r
ivr
1.
'
!
V
v
i
-
&
'1
&
.-,
TMWM.AY
MWftATIMMSeMMES,
MtTIMWfLMY
INttWIN THIS WAR.
EACH GHE OF US
MtfST 0 HIS SHARE
'm THE GOVERNMENT,
IN THE ARMY,
IN THE NAVY,
AND IN
THE LIBERTY LOAN.
u
EVENING LEDaER-PHILADELpklA; TODAY, OCTOBER- 5, WT
KE1LLY. DROCK & COMPANY.
77ie ATeio
War Tax Law
Th fiw law analynd and
rtiitcti to a convcnxtnt
ttftrenct for thl busy man
We have in press now
1-Tho New War Tax Bill
annotated and indexed .
2 Revised income tax chart
The new law Is conveniently
arranged for reference.
The chart shows how it af
fects incomes ranging from
$2,000 to $3,000,000.
Bequests for this War Tax Lit
jratura PE-140 will be placed on
nis and copies forwarded aa soon
as available.
TheNationalCity
Company
1421 Chettnut St., Philadelphia
New York Chicago San Krancuco
Boston Pittsburgh
1
To Holders of
Liberty Loan Bonds
First Issue
'Analysis & Compar
ison of Conversion
and other features of
First & Second
Liberty Loans
Send for Special Circular No. S5i0
Bonbright & Company
3JORKI3 WISTAIt STROUD. Jr.
Manager
437 Chestnut St., Philadelphia
New Tork Boston Chicago
London Farla Detroit
B a coop ffliniffiPU'C Wmsi aryptaj
13 Hours
Those seven extra hours of
banking- service, constitute a
convenience that can be appre
ciated only by actual experi
ence. This is the testimony
of our patrons.
Think it over.
REPUBLIC TRUST CO.
1429 Chestnut Street
Open 9 A. At, to 10 P. M.
T
THE
HAVILANDARMSTR0NG
COMPANY
STOCKS
BONDS
1418 WALNUT ST.
PHILADELPHIA
HEW YORK-BOSTON
FINANCIAL NEWSevT
PRONOUNCED STRENGTH COMES
IN DATS TRADING IN NEW YORK
.
Support Given Leaders by Important Banking
Interests Bear tactics to Force Prices
Down Prove Useless
INTERSTATE
OIL ft REFINING COMPANY
33 PRODUCING WELLS
ReSULAR QUARTERLY BtVIOEMK
WtTeMHATtON UPON REQUSST
High Points in Today's Financial News
Pronounced strength developed -n Neio York stack market and nearlu
everything or the list advanced. Important banking interests pave mnnj
Blocks their support, War order issues continued narrow on the Curb.
Lorit irregular. Cotton advanced. Further strength appeared in Scandi
navian exchange in foreign exchange market. Bar silver lower in New York
and London.
barnettoil&gasco.
haa on described by authorities as ona
nf the leaders of th Independent oils
With valuable producing properties. Its
own pipe. U n to th railroad. Its 100
tank cars, a larva refinery and distribute
Inc atatlons, this company's future Is
assured
Regular d'vMends ara belnr paid at a
rata which will yield approximately 12
upon money Invested now
Wrtm for 1 - I f I tnformmtlon und 6S-p$
Otutrmtd boph dutrtbtng Btrnttt ptvptrtUt.
E. H. CLARKE
MORTON B. AT.KXANDEB
(Resident Partner)
rhone 1140 Spruce
Stork Kschanga Illdg. I'hlla.. pa.
XT VHlUum ot. hew ork
Newark Chicago Indianapolis
NJ5U' YORK. Oct. 5.
Pronounced strength developed In today's stock market", triaklng It contrast
sharply with tho yielding tendency nnd nbsenco of buvinRpower, which had
been the features for many preceding dajs. It was evident in a largo number
of stocks that support had come into tho market from Important banking inter
ests and, although there was a little more liquidation and a resumption of bear
tactics to forco prices to lower levels, declines were limited to a fovv issues, tho
general list making substantial gains, with tho scarcity of offerings so appar
ent as to bo a subject of general comment.
Whether this condition was duo to completion of liquidation for tho tlmo
and to tho Influence of absorption by outsldo buyers or to tho support supposed
to have been placed In tho market must be a subject of conjecture. Many of
thoso who havo watched the trading on tho ictent declines agreed th.it tho
market had become heavily oersold, and that a rally was natuially due. The
strongest evidence of support was In United States Steel common which, after
selling at lOS-, Its low price of jesterday, advanced to nboo 108.
Bethlehem Steel "B" made a new low record In the morning, selling at 83s,
with a rally of more than 3 points In tho afternoon, und United Cigar Stores,
which sold down from 111 to 105s, cumo back after midday to above 108. An
Improved tone vtfas also shown In tho railroad Issues, with both Union 1'aclHo
and St. Paul moving up more than 1 point.
Pool manipulators were actlvo again In stocks like Distillers Securities,
making thoso Issues seem to act naturally by moving up with the remainder of
tho market.
Conditions In tho bond market contlnuo unchanged, with railway and Indus
trial bonds In supply nt unreasonably low prices. Thero was a fall In tho
Trench Municipal Cs of 3 per cent to DC, making a new low record for thoso
bonds. Tho Liberty Loan was heavily traded in at prices ranging from 99 82
to 99.76.
Bethlehem Common Dividends
In connection with prevailing weakness in Bethlehem Steel shares, tho rumors
recently current that dlrcctois would reduce or pass dividends on tho "A" nnd
"B" common stock to fortify tho rato on the 7 per cent old piefcrrcd and 8 per
cent now preferred aro absolutely without foundation It has been continually
explained thut the raising of additional cash througn a new preferred stock Issue
was due to Increased volume of business and Increased Government war taxes.
New business of over $400,000,000 Is on tho compan's books, which Is a new
high record. It is figured that If the company can earn 20 per cent on this busi
ness Its profits should aggregate $80,000,000. Thero Is no denying tho fact that
Bethlehem Steel will bo hit hard by tho war tax, some estimating the ta In tho
current year will absorb moro than 40 per cent of the taxablo earnings.
But tho cash position of tho company Is strong nnd tho management Is not
worried about the future. Much of tho recent liquidation In tho stocks has been duo
to selling by those who bought tho old stock when It was selling for aboe present
level. It has been figured thnt to establish a parity of yields tho old 7 per cent
noncumulatlvo preferred should be ruling 10 points under tho new cumulative,
convertible 8 per cent Issue; and this without making any allowance for tho
stronger Investment position of tho latter, which Is entitled to dividends before
anything is paid on the old preferred or either class of common stock.
Railroad Circles Uneasy
An uncomfortable feeling has como oer the railroad situation sinco the
August traffic statements of tho leading trunk, line sj stems were published. This
uneasiness Is slowly replacing the unfaor.ible effect produced by greater co-oi-dinatlon
between tho Government and tho transportation Industry, and It Is
freely asserted will lead to another request for hlghei freight tales before long
Tho attitude of the Interestato Commerce CommlsMor in this respect is ery
pointedly established by the statement made In connection with tho Increases
granted In July that If by October 1 theso were found Insufficient to allow a rea
sonable profit on Invested capital another advance would bo allowed. While
nothing tangible has developed, there have been reports that eastern organiza
tions were getting together again for tho purpose of making n general appeal
for a further increase of rates.
The worst conditions affecting net exist In that section of the country east
of Buffalo and Pittsburgh. It Is curious, jet true that recently reorganized prop
erties aro making much better reports than any of the largo fystemn Tho
Missouri Pacific, for Instance, during August enjoyed a 22 per cent increase in
i net and for eight months the gain was 79 per cent. Other western roads hao
' not fared so badly either, but the situation demands the earnest attention of
eastern transportation managers who apparently hae no control over expend
itures. Such has been the experience of the Eire, whoso August report Is now avail
able. Tho ratio of operating expenses to gioss fp- eight months rose to SG
per cent compared with 71 93 per cent In the jear 1916, while tho decrease In
net In August was $850,257, following a gain of $496,300 In gross. Thus tho com
bined net loss of three big systems of the east, viz : Pennsylvania, New York
Central and Erie, In a single month, amounts to $5,343,092. The gross Increase
of the three systems was $7,975,984.
Dividends Are Endangered
Estimates are being compiled on the basis of the eccss profits tax that point
to uncertainty whether dividends on many stocks can be maintained. The cases
of a few copper producers may be used as typical of the result. Inspiration, for
instance, will be hit severely by the tax, and It Is predicted will not coer Its
annual dividend requirements of eight dollars a sl.are. Net earnings of the Utah,
after taxes, will be fourteen dollars, or equivalent to the dividend now paid.
There Is a good deal of discussion Just now in oil circles regarding the pas
sage of the new war revenue tax bill and Its effect on Standard Oil Interests as
fb stock dividends generally believed to have been deferred until the matters of
taxation, price fixing, etc., were settled at Washington Several Important com
panies of the Standard Oil group have aheady lnci eased their authorized
capitalizations preparatory to distribution In the shape of stock dividends or
privileges to subscribe to now stock.
The future action taken by Standard Oil directors will bo watched with
Interest, although there Is not likely to be . ny move In this direction until the
Government sets a price for gasoline The general impression regarding the
level at which this quotation will be set Is inclined to be favorable. Gasoline
prices have not soared anywhere near the level that might be expected In view
of the advances In other trades and the giectly increased demand.
NEW YORK BOND SALES
12000 Amer Agr deb Ss 09S
13(1000 Anglo-French 6a -'
7000 Amer For Sec S3 u.iji
10500 Amer titnelt Ic Kef 6a 111.
3000 Amer Tet clt 4a M
3100O do 6a . U7U
HOOO AtcUson sen 4a SOU
5000 Atlan Co Line 4Ss . K-!
3000 Bait & Ohio 8S OOJI
0O0O Halt & Ohio 6a . OOVj
4000 do cv 4Vs S;
100O Brooklyn IX T D 11)18 07t
11000 Bordeaux 0s . . .. 93
10OO Can Oot As 10J1. 1SJ
1000 do Rs 1031 . . i
1000 Cent Leather 1st 6a 07'
60011 Chill Copper 7a 1111
18000 Che & Ohio conv 5s SJ
170O0 Chi B & Q Joint 4. . 8j'
70IHI Chi M St 1 ltd 414 s p'i
SRO00 do conv 5s . .. . Si
14000 do cv 4Vis ... ... 0V
2J0OU Chi n 1 t 1 rid 4s.. 07S
00(1 do 4a . ...... ... is
.ouo Chinese rcta 5a . . M
21500 City or Tarla 6s.... J
15000 Con Gas conv s.....l04
2000 Cuban-Am Busar Be 100',
3000 Cerro de l'aaco 6e,.108
11000 Den & I'lo Or 4s
Illch Low
nnvi
ll'.4
Sit
son
IMS".
40
50
47
I i
MJ".
11000 Dla Secur Corp 5a.
rp una .
deb na
49000 French lie
4000 Uen Glee
Credit Manager
f Young man with practical
cpriencc wanted by old
"established house. A good
opportunity for ie right
mac Give particulars as to
previous enuloyment. Re
plW mftdatial,
B 328, Udter Office
---SSBjfasjttl
6000 III Steel deb IHi
loo ill tenirai i
1)52
USJi
7U
2U'HI UD 1. Vtli ....... . "-
20000 Interb Met 4tta .... 50
17000 Interb H T ret 5a.... 8H
J400D Inter Mer liar e. ... JO
20i0 Lake Shore sen 3Vi a . 7.V
Iihki Lk Shore deb 4a 1D28 Hw4
J10OO do deb 4s 1931 ?.,
iHHW 1.1V . '
ROCiO ljirlllard 5s ,
151X503 liberty Bond 3V6
aiOuO Lloni Aa ,.
Oiliuo Marseilles Os .
1UW Met West of Chi Ba
51000 Mo Pao cm 4i.
1000 New Or Tex Mex Ga
u;ooo n r c t II u
liioo do 44 a . ....
1000 N VC 4Vs 1IM13
5000 do 4Vis 19115
2000 NYXIItliei
1000 N Y Tel sen 4Us
DOOO N V V Cl 11 44 s
loooo Norf West 4s . . .
10000 Nor Psc 4a
0000 Ore Short U 4s
1000 Paclflc Of Ss.,
83000 renna sen ct 4 Via
HOOO do en 4 Via ...
?noo Publlr 8rv N J Ss
isuoo vers, .warquein os,
IVV9 wo rm
Iii--
M).
IIH'i UH4
OJ'I II.!'.
4 II 40
6N' 6S.
411 4T
Ml 81V4 H1V4
1H 84'i 8'i
II II I 111
.01 04 04
.101' 101'i 101'i
. SJ, 81" 82
.111-'. 1(1' 111!
.101' looH loo
; 07T.
OOH ODH
vv in".
ntilj no.
87
I17'4
03 IJ
111'.
DST,
03 S
U5
0814 OSU
02 02T4
0.i OJ'4
05 05
,New York Stock Sales
null
Alaska Gold M . 4
Alaska Juncnu ... 21i
Allts-Chnlmcrs Co 22
do pref
Am Ueet Sugar.
Am Can
Am Car & V Co.
Am Int Corp...
Am Hide & I. pr
78
82
i
88 Vi
40V4
flail
Am Llncccd 2Vi
loo
. 43
do prcf . . .
Am Locomotive
do pref . .
Am Malt . .
do pref ...
Am Smelting .
do prcf . . .
Am Sum Tob . .
Am Steel Fdry
Am Sugar . . .
Am Tel & Tel
Am Tobacco .
do pref new
Am Wool ....
do pref D I
Am Writing P pf 30
Am Zinc & Lead. 17
do pref I
Anaconda 70V4
Atchison 00
do prcf 03Vi
Atlantic Const L 10.1
All Gulf & W I . 101.;
do prcf 0
Baldwin Locomo . otVfi
do prcf
Baltimore & Ohio 00V4
do prcf flflVti
Darrctt Co . . . ttVi
Beth Steel 81 Vi
do B 87 Va
do prcf 88
do pref t c 01 Vi
Ilrookhn Bapld Tr B7
Burns Bros 09
Butte & Sun Cop . !! 3
Cal Petroleum prcf 41
Net
l,ov Close chs.
4 4
s5i '-eii W
22 23y V
77 77V OVi
81 82
42i 44i4 lVi
08 118 Vfc
48 48M )'
3V4 3 V4
21 2V4
S8V6 50 "U . .
68 nsvf,
091), 005l
ISVi 17 8
0711 08
03 V4 OS tVi
insy mi 107 1
. B7V noVi 61 Vi t-'tt
. 3 03 13"Vfi
.100V4 107 ioV4 3
lisy 114V liV4 Mi
.189 181i 180 3
100 100
43
04
30
17
04
08
05
03 Vi
101
Sales in Philadelphia
Net
chve,
noy,
BO
ooii
17
08
oV.
131 Vi 147
441i
04
30 2
17 V
51
70 1
08 V
03 Vi V
103 1
08ii 1011i 2
00
.18
08
BV4
on
08
80
8314
84
OB
n
OflVi
23
41
81
104
3214
73
8 Hi
0
38
BfV
OBVi
Canadian Pac
Central Leather. .
do prcf
Cerro do Pasco. .
Chandler Motors.
Chcs & Ohio ...
Chi Or West ...
do pref
Chi M & St P
do prcf
Chi & Northw . . .
Chi It I & Tac t c
do 6 p c pf t ! 51
do 7 1) c pf t c Oii4
Chill Copper . ... 17
Chlno Con Copper. 40
Col Fuel A. Iron . 43
Col Gas & i:iec
Consol Gas ....
Cont Can
Corn Products .
do pref.
Crucible Steel..
Cuba Cano Sugar. 30
iln nref 81
81
104
33
73
83
0
38
40
04
103 10J
8 24
. 38
.100
, on
. 311
. Oils
. 72
Del & Hudson
U L S. W . .
Uen & n G pf
Dome Mines .
Distill Sec ..
Lrle . . ..
do 1st pref
do 2d prcf
.100
.101
. IB
. 8
. 37
. 20
. 30
2.1
81
(12
17
48
40V
37 V
0014 100
00
20
01
(10
31
80
00
101
IB
7
33
10
20
on
ioy, iv
08
oo
0(1
08V4 Vi
88 3
87 1
84
07 2
B7 Vi
00 3
23 ..
41 1
140 2'Vi
84 1
104
32 V
73 1
84 1
0
28
BHi "!i
01 1
102
8.1
81 Vi
02 V
17 Vi
40 V
42
38
on
31 1V
02
71 1
29 1
81
00 3
104
18
8
37
,20
30
1
1
3V4
1
1
1
Gen Blectrlcal Co 138 138 138 114
General Motors
do pref
Goodrich II V pf .
Gt Nor pref. . .
C,t Nor Ore subs .
Greeno Can Cop .
Gulf State Steel .
Illinois Cent . .
Int Agricul .
Inspiration Cop ,
Interbor-Cons Cor
Int Mer Marine .
do pref
Int Nickel
90 V
70
43
103
33
41
01
04
78
43 43
101 102
31V Si
40
05
OflVi 2
78 1
100 100
41 41V
4 OT,
8
27
8114
32V
Kansas City South 11
Kennecott Copper 38
Lick Steel . .81
LMiich Valley - no
48
8
28 V
83V
31
nit
31
10
8814
Llg & M Tob Co prl01 103
41
05
100 .
41 2
4014 T
s ..
21 1V4
8114 2
32 1
11
38 1
81 2
80 14
103 4-
110 118 110
32
m
03
nil
50
4
28
49
73
. 31
102
82
S3
04
00
11
48
4
21
48
73
33 V.
101
43
48
A3 I
32
01
03 Hi
11 3
Louis & Nash
Mackav Con pref
Maxwell Motor
do let pref
Mexican Petrol
Mln S. St Louis
Mldvale Steel
Mo Kan &. Texas
Missouri Paclflc
do ctfs
Montana Power
Nat Con & Cable
National Blcuit
Nat Knavn & Stud 41
Vatlnn.il Lead 40
do pref .. .101 ioi Vj 101 -v
Nevada Con Cop 20 19 20
N Y Air Brake 120 120 120 3
New York Cent.. 78 73 7 3
N Y N H & H . . 38 20 38
N Y Ont & West. . 20. 30 30 Vi
50
4
38
40
13
24
102
44
48
1
2
1
I
1
lli
luett 6a,.,
1000 Beading- gen 4s
10000 Hepub Cuba 5a 1U14
1000 Bwy Steel Sprints 5s
J000 bt I. & S K In
5000 do Ser A
17000 Seaboard A L adj 5s
2)0oo bouth I'4C cvt 4s
5000 do rfd 4s
nooo South Hwy gen 4s .
21000 do 6s .
37000 Texas Co Os
21000 U S Rubber 5s . . . .
22000 II 4 nci . . ,
01000 V H hteel s t 6a
2000 Union I'ac cvt 4s
01.000 U K of O B & I 5s .
(Ijooo do 5Vis 1918 .
1IIJ00O do SV4a 1U1B
150000 do SVia 1919 new
6R000 do 5Vis 1021
17000 Va nwy 5a
2000 West Md 1st 4s
Total sales. S3.170.OOO. rnmparrd lib M.211,.
00O yesterday! thus far thin week. 818,313.0001
eanie period last eek, 17,708,Oo6. '
NEW YORK COFFEE MARKET
NEW YOBK, Oct. 5 The market for
coffee futures today opened unchanged, an
advance of 1 point. Trading on the call
was quiet, being confined to the May pos.
o.i, ' 0l5n,A1I,h- Low- Close, close.
September 7.90 7.02 .
uecemuer in 7,22 .7 2.1
March 7 40 7.4T 7.44 7,47
...... ....a ." i.w 4 oa fi
June ., ,.7 73 HE
July , 7 kO 7 83 7.S2 I.St
Norf & West
North Pacific .. loo
Ohio Gas . 43
Ontario Silver.. . 5V
Ohio Fuel ... . 47
Paclflc Mall 30
Tenna n It .... 83
Peo Gas & C . .83
Pere Marq w I . 18Vi
do prcf w I . . 38
Philadelphia Co . 33
Pitts &. West 37
do pref 89
Pitts Coal B0
do ctfs 8
Pull Palace Car 131
Bay Con Copper . 24
Beading 82
Rep Ir & Steel . . 80
do pref 09
Royal Dutch ... 08
St L S F io
Seaboard Air Line 11
Sears-Roebuck . .183
Shattuck Ariz ... 22
Southern Paclflc .. 01
Sup Steel 42
do lbt pref .. . .100
Southern R II 27
do pref 0014
Sinclair Oil 33
Studebaker ... 1V
Tenn Cop & Chem. 11
Texas Co . 151
Third Ave R It .. 21
Tobacco Prod . . 07
Twin City It T . .78
Transue-Wllllams 41
Underwood Type .100
Un Bag & Tap new 11
Union Paclflc
do pref 77
United Alloy Stl.. 43
United Paper Brd 23
United Cigar Strs 111
108 107 108
09 100 1
43 43
8 Vi ..
40 47
2n 2n
81 V 52
01 83
18 10' V4
38 38 -fl
33 33
28 27
80 69
49 50
80 88
131 131 Vi
24 24
80 Vi 82 Vi 11i
78 80 1
09 09 ..
87 08
10 16
11 11 n
1.13 183
22 23 ..
00' 01 1
43 42
100 100
20 27 1
80 80 14
Close.
82 ..
100
00 V4
t7t
fl 1 ,
38 2V
38
18
72 1
80
33
n
1V4
A
Hlsh Low.
loo Am Beet Sug 83 82
111 Am Gas . .100 100
Amer Mill .,
10 Bait & Ohio. 00 OOty
Con Tr N J ..
10 Blec Stor... BO 80
JOS Diet Sec. ... SO 33
8 1ns Co N A. 20 20
1880 Lk Sup Corp 18 10
108 Lehigh Nav. 73 72
3 Lh Valley 80 80
An Mlnml Con. 33 3.1
10 Mldvale ... 80 80 ou
n l 11 n . .. Oil. Bl SH
lOOPhlla Co
cum pf . . 3S 3.1 35 ..
802PhlIn Bice 28 20 20 ..
620 P RT tr Cfs 28 28 28
100 Pitts CI cfs BO 80 oo
10 Reading .. 81 81 81
100 So Rwy pf.. 61 61 Ot
273 Ton Belmont 4f, 4iTi 4ft
410 Ton Mining 0 8 8 ..
20 Union Trac 42V 42Vi V
1080 U G I . ... 7S 74 IS
Un Cos N J t'OJ .....
7000 U S Steel ..108 103 108 2
. 100 do pref ..115V 118V HVi 2
118 Cramp & S 72 10 72
tQuotatlon given Is csterday's close.
Tnlnl sale, 13.110 Minre", compared 1tj
17.188 ..hare ycsterdsji thus far thl """J
BI-STo share.) name period lJt wrek, 40,418
ftharr.
BONKS , N't
High Low. Close, thee.
200 Amer Gas &
LIcc 51 . 80 8914 8914, Vi
1000 Batd Locomo
1st 6s . 100 100 100 1
Con Trac N
J 5s .. ..
1000 Blec & Peop a
Tr 4s . .
47000 Lib Bonds .
1000 Pa Co Cons
4 Vis 1960.100 100 100
6300Phlla Lie 1st
Es . ...100
1000 Reading gen
4s ... 80 89 89
6000 Welsbach Co
5s 06 00 00
t9
rliVs 18 13
00.82 09.80 09.80
09 100
Total sales, J62.100, compared with 8217.980
jestrrdnM thus fnr till. week. 70fl,550i same
period Innt week, 612,800.
Local Bid and Asked
Amrlran Htorcn . .
Itrlll (JO)
Hurt & Huo'i t c
do preferred . . .
Halihsln , .
Klpitrlc Sinm, .. ..
Ucncral Aflphalt .
do preferred
Ke stone Telephone.
h t c
I,ke Superior orp
Lehigh Navigation
hehlKt. Vallev
Lehlixh Vnlle Tr..
do preferred . .
Pennsylvania
I'hlla Kloctrlc .. .
Phil i rompriny
do ft per tent pref
do 0 per cent pref
Phlla Hap Tian t c
Read I up
Tonopah Helmmit
Tonopah Mining
Union Traction
United (Jan Impvt
United Staten Steel
York Rallunv
do prcft-rrrd
Win Cramp &. Sons
Todav
1 1 Id -k
1'0
A).
411
111
5JV,
5M
US
-.
Iil'i
7.-S
5Si
21
41
2HV
;i4
12
.its
2s;
fc2
4S
5J
ohv;
10H
in
81
7
.14
21
611
51
ni 4
80S
19
I. II
12
II l
HIS
71S
69S
21
41
51 S
201
III
15
31
2.
S.'Vi
.V-
4-
74 Vi
Yesterday
Bid Ask
34
2.1
20
M
411
(III
811
17
6!)
lt"4
till
llt'i
7.1
5NU
LI
41
61
2IIV.
.11
32
3IS
28'
80
4
5'4
42
75
losVa 101'i
12 10
an .us
71 "0
611
61
iioVi
57
10
111
12
OH
111'
74
5S
21
4V
r.is
2l!Si
All
.HI
31
28.
80S
4V4
n,v
41
75'i
111'
12
80
75
INACTIVE PHILA. STOCKS
Following aro quotations for Inactive
docks listed on the Philadelphia Stock Ex
change and In which there were no trans
actions yesterday. Tho price given is the
last previous bale:
Alliance Ins . . . 20 '4 I.lttle Schuylkill
Am On war 1 Vi Jllnehlll
Am iiwja pref . 88 North Cent
Amer Mores
Am Storea pf
Burr tc Susq t
do pref
Brill JO ....
Cain Iron
Cam Steel . ..
(en Axphrfll
(Jen Asp pref .
I.eh Vat 'Jr .
LH Broa
-I7' North Penna ..
02 Phlla Co . ...
18 Phlla Trnct . .
. 60 1' It T
, 20 Muss Oen ..
41 Warwick Iron .
141 VVeot Coal
-'a W Jersey & Sea
00 York Ilwys . .
27i lork liny pref
24 H
51
51
70 V4
on
35
74 S
21 Vi
6V4
0
-1.
47H
11
3U
INACTIVE NEW YORK STOCKS
Following are quotations for Inactive
New York stocks and In which there were
no transactions jesterday Tho prico given
Is the last previous sale.
Adams Kipress. 115
Advance, llumley. 12
Advance Bum pf -'
AJax Ilubber rto
Am C & F Pf 109
Am Art Chem 85V4
do pref 08
An. lla fliitr nref 85
A. 11 S & F ctfs IW
do ctfs pref
do tiref
Am Can pref
Am Cotton Oil
Am Excress
Am Hide & I.
Am ice bee
Am lea nref
Am Smelt A
Am Smelt II
Am Suznr pref
101
116'i
innM,
8J4
DO
1 "i
12
48
nnvi
90
in
Am Sumatra Pf i
& T 3d pf li '4 . s- y c A St I.
D O 1st pref 5.' IN y no(k
.V" . ..i Vi'4 Norf & South
Am Tel & cb.
Am i
ABSO
Atl lllrm & All
Barrett ct t'e:
BHtopllas Mln
Betn fiieel rts
Beth "steel Pf
llrkn n tas
Brown Shoe, .
Butterlck
Cal Petroleum
Cal li So 1st Pf
Cent Fdy bo
Cent S Am Tel
Chi . Alton
Chi S. N W prl
13
lOtl
. 71
lli'i
11'.
. 50
28'.
140
Manhattan Kl 10714
Max Motor 2d pf 10'4
May Dep Sts pf 101
J'.ri 'i1 Prf- "l
Mich Cent . ll
51 Stl& SS M pf.U7
.lont power pref ion
Morris & Bssex 80S
do pref US
Mo Kan & T pf.. ov
Mo l'ac c of c f d niV4
do pref . l lit
Nat Acme aj
Nat Cloak i. Suit 18
do pref IM
Nat nnam & S pf 0994
do pref . .lot
Nt Ml Mex 2d pf II
do pref . ..40
do 2d pref . 60'4
s ii la s. Mex 23
20
us
21I
Norf & West nref 80
Nova Kcotla Kteel P1i
UJ
Ohio Clas rl
P C C & St L
Pan-Am Pet pf
do prior pf ct
)Vn k nasi
Tierce-Arrow
do pref
Tltta Steel nref
do nref .
TMtta & West nref 5fl
1'rssd Ml car Pf n
SO
OS
7"4
37
81
911
2IIVJ
C uett-'reabody Pf 110
Col So 1st ' 60S
Col fcouth ,. , 24
Col South 3d nf 4JS
17S
ii-'S
51U
United Drug
United Fruit . . .
United Rwy Inv.
U S C I P & V .,
U S Ind Alcohol
U a Rubber....
do 1st pref .
U S Smelt & Ref .
32 33
43 44 V
13 14 V
151 15.1 1
20 21
04 66 1
78 78 1
41 41
100 100 -fl
71 71
. .137 125 127 3
77 17
41 42
22 "2 3
105 108 2
S Ve.i. &.pi?3
con Int Cal Mln
(x.lnanin1 InH ill
SXKar no
Ker? i WO Of .IIS
Ii-troit Kdlson i-
I-.leo Stor Bat 68
r.lkhorn Fuel -"
General Clear . M
an nref ..- . ."?
flooarlcli B F pf 108
Oranbv Mlnlnir J;
aulf S Btl 1st pf.101
llartman Corp r
Haskell ("'"".S?
Havana Wee 101
HomesUk. Mln IMS
Inter Cons Crn Pt.61
int llarv ot J
Int Nickel pref
1
IS
RRl
8S
41V4
07
87S
I?
207
Vi
V4 . a"
a wl
ii btude
KtlllK
Int Paper pf sta
Iowa cenv
1 IV
in i
103S
nnI
70 70 70 1
.125 128 123
- 8 8 8
. 16 13 10
.134 132 131 , 2
. 86 85 56
.103 101 101
67 57 87 1
iW
siS
118
50
45
4S
07
12S
U S Steel 108 105 108 2
7.22
7.4H
7 111
7.73
7 61
DIVIDENDS DECLARED
Oklahoma Natural Oas Company. Initial
quarterly dividend of 2 per cent, payable October
Harbison-Walker Itefractorles Company, res.
ular quarterly of IS per cent on preferred
niyaWs jOctober 20. to holders of record
.United States Bubber Company, regular Quar
terly of 2 per cent on first preferred also reg
ular quarterly of IS per cent on second pre
ferred, both parable October 31, to stock of
record October 16
llrown Shoe Comnanv. fne.. r.v,ita- nn..i..i..
of II 75 a shsrs oo preferred payable No.
vember 1 to stock of record October 20.
.Pierce Arrow Compsny. quarterly of II 23 a
share on common, payable November 1 to stock
... ITHIfU UVlllVCr 4.1.
American Cigar Company, usual
7S Pr crni on common,
to stuck, vf record October
jy, usual quarterly of
payable, November i
do pref
Utah Copper ...
Utah See Corp...
Va Car Chem ..
do pref . ... .
Wabash
do pref A
do pref B
West Maryland..
WeBfgh'se Mfg..
Woolworth
do pref
Wheel & L II....
do pref ......
Wlls"n Co
White MotorB....
Willys Overland
jWls Central
.116 118 116
00
. 17
. 35
.103
. 10
. 48 Vi
. 24
. 17
44
87
17
SS
101
0
45
23
17
44
80 2
17 1
S5
101 2
10
40
24
11 1
44 1
,116 116 116 V!
,130 120 120
13
25
61
42
28
43
Uli
22
00
42
24
41
12
22
61
42
15
43
1
Va
An pref
Jewel Tea . .
do pref .
Kan City So pf
Kelly-Spring -.
Keok i I M.
l.acleda Uaa. .
1 aV- Krtn h VV
Lk Erie W pref 28
l.ee Hub A Tire 17
I i. t w T. . . . .200
do rights. .. 14
Long Isl.ctfs pf. 40
l.oo.e-Wlles Bis,. 15
Lorlllard 1 ... 20
do pref ,10U
Mackay Co 75V4
M St V t 8 8 M. 08
Manhattan beach 1
jn Hub A Tire 17S' Wella-irargo
Oulcksllver
Quicksilver pref
Hendlnir 1st pref
do 2d pref
Ity Steel Sprlns
Bv Stl Spring pf
Boyal Dutch
bavage Arms
Saxon Motor .
so P ntco s .
heiboard A L nf
Kenra ltneb'k nf .121
do pref . ... 8SS
Sloea-Sheflleld . 41
Standard Milling. 88
do prcr- i
ft b v prer n
A. Southwest 20
btudebaker pref . 1)0
htutz Motor . .to
Texaa a: Pac 11
Texaa rts . 19 S
Tidewater Oil . 201
T St I. & W . 7't
Tol St L 4 W ctfa 8S
do pref . 80
Tranaue Wllllama 41.
Va-Car Chem . SIS
Un nag Pap . 10
United Drug 1st. 60S
do 2d pref . . 81
United By Inv pf 18S
do pref 114
United Dye Wood 03
do pref 85'i
United ny Inv .. 8
U S Alcohol pref 100
U H Sm 4 nef pf 50
U S Express ... 18
U S ilea Ity Imp. 13V
do pref 50
Va Coal & Coke . 68
Wells-V-argo . . . 83
Vest'house 1st pf lit
do 2d pref ., 27'4
West Pac 11 n 17S
West Union Tel 80
Wilson Co pf.. . 102
1Vllls-Overl d pf Oo
do pref 47
Worth I' A M... ai'i
STOCKS IMPROVE IN PHILADELPHIA
MARKET AFTERSTARTING LOWER
Majority of Business Is in Steel, Which Makes G004I
Advance P. R. T. own ana uukb superior nigner.
Liberty Bonds Inactive
There Was only a small turnover of stock,
on the Philadelphia Exchange toda. Btid
prices Improved after starting low er. T here
was no activity to speak of In ni ty of the
home Issues, und United States Steel com
mon made up the bulk of the builne-m This
p.,ue after being slightly lower In tho
Initial trading, gained moro h J"1"'!
to 108 4. beforo tho close. The preferred
advanced 2V4 ., ., . ,,.,1.
Iio Superior Corporation, on a Ittle
moactlvlty than for the last few davs,
advance" '.. Indicating that the public
"m beginning to realise the mportance
attached to the announcements of goou
earnings made at the annual meeting
earHer "in "he week napld Transit trust
certUlcales were easy on a .mall t"-"
at one time dropping back ft. but a part
of the loss wa sadded before the close and
n majority of transactions were nl su
half n point. Union Traction ,, 'tl5
changed, " "B"
Philadelphia Electric, which was ni 1.
eslerday, sold In small quantities tnt?
without ntiy change from yesterday's i '
Ing quotation. Pennsylvania Railroad ..
Lehigh Vnlley were a trlno higher k?i
Reading, on a small transaction, gained h
i.nlnta nlfplrln fitnrntrt. tlni. n
a dollnr on a ra'o of ten shares. M 0''
There wa-i less activity In Liberty Don,-. '
than there has been for several days .1
moit of the traiuactloiiH wciu at lo
prkes. 'r
Tho stock list committee has admliu
to regular list of the exchani-e h .
7 per cent cumulative preferred stock ..
$6,000,000 common Btock of the Otto ri...
Iiihr llrnfherM, Inn. tiai nln ...... ; "
.... . , ,-. ,nUTJ ut eacft jjjjj
LONDON STOCK MARKET
Undertone Generally Firm, but Busi
ncss Is Small Americans Lower
IONIlON. Oct 6 While the undertone
of the Stock Exchange markets general y
was firm today, operations continued sma II
Condition-, customary at tho end of the
" The"gelt-edg:dldsect.on was better helped
by the good progress of the new w.r bond
i,ue The old 6 per tent war loan showed
the most gain About 7.500.0d0 was d s
birsed in dividends on hlgh-class descrlp-
"Amertean'a ere lower. Influenced by
the action of prices at New ork un
favorable earnings made Canadian Pacifies
heavy, but Grand Trunks were hard
There was an Improvement In home lines
with tho supply scarce. Argentino rails
were Irregular . ,
Under the lead of South African's, mines
wrrs chocriul
Follow Ing the declaration of the Interim
dividend, Rio Tlntos were In demand. Rub
bers were dull
RAILROAD EARNINGS
BOCK ISLAND
1017
August sro 'I'ijl'i'i.l
Ul'aht months' grots .. 84 700.107
VC , , , lu 11. 1. ('
CANADIAN NOBTHnitN
i.,iiLADKLP.nAy NDMinnADiNa BAIL.
August .- ,.
Oro '1 J-,1'3,1
Orosrsm JanU"y.. .. 44,875 048 4 082 M
Net '. "I. ." 1L48-.30T 3 540 017
ri'lIUVDCLPlUA AND BHADINO COAL, AND
U11M IRON COMPANY
OroeUf. I4.4S0 447
Net I . . . 0S2.381
rrom January 1
Iron 31.611010
Net . . 4,147.837
BUADINO COMPANY
August
Oros. 4181 778
Net 570.204
From January 1
DCLAWAHB AND HUDSON
August Brosi 12,048 20 $102 118
Net ... . 1.004, 110.' 2118,187
ElKht months' gross . 18 810,100 2 007 110
Net ... . . 4.3JS.722 'hSU.OOS
MISSOURI, KANSAS AND TEXAS
Increase.
$.'80,112
1101,081
5,024.000
1,080,014
$10,400
11.1,200
$1 008 011
475,114
$1,111,880
000.461
0 .180 1 HI
3.010.535
$7,411
5,505
Financial
?J
Th tnMilliBT'd nf (ha Ma V.i. .- -?
-.ssu sisvtisuvsu vt, iiiw AWtT lUfli 1 VifT. - -
Sugar Exchange this mornlnjr votert t .r"" 1
the exchange on the Saturday folloi.U
Columbus Day. "'lowlngrtl
The annual report of tho United Railway. M
Investment Company for the fiscal v! 1
enoert June 30 snows total Income nf it
891.683, against $1,766,226 Inst v... iiT
penses increnKCd $10,69S Profit and t..! .
surplus for the year was $7.055,7 mm
pared with $6,94J,01li the previous tweln '
,iiv., ...to, u. ui, ,t,.,EaDU Ul flUO.IUU,
The subscription of the Commercial Tnut
Company vesterday to the second Llberw
Uan was $1,000,000. '
of
W. II. Hubbard has resigned as a member
the board of managers of the New York
ew York
August srosa . . I. . $1,800,081 $164,510
Net ... . 1,084,031 384,172
ElKht months' gross .. 20 042,164 4,811,711
Net .. . 4.7311.181 2.34.041
WESTERN MARYLAND
Tourth week Seplembir $141,008 $11,248
Month . .. 1,177,71 27.J10
lrom January 1 ... 11.011175 1.103 800
Decrease
LOCAL MINING STOCKS
TONOPAH STOCKS
Bid Ask
Jim Butler 81 S7
MacNamara 20 J J
Midway 10 12
Mlzpah Extension 08 In
Montana 20 21
Northern Star in lo
Rescue Eula 17 18
Wist End U7 00
ClOLpriELD STOCKS
Atlanta 00 10
Blue Bull 01 02
llontli 01 (III
Dlamondneld B II 02 lit
Daisy 02 n
Kewanaa 00 11
Oro 01 i).
Sandstorm Kendall 02 i in
Sliver Pick 13 .14
MISCELLANEOUS
Arizona United 20 21
Nevada Wonder 1.00 2 00
Tecopa Mining 30 .32
CHICAGO BUTTER AND EGGS
CHICAGO Oct 6 EaOS Receipts, Snj2
cases I'lrsts 3fliT3Sc, ordinary firsts iip
.11S. miscellaneous cases returned. 3I30.,
do cases Included .11J3G'4c, dirties 28i:n, ,
hecks, 21031c. extras, fillers, 41c, cartons,
4"c
"nUTTEB Receipts 1 274 000 pounds Ex
tras, 43Sc extra firsts, ,11c: firsts. 41S O
42Si. seconds .".')4nV4c, ladlts. 38J!3nc, proc
ess 41c packings 3lic$P37Vic, prices to t
tollers, tubs, 43Sc, prints, 40Sc
Cotton Exchange and R H Hubbard !
1..AH .I..I..I In fill .l. M.
vecu cicticu iu nil uic vnCUIlcy.
The New York Subtrcasury lost $5,4.(1-
uuu in iiih nanus on jiiursoay, makings i
cash net loss since Friday of $24,073,000. J
Tho Stock Exchange partnership existing- ?
between Samuel R Klrkpatrick and William
iiur-iiiuiuiiici- iihs iieen mutually dissolved. '
The business will be carried on in the name
ui o.unuci 11 iviritpatricK ai the present
address, 419-20 Perry Building Mr. Kirk
Patrick will continue as secretary and '
treasurer of the William W Umbenhaumer
Company, railroad contractors nnd railroad
supplies Mr Umbenhaumer will devote all
his time to construction work with the latter
company, which will take him out of th
city most of the time
The Federal Reserve Bank of Philadel
phia requests banks, trust companies anj
Individuals to defer for a few days pre
sentlng their Interim certificates for Lib
erty Loan 3s for exchange into the per
manent bonds, because the supply of per
manent bonds received from Washington
Is virtually exhausted and the Bureau ot
Printing and Engraving at Washington li,
unable to make shipments a3 rapidly as
tho demand arises.
Fewer National Banks Chartered "
WASHINGTON Oct C For th months
of July, August and September the office
of the Comptrollei of tho Currency received
llfty-three applications for charters to or
ganize new national banks, with an aggrev
gate capital or 52.I&0.0U0, as compared wlttt
forty-seven applications received during the
corresponding period in 101 C. with a total
capital ot $2,115,000
$10,000
WANTED AT ONCE
to Increaso Capital Stock of
Large Trucking Business
Iron-clad contracts for next four years.
Business Increased threefold last jear. In
vestor to act as Treasurer
n 327,
Address
I.I.1K1EK OFFICE
I.KOM. ADVr.RTISKMKNTS
,1255 KSTATB OF JAMES POLLOCK. DE
'iSB leaned Letters testamentary on IBs
above estate liavtnc been granted to the under
signed, all persons Indebtid to the said eitats
are requested to mako pament, and those
having claims to present the same, vrlthojt
delay, to .
THE INDUSTRIAL TRUST TITLE
AND SAVINGS CO.
JOHN a CARRUTH President,
and ROLAND D rOLIAK'K
10,10-52 N Front st . Thlla., Pa.
Ex dividend International Papeii preferred.
IS. International Paper preferred ata, IS 1
Barrett Compsny preferred. 1 .Barrett Coini
pany preferred, net, full psld. 1H i Delaware.
Lackawanna sua western, Jtt L.Oreat Northern
preferred.. , western aiecirrc. united states
braelllng. Refining end Mining, IS, United
states Smelting, Penning and Mining; pre
ferred. Total sales, 800.400 shares, compered with
878,800 shares yesterday) thus tar this wrA.
s.olz.100 slisresi same perls! last week, !,SM,n
S60 sharps.
i
AUGUST RAILROAD EARNINGS
Total for the Month Above Last Year,
but Net Decreases '
WASHINGTON, Oct. 6. Reports to the
Interstate Commerce Commission for Au
gust for eighty-three of the large railroads
show revenues of $19, 452,660, compared
-with $149,839,649 for the same month last
year, while expenses were $114,267,005,
compared with $94,850,904, leaving net
revenue ot $65,295,015, as against $55,
038,746. For the eight months ending with Au
gust the revenues were $1,208,451,034 this
year, compared with $1,063,026,837 last
year, Expenses were $354,639,713, against
$716,305,613, leaving net revenues ot $353,
911,321, compared with $347,701,224 tor the
same period last year.
'
.1 1 1 1 1 1 J W 1 1 1 1 1 1 1 1 1 1 1 1 1 1 J 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 j ( i 1 1 ( 1 1 1 , 1 X , , , , , , , , , , , , , t , , ! , , t , . . , , I , , , if.
At the Bankers' Convention
in Atlantic City
Secretary McAdoo stated that
the necessities of the State re
quire that capital should be kept
liquid and that there should be a
proper expansion of credit to
properly finance war loans and
the general business of the coun-
He further stated it was essen
tial to use the rediscount privi
leges of the Federal Reserve
Bank.
This Bank in the past has fre
quently rediscounted with the
Federal Reserve Bank and in
tends to freely use these facilities .
for the proper financing of its
customers' business.
GOVERNMENT BONDS
2s, registered. 1930
2s, coupon, lflsci
n. registered.
Bid
vi
Ak
in. 1980 m
tered. 191 ,., Oo'I
V'?Ail" -- ve . ..
;erd. ,10?5 ..,...,,..-.. 10S . 104
sBV COUDOI
i4 resttrd.
I te
CORN' EXCHANGE NATIONAL BANK 1
PHILADELPHIA
Chestnut m Second
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