,nA Immlv tut, Si.llllSh. tlflSket NO. 1
70090c; No. 2. 40080c. Celery. New ork,
per bunch, 20075c. Lettuce. N'ew ork. per
box, B0c$l.BO. Cucumbers. New York, per
bush.. $1.8302.23. Cauliflower, New York, per
box. $3.5004. Cabbage. New York. Per ton.
$18023. Onions, Jersey, per hamper, $101 ill;
do Orange County. New York, per hamper,
$1.1301 50: do. Massachusetts. .Jersey and
Orange County. New York, per 100-lb. bag, $2 30
03: do. Ohio and Indiana, per 100-lb. hair.
$2.5V03; do, California, per 100-lb. bag. $2.73
0 3.25.
GOVERNMENT'S LOCAL
MARKET REPORTS
TM) daily report is sent out 6j tht
Bureau of Market of the United States De.
partment of Agriculture, Philadelphia
branch, with headquarters at tOQ-313 In.
uraiice Exchange Uullding. Uell Tele
phone, Lombard 117.
(Wholesale prices on Urge lots to Jobbers,
tiled on aalei at the arlou railroad depots.,
FRUITS
APPLES, per barrel (40-45 quarter pecks),
verv few for sale: New Y'ork, Maiden Ulush, A
irISe 8'i.lnch. $306.23. do. ungraded. $3 50.
Jonathan. A irade. 214 -Inch. $4.5005.50; few
$8?VlK?nl Htai men'? Wlnesap. A grade, 21,.
Inch, $505.25; Urlmei's Solden. A grade. 21i-
TOO I.ATK rort CLAHSlllCATION'
1IKAT1IN
HAnniB. Oct. 2, KDWIN IV.. husband of
Kllen "V. Harris, aged 73. s Ite olives nnd
friends Invited to aervlcee. Ft1 1-JO p. m.,
S'iik Colorado st. Int. private at Mt. Moriah
Cera, lrrlinda Tmay call Thursday from 8 to
10lfcCANN. Suddenly. WILLIAM If. McCANN.
Funeral private at the convenience of the
'"htINSON. Oct. 2. CATHARINE, widow of
John atmsonTVged &4. Relatives and friends
SAW (o funeral. .Fri.. 2 p. m.. at the- real.
denceoi ner -""-"-';; ;riin..r, -.
iiii. Fvr -""- - """ ,, ,
1IKI.P WANTKDt-OLVLL'-
WANTED An experienced tire salesman with
"references. Apply, Thursday morning Uruns.
wlck-Ualke-Collendsr Co., 1002 Arch st.
PAHCEL POST
JAPANESE GRASS
SUPPERS
romfortable Durable
I 10o Prepaid Anywhere
U B. 4h St.. I'Wla.
PAWNSHOf AT 904 VINE
Inch. $4.50.. York Imperial, A grade, $4. do,
1) grade, $.1,25.
rnC"A,Ari'I'':si nearby, ner .tuhet basket
(0 quarter pctki), mostly $2.
ri- A'A'' """ T-liand hunch fS dcien). Ill
?i Vf 8-hand bunch 110 dozen). $1.23; do.
ln,i,.,Lh"n.,, ,,u,lfh "2 dozen). Il.aui do. per
10-hnnd bunch (14 dozen). $1.73; do, per 11.
hand bunch (16 dozen), $2.
1.riViNT,A.I-ol'.PKfl- Colorado, per standard
tJSiS ',A 2relon"- $1.7802.1.-.: do, per pony
nK r-.i.55,?!1'" melons), $1.75! do. Per
&.CTHX9 (I2', melons). 50Bic: do. while
rinds, per crate (0- melons), $101.00.
nerL'iiA"5V,,fw.Yor.k' Pr b"""' M'ln quarler
necks), llartletts, $2.2302.60; Seckels, $3fli
nur;A5,,iK!i: ,T"'",'. per S-buehel basket (-fl
3S?.1 w perJ"l)j..Irol Mountains, Halwaya 23W
CUi7i,S,',"llln' 75c0$l New York, per
1 Vm i,i1.f"I?ulu,r'r Pecks). No. 1. $1,500
03'ooci ba,let. i:itertas (7 quarter pecks).
L'lNEAPPLUS. per crate (24-18 pints), $2.60
mtt'S'ES' New ro,'k ptr '-qu't basket, 40c.
on.I'mo.V6O0lSc'.k' per iX"ltt b"M' Dam'
sev.n$2N 8:7rnIES' pcr 3--0"rt crate. New Jer-
13c,IlIAr!iT.vXeY- XorIt P"1- "-". basket. 130
1. Delaware. ir..b basket. Concord. 03070c.
.. .AUCT'0N s-'-':' TUBTERDAY
flfi-! .iU:H' l'!lfirnla. per box. Inrge size
doieni ..Vr'i. .' e l- medium size (U-18
$ln3,4M.10fe'','('! ma" sl" r-'-::7 d0"n
$1 inA"i'.l:,r f'allfornla. per 21. lb. crate, Tokays,
IlaIrtioui! $ia8O0r3n75' "" b" tlM-K5 pcar"'
VnOETARLES
nllarlAeN'?.JKlSrb, p'r S-'il"1 "aakct (0 to 10
$ifi"iYsi(.".,-$rin-3Ho75ci do w"' 03cO
A mi?L" ..";. ork- Lwr .,on' o23.
tr nerrUi'laK-i'so''- "" barrC' (33 to 40 quar-18"I;Vs'),'l'$,'K"-
l"n Ilan'1' pcr box 14
r-firU"Y' 'Tr '""'ell (12 stalks). 33073c.
mi bWi5' sacked, per lot) ears. 50$2.
i;io20m!.-).,!fffiPMr s-bu,hc' h"M
f,viiivLl,I:,tM' ."" ""Inls
l"'nT,"1 "T, loOrpound sack, iellon. Ohio.
cmiietti1, s .O'o,".,.v--Yor,k' 2-!!03;do. Missal
,! f-aHr-' .V::sS.-..V'-.Uo- Indiana, $2002 M,
$3 23 ' '3" ',0-lo (Australian browns),
to'inTiem'. Isffi pcr "bU8hcl 'ak"
talinn"1? J.1"""!'" .Hhore Virginia (last nuo
i?cL) v V' tWnr'UlW1 ,''15 " 0 nuarter
5 !!! . ' Ij.so&a 75, do. no 2. $202 23:
W83c- S'sP'-JSSjK.1 K5 ?3 pounds), SO
re? harrV1! ,',"f-)A7.?BS' '" ''" Virginia,
per barrel (3. to 40 quarter peeks), No. 1. $8 30
6- i,''li,J!,i0Vs? .- no arrhals, do. nearby" per
T-V I .r16 '-ba".Jtlt .1 " O quarter pecks). 03
I iT , tin, 0. . 40 Iff llOC
ISHflno"11, ncarb3' per -bushel basket, white,
ciuar:.r;pLV).,io"Sf,& H -bU,hcl ba"et (,
TOMATOES. nearb. per s.-bushel basket
Vo-r!"ni" "unr,rr rck). P7.v 25Vdo. "lis!
n'nU,l.i!iR llf,,"'by- Per s bushel basket (8
50070c. Vvckn). white. 40005c; do. jcllow.
SECURITIES AT AUCTION
Kew chniifrcs) In tho prlccw of local bank
nnd trust company Hooks were recorded
at tlic miction Kilo of securities conducted
today by Iiarnos & I.olland. Philadelphia
Trust Company ffiilncd 4a, points, to S00',i,
nnd Soutliunrk National advanced C points',
to 155'i.
Tho sales follow:
STOl'KS
100 shrs. I.chlgh Valley Railroad Co.. par
$.i0
100 shrs. AVnlnsh Railroad Co prc'f'errcii
200 shrs Noi-tii Sviidwboif UaV '('o.':' 'paf
1 1 shrs. Nbrih ' ' wil'dH ocd ' ' ini'p'roYemcnt
. o., par $loo
30 shrs. llergner ft Kngel llrcvilng Co.
preferred, par $100
- shrs. Herman Theatre Really Co
401s
1".
II
35
2'i
.,ul,,Y,K auonai isanK; par
100 f j-j
2 shrs. Commonwealth Tltln Insurance
and Trust Co ; par $100 230
piiib. Liiniiucmai-rjiiuitntjio Trust Co.:
par $100 ,
10 shrs ContliKiital-Equitaliln Trust Co'.':
. par $100 ,
, shrs Cnutlnental-Equltablo Trust Co ':
par $100
1 Shr. Piiiin.uliiinl . .... rA ,. .!..'.l!
87
87
87
, ' -'. , ... iui innurniires
$1011 ' " arHlltl"S Annuities: pnr
1 shrs. IVniile'n'Tnist Co.','riar'$50.' '.".'. '3314
T!!.,r. J!!;Ili,,1i.'lPh.,tt ,Trual Vu-: Par 'l"" M0i
.3 shrs. Real Estato Trust Co. preferred:
par $100 .....100
1 shr Insurance Co of Stale of Penn-
Mlvanta; pjr $100 luo
4 shrs. PhllHdelphla and Trenton Rall-
road Co : pav $100 no,,;
2 shrs. l'hlladelphla. llermantonn and"
Norrlsiown Railroad Co. ; par $50.. 137
1 shr. Uefmanlown (4th and tfth Hts )
Passenger Railway Co 103
-' shrs. Continental Passenger Rsllway
2shrs. John" li." h'tctson ' Co.' 'common: U''
par $100 Tidl.
00 shrs. United Has and Electric Corpora-
tlon first preferred: par $100 50
1 thr. Rroart Street Hank. . . . . . . .;.;; (J(J
BONDS
$3000 Rushklll Farms Camp, fl per cent
Income. Duo Jutuiiry 1. 1B20.
. (Coupons 1910-17 attached. )..I,t $;o
1000 United Traction Co.. Pittsburgh. 5
per cent. General mortgage. Cou-
. . pons January and July. Due 10117 60
5000 I.ako Superior Corporation. 5 per
cent. Income. Interest October
annually Due 1924 50
1000 Spring-Held Consolidated Water Co .'
5 per cent First mortgage. Cou
pons Jlay and November. Due
1958 ... .t no
NEW YORK BUTTER AND EGGS
NIJVY YORK. Oct. 3. I1UTTRR Receipts
13.070 tubs JIarket easier. High score, it w
40 c. -extras, 43c. Other'grades unchanged
F.UOS Receipts. 10,108 cases .Market Irreg
ular. Prices unchanged. "
Keystone Supply
& Mfg. Co.
numbing and Heating Materials
917-49 N. Ninth St.
HEAL ESTATE FOR SALE
MEI.KOSi: 1'AIIK
atfsL lsaB SBIKK"!JIKk Sissisisisisisisl
No. 3 Sharpless Ave,, Melrose Park
Heiu. Built anal OccunUil br EDWIN S. RADLEY
Location unexcelled. Situated midway between Oak Lane Station and the Old TorW
road. Houm aufani In every seie.raia very large a4 wK txra4. lnisst
OFFERINGS OF CORN '
READILY ABSORBED
Some Selling' by Commission
Houses on Government Acre
age Figures
CHAIN' DKI.T WKATIIKR I'OltlXAST
TllirAOt). Oef. 3. Illinois Showers this
afternoon, unsettled and rooler tonlrhli Tliurs-
ilay fnlr, rising temperatures north and cen-
trnl.
Mls.onrl I'alr tonight nnd Thursday)
rooler tonUliti warmer Thursday north
Wisconsin l'nlr tonight nnd lhursdai
rooler tonight southeast! warmer Thursda.
Mlnnesota$"rlr tonight and Thursday!
wanner Thnrsday.
Iowa 1'nlr tonight nnd Thursila) 1 cooler
tnnleht south nnd e&treme east! warmer
Thursday.
North Dakota Fair tenltbt and ThiirsUari
wnrmer tonlihtl cooler Thursday In west nnd
snu'th Dakota Pair tonight and Thurnlnji
UHrmer tonight and rast Thursdayt rooler
Thursday west,
Nebraska 1'nlr tonight und Tliursdaji
sllghtlr rooler tonight southeast! warinrr rast
und cooler nortlmct Ihursdin.
Rnnsns Pair tonight and Thursday! rooler
tonight tu rast nnd trnlruli warmer Thurs
day northeast.
Montana anil Wyoming lair tonight and
Thursilii).
The corn mtrket displayed firmness today,
altliotiKli there were several dips. There
was somo sellliifr by commission houses on
a report Issued by B. XV. Snow, plnclnc
tho condition of tho crop at 74.6 and the
Indicated yield at 3.115,000,000 bushels, or
3.170,000,000 bushels on the acreage figures
of tho Go eminent. Offerings were ab
sorbed readllv, however, and the losses were
recovered. Offerings from the country re
mained small.
The weather In the belt was rainy, but
somewhat better conditions were forcciit
for tomorrow. Interest In the pit was lim
ited, and narrow movements In prices are
expected until after the (lovernment report
Is published on October 8 and the question
as to tho maximum price is seiucu on
uctooer 11
Tho market at I.lxerpool was firm on the
continuation of the strike In Argentina and
light clearances from America Foreign
requirements are Important.
The high on December was $1.20. the low
J1.18',i and tho close $1.20. against Jl.lD'i
nt the end yesterday. The best on May was
$1.16a;, the bottom J1.15 and the final
$1.16;. compared with $1.16i. yfsterda's
last price.
Oats also ended firmer, with offerings
scarce. Local traders supported the mar
ket. The principal selling was by scattered
commission houses. Tho country did not
offer.
Tho market nt Liverpool was steadier on
llp-htei- r-vnnrt offers.
Mr. Know placed tho indicated crop of the
Prilled States nt 1.615,000,000 misneis, unpen
on tho liovernmeiiL'H acreage figures.
Tho best on December was 60c, the bot
tom 69c and the close eoiftSDTiC against
59c at the end yesterday. Tho top on May
was C2c. tho bottom 61'sC and the final
62c. compared with 614c yesterday's last
price.
l.eaUinK JUlUltn tniiHVu nt ...
Open UlRh Iow TIosp close
Torn (now rteUvrrv)
Tun ... l.Ki 1.1. .1 l.ltt
ne"" i.in'4 " i.im, ti.sn m in;.
Msr'.'. 1.10'. 1.111s. 1.1SH tl.10; M.1BH
Dec!" mi o r.s no nj
illy.. tj; - !' - lli
oet'.".ri1 LM.no -i.r.o 2I.2". t2t.r,n -z r,n
Nov.. 2IMI 21.KO 24.37 121.70 J.MI
Jan.. 23.00 83 0,-1 23.0,1 t23.02 23.02
Orl'!!"-20. 10 20 02 20.40 20.r,7 '20 00
Jan. 2.1.00 21.00 21.02 21.87 ti'5.00
fork ....
Oct ... .... ... ... ... 1
Jon..'. 47.00 17.00 10.2.1 T40.73 IT.15
Hid. tAsked
CLOSING LIVE STOCK PIUCES
rillCAOO, Oct. f! lliXIS P-ecelpts. ta.onn
head: tomorrow, 12.000 head. Htnw. Hcst. ..c
higher: others weak at lestcriu s average
11'rik. Jts .ioit.4n: iiht. 18 inwin rt.-,; mixed.
siN.iAfclti.on. licavj-. J18.15lf..j; rough.
J1K IJiffftM 11
CATTI.i; llecclpls, 7000 head. Strong: J17. 70.
SlllHil' Itecelpts. 1000 head. Strong. tl2 00.
Lambs. 18 15.
SOl'TII OVUll.t. Oct. 3. HOGS Receipts,
4R00 head: l(lW20e lower.
t'ATTI.i: Itecelpts, 12,500 head. Iloevcs.
,.nrf., 1. frintr.
HIIEUP Itecelpts, 4.1.000 head
lower. Lambs, weak, 10 23c loner
Unevenly
KANSAS fITV. Vt. 3. CATTLE Ttccelpts.
1(1(100 head. Stendv
HOGS itecelpts. 0000 head. Steady to 10c
10 HIIKKF lleeelpts. 12,000 head: 2333e
higher.
KAILIIOAD EARNINGS
ATLANTIC COAST LI.N'L
inlT tn.
August gross
Net .
Klaht months' gross
Net
i.ouisvilli:
August gross
Net
right months' gross.
Net
August gross .
Net
KiRht months' gross
Net. .
Decrease.
. J3.3.1.1.II74 I74H.7.11
003.804 87,!)0
. . 8S,IS.fi7a 4.3llK.Hn
. . 7, .102.858 809.253
AND NASHVILLi;
.. J0.77I.278 .1 121.440
.. l.njn.sso 'luo'os
. 40.244. 002 7.438,809
12.580.78(1 '133881
J7..'.33.0lH
2.441 4.17
.17 310.41.1
111.040.001
J4R2.fl(12
330.802
7 0.'8 .-,4N
080,408
HEAT YOUR HOME
THE PIPELESS WAY
The Keystone I'ipoless Furnace is tho one
heater that meets the demand for clean,
comfortable, economical heating in homes
in which the ordinary type of furnace
cannct be installed.
No Pipes No Flues
No Waste Heat
Easily installed in any home without
tearing up the walls. Heats every room
comfortably in even the coldest weather
from one register. Constant circulation of
air assures perfect ventilation. Substan
tially made and economical tu operate.
Write for booklet-
REAL ESTATE FOR SALE
.uixnom: park
COTTON PRICES RISE
IN EXCITED MARKET
Sensational Advances Recorded,
With Rapid Buying by Foreign
and Domestic Trade
( (ITTON H1XT WKATItKR CONDITION1
NT..V MlltK. Oct. .1. The following tent.
penilures were recorded In the rottnn belt
this morning: Ashevllle, 40 ('hattanooga
nnd KnofTlile, 4Hi Meridian, Macon ami
Raleigh. 02 1 Mnntgnmerjr. Augusta and
Wilmington, 5lt lllrmlngham, Nashville and
AHanla. AHt I.lllle Rnrk, Mrkslinrg and .Mo
bile, 3gi Mirrteport and Memphis, 601 Okla
homa (itr, Port jsmlth, 1'ensuroln. Thomas
illls and bHvannah, 6$ Charleston. 01 1
Abilene nnd New Orleans. 6A1 Pan Antonio.
Jacksonville and Del Rio. 6S1 Tampa, "0;
Corpus ( hrlstl. ti Mat. eaten. 74,
There was .01 inch of precipitation at Jack
sou, Hie.
nj:w yop.Iv, Oct. 3
Another t-ctisutlonal ndtanco was re
corded In the cotton market today and
changes in prices were more rapid and ex
cited than on yesterday.
Foreign nnd domestic trade Interests were
credited with being extensive purchasers
on the rise and bullish sentiment continued
Toung Men and llojs
iEduca'tional it
wa
Central
There Are Many Good
Positions Open to the Right Man
Have you qualified for one of the many positions now left open
by those who havo answered the country's call? Fit yourself
to fill the gaps left in tho legions of commerce. Prcparo for
the opportunity that is open to every one of us who is not called
for active orvicc.a The Y. M. C. A. School of
Commerce and Accounts
t" flttluB hundreds for tho next Wither t.tep
Now is the time- to Ret out of your "rut." n Is jour ilulv to
qualify yourself for ono of the many positions left open by those
who answered their country's call. Don't bo a slacker
t , iiu tnll 4'ntl tllllV
i.,. v.. .v.. rfWM ..V...
.Accounting & Auditing
Credit & Investment
Real Eitate
not It Sees
Modern Languages
Special evening classes in the mod
ern languages. French, German,
Spanish, Italian and Russian. Stu
dents desiring to enter should
apply at once.
Write, call or phone for Catalog 51 67
TEMPLE UNIVERSITV
I lironil St., below DerUs C
n rhlladelphla
jHonteftaiori
noAnniNO and day sniooL
40th and .Spruee Hts,. I'tilta.
fleonens for 4th Year In October
Bell Tel Treston 4432. Auto service.
8elentlfle Direction for NORMAL Chil
dren, 3 to 15 years. The aim of this school
Is to give Normal Children an environ
ment In which the spontaneous Impulses
of child life may have freedom for Indi
vidual growth. Direction covera Rlet,
Kiercise. Recreation, Deportment. Con
trol of Emotions. Occupation, etc, differing-
for each Individual child.
Training Course for Teachers
Announcement will be made later et
the opening of ear Central Hraneh School.
Mrs. Anna Wlndle I'alst. Directress
Monteasnrl Diploma. Ttome, 1014
tfJfmmmmmmamm
fJl ParrlelnH Ms.,t
1 vgiuu,i nurr .
It Is our aim to make our school so
much better than alt other achoola that
eery one who wante a business educa
tlon will want to come to our school.
There are now 449 students attend
Ing our Day Sessions and 408 students
attending our Night Sessions. We can
accept 51 more Day Studmta and 3J
more Night Students.
Why not start at once?
Strayer'a Buiinoss College
1.
SOT Chestnut St.. l'hlladelphla
ORATORY
Ki.nti t Hiv. l.KAM.vrir aiit. ArriioRsiui',
MAI.KHMA.Msl.II', 1'lillLIO SI'liVKlNtl
Diplomas and Degrees Chartered School
(1S'3) of recognized educational standing Class
and (.onndentlal prltate Instruction Da after
noun and evening classes for both sexes 3hort
courses Children's class Saturda morning,
Largs catalog on application. I'hone fer per
sonal Interview. Spruce 32-18.
Day School opened September "4th.
Mlas S. NeA". I'll. D., l'rea. and 1'ounUer
NKIT t'OI.I.lX.i:. 1130 Chestnut r!t
STRAYER'S
The Ileit nustneis School,
801-607 Chestnut Street,
SALESMANSHIP
ACCOUNTANCY
REAL ESTATE
Another class now form
lng. Nothing else pays
better. Oct particulars.
Individual Instruction by
a C. P. A. I'reparea far
State Hoard examination,
and Conveyancing taught
by a 1-awyer and a prac
tical Real Estate man.
Wanamaker Institute
i3d t Walnut. Opens Sept. S4th.
Bookkeeping. Stenog . Jlus Arlth.. Venmanshlp
and Correapondence: l'ubllo School Branches.
IT to uer year. Day or Uvenlng. Catalag O.
" "sritlNO OAIIDEN INbTlTUTI!
S. V. Cor. llroad ana .VMnF ""T?"t.,l,t1"
Niaht and day claases. Drawing, Machine Shop
Sraetlce .Electricity. Mathematlce. Automobile
Mechanic...
upen tsepu ie " ,lo'.iL w"r
$4 I Night School ....
I -l.!Ti A f.Kll.h tlafimaHshin
I IlDOrintnU, J,JlK"aj" Me-eet-
month 1 1'AL.MUn FCIIOOU in O. lum m.
b..nt. 1 J.'nn. ISngllsh, French, German.
rnvate Lessons i.tin' Mathematics.
Ilarlcward pjMilla. Mlse Wlldman. 1C3H Kace et.
Bucknell University
LEWISBUllU
IT.NNA.
Young Women and Olrle
Miss Marshall's School (,ThlS
OAK LANK. 1'IIILA.
Tlsv and Hoarding DepArtments. Primary
through college preparatory courses, also Art.
Muslo. Expression. Domestic Science Teacher
to every n Biria. iimpui 01 acres, large,
airy study rooms. Outdoor athletic Appoint
inent may now be made with the principal.
Dell telephone. Oak I-ane 1020,
MIS8 KsJI.. JrtARBJt AI.Ju Prlnflnal
, 'Hii8tVeVy, VA. ,,
to bo sener.il Those! wha xpecel hlg
prices xi'serled thHt both AmeriCA
Hurono hud been convinced by" trie Si
statement of the Federal JJurcaAs or)
condition of tho crop ona"on sinniesT'1
me yield would be too email to go r
Tlioro was a good den I of realliln,
the demand was f(uul (o It A alef
from New Orlenns said that a short
of approximately 10.000 bnles of. Oct
iihu uecn covered in mat niaiMt uy
"icni. ii
At tlie opening of this morning: "
market was 30 to 48 points I, Bher, a cowlh
untlon of yesterday's upward irtovemM
'I here was coerlng and Liverpool buyfn 1
tne start, but also n good deal of nelllritr.
some of the larger longs, which was bo '
absorbed, however, that at tho end 'of th3
first fifteen minutes leading positions went"!
At.- f?n hnlnl. VllmliAM OmIaI n. rnf.r.M.f fgM I
v.w. .v iJvr.liia ...(. WtVlCI .nvnwM '-,
at 10:15 o clock.
.Soot news from the .Southwest told of an '7
easier basis, but that from the eastern beit fV
was cry bullish. At the end of tho flrt I A
twenty minutes the market was still stroiiC
und active, with prices 113 points net higher.
Testerdny'a
Iom Onen
High
20 no
2n. in
20.10
Close
2(1. no
t. 04
8.1. rt
2S tin
20.0.1
2t.S3
October
December
.Unitary . ,
March . .
May .. ..
Hpot . . . .
.2.-..4.V 'J.t M
..24.113 i'.t.lft
. .24.7S 2S. 10
2MI1
2.1 in
2.1.20
23.33
...4. S3 za,?
20.10
I4.D4
23.35 20.40
20.20
loung Men and Hoys
1421 Arch
St., Pl.ila.
Merchandising
foreign Trade
Butines Administrate
Chestnut Hill
Academy
St. Martins, Chestnut Hill, Pa.
The. most Ideally located and flnet
equipped day nnd boarding school for
boys In or around Philadelphia.
Especially low rates for five-day
boarders who tjend Saturday and Sun
day at home.
High standards of scholarship corn
blned with unsurpassed nthletld,.fttf
ties. Including eymnaslum, swlmrauyr
pool, three athletic fields, etc.
For Catalogue Address
J. L. 1'attrrson, Headmaster
The Episcopal Academy
Locust ant Juniper Sts.
FOVNDBO 11S5
With Which Was United In 1015
The De Lancey School
Thorough training under Christian Influence
In preparation for College or Business.
Separate Bide, for Ks (I to U years of age.
Voluntary Military Drill for boss In the
Middle and Upper Schools.
SCHOOL 18 SOW IX 8EHHIOS
Headmaster ner. I'hlllp J. Stelnniets. Jr.
AUTOMOIIII.K .SCHOOLS
Nlcbt and Day Classes
Tno hotirs each, twlco a woclc.for three
months 26 leswons.
NIOIIT (M.AHHKH. 7(30 I. M.
DAY t'l.AHSES, 10 A. M. and 4 P. 31.
HI'RINQ OAUDISN INhTlTUTK
Ilrnad and bpring tl'ardenfetreets
Salesmanship Public Speaking
CLASS ANU PRIVATE INKTItUCTIONr
under a Lecturer and Teacher of L'u ears' In.
ternatlonal experience and estau. reputation.
NATIONAL EFFICIENCY LEAGUE
COS CHESTNUT 8THKETj
YlLLiNOYA. PA.
VILLANOVA
Uader Cathollo aueplcea. Large eaaieKa.
Modern buildings. Courses Include ISrurlaeertag.
Classics. Cimmerclal and special atudfea. Mec.
letered Prj-lJedlcal Course. Prep, Seheok i
eonneotlen with eollege. Tolentlne Academy (or
snail bora on college grounds. Ussy seem
4er dayatudente. Vor catalog write
Tteaisbnur. Box TO, Tlilsnera, Pm.
Young Women and fllrls
Phila. School of Design for Womo
Itennens October 1. 1917
IIROAD AMI 5IASTEK bTKKLTS. l'IIIL..
MUSIC
THE' WILLIAM HAH0N GREEN
sciiuui. tu I'UNoroRTi: 1'I.avinu
l.r.SCIIrTIIZKY I'KINCIt'LEM
Klrst Assistant
CAItnil'. IIEPIIURN MATCIIIN
Special Normal Course 'for TeacBers
rrogreshlre Series
Pupils prepared for concert performance.
Children's Department 1714 chestnut Street
ChristGnsQn
SCHOOL. OK
POPULAR riusic ,
RACTIME IN SO LESSONS. PIANO. UKULKLI
All Instruments, I'hone now for booklet, ;
150 Chestnut St. I'hone Knruce 1,0), 'i
141 Yenaiao ht Phone TlogaSlt6.
PEALL CONSERVATOliy
All wind and string Instruments. Including
UKLLELK and hTllEL JiUITAH. I'lAjiii.
VOICE. MCUX tflNtllNU,. ELOCUTION, etc.
catalog. i-upne 4ioga asieu
S304 V. llroad Ht. 1714 Cbesinol' St. '
Wanamaker Institute ,
Uld Walnut. Opens, pept. "4th,
VOCAL LESSONStIa.ror1
Jforn .' Art. annBv
HTIlillll
Aft. and Bvg-. . Send for Catsloc a, , .
DIO TO SUBLKT
Attractive sludlo in dresser rtldr.
tri
CT.ndtan.uinLSo.m.cPhl nrl
Phila. Conservatory H ,w (
nirectora D.-lf. Kterman. If. Ven Uep w ,
" l-HILIP WAKKBf ' frr1SK: M
'a-- - s - s -" -'' - . Brll H
Y. M. C. A, SCHOOL OF MUSIC ,
Bend fur ctajsaf-WBrieej, 1481 ts , ,
jaejseeaeBBwsF 1
'. '-1
1
,1
-4!
ti
tTWBLt)ii5)Kiw'.?i Mai Otney 44iM
fi.
T: i, i&.Ll. -L. --K.f : vn
kuvim&ji