s
V
,-1
-,'
y
i ., 1 r
EVENING ' LEDOER--pltIliAI)ELPHfA, THURSDAY, OCTOBER 4, 11)17.
fr
SpntTY LOMN BONDS
El E
BMMLUTELY EXEMPT
PfHHW THE INCOME TAX
UP TO
AN INVESTMENT OF
$5000
PRINCIPAL AMOUNT
FINANCIAL NEWS-NfcW YORK AND PHILADELPHIA STOCKQJJOTATIQN
nEILLY, BROCK & COMPANY
SELLERS PREDOMINATE MOST
OP DAY IN NEW YORK TRADING
Sharp Declines Occur in Many Stocks, With Losses
Ranging From 1 to 6 Points War Rev
enue Is Widely Discussed
High Points in Todau's Financial News
' Weakness ruled market in Nciv York and many stocks recorded severe
losses., War taxation cost to industries was a 'bearish influence. Curb
showed an irregular tendency. Com and cqtton lower. Strength of Scandi:
navian exchange was feature in foreign exchange market. Bar silver lower
in New York and London.
New York Stock Sales
.Ol0arU$eo.
BANKERS
(Established 1837,
321 Chestnut Street
Philadelphia
!1
4
To Holders of
Liberty Loan Bonds
First Issue
'Analysis & Compar
ison of Conversion
and other features of
First & Second
Liberty Loans
Send for Special Circular No. 25i0
Bonbright & Company
MORRIS WISTAIl STROUD. Jr.
Manager
437 Chestnut St., Philadelphia
Nsw York ltoaton Chicago
London
Paris
Detroit
Bargains in R. R. Bonds
Folio win ff our special exhibit of 100
blffh-ffrade "AAA" bond bargains, we
have now Issued a special letter on
medium grade bonds, also showing
many useful opportunities for the
careful lrtVestor. A few extra copies
are available.
Ak for Circular 2to 227.
k MOODY'S INVESTORS SERVICE
John Moody, Pres.
X TJaasau St. New York. Tel. 3173-4 CorU
NKW YORK, Oct. 4.
Sellers predominated to such nn extent In today's stock market ns to make
trie trndlns one sided, buying orders belni? noticeably absent and few nmoiiR
the trading clement wcr.o disposed to take even moderate amounts of t'iks at
substantial concessions. This made price movements throughout the day all
take the shape of sharp declines, with many stocks showing losses ranging
from 1 to 6 points when the day ended,
New low records were made In a number of Issues, and on the declines n
myriad of stop orders was reached which helped to further unsettle speculative
conditions. The selling was nearly all found In the estlmnted burdens that will
bo placed on Industrial corporations ns the result of the war revenue law.
Calculations were made that U ah Copper for the current year will have to
pay a tax of $9 a share, and tho calculations were followed by assertions that the
tax on Steel would be equal to $40.
There was nothing In tho way of news In the burden of taxation that will
be Imposed, but the market had not yet been called upon to hear the harrowing
details. Probably United States Steel can pay $40 a share taxes and be able to
double the present distribution on the common stock, but that probably or
possibly did not enter Into traders' discussions when declines were In progress.
The time money situation has worked around easy. United States Steel
common, after selling at 108 early In the day, dropped to 105. Bethlehem
Steel "B" sold from 88 down to the new low tecoid of 84. Texas Company
dropped 6 points to 154. Thero were some tecoverles In the late trading from
these low levels, due in most cases to covering of board room shorts.
Thero were heavy transactions In the Liberty Loan nt prices ranging from
99.92 to 99.84. Hallway bonds continued weak, with St. I'aul refunding 44s
selling at 73,4.
Railroads May Ask Increased Rates
The very poor earnings of properties like lite Pennsylvania, the New York
Central and the Baltimore and Ohio emphasize the difllcultles of the eastern
carriers, which, unless Improvement comes soon, Is likely to crystallize in a
movement for an advance In freight rates. While the western lines have
Increased their net 11 per cent and those of the South 3 per cent, the trunk
lino properties show a loss of nearly 20 per cent. It is an obvious fact that
unless a rapid change for the better occurs, dividends will be endangered.
This explains the weakness of stocks like New York Central and others of
Its class. Holders are letting go In despair, thus adding to the advantages of
those plungers who have been operating on the short side In tho rails. The
steady stream of liquidation has served the purpose of preventing the market
from turning on pure technical grounds.
Lehigh Valley Is now mentioned as one of the properties most likely to
figure In a dividend reduction. The yield of 8.5 per cent Is not conducive to
confidence in the present rate. What Is more, the figures of earnings for eight
months, with a loss of $1,, 300,000 In net. In spite of tho large revenue from the
sale of anthracite, Indicate quite clearly that the dividend of 10 per cent may
not be earned this year.
Some Favor Lower Rate
There has long been contention that the Lehigh Valley rate Is too high,
and some Interests In the company are understood to bo strongly In favor of a
lower rate, on the strength of tho argument that the margin now being earned
Is too smull to make the 10 per cent dividend conservative.
Holders of Lehigh Valley might find It to their advantage to exchange for
the shares of some of the other rails selling to yield ns much ns Lehigh
and earning their dividends by a considerably more comfortable margin. In the
case of St. Paul there Is a growing conviction that the 4 per cent dividend will
nqt hold under the administration of Mr. Byram, who comes from a school of
railroad operatives whose basic principle is that of physical condition first and
dividends afterward. The St. Paul physically Is In very poor shape.
It would be funny. If one could forget the tragic, to see a stock selling
only a few dollars higher than Its annual earnings of $29.63 a share. Such
is the case with Maxwell Motors common. Tho figures, however, are for the year
to July 31, and do not necessarily portray the company's present-day condition.
Inventories arc unusually high at $10,813,000, but the olliclal statement Is that the
figure constitutes a conservative valuation. Willys-Overland and Chevrolet
report a current business considerably above that of a year ago, but the stocks
of the motors nevertheless continue to decline. Their chief difficulty nt present
Is that of an adjustment from the Insane speculation of a year ago, when values
were distorted all out of proportion, much the same as some of the motors have
been depressed to prices well below their intrinsic worth.
United States to Buy $500,000,000 of Steel '
It is estimated by steel experts that the Government will expend about
$500,000,000 In the steel industry In the first allotment of orders. The United
Statesis calling upon steel mills for about 5,400,000 tons of various products for
war purposes, but this total will undoubtedly be swelled later. The Industry In
the last nine months has operated at an average rate of approximately 3,600,000
tons of steel' ingots per month, giving an annual production of about 32,400,000
tons of, rolled products.
Of this tonnage, therefore, the Government Is taking 16.6 per cent.
Assuming that tho United States will pay an average price of three cents a
pound for this material, the expenditure will be $416,880,000 tor the 5,400,000
gross tons, or $500,256,000 for the 6,480,000 tons to be purchased.
Illah.
. 4
. XU.
. 23
- 83
. 40
Low.
S
2 "4
22
82
43
100
AH
40
34
2Si
A0"i
88
1.1
07
D3
Net
irme
Alaska Old M....
Alaska Juneau . ,
Allla-ChalmerH Co
Am Ueet Sugar..
Am Can
do pref I00,
AhT Car Fdy Co 00
Am Int Corp... . 30
Am It & U pref . . 83
Am Linseed ..... 28
do pref 01
Am Loco 00
Am Malt 1011
do pref . , 00
Am Smelting .... 011
do pref ., 108 108;
Am Sum Tob .... 37 B8ii
Am Steel Fdry ... 04 03
Am Sugnr 100 100,4
Am Tel & Tel ...1184 tin
Am Tobacco 10O 187
do pref new . . .100 100
Am Wool 43V4 44 ;
do pref 04 04
Am Zinc & Lead.. 17 . 10')i
do pref 84 34
Anaconda Copper. 70 08
Atchison 03 03
do pref 03
Atlantic Const L. .100
Atl Gulf & Wl.,.101
Atlan O & W I pf. 00
Bald Loco 02
do pref 00
Bait & Ohio 00
do pref 00
Barrett Co 0814
Beth Steel 80
88
38
D0H,
In
44
03
100
08 ',4
00
38
00
80
00
08V4
81)
81
8.1
07 .
13
42
do H
Brooklyn II T ...
Burns Bros
Cnl Petroleum ..
do prof
Canadian Pacific.
Pal Packing Co.. 30
Cent Leather 84
do pref lot
Cerro de Pasco... 33
Chandler Motors.. 72
Chcs & Ohio 34
Chi Gt West 0
do pref 2
Ch M & St P 81
do pref ., 04
Chi & Northwest. 103 102
do pref 140 140
Ch It I & P t c... SS
do 6 per cent t c 32
do 7 per cent to (12
Chile Copper 17
Chlno Con Copper 40
Col Fuel & Iron.. 42
Col Gas & KI 38
Consol Gas 101
Cont Can no
Corn Products ... 31
do pr 08
Crucible Steel ... 7211
do pr 03
Clone,
4
2 ..
2t 1
82 1
43 2
100 1
08
40 V,
34 1
24 1
80 1
38 1
18 1
07 2t
03 1
108 Mt
83 1
0.1 2
100 2
113
187
100 1
44 2
01
181i
34
88 1
03
08
IDA 1
08 1
no
38 1
00
00
80
08
80 . I
83 1
OOi 2
07 4
13i 1
42 2
148 140 147
38 Ytt
38
82
101
32
72
83 '
0
20
40
04
82
104
32
72
33
0
20
30
Cuba Cane Sugar. 31
do pr 82
Pel & Hudson 07
I) L & W 103
Dome Mines 8
Distiller? Sec 38
ICrlo 30
do 1st pref 30
do 2d pref ...: 21
Gaston Williams . . 37
Gen i:iec Co 138 130
General Motors .. 00 03
do pref
Goodrich, B V.
Granby Mining
Gt North pref.
Gt North Ore sulis 33
Greene Can Cop. . 41
Gulf States Steel
Illinois Cent ...
Inspiration Cop..
Interb-Cons Corp
do pref
Int Mer Marine. .
do p.ef
Internl Paper . . .
Int Nickel
Kansas City So.
Kcnnecott Cop .
Lack Steel
Lake Krle & W..
Lehigh Valley
:
t
oi
102 2
140 3
21
31
01
10
48
42 1
37 1
100 1
00 2
30 1
07 1
70 1
03 1
30 1
81
00 ..
I4 101 1
8
33
10
20
20"
30
Sales in Philadelphia
Am Stores pf
High. Low.
Net
chge.
Close,
402 ..
' . ' - . . A
lOOAIlls Chalm. 23 23 "
1 Am GAS.. ,.100 100 100
0
10 Am Milling
Am Ilys pf . .
100 Bait & Ohio,
25 Bald Loco..
,28 do pref...
Cam Iron.. .
Cam Steel..
10 Con Tr N J.
33 Klec Stor
100 Krle
Gen Asph pf ..
joins Co N A. 20
028 Lk Sup Corp 10
20 Lehigh Nov.
72 Lehigh Val..
Mlnehll! ....
80 Miami Cop. .
313 Nev Cons ..
4flS Henna It R.,
2413 Phlla Klec...
488 P 11 T tr cfs 20
loo Heading 80
330 Ton Belmont 4
1410 Ton Mining. 0
I'nlon Tract. . .
348 1'n-Oas Imp. 76
4Un Cos N J. zos
88
01
00
71
37
10
73
80
38
20
81
27
1
0 04
1)0 80
01 01
00 00 Vi
.. t4S
.. tl4S
71 11
37 37
io i :
too
20 .
10 tt
73 Vt
30 l
S3
33
10
31
20 1V4
20 y
80 1
4 ..
0
t!2
73
203 8
20
10
73
88
38
10
"81
20
28
80
4,'
78
208
PHILADELPHIA ELECTRIC ATTRACTS
MOST ATTENTION ON LOGAL 'CHANGE!
Denial of Reports of Additional Stock Results in Advanwj
Following Weakness LiiDeriy conas
Continue Active
0430C S Steel... 108 108 106 -2
20 U S Hub pf.102 102 103 , "
tQuoUtlon given Is yesterday's close.
24
81
01
10
48
42
37
100
03
.10
07
00
03
30
81
00
80
42
78
101
.12
41
3
100 100 100
40 47
8
B1
23
83
30
31
17
37
70
12
38
17
, 80
. 4.1
. 78
.103
07
8
S3
27
80
28
32
17
38
Kt
12
80
8
33 4
10
20 1
20 3
30
130 1
0.1 2
80 1
42
78
101 1
32
41
OS I
48
8
31 1
20
83 2
20 2
31 1
Leo Huhber & Tire 17
Llg & M T Co pf.103 103 10.1
Louis & Nash 110 118 118
Max Motor 33
do 2d pref 10
Mex Petrol 03
17
.17
70
12
SO
17
1
Miami Con Cop... 33
Mldvale 31
Mo Kan & Tex... 4
Missouri Pacific 28
do ctfs 40
Mont Power 71
do pref 108
Nat Acme 32
Nat Con & Cable. 23
Nat Hnam & Stpd 44
National Lead . ..' 30
do pref 103
Nevada Con Cop. . 20
New O Tex & Mex 23
32
10
01
33
30
4
27
40
71
108
32
23
42
30
102
10
.1.1
10
01
33
30
-1
4
27 1
40 2
71 4
108
To I
TtT.
it mi
ltllNllS
HlKh. Low.
(1000 Con Trac N
J 5s .... 00 00
2oqocity 4s '45 00 00
1000 Klcr & l'eo
Tr 4s .. 73
1000.10 Lib Bonds 00.02
1000 Newark Pass
Uwy 6s... 100
1000 Pa Co en
-4 'As 'CO 100
14000 Phlla Lice
1st 5s .. 00 00
3000 Heading gn
4s 80 80
1000 Welsbach
Co Ds 00 00
Close.
Net
chge.
00
00 V
73 78 ..
09.70 OO-"0
100 100 3
100 100
90
80
00 Vl
Weakness cf Philadelphia Klcctrle shares
was the most Interesting feature In the
local share trading today. Discussion, of
a report of the possibility of new financing
In the way of additional stock was respon
sible for tho decline, which at one time
reacheU 1 points the shares changing
hands at 26, Later, however, when an
official of the company denied this report,
thero was an Improvement, the price ad
vanclng to 26 (J.
It was stated that the company docs not
contemplate In the near future either to
Increase the amount of stock oustandlng, or
to Issue more bonds, and It was suggested
In official circles that the rumor was at
tributable to the application made recently
at Harrlsburg In connection with the plan
for exchange of stock,
In order to carry out the plan for the
exchange of stock of the New Jersey com
pany for the stock of the new Pennsylvania
company. It Is necessary to Increase by
about $8,0(10,000 the capital stock of the
Pennsyhanla company. This must be done
In order to have the necessary amount of
new stock to exchange for an equal amount
of tho old stock outstanding, amounting
to nearly $28,000,000.
The development along the JJolaware
Illver In the neighborhood of Chester has
advanced to a considerable enterprise. The
present capacity Is almost entlrelycngaged
and It will be necessary before long to In
crease facilities In this direction. It Is
stated that the company has plenty of each
present needs,
TV
to take enre of Its
construction of the new .power ho'us i
Kensington, to cost about $2,000,000. Is r5
"",,' " t-Tjnumons permit and I
is nuiivu 10 nave me plant in operation tJ"!
November 1. 1918. n b1
The company has received nnii. .i... .'.l
will be expected to provide 10,000 horJll
Hoff Island, although the time when tfci.1
will lio nomlAft In nnthinH lml .'
ttVil1rtttrtcp V nnA (. .
UHU..4IIR me tuuino Ul fllPPl Pnmn... '
and the trend In New York, nearly all nrle.
changes Jiere were at lower lvi o.'-'j
dropped 2 W points to 106 and was hy-fV.
the most active stock dealt In nn ih. 1.1:5'
Change. Only a small turnover occurred!!
railroad Issues, which were generally low.,
Lehigh Valley and Heading recorded I th
greatest loss, dropping more than .it7
Pennsylvania was unchanged and Baltlmor.N
and Ohio was off a fraction. B
Lake .Superior Corporation responded:
miKiiuy iu uib boou reports or carnlne. i
...o .uu.. m i c annum Hireling yesterp
day In Camden, but there was not n !.
turnover of these shares. Ilanld Tr...!. m
on light, trading, was a trlflo hlser thanW
yesterday. United Qas Improvement d.iSi
1 Im tfwl nnAvtftf n h ! PYaa .. 1 d.e H
iimi-u ncHiij it i'uiiiu lunuimn liningrWai
active, but thero was no change In Its price,
The 34 per cent Liberty Bonds wrs'
nuue nveiy again toiiay. iion.noo unk j
changing hands, with the price higher mo-V
ui iii uii-, uui cnuing ni ycsieruays closing
IIUUIUIIVH,
i
CORN PRICES DOWN
ON BULLISH NEWS
r. 1.1.2.10. ronnwred; , JjUJ
thus fur this week, J041.J30I umt
Total sulrs,
seattpriliu i th
period limt week, 03,100,
Local Bid and Asked
Today
Hid Aek
Yesterday
Auk
Hid
American Stores ....
Ilrlll (J 11)
Hurt & Pumi t c
do pref
Itnlduln
I'lrrtrlr Storase
Clenernl Asphalt
do pre!
Kr atone Telephone...
do t c
f.nko .Superior Corp...
I.ehluh Xitlpatlon ...
Ihliih Valley
I.ehlRh Valley Tr
do pref
Pennsylvania
I'hllu Klectrle
Phlla Company
do 3 per cent pref..
iln II per cent pref. .
Phlla Itnp Tran t c. . .
Heading
Tonopnh lU'lmont ....
Trmopnh Mlnlnit . . . .
Cnlon Traction
ITnlted (las Impvt . . .
United StHtrs .Steel. . .
York Hatlaa
do pref
IVm Cramp & Sons...
. no
. ."il
. 411
. mi
. .HI
. 1"
. .Ml
. n8i
. mi
. liiH
. 73
. r.s'
. LM
. 4.1
. 31
. sun
. 31
. :u
. -''
. Ml
. 42
. 73
.lltt'l
. HI
. :i.V,
. 7o
.-. 33 r.j
31 4 31
iin4 il.l MM
37 ' 37
111 17 HI
111 30 ll
12 ItH 12
us on im
It.' 13 111
74 73 74
3h nu sVi
J3 23 23
43 43 43
D& OK: 0?4
ail 31 30
33 32 33
33 34 W 38
2N. 2Sh 211
Ml'4 SI SI1
4'5 4", 44
11,1,, II jIVn
43 42 43
78' 73"4 "It
Kill HISS HISH
12 10 '12
31! 33'. .Ill
73 72 7(1
INACTIVE PHILA. STOCKS
Following are quotations for Inactive
stocks listed on the Philadelphia Stock Ex
change and in which there were no trans
actions yesterday. The price glv.en Is the
last previous sale
Alliance Ins
Am (las war...
Amer Stores
Hurt k Susi t c
do pref
Ilrlll J O
lit 11 Asplltill ..
l.eh Val Tr
Mt Dros
I.lttle Schuylkill.
North Cent
20 North Tenna ...
lWi l'hlia co
37 U l'hlia Truct ....
3S r H T
80 Hwys Oen ......
20 r S Steel pf . . .
20 Warwick Iron ..
27 '4 West Coal
24"; Wm Cramp ....
31 W Jersey b Sea.
7!) Vi York Hwj a
00
35
74 S
2SH
5H
117H
0
27
72
47 H
11
Peace Talk, Unsettled Security
Market and Bad Weather Have
Depressing Effect
32
2.1
, FOUNDED 1803
The Provident
. Ufa and Trust Company of Philadelphia
f Mwnv men think "fhe present" and Ita income
HM 00 on forever. There is a time when an
XnAowment Policv mloht be the only irof-Mlfcr.
FOURTH AND CHESTNUT STHEBTS
NEW YORK COFFEE MARKET
NKW YORK, Oct. 4. The market for
coffee futures opened today at an advance
of 2 points. Trading on the call was quiet
and confined to the, July, position. Sales
amounted to 500 bags.
YcsV
Onen Hlah Low Close close
December 7.13 7.22 7.10 7.22 7.10
. .. 7.20 7. 311
January
March .
May ...
July . . .
. . 7.110
. . 7.70
7.411
7. ill!
7 K2
7 111
7.118
7.R2
7.411
7.113
7.81
7.211
7.41
7.H1
7.7
If
'.
IF STOCKS
WERE COMMONLY
OFFERED FOR SALE
WITH NO BUYERS, OR
BIDS WERE MADE
WITH NO SELLERS,
THE INVESTOR WOULD BE
IN A FIX
MOST OF THE TIME.
WOULDN'T HE?
How Stocks are Listed
n the New York Curb
'.JS DESCRIBED IN AN
INTERESTING BOOKLET
JUST PUBLISHED
TELLING HOW AND WHY A
. MARKET PLACE FOR
, TRADING IN STOCKS
IS MADE. AND IT
ALSO EXPLAINS
THE PRECAUTIONS
THAT ARE TAKEN
BY THE CURB MARKET
ASSOCIATION
TO SAFEGUARD THE
INTERESTS OF INVESTORS
ALL OVER THE COUNTRY)
YOU SHOULD HAVE IT
AND READ IT,
Ask for S74-T". V.
mtS A BAKER
HfOCK NqKKX
0 Bell. Walnut 1000-1.
Keystone. Uc aa.
SMjjVjHt BoVton
Chmm I'lttsbarsli
prect Wwils Wr.
X
DIVIDENDS DECLARED
r Oklahoma Natural Clan Company uarterly of
2 pr rent, payable October . to holderx of
rerun! October v.
United Coal Corporation regular quarterly of
P t)er ren.t payable October 23. to holders o
record October 15.
United CUrar Store Company of America
regular quarterly of U per cent on common
payable November 15, to stock of record Oc
tober 20.
Northern "irusi company, regular quarterly
of 5 per rent, payable October 15 as registered
October 3.
Tuget Hound Traction. Llnht and Tower Com
party.- usual quarterly of 75 cents a share on
preferred, payable October 15 to stock of rec
ord October it. , ...
General Motors Corporation, usual quarterly
of 3 per cent on common and 1V4 per rent on
preferred, payable November 1 to stock of
record October 15.
Merchants Union Truat Company, regular
quarterly of 1 per ent, payable October 22 to
kiockholders of record tho same day.
Cluett, 1'eabody A Co., Inc., regular quarterly
of 1.50 a share on common, payable November
1 to holders of record October 2.
New York Bond Sales
-
Hlah.
138500 Anglo-French 8 02H
34IMIII Am Forelun Sec 3s tl34
iniHi Amer smut & Helm 3s lila4
Bar Silver Prices Decline
The steady decline In the price of com
mercial bar silver, which began about a
week ago. still continues. The metal was
quoted In New York today at 2c, per
ounce, a droO of lc from yesterday's fig
ure, and compares with M.01 one week
ago today. In London, today's price If
IBHd, compared with 47V4d yesterday and
51 Hd last Thursday. Quotations and com
parisons follow:
Tester- Ist 1017
41100 Amer Tel clt 4n . . . Nil
S1IIOII du 3s Il7'i
40(111 tin cvt 4ljs 117
14(100 Amer Writ I'ap 3s.... S3
4ISHI Armour Co 4V4 a 110
14(10(1 Atihlaon Ken 4s .... Silt.
10(1(1 Halt A Ohio 5s Ul
70(111 do 4s K3U
21100 iio cv lli M-JtJ
Kmii Hrriokn Itnp Tr Is . . (17
20(1(1 do 3s lOlS 07
411(10 Hordeaux Us 1I3U
20IHI Can Govt Bs 1U21 OSii
2IIIII) do 3s 1031 t
100(1 Canada South 3s (17
mum Cent Leather 1st 3s.. H7H
25(1(1(1 Chi U t Q Jfilnt 4s 113
311(10 Chi II A Q 111 84 ... 77U
.WW i. .i c m i- Ken 48 ;a r.;i
liiiiiiii i;ni .11 & Nt !
noon do cv w
Low.
112',
O.'iS
HI.
Ml
07
07
X4V.1
Ul)
Kll
01
N2I
fd 4U a 73V.
4000 do cv 4'4 M
soon Chi H I I rfd 4s itt'i
2000 do 4a 77!i
i.nn, i.oi E HOUin ISl 4S.. S3
2000 do 4V4s 7NV4
.4000 City of Paris its 01H
110(111 Con Uas conv lis I'HV,
11)1111 ll,n A Itln !,. i. IWU
i.Mniif no rid OS
limi) Erie tonv 4s Ser A.
12000 do 4s Ser D . ....
32000 French Ilepulillc 3Ws
1IIIHI Hoik Val 4Mb
230(10 Intern Met 4U s ,
UiOO Intern It T ref 5s. . .
HKioit Inter Mer Mar fls...
1001) Internl Paper ll
20(1(1 Jap new a 8 4Vi..
200(1 Ixirlllaril 7
2000 .oul. Nash 4s....
ztisnoo I.lb lloml 3
an
lis'
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110
New
London
Today day Thurs, Man Imv
York (cents) 02H 93S 101H lONVi 71
n (penc.).. 40i 47V .JIVj 83 33
JWM 1 MAKKK,
wUaur M., fhUateluhla. Pa,
ou mj s4 (H booklet S71-T.U.
jkiiitest:
(
LOCAL MINING STOCKS
TONOPAH STOCKS
Did.
'.S3
...,..... 20
Jim nutler
MacNaroara
Midway .. .......
MIsnah Katenalon
Montana
Norm oiar
bill. . . .
II ..cue
West Knd
GOr-OFIEI.D. STOCKS
Atlanta .
Illu. Hull
Hooth ...ji,", ........
Dlsmondfltld II 11
Daisy .t
Keiyanaa
n"'torm Kendall
Bttvef FIc
MISCEU.ANEOU8
AriMU taiU"1
u...rt4 wonder .
'ecopa. Mining
.10
.08
.20
.00
.17
.07
I
.00
.01
.04
.02
.nu
.01
.112
.18
20
l.SO
.80
Asked
.87
j3
.10
:f0
.18
.to
.10
.02
.On
.08
:'.'?
.OJ
.03
.11
.25
2. no
3
IIntawtswH. I Pays Again
piVTPVfQi ' 4-Th $1rt; K
; yj-wygyg j-!
,11011 l.i nna lis
4000 Marseilles lis
20(10 Mich State Tel 3s.
.1001 1 Minn & Ht I, 4s..,.
2(K)(I Met We.t of Chi 5s.
200(1 Mo Pac W 1. 8s '03.
100(10 do 3s "87
80IIO Mo Pac Km 4s
1000 Montana Power Ss.
48000 NYCt UOl
infill do 4s ,
20000 do 4 Vis
3000 N Y City 4 Vis 11103... till
30110 do 4V.8 Nov 1037, ..101
linoo N Y N If If cv 3iis 4R
.IHKI OO IIS ....... . ... HI'
401)0 N Y llwy 4 B1U
mimi n'y Tel (ten 4tt
OllOO N Y C 6 II 4 Vis
21X10 N A W new Itlv
lnilll Norf West 4s HI
2000 Nor Pas 4s H4V4
3000 do sen Ss , , 'fit
4OO0O Penna gen ct 4Hs..,. 03i
soon do en 4 Vis. lot
nouo Public Serv N J Ss.. Ml
mum I'ere Marquette. Da....
17I1O0 HeadlnK aril 4a .
20110 Hep Ir A H 5a.
201X1 Ilia Or ft IV 1st 4s..
7000 St. I. S F ajt...,.
1DOOO do In
ISiHMI do Ser A.., , , . ..
13000 Seslwanl A I. adj Ss .
1000 South Hell 3s
10OO South Pac 4s . .
inoon do cv 4s
linoo do rv As..-..,
27000 South Ilwy sen 4s. .
40O0 tr S ItubbVr hi'
n uovi ns. . .
8 Steel 8 P Bs
117
7;
03
tl.-i'i
HIT?
117
7Vi
113
77
K3
739,
an
17
IP
lot
liHV,
33 Vi
4H
38
I'll!.
HI
8NVi
hil
III,
loo
78
112
SHV4
00.78
113
03
111
411
Hl'Vi
HH
lOJVi
3(11
1) Hi
7
H1H
nil
Close.
02J,
8?fe
Ml
117
117
K5
00
Kilt,
nt
82
K21J
117
117.
03
03 '1
D4S
117
07 '
77
S3
73?.
KO
07
'.
83
?..n
104
40
5H
liil,
81
50
811
110
Hill
78
112
00.80
113
03
III
4il
ROVs
R8
lirj'4
311
II IH
117
1H
IMI
IH
4S 2
Boy4 ..
104 3
10 '
28
132
20
3
1
Mi
3
20 V4
20V4 in,
Sl
.108 108 108V4 T4
00y4 08 00 U,
44W,
3'
82)i
47-K,
20 Vt
81
02 'A
13
37
33
10V4
SO
30
88
37
D3
3
2Ml
Adams Express.. 115
Advance Humlev. 13
Advance Hum pf.28
Alax Ituhber ...
Allla.Chal.prjf.. HI
Am C V Pf-. 10l
Am Aur Chcm. S5W
,ln nref US
Am Heet Sub pref 83
!.'
A 11 H ft F ctfs
no Clis prci.
do paf
Ui
1
101 101
101 101
48 48
87 MT
31 31
..,,.. ihh nr. oi
a 02Vt 0-14 U-JV4
42: 42'i 4S
l)v as.iirn, lo-'i 107 i
H7
84 V4
(111
.03
1111
3O00 U S Oovt 8s.
1KIMSI u 8 Steel
1000 Union Pac rfd 4s
4l(q UKorontiii
21000 da 5U,s 1018
ooon do 3W 11..,.
.12000 do Bits new 10ip.
SfniiO do 3. 1B21
2mio V. n-y Bs , .
SOno Veat Electric Ss. . .
iAuA -tir... Uk,..- A. r
a w.st Unten 4..
ST
84
IlllVi
03
1m
.. w!.
S.1T. S.l'l
H.lli 83V, 83U
80 Mil ttn
1)7 7 17
7 7)4 nhVL
(11 Hl 111
411 40 48
30 ftl.- B0
47 47 47
03 05 05
73V4 73 73
81 81 81
00 00 1111
A3 08 ll
04 114 04
82 82 8S
DQU (.rT nn.t
in-? milZ nf7
82't 'sji? 8-J
"ilr Hi "ri.
0 110 iin
OS 04 04
SHU N flS
oi $ 1$
8n3 a J
NY Air Brake 122 12:
N Y Central 74 73V4
N Y C & ft I. 21 20
N Y N H & H 27 20H
N Y O & W 20V, 20H
Norf & South S3 14 21
Norf & West.
North Pacific
Ohio Oas 43 44 44V4 1
Ontario Silver ... 3 3 3Vi
Owens Bot 83,4 82)i 834 IV,
Ohio Fuol 47 47a; 47 iK,
Pacific Mall . . 20 V4 20 Vi 70 V4 V4
Penn It It 81-y, 81 51
PeoOas&C 03 SV4 02Vi 1
Pere Marquette . 10 13 10 1
do pf wl 37
Philadelphia Co . . 31
Pitts & West 37
do pref no
Pitts Coal 30
do ctfs 80
Plerce-Arrow ... 37
do pref 05
Pullman Pal Car 133(4 1341)4
By Steel Spring.. 14, 4SV4
Hay Con topper 24",
Reading 81
Rep Iron & Steel 81 Vi
do pref 100
Royal Dutch. . . 08Vi
Sears-Roebuck 154
Shattuck Ariz . . 23'j
.Sloss-Sheff St & lr 41
Southern Pacific . 91
Sup Steel 42
Southern R R . . 27
do pref H,
Sinclair Oil 30
Studebaker .... 43
Tenn Cop & Chem . 14 V4
Texas & Pacific. . . 18
Texas Company . 100
Third Ave It It.,. 22 Vi
Tobacco Products 71V4
do pref 00
Tol St Ii West ctfs 8V4
Twin City R T... 77
Un Baft & Pap new 70V4
Union Pacific .. .128 128 133V4 li
do pref 77 77 77 4-
Unit Alloy Steel.. 43V4 42 42
Unit Cigar Stores. 113 110' 110 3
United Drug- .... 71 71 7X i
United Fruit 123 138 175 1
Unit-Rwy Inv.... 8 a a yt
u s c.i v & o. m ia iok ,,
133 131 1S1V4 3
87 38 v, sa 1
102 101 103 1
80 38 88 1
108 103 103 2
11854 118 113
) m
18
S
t'4V4
1
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.113
. 32
. on
. 12
. 12
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!4
80
18
00
07
133
33V4
41
00
43
20
00
33
48
14
13
134
21
0
00
8
10
10
37
33
20',
30
30
80
37
03
135
43 1
21
80 14 1
70 2'
0
1 1
153 2
22
41 3
0 1
48 3
20
61
S3 3
44 I
14
15 1
134 6
21
1V4
00
8 1
18 3
10
INACTIVE NEW YOUK STOCKS
Following are quotations for Inactive
New York stocks and In which there were
no transactions yesterday. The price given
Is the last previous sale.
Manhattan Heach 1
Manhattan El . . 107
Jinx Motor 1st pf (13
May T)ep Sts pf.I03
Mex Pet pref 01
Mich Cent It"
X! HIP SS M.nf.117
Minn i. St I. new 14
Morris It Essex. . 3d
do pref 11'
ln k'jiii ft T nf . . 0
Mo Pac c of c f d 01
Nat Hlscult 101
do pref llll
Nat Cloak & Suit UK
do pref 103.,
Nnt Enam & S pf 004
do pref 101
Nt IIR Mex 2d pf. II
do pref 40
do 2d pref 30
N Y IKck 11
Norf s West prei. so
North Amer . 30
Non Rcotla Steel 03
Ohio Oas rta... 03
! C C Ht I (I'l
Pan-Am Pet pf.. 0(1
do prior pf ct.. 08
Peo & East 7'
Pitta Steel pref.. Oliji
do pref 211
Pitts West pref 311
Prssd Htl Car pf.lon
luli ksilvcr 1
Qulck8ller pref.. 1
ltrndlnir 1st pref. HNVl
do 2d pref HH
llv Stl Spring pf. 07
Savage Arma ... 7(1
Saxon Motor .... 12
50 1" Illco S 207
Senlmanl A l. . . . 11
do pref 27
Sears Hoeb'k pf..l21
do pref
Standard Milling. 8(1
do pref 3
51 I, i K I' 13
St 1. h F prer 311
Kt I. & Southwest 20
Studebaker pref.. 00
Htuta jioior .... s-"
Sun Stl 1st pref..loov
rexau rts ....... im vi
Tidewater Oil ...203
Ht I, a w..,. Hi
do ctfa 14
do prer su
Transue Williams 41
Va-Car Chem . . . 85
Un Hag 4 Pap.. 10
United Druir 1st. 50
da 2d pref . . 81
United Ry lnv pf 18
Underwood Type.. 09
do pref 114
United Dye Wood 02
do pref 03
Un Paper lid.... 23
U S Alcohol pref. 10(1
do pref ...... 5(1
IT S Express ... 18
U S Itealty Imp. 15
do pref BO
Va Coal & Coke.. 08
Wells-Farxo .. 03
Wesl'house 1st Pf 117
do 2d pref ... 27
Weat Pao II It.. 17
Wis Central .... -Wilson
Co pt....l02
Willys-Overl'd pf on
do pref 47
Wheel ft I, E.... 11
Worth P ft M... 31
Am Cotton OH
Am Exrrcss .
Am Hide ft I.
Am lco Sec .
Am Ice pref
Am Loon .pref .
Am Smelt A .
An. Um.lt 11 .
. . hi.ii.uf. nr,-f..l13
Am Sumatra pf. in
Am Tel ft Cable. 00
aS T ft T 3d Pf. 112
Am Writ P1111 pf. S-I
Asso DO 1st vref 52
Asso Oil .,.. t
Atl lllrm ft Atl .13
Harrvtt '?, 1U,V
Hatopllaa Mln ... 1
Heth Steel rts ..
Heth Steel pf . . . 0.1
Hrkn Un Oaa .lji.
llrown Shoe 71
llutterlck . . . - '''
tVil ft So 1st pf.. BO
Cent Fdy So. ...27
Cent 8 Am Tel.. 11
Chi ft Alton .... li
do pref. .... . 2.1V,
Cluett-Peabody pf.llo
Col So 1st pf . 80
Col ft South . . . '-'4
Col il South 2d. Pf 42
y. Con Int Cal Mln, 41
, i) Con Can nref .. .102
1 " Continental Ins.. 51
CHICAGO, Oct. 4.
Unsettlement In securities, tplk about
peace and better weather over the belt
weakened the corn market today. A great
deal of long stuff was put on sale through
commission houses. Local traders also took
profits and the buying lacked force
There was a good deal of spreading be
tween December nnd May, with purchasing
of the nearer position, on the theory that the
demand for the cash article will he suf
ficiently largo to take care of the move
ment. The market at Liverpool Was firm on
scarcity of offers of spot. Shipments front
Argentina for the week were estimated at
200,000 bushels, against 3,539.000 bushels
last year.
The best on December was J1.20Vs ; the
bottom $1.18, and the close .Jl.lS ifi)
$1.18, against $1.20 at the end yesterday;
the high on May was $1.1C; the low $1.14.
and the final $1.15 (fn.lBVa, compared with
Lio-),, yesterday's last price.
Oats also receded on profit taking. Trade
was largely local, outside Interests having
been withdrawn. Sales by the country were
small. Farmers offered only at about lVic
above the best basis here.
The market at Liverpool was firmer.
Shipments from Argentina for the week
were estimated at 180,000 bushels, against
1,448,000 bushels last year.
The high on December was G0Vc; the
low 50c, and the close 59V4c, against 59T4c
nt the end yesterday. The top on May was
62c, the bottom COc, and the final
C0i!60aic. compared with 62c, the final
quotntlon of yesterday.
Leading futures ranged un follow s;
Yesry-B
SHARP DECLINES
IN COTTON PRICES
Continued Light Receipts Be-
lieved to Reflect Holding on
Part of Farmers
NEW YORK, Oct 4.
Thero was a sharp decline in the cotton
market today, duo to heavy general seillti 1'
"""Bin uuoui uy weakness in securities,
talk of peace, favorable weather and lighter
exports. British successes on the western
front led to a renewal of peace gossip
Receipts at the ports and Interior poihti
continued light and- some authorities ex
pressed the opinion that this reflected hold.
Ing on the part of farmers. Lncni ,nni 1.
tcrests, who sent out offers today, recorded ,;
o..e,.,i cuniug in ine Dasis, out not enough
to suggest any broad Inclination to sell.
Heavy liquidation for southern account
-and hedge-selling caused opening losses of
26 to 52 points In the active positions. Octo
ber on one sale was 10 points higher an!
November was up 9 points. A supply cam
from Liverpool, but It wis not large, Wall
street. Important commission houses and
some floor traders were good buyers on the
break.
The reaction of about 55 to 73 polnu
from yesterday's Ms: level appeared to
bring In fresh buvlnir mil thn innrket ira
firm during the mnrnu.R Trade Intercut!
wcro again prominent buyers on the ad
vance, nnd slmlllRli sentiment was encour
aged by reports of rapid deterioration In the
eastern belt Prices recovered their .nrlv
losses, selling hack to virtually lnsf nlrhf.
closing figures, with some positions showing.,
nei .lavances.
Corn (new del
January
December
May
Outs
October .
Dei ember
May
Lard
October .
Novembel
January
Hlba
October .
January
Pork-
January
Hid
Open High
J'"'?
I.
. . 1.111
.. 1.1(1
. . ..
. . 511
. . 01 ti
..24.35 i
..24.115 :
. .23.00
..20.02
..24.11(1
1.111
1.211
1.10
Low Close iloso
1.14 1.18 1.15
1.1S4 l.lStl.2ll
1.14. 1.15 tl. 10
11(1
112
24.40
24.115
23.1)11 '
27.10
24.115
511
11(1
311 VI
011
23.05 124,02 124.00
24.1(1 24.21) T24.7II
23.50 123,55 123.112
211.02
24.32
t27.00 211.57
24.5(1 24.87
411.40
tAEkcd.
411.80 45.00 14(1.20 140.75
INomlnat.
Yest. close
October 211.00
I)t comber. . .. 25.04
January 25.80
March 23.00
May 211.11't
Spot J7.35
Onen
211.113
25.03
23.55
25.50
25.51)
Hlah
2(1.03
25.115
25.83
25.73
211.02
I.ou
20.03 25.27
23.08
25.18
25.311
Extra Dividend byOnomea Sugar
SAN FRANCISCO, Oct. 4. The Ojiomea
Sugar Company declared an extra dividend
of 60 cents a share In addition to the usual
monthly dividend of 40 cents a share, pay
able October 20.
SALES MANAGER AND
EXECUTIVE
A Penna. corporation, discontinuing v
certain line of work, detiret to place tKt'
Manager of this Department, a young
married man of 32, in a position re
quiring creative and executive ability.
This man is aggressive, possesses a'
forceful personality and enjoys an en
viable reputation for developing a salts
force and getting results. To any one
requiring such talent we recommend
this hustler. B 318, Ledger. Office.
Cuba Am. Sugar.. 170
Deere ft Co Pf.100
II 8 S ft A Pf.. 0
Den ft Hlo ur .. il
Den ft Hlo Or prei J
IVtrolt Edison... 125
Klec Stor Hat... ps;
L'lliknen frit sal. . . . ZlH
cieneral Cigar. . . !i
do prof .-.!!:
nn.ior(f-h n F nf.108
Oulf 8 Stl 1st Pfv10;
Hartman Corp. . , 112
Haskell ft Parker 30
Havana lllei;. . . 101
Ilomestake Mln..lOi
Int Agrl 14
do pref s iv
Int Harv of N J.J
do pref... 111
Int Nickel pref-.lOSy,
Int Paper pf sta. 1111
Iowa Con .?'.
do pref 101
Jewel Tea 35
do pref .. IIS
Kan City 80 pf.. 80
Kelly-Spring .... 45
Keok ft l 31.... 4
I.ac'ede (las 07
l.k Krl ft W pref 2H
Llg ft I T 200
do rights .
Long Isl ctfs pf. 40
!oose-Wlles His... 15
Lorlllard P 208
do pref .,,,...100
M St P ft S S M. 08
Mackay Coa pref. 83
V.-
V4 "
a T'
2 TI
HHiiiilliiililllliiiiiiiiiiiiiiiiiiiiiiiilliliiiiiiiiiiiiiiiiiiiiiiiiui'iiiiiiiiiiiiiiiiiiiiiiiid
Credit
plays the dominant part in financ-.
ing every war.
Since the beginning of this war
the people of our country have
bought
$2,000,000,000 United States
3i Bonds; they have loaned
$2,000,000,000 to our allies- and
have repurchased from Europe
$2,000,000,000 pf our own securi
ties. During the same period
bank deposits have doubled.
v
U S Ind Alcohol
U 8 Rubber ,
do 1st pref .
U S Km & Ref
V S Steel ..
do pref
Utah Copper ..
Utah Sec Corp.
Va-Car Chem
13
S
4
24
18
88
4tt
HAILIIOAD EARNINGS
MISSOURI PACIFIC
Two months, ended August:
aross
Net.
J
11)17
,118.440.513
.. 3.803.400
..Increase
M.3H4.411
M10.V8U
'$20,000
Wabash
do pref A . . .
do pref B . . ,
West Maryland
West Unltin Tel 38
Westlnghouse Mf 13 Vi
Woolworth 130 116
do pref ltl nt
Wheel & U B pref M 28
Wilson Co . . "174 3
White Motor. . . .. h, itii
WMys-Overlana.., t t,tt
8194 2T4
13 ..
3 T4
M
4 4
V4
14
8
44 1
lt 4
l 7
23
W 24
4294 V
- tt
CANADIAN PACIFIC
Fourth week September 13.831,000
ST, LOUIS SOUTHWESTErtN
AJl " I'44?l'i ,;5,'-28
E1M months' gross... 10,743.308 2 577'Sii
Net , -.. 8.014.427 i'.lJySJ?
Decrease. ,,lu
TO OUR CUSTOMERS
we say use your credit freely in
purchasing ' "
Liberty Bonds
our credit is back of your, credit.
We can finance you. '
The rate on loans secured by.
Government bonds will be 4'
for the' next ninety days. . ;
io -iiu. uuLUtKs ot ' iut: obibf.ihn.v,.
Mntiu ! tiacreby tflVLn thkt.
lrm or m ponaa
l. uun UUI
et thr undfcri.jKn.i. il.!?S
Kua. tr. trrM
ofti iua JimeiU. UoMlcr. ai Truii..?11."!
est mikitk innrtiCMKrtii0 undtera ancil win ."
na ra(m
Id liiur un
Bt.li.Vff"B Trj...
in th. diy 0r iS;B"
mortgage dated July IS. 18U3,
lageT'Jhs undersigned will um",0S
all of th out.Undlng boVY. "1
N.rember 80, 1017, it tV. fS
utei Truste..,th.l'arnnrV ?;?
a ilu. aubstltu
. : -r'..'!-. -
01 i.eoanon
-land atrsat.
!i.l. of Pennsylvania. The orlnrm.r .-"""!
Intiresi en. aald bonds to .Jsmber M. laii
Rill .Ih Mid upon prMnUtli au) sufritJ
.eSt ..
bX!
5ti
i
Corn Exchange National Bank
'mS
. WXSfs$
a' 'IslMWaMaySBMWi). vafW,
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