w'
'
EVESIXU LE!XiKIt-lHILADEUUJA, SATLUBAY, OCTOBKR 0. 1917
(.'!
GOSSIP OF THE STREET
liquidation of high-grade
SECURITIES AND THE CAUSE OF IT
Believed in Some Financial Circles That polders
Are Unloading on Account or Prospective
Big Taxes Gossip of the Street
N soillv financial circles. In this city
i
wtirltloa nt sacrifice prices is attributed
M.npanlcs nnd, in some instances, by
'iLxv taxation by the Government. It
the Government, deductions for losses are allowed, and ns there Is only one way to
nrove the losses, namely, by selllns the Kecurttlcs, this operation Is now goItiR on.
B- It has been nrgucd that later on these
hjt It Is also a well-known psychological fuct mat once n person or corporation- nan
carted with a certain security, they rarely If ever buy tho same security back again.
For all purposes, However, mc opinion is
corporations and maiviauam como into uio inarKei ugum iu mj mo win na ,.
dlftlculty in obtaining, at a small advance, equally good securities as those they
re now gctilng rid of.
From other sources It is said that most of the high-grade stuff now being
tacrldced can 1)6 traced to tho Morgan Interests, and that the liquidation Is very
largely on foreign aedffnt.
No Change in Discount Rates Secured by Liberty Bonds
A great deal of tho success of tho present Liberty 'Bond campaign will depend
an tho assistance which tho Gnveisiimont will glvo toward making money easy.
in New York tho directors of tho
t . ' 4.... l ...l.a ......Llll.
maKG nO CliangO lu U1C lllicuuy csutuliPllctl
iunts of notes secured uy liberty Hondo
of Indebtedness running for not more than
, Ths means that the l eaerai iteservo uanK stanus oeninn mo memoer iranns in inuau
t tmnsactlons to the extent of helping them to carry that part of tho Liberty Loan
s burden which thuy could not otherwise ilnanco without a strain on their resources.
Tho transactions work out in tnis manner:
A member bank buys a block of Liberty Bonds for a cubtomer who gives his
personal note In exchange, which, in turn, Is secured by tho bonds.
If the bank finds Itself In a position whero It cannot longer carry tho customer
feonvenlently, It can take tho customer's
rediscount it nt tho present cstabiisnca rato
As the new Issue of Liberty Honds
' the banks are oxpected to charge customers for whom they are financing the
transactions 4 per cent Interest on tho money
Vtves the bank n small profit of a little less
Should member banks, However, nuuso
At the Reservo Bank, it is probable that
If matters stand as at present, It is
I'jreat deal toward facilitating the flotation of the new 4 per cent issuo and at the
itame time help to keep funefs liquid.
Tho rediscount rates for paper secured by Liberty Loan bonds and United
, States Treasury certificates in tho Philadelphia' Federal Reservo Bank is 3a per
Fcent at present, but circumstances may occur which would ralso tho rata by
November.
' EV1 ..4,01410 ItSntt IJi.,'uio
A' VI bOtlil 14 llK ft (IbbO
K "I havo Just read two letters from
I Wholesale grocery houses In the city," said Charles S. Calwell, president of the Corn
I Exchange National Bank, Chestnut and Second streets. "Ono was from a concern
i. tviHi.nnrl. Mo., and tho other from n larco concern In Mlchliran. Theso letters
jllhow that canned goods are going to be
I this winter.
"The letter from Portland, Me., stated that they had figured up their deliveries
... - ,r j. ..., ..... j ..,.. ..... .I.., .. ....,,
5n tnO last nay oi pacKing una naa nouuca
B& 1 per cent oi uie uruers jiiuceu. j.iity
I'.nt nf the iirdern. hut simnlv did the best
i"The Michigan concern, nfter setting aside 12 per cent of its output of corn
tor the Government, expected to deliver 84 per cent of Its orders on two brands,
but could not venture n guess about others, and tho writer of tho letter stated that
he Iiad been in tho growing business all hla life, but never faced such conditions
before, and adds mat tno same conditions
over tho United States."
Empire Gas and
' Henry L. Doherty & Co. report that
JM a total of more than 1400 wells, with
not having yet reached the. sand, and 81
Moit of tho drilling activity Is centered In
(Cm and Fuel company recently urougnt in tne largest wen over tinned in tne
mMcontlncnt field. V
The new production from tho El Dorado field In the week ended September 21
as normal not so spectacular ns In the previous week, when In addition to the
fCardcy No. 6, four wells were brought In, each with an intlal flow In excess of
l000 barrels a day, and one of them of 4000 barrels.
Subsidiaries of Cities Service Company
ict oil in storage, and total tankago capacity in excess of 3,400,000. Tho oil in
Httorage is about equally distributed between the Augusta and El Dorado fields and
f the refineries.
Tax on Professional Incomes
The 8 per cent tax levied or professional Incomes of $0000 or moro under
BEectlon 209 of the Revenue bill was the
Unancial circles In this city yesterday, buj
iuh meaning or tno lill, not Having read
I The manager of a large banking and
hasty reading and on the surfaco he did
is eome thought It would.
' Chairman Simmons, of the Senate Finance Commitee, is quoted in explanation
and defense of tho bill as follows: '
'Vk'o tax corporations, farmers and mechanics on their excess profits." he said.
"The rate of levy In theso excess-profits taxes Is graduated according to the capital
Invested, and there is the exemption of from 7 to 9 per cent.
vlth the professional man there is
man .may make fifty or a hundred thousand dollars a year. Why should he not pay
tn excess-profits tax? Since there Is no capital invested to guido in fixing the tax
tfttr tho plan In levying ngainst the others, we have had to lay a fiat rate of 8
per cent against the professional man."
Scranton Electric Notes Sell Well
In the inulbt of declining prices of securities, it is refreshinir to record the sale
yesterday of a block of tho Scranton Electric three-year 0 per cent notes brought
oat last week by E. "W. Smith & Co. at 97?i. They were brought out at 97?.
Vaaarir.st nf Invpxtnvs fiffen Ptwwilim'
It Is dllllcult to e.xulaln." said AVilllam
Heal Estate Trust Building, "why Investors are. as a rule, very anxious to securo
wares In a company when the. earnings of that company are largely problematical,
nd why they arc ho hard to. persuade to buy the same stock when tho company
" onjiand a large volume of highly profitable business."
In illustrating tho point. Mr. Fox pointed to the recent heavy speculation in tho
feares qf the Wiight-Martiu Alrcratt Corporation. Mr. Fox directs attention to tho
wt that when intimations came 'from Washington that our Government was
wut to appropriate huge sums for a great fleet of batilo crafts and that .tho 'Wright,
flartln Corporation wis tho logical concern to expeditiously and profitably fill the
j "" "" l'" !011 r work, tno shares lit tho corporation spuing into great
M'or with the Investing, and speculative public, and enjoyed a very spectacular
en i, l a 8hare- Tllls advance In the price of the. shares was cnly based
a anticipation of profits, ns tho company during this period was working on a
losing contract of 450 motors for the French Government.
lean iirrCnt CVe"tS ,n th0 affaI,-a of the Wright-Martin Corporation are, Indeed, a
II. in C "" "10 n,'eaIctIons rnndo by tho leading curb brokers for this security.
simM . era' G' W' ao,;lha,s' ot Panama Canal fame, has recently been elected
liead7 i , corioratlon' an" Marshall J. Dodge, well-known banker and financial
ftna i i e'ected to the board of directors. The statement showing the
fcual Condltlons as ot May 3l- "" indicates cash on hand totaling $2,570,680,
fiiuai tomoro than $5 a share on the 1.000.000 common shares nf tl.n mmnnn., ,,.t.
Itiat ns -Total assets and liabilities r.ggregaio $10,000,000. Reports are not denied
Ik.. ' me Government has nlaced the contract fnr 4nniv in.mnn.ci,, ,, t
LIProjcImately $5000 wnuli n tntnl ..f tonnnnnnn i .. ..., .,-.. .. .
lepurcos that thH U'i.M.t.rn..i.Tii o..i
iheld ih. t n ""' i"oiuu-(3uiui
jg . wmci t- motor not excepted.
KOI "Tn ...i.. .
wUeve i V "0,'U!, tne company has
Tblefi. . ., """" nlul et- w' this
- ,.., ie hiock is selling around $10
Public Utilities Show RumIIpv. nnprnth,,, Kvnouvuo
Concentrntln.. .... 4i.- . ....'.
II likely to Tii "cconu iviuerty l.oan on the part of Investment bankers
Bthaeam ,rta11 tho b'-'nglng out of new Issues of public utilities during the life
iLIbertl t "' accorduiB t0 tlle oi'lnlon of bankers specializing in this field. With
Ik'et for n.,kii ??Ul 0t tlle wa'" tllero U a Prospect of ronewed activity in tlio mar-
W public Utility securities T?,i..,-.u r..., .!.. . .i .....-. ,... .
Wlnir nhllu "-f""" .i... ii34vuiii u. utu vuuijJauica lliuiuuto 111-
.to it. meet tl,e Hltuall" brought nbout bytho rising coat of materluls
'""the War. Certain n,mr,i..u r..n i... .1 .1 ... .
'"Uea fop M ---4iv, tui
SM4r.n- l "ukuhi, ivu, asxomparea with the same month last yeur,
t, correapondlns good effect In net earnings.
earn! , ' the Colorado Power
a .,. . """"" u" mcrease ot
t taxes vereJ4i.mit. n ,i. -. ....
50 an 1 "v"su, tJim,
irnin V ln"eaM ot W08, or 8,1 per Cent.
"UBB in tno hlutni'v tu
I ,? ew York Trmt Companies to Join Federal Reserve
t krul ot tha nows t,,at 'ho
1 trUBt COmnnntr In H u 1.
-.-.-4--,.. 4. ... V,4V nuriu,
Zffl3&!Sl
the continued liquidation of hli,ii.grnde
to tno tinlotuiniK oy chimi-h ami irnsi
wealthy Investors, in view of the coming
Is pointed out that In malcliiR returns to
securities can bo bought back ngaln,
irceiy cxpressca uiui-wuuu iuotu umu,
Federal Reserve have already decided to
- .l .It........ 4 mm.... AH.1 1.n ..rtlnr. n llltt.
utttuuuill iitiva, I4tin inu nucii w,i ..?-
ami united states uovernmciu ccruiicuicu
30 days will remain nt 3Vi per cent.
noto to tho Federal Iteservo Bank and
or 34 per cent.
carries an interest rato or 4 per cent, anu
thus loaned, tho redlscountlng privilege
than one-half of 1 per cent.
tnts priviiego nnu reuiscount too neaviiy
the discount rato would be raised.
evident mat tno iteservo nanus can ao a
fnf fnnntiA flnnrla
I ll VUIIHLU 1TISI10
two' largo canneries to one of the largest
very scarce and consequently high In price
everyuouy iiim ueiivci. un cum win
sum iney nuu uupcu iu uuiuci -o jici
thev could.
nave aitectcu tno canning business an
Fuel Company
the Empire Gas and Fuel Company now
1G drilling In the sand, 119 drilling but
rigs completed, rigs building and locations.
the El Dorado field, wherein tho Empire
now havo more than 2,200,000 barrels
subject of a great deal of discussion In
few or none seemed to understand tho
it carefully.
Investment house said he had given it a
not think it would prove ns formidable
no capital invested. But n professional
.T. Fox. nf I'm r.n.. ni lii-niri-0 I,, the
. ......
inuiiu- in wunout a competitor in its
fulfilled all expectations of thoi-e who
realization of all the above-named favor-
u. shun
(uaiuuj - v. - , Biiun u ucuii-uau ill operilling OX"
Company, which reports for August, 1917.
ii44, or 1.3 per cent, operating expenses
. ... 4 .
or i.it per cent, wiuie net earnings were
The gross earnings wereithe largest grow
Guaranty Trust Company of New York,
- .. j.-,- 4- j-i.. 4i. r.-j . ti
iiau ueciueu tu juuj ii? 4'?ucmi 4icoi?4i3.
PHILADELPHIA COMMERCIAL MARKETS
PHILADELPHIA
MARKETS
HAIN AND n.OUU
.iA"KAT-"-IPt. SI. "31 biwh. Tlw market
fa ' 'N1- - ""f' T IVI.S2I No. H tfd. 2.811
;V. ' ."ft rw, I2.1W: No. reil, Vi.' '
i.?.11- ,-J15- While wheat rUtlflrmj
l.2..n" r JIId wht. So on.) Nf'.;
'" uiicl-"v"" m""' bvl ln na r"""' Bl
i'tiriS lltreipiR, '..2;l! l)Uh. Hfmir.il U.lit
i.ii,v.H,u'" nomln.l. fjuotntlom: Cor lot. for
21'"1 Jf'l-- a to locmion-fWiiittrn No. a '!
W. Sa.intfi'.-.'ii; l,. No. a Wllou. nominal, do.
" ' Jfllow. nomln.l, do. No. ii jrllow. nnmlnal.
OATS Itrelpt. tun.gll lnnh. 'lrd wn.
billet, imt olTerlnvs were only moderate nnl
alui ruled .trmly. Quotations: Nn. a white.
ne. ildtfiioi.pj .tinitant white, new, i)3r3Vi,s
No. n white, r.'W, iKHOOSci N .. ! white. t.
i3 nil-.
PI.OL'11 Ufointr, 200 hbln nml 800.5112 lb.
in kihK. There w.n a s'mxl .Utriitid tor l-nth
Mwt ami torwnrd uhltiment und the tnatkvt
K ii rm unl"' "hl olterlnft. uuotntlon. ftr
"ir,-'f,' 'J'. '"d: Winter, .trolalu, new..l0.2
SLf.L'l' "'"I".', eleor. new. lo.,.'ltll."5, do.
Jf '",. .n.'?. 1I.SSW1I SU: do. fatiej patenl.
J"iD'8ll.-A; .nrlnn. nret clenr. pot. lj.2j;
L1iT,"i.',o., Jlr.t tlenr, new. mill .hliniu. 110.2..
iil;,.',i Oo l'"nt. wl, 12 7.1t'la.2Ji Jl'rlnif.
tJH.??; "'? (mm "hll'inent). lll.-.'SWlt.GO: do.
'?Pr'le fcraiidi.,- f ,i.u.,lMS.7.'V: city mills.
r,hf'oi nd ratio- patent. ll!.u3fl'ls.Tri df. re
'a,r rd. .winter, .iraliht. HO.SJOio.60. do.
patenl, llu.r.nwio.ij.
1JVI3 i tfl.OL'lt rilled firm tinder nRht ofterlns.
;?;'', Jar tleininil Wi quole J.7r,1i 10.7.. (mill
ahirmenta): i''23Jll .pot. m to lUi.ilH).
PROVISIO4NS
'Hire was lit tin ti-n.iit. imt fihiP er well
",1 !u? "N-. Kollowlnff are the nuotaltons:
barf.'
Mrlfd.
tmokfd,
R(M4ft.
2Jfr.Can,. "mnked. city cured. .. to brand
cu?.,!"!!?'1 -''He: ham.. .moKod. we.tern
ShoHiH.r,J!- .l0- '"I ed, bonclef., 42oi plenle
"lVtU'dcr"- H V. rured. looe. i4e: Co. smoked,
antl'""- '" Tickle, arcordlne to aver.Ke.
ero.L .V breakfa.t bacon, a. to brand and ov
rueSC4.',,y cur'd. 40o; breakfast bacon.
So Hn tl)0:.,V1' we.tern renned, tierces 21)c;
ln'iirVd0"m,'lb"- 2c: pure city, kettlo rendered,
tub". Jo"' ' d0" "" viiy' "ttl8 "ndere1, ln
KEPINEO SUGARS
f7h'.mi'rJ;'t r"1"1 firm on a b.sla ot 8.350
Tor extra fln granulated.
DAIRY PRODUCTS
liiJLT,lEIrOyhol',ul1' tra,ie "'""I on the
wfr. iiL?f ,h. wrlc was 'ulet- but orterlnes
onJ?.4.'ht "'l, value. er (Irmly maintained.
Quotations: Western, solld-nacked- crenmerv.
lancy .peclals. 4Sc; extra. 4(54C47c: extra firsts.
iJ,0!,""!. 44icj seconds, 4343ic; nearby
3f". ;,, ancy- 'v,c' averaeo extra, I7f4tc: llrsts,
?.'riTl'iJh5i.!frond"1.-,2.w,,,ei Plal brands of
print. Jobblnu at B3o(lc.
nJl!!V1K;l"'.mi,"d.WH" .ultlclent to keep the
limited offerlnc. of fancy etoek well cleaned up
R,...:?p P.rlc"- Th nuotatlon. ranged as fot.
K?J?i..i e cac. nearby llrsis, M2.IH1 per
standard rasa; current receipts. $12,311 per case;
"Jond. I1II.0SW11.2S per cise. we.tern, ex
tra flrsts. 112.00 per rase; llrsts, $12 3D per
L-i . ,,-,v" n.i'.i' 11..4 ivr rate; rancy
Ci.?ti.',.Kf" ",'ro JobblnE nt SottSlo per do?en.
inia ii.! . ru'ed Ami under moderate offer-
POULTRY
,,.J'IV,; rf'owls rued firm. Spring- chicken.
vXLi. "ul,t aml barely steady. guotatlon.:
i'0""- . o quullly, 25a28c: roosters, 2d21c:
iiJ RiS ,.r.'.teIW not I.e.horns, according to qu.l-i,Jti.-4l?..'Jc:..whl,
lKhorn.. 23S(23c: ducks,
leklli. 22JJ23e; ,lo. Indian Hunner. 20U21c;
do, sprlnir. 23fi24c: turkeys. 22W2tic: eulneas.
hnFl ,wr I!',,lr' wclKhlnc l, 02 lbs. apiece,
tl.i'1.n"m-,llll'r 'lz'"' "OIBhOe. do. old. per
pair. iiObttoo; plueons. nW, per pair. JIOSoc;
do. joung, per pair, so22c.
..J.!l.l:s.SKUT",,mnnd. whllo not active, was
suillclent to keep the limited offerings ot desir
able stock pretty well rleaned up at Hrm prices
Inn quotations: Kowls, 12 to Ikix, milk-fed,
dry.picUed. fancy selected. 32c: do. weighing 414
lbs. Hple.-e, 31'dc; do. welichlnc 4 lbs. apiece. 31c;
do. weighing 3"4 lb, apiece, 3(c: do. wcl.liln
S lb. npleco, 2(.2ltc; fowls, lood. In bbls . fancy,
dry-plrked. weighing 4H lbs. and er apiece.
31c; do, weighing 4 lb., a: lece, aoe3U4c; do.
smaller sizes, 24 28c: old rooster., dry-picked,
c; brollt.-s, welglilng l'i 2 lbs. apiece. Jer
sey, fancy. 330T3c; Virginia, fancy. 30'333c;
other nearby. 2UW280 per lb., western. 2(l'2ci
roasting chicken., we.tern. weighing 34 4 lbs.
apleie, 2Si30c. rhirkens. western, weighing 2V4
U lbs. apiece, 2,"iti'2(lci turkeys, fresh-killed. P"r
in.. W'-.tern, lst here. 242.V; common, 2U'tP
--c; .iirlnir ducks. 25U200; squabs, white. weigh
ing li4p 12 lu. per do... J5 lfiW5.hU; do. do. i
Vi 2b1,1er Joz-. U.JOOOl do. do. 8 lb. per do. ,
S3.0UW4. dn. .In 7 Him i.nr rim S!l (Iff. t .'(.-.- tin
$2.02
u. .i,iM .lus. per uo... i.
LI6f-! CI- ,1 4nnlf ...... v-7.
2SM2 IKI; do, dark.
p.... jj, r, .,(,., .(,;u l.Ui
Turn 51.0U.
FRESH FRUITS
The market was quiet nnd prices generally
favored buvers. Quotations: Anpl. New Vork.
per bbl. Jonathan, $40(1.30: Maiden Hlush. ..
wa.2.; Twenty-ounce. $3.B0a3: Oravensteln. $4
.1.25: Wealthy. $35: Uuchess, $34.,'i(); llald
wln, $38 s, Crab, $s.nn. Apple., Pennsylvanln.
and Virginia, per bbl. Alexander. $46.1.25;
Home Heauty, (4.S0WB..1U; Htayman Wlnesap,
$4415.3(1: (Irlmea-. Clolden. $495.25; Smoke
house., $4P5; Northwest tlreenlng, $3W3: Uano.
$3W4 SO; York Imperial. $34; Hummer Ilambo.
$2.o(t41'5. Apples, western, per liox Jonathan.
$2f2.r,0: Winter Danana. $1,754)3.30. 4pples,
nearby, per hamper. 5Ue($l 50; do, do, per S
bush. basket. 25c4f$l.S5. t'rabapples. per H
bush. basket. $l.T5ti2. Irfmon., per box, $2.60
&u. Ilananas. per bunch. $142. Oranges,
( allfornla, per box, $2414.30. Pineapples,
l'orto Illco. per crate. $3.2.147 Grapes. New
York, per 3-lb. bMsket, 13J17c. do, do, per 13
lb. basket, mi 73c . do. i 'allfornla Tokay, per
crate. $14J1.75; do. (.'allfornla .Malaga., per
crate, $14Jl.ii((. do. ("allfornla .Muscat, per
crate. SKoi.nii; do. California Cornlchon, per
crate. Jl. 7.1 02.35. Prunes. New York, per 4-qt.
basket. 3041100. I'lum.. New York, per 4-qt.
basket Damson. 4UW5H.'; tlreen (lage, 504100c.
do, Callfonilu Uro... per crate, $1.5o2.30: do,
Uranif Duke, per crate. $1 504T2. Cantaloupes,
(-allfornla and Colorado- standard crate. $24
2 23: pony crate, $1,254(1 50, flat crate, white
meat. !)Oo$1.10; do. pink meat. noc4j$l; white
rinds. $14(1.50. Peaches. Virginia and West
Virginia, per bush, basket, 11.5041:2: do, New
York, per bush, basket. $1,5042; do. dn. per
Hl-qt. Imsit t, i;04.H0c; do. I'iilltornla. per box.
50c4$l. Pear.. Delaware and Muryland, per
hamper Hartlett. $1.504i2.25: Heckel. ll.Snte
2.50; do. New York, per bush, basket Hartlett,
$2412.50: Heckel. $2413 50; do. New York, per
bbl. Uartlett. $54(7: Seckel, $(4fH: do. Cali
fornia. Hartlett. per box. $203.75. Cranberries,
Jersey, per craie. $24f2.73: do, do. per bbl..
$U4rll.
VEGETAHLES
VtOETA'lll.KS Potatoes wer ei flinl
with demand fair, tlther vegetables wio gen
erally steady. Quotations: White potatoes.
Hauler Shore, per barrel. No, 1. $3.50414: No.
2. $1.504t2.50: white potatoes. Delaware and
Maryland, per barrel. No. 1. $3.23 414: whlto
p.ita
7.1 it
.Haloes, ,iers"5. per - -ousnei naai.ei. .io. i.
HOc: No. 2. 40filOti whitn potato.., Jersey. 4
per l.'.u-ll, buff, slants. $.113.15. white potatoes,
per bushel, $1.2001. Mil sweel potatoes, N. ij..
per narrei, .no, i. 2u2.iu; ..o -j, i.o-u i.i.n
avet potalo.'s. Eastern Shore, per barrol. No.
1. $2.eOU3: No, 2. $1.7.1lb2.23: sweet potatoes,
,lerse. per l -bushel basketi No. 1. (iOWT.'c;
Sn. 2. 35W50-, i-eler. New York, per bunch,
2oWs.o: lettiu-tj. New York, per box. 40rft$l 25:
ui umbers. New York, per bushel, $102.40;
rnullllower. Now York, per ls, $.10 3.30: onions.
Jei.ey, per hamper. 3lU.5o: onjnns. Oraniiu
County. N Y . per hamper. $1 KiroLBO, onions.
Illlnol.. Mass.. Jersey und Onini'e Co.. N v..
per loi-lbliair. $2.5003: t nlons. Ohio nnd i.id..
per 100-lb hair, $2.50fl3.23; onion., Cal per
100-lb bag-, $2.73tf3.23.
Financial Briefs I
ij
Allen I Terlev. nresldent of the West
Branch National Bank, of Wllllamspoit,
l'a., has been nominated for clars A director
of the Federal Iteserve Hank, Philadelphia.
This makes two nominations so far 'for class
A director, Joseph Wayne. Jr., president of
the Ulrard National Haul: .of Philadelphia,
having beeji previously nominated.
The London Stock Kxohaugo und the
Liverpool Cotton lbehatiKe were ntt In
session today
The New York Sllbtreasuo loM $2,122,000
to the banks on Friday. '
Twenty railroads, operating in the
I'nlted -States only, repot t gross earnings
for the third week In September as $10.
37S.180. ngainst $St,2U,3C5 for the cor.
responding week last year. The Increaso
is 12.58 per cent. Kor the second week
of the month the zioss earnings Increased
H.C8 pet- cent, compared with the same
week In 1016. The first week of the
month under reviews bIiowh Increase of
12,49 per vent, compared with the corre
sponding week .4118 year before.
The Americap Telephone and Telegraph
Company reports for August gross earnings
of S2.63l.l7, against J2.23v.63G the same
month last year. Net operating revenues
for the month Increased 107,0CO, with
operating revenues Increasing $26,134.
Right months gross Increased 13,343.469.
Vet peratlnc revenues for the period wore
$11 505.300, compared with 110.251,873. or
an Increase of 11.253.427.
Figures compiled by the FlnancIaT Chron
icle show jtrosja earnings of $15,562,006 by
iwenij-nim? (Hiiiunun ivi hi" ki( u noon in
$ej)tenjbr, T84j(mpare wiw ll.i4,6j!
weal.., i. -V "' .mukea anu air-urieu.
western her In ..4 . !..., Q'ln. Ittf
l.nuekles nnrf t.n.' ,...1 '.nl al,
-lie'- ril'r.n beef, knuckle, and tender., i
.lie, beef liatviB IJ-. .,. ,. tin
1-Hh.. t. ,"UIi .n.ii.., v...
"?e L?"H:. N;w Vork, .full-cream, fancy. June,
"iu - ?f,lal" hither: do. do. fresh-made. best.
3n Ai. .: d"' ,loi choice. 2r,L,2(lc. do. do.
do. fair to good. 2l!iW25c.
- .u, iruue was filllet 'run rtimlatlttna ranirff
wj .rxmnmkwmMm&i!i
SLIGHT ADVANCES
IN PRICES OF CORN
Low Temperatures Cause Little
Alarm, ns Crop Is Believed
to Be Made
I C1IICAUO, Oct. C.
Notwithstanding the fact that there Were
llRhl frosts lit the central belt, the coin
market was easier, after a -.mall advance
In the Initial trailing. The low tempera
tures tliil not causo any alarm, as tho crop
Is believed to be made. There was selling
b recent buyers who considered tho techni
cal iosltlon overstrained.
December after ntartltic at Jl.lO'J to
$1.19 'i, against $1.19Vj at the end yes
leiday. dropped to JI.18',, but rallied to
S1.19ti ; May wan quoted at f l.lC- to JJ.1C
at the outset and declined to $1.1., later
rallying to $l.l&ii. Tho lecclpts here to
day were "3 cars.
Liverpool wan nervous, with export offerB
light and advanced continental bids meeting
with small response In actuil talcs.
There ns no Improvement In the strike
situation In Argentina, although consid
erable pressure Is being brought to bear
upon tho Government to end the 'paralysis
of trainc.
Oata were quiet nnd easv. December
opened nt 59,o to f.S'Hc. against 59c at the
end yesterday, and May at 6 Hie to Olr.
compared with 01ic, tho final quotation of
yesterday. The receipts here today were
17S cars. Tho market at Liverpool was
dull but steady.
Tho receipts of wheat at Minneapolis
and Duluth today worn B39 cars, against
737 cars a year ago; at Winnipeg J0.V; c:s,
compared with TOG cars; at Chlcajto C5
cars, against S2 cars.
Tho market at Liverpool was stead). A
prlvato cable placed the reserves In Au
tralla at 95,000,000, against 104,000.000
bushels a month ago, and 08,000,000 bulicls
a year ago.
GOVERNMENT'S LOCAL
MARKET REPORTS
.
This daily report (a sent out by the
Bureau of Markets of the '.'titled Mates
Department of Agriculture, Philadelphia
branch, icith headquarters at .100-.WJ In
surance Exchange Building, ilell Telephone,
Lombard 717.
CWhole.ale prices on large lots to Jobbers,
.baaed on alc. at the various railroad depots.)
rciUITS
APPLES, per bbl. (40-45 quarter peck.), Tor'e
Imperial, $4 4(4.25: 8taman Wlnesap, "A"
grade. 2'i-lnc.h. $54(5.25: "A" grade. 2'4-lnih.
$4.50; Haldwln. "A" grade. 21.. -Inch. $3.73W
4 f.o.
CHAnAPPLKS. nearby, per M -bushel basket
(0 quarter pecksi. mostly $1.754T2.
HANANAS. pr "-hand bunch (t doien). $1.30:
per S-hand bunch (111 1l07.cn). $1.24 : per 0-hand
bunch (12 dozen). $1.P5. per 10-hand bumh (It
dozen), $2.27: per 11-hand Uunch (10 doren),
$2.(10. "
CRANnKnmr.S. per 32-quart crate. Jer.ey.
$242.75.
UHAPF.S. New York, per 3-lb basket. Con
cord. 13S"17c: per 15-lb. basket, Conmrd. 73c.
PBACII1.H New York, per buhel (14-15 quar
ter pecks), Klliertas. No. Ii $l(o"2; Salways,
$14J"2: lil-nuart baskets, Klberta. (7 quarter
perks), 5I147.V.
rut'XKH. nearly, per 4-quatt basket. 40c.
PI.UMH. New YorIt4 per t-qunrt basket. Dam
sons, mostly 50c.
yCIN'CKS. nearby, per 8i -buhel basket (S-8
quarter pec'(s), No. 1. $1.734f2: No. 2, $11.00.
SOLD AT AfCTIOM YKSTKUDAY
ORANOI.S, California, per box. large alio
(10-12 dozen). $1.9.103.80; medium size (14-18
dozen). $2.403 3.85; nmall clsu (20-27 doxen).
$2.35413.0.1. , .
nilAPKM. Callfnrnla. ner 21-lb. crate.
te, Tokay,
cat, $1.32
$1,1041.80; Malaga. $1. 2001. 55; Muscat,
4(1.33.
VKGnTAHLIlS
11BANS, nearby, per -bushel basket (n-10
quarter peeks), green, 10 if 75c; do. wax. iac:
do, lima. hucRtl.SS. ,
I1KKTH. nearby, per bunch, l'. 4T3c,
CAHUAOK. New York, per ton. $224725; do.
nearbv. per -bushel basket. 4(i450c.
CAftllOTS. nearby, per barrel (35-40 quarter
pecks), $2.5093. . ,...... ...
CEl.EltY, per bunch (12 .talks), New York.
KOUPLANT, nearby, Per -bushel basket
(15-20 plants). 25W40c.
('UCtlMllKnS. no .ales reported.
LKTTUCE. no sale, reported.
ONIONS, per Ifio-lb. sack, yellow, Ohio, $3;
do, Nev York. $2.75113; do, Massachusetts,
$2.CO0S.T; do, California, $3,2548.33, do,
Ohio. whll. $3.2.1.
PAUSNIPS. per S -bushel basket (9 quarter
pecks). 0.1c.
PEPPKRS. nearby, per .i -bushel basket (8-10
dozen). 2Sft.1(ic.
POTATOKH. nearby, per e -bushel basket (S3
lbs.). No. 1. 8590c: No. 2. 45465c; bulk,
per bushel (HO lbs.). $1.254T1.50.
PUMPKINS, nearby, per H -bushel basket (5-7
In basket). 2344110.
SWEET TOTATOKS. Eastern Shore, Va.. per
barrel (35-40 quarter pecks). No. 1, $2,7548;
do, nearbv. per S -bushel basket (8-0 quarter
pecks. 0541170c.; No. 2. 33i43c.
SPINACH, nearby, per barrel (40 quarter
pecks). 1 1.50 2.
SQUASH, nearby, per K -bushel basket, 15
4f.uio.
i
TOMATOES, nearbv. per "i -bushel hasket I
17-11 quarter pecasi. ouc'irsi
do. vellow
over-
lnH. 4OI?50n oer hushel.
TUIlNirs. nearby, per '.-bushel
vhtte, 30c. do, yellow. 508JB5c
basket,
9
BANK CLEARINGS INCREASE
Business 6.7 Per Cent Above Corre
sponding Week Last Year ,
Hank clearings throughout the country
for the weak ended today show substantial
gains over last weelt. The total Is $5,12S.
812.720, against J5.943,654,09G last week
' and $G,083,4C5,!'2S the corresponding: week
i last year. Hiiladelnhla stands llftb in the
list, with a pain of 24.0 per cent.
Details follow:
11)17 'Did i.c.
New York.. J3.115.SS4, 729 $U. 1 1M(H).I..7 -- 0.1
Chlraco ... I3l.03.1.7i12 3K5.707.8BO -r13.N
I'hilaUelphla. 31S,H5.1.8'.1 232.094.421 24 5
Hoston .... 213.7(10.03(1 20(l,lln,3S7 t (1.8
!;;.,, ciii-
1J-'(I"II.4I!
to.1.811. Tsa . :u "
Ht. LOUIS. . .
H. I'rancl'vo
rittsburcli..
Detroit
llaltlmore.. .
N'sw Orleans
110.878,330
87.033,837
(17.070.5.1.1
lt.101.81S
4d.0H0.14ll
11. 1172,3(12
104.833.4UU -14. 3
(18.424.002 4-27
.HSfc'Sli " S'l 'Hold ""In and certW-
il'liS-zii '-.c,.tl ''ats In au t
MA'uai'Sti ' "ii'l 1 ,1oM ottlmtnt fund
jo.98i.8ii .14... halanre ,
I Clold with fareltn agou-
Eleven cltlf 9
.1 daji... .$1,030,810,820 $4.403.18.428
S 1 '
umer emeu
5 d.-.... T15.007.018 U59.47S.927 -lil.t
'Pntul !lll rlt.
.
o i,.u
Ir. 5 dajs. $5,390,718,447 $5,003,00
All rltic. 1
daj 1.032.091.273 1.018. 11118.573
Total all cit
ies. week.tC.428.S12.720 $0,088,405,028
LIVE .STOCK QUOTATIONS
CHICAGO. Oct. O.HOCIS Estimated re
ceipts today. .4000 head; left over. (1828 head.
Estimated Monday. 20,000 head. Slow, tnontly
5c below yesterday', aver.se. Top. $19.G();
bulk. $18. 40 &VJ. Hi; light. $17.80010.30: mixed.
$17.00010.(10; heavy, $17.00010.50: rouxh.
t7.D0rj.i.1; rorker.. $18..1 10.05: pii, $14
tf l7.73;'sood to choice, $18.55910.50.
KANSAS CITY. Oct. 0. CATTLE He.elpt.
lOoo head. Steady. Ranee. $17.506 19.50
HOIS Receipt.. 700 head. Steady.
SUEE1' Hecelpt., 000 head Steau.
SOVTIf OMA11A. Oct. 0.HOUS RuelpU.
3200 head. Steadj-. Itanne. l8.3owi0.23
CAl 1 1.I. -lie. Eii.m. u.Mf uesu. l-ieatl
KI1KE1' Kecelnts. 0.100 head, btiadi. (;
ar.
103.
D.VIltY l'KODUCTS
(TESTEHD4VY)
BIjTTKK-fJie.piurlMt ruled tli-iii aim pries.
were advanced 'ij on . olid-parked creamery
and lo on prints, demand ab.orblnc tho llmlled
ofterlnu. . DeaUr. were able to .ecurj the out
side rats for fancy .olid, while th under srade.
were well cleaned up at Inside llsures. Fancy
print. wer carc and firm nt tho advance
abo. noted, but there were .time unattrac
tive nualltle. around, which were slow of sal.
and somewhat Irrccular in value. Quotation.!
We.tern. fresh, .olid-packed creamery, fancy
specials. i ;. ,IiIcj.,tru flr.t.. 43Uc;
nr.ti. 44V4ct .econd.. 4443Wr: nearby print.,
fancy. GOci aver.je "xtru.. 4,!0ci ilr.l., 45
l40ci .econd.. 4844ci .nerlal fancy brands
if print, were Jobblnr ut B3riilc.
Kl(iS Strictly nne. fre.h nearby ttct ruled
I
first., $12.30 per c... do, second.,
till t.K6
died ess. were jobbing at fiOOElq per dol.
DIVIDENDS DECLAlffeD
lnt.rec.an Oil' Company, regular semiannual
of 3H Pr cnt oy flr.l preferred, payable No-
i'.entrl PVxiadry Company, retui.r quarterly I
Sfilfitf'. tfnffli&tMiI,'trZ ' 2?' I
YBBlOCr 4 " vi V ,nlW VV4VWVI -V,
limited oft.rlns... Sledlum cradus w.r. plent
fill, dull and weak. Quotations-
Nearby flr.t., $12.00 per case: do. current r
celDta 112.80 per cam; do. .econd.. 110.051
Il lr i
COTTON PRICES DROP,
AFTER GOOD START
Market Sellx OfT Under Realiz
ing, With Ciosriig Quolnliom'
Slight ly Above Yesterday's
saw Yomc. uct. .
After nmUltis ri.ikI khIih today, .lit, .jl
ton tnaiket fold jIT under rcillzliig. but It
closed above, the. final .notations nt Jester
day. The war news was eonsldwl en
fouraglng and attention Ma utumitnl bv
weekly lovlcws iiid'catlng Mietith In the
goods market.
Although business was not aitlic at the
fclait, (ho tone was firm and ailatire tf
12 to 23 points were leiorded on the ;,.
(Meat- wru titer In tho South and a strong
tone at New ui leans brought lit a good
demand from commission houes, uptown
Interests. Wall .feet and spot firms. The
selling was by rorm cporators. Liverpool
nnd New Orleans hoUfces. Sentiment was
generally bullish before tli start.
It was generally clear In tho South this
morning, but temperaturer were consider
nbl. lower In most section.
Yesterday1.
l.a-t
October
le(.embr
.lanurv .
.Mai eh ,.
Mav . . ,
Spot . . . .
Close Open llleb
2.1.II-1 2il.Hl 2(1,4(1
23.37 "J1.40 23.hu
2.1.17 21 TM 21.7(1
a.i.:tii 2S.r.ii 25. 7m
25. :t!) 25. CO 25 7
I. on
2H 30
21.40
2.1 30
25.40
2.1.51
11.30
SMV3
21.52
-r.io
Cotton Statistics
NEW TOHK. Oct. (1. The stallstlcal position
of cotton, a. made up by Saturday. Klninclal
Chronicle, 1. as follows-
Thl. l.ant I.a;t
, , , , week weelt year
Total tlslble supply 2.H4S,(ll).1 2.7IIS.(I41 3,1105,54
Of which American l,844.(l!l.'l l.fids.Oll 2.1)04. 581
Total In .Isht Orto-
ber 3 2,159.4,11 1.701,413 2.M(1.523
Cotton Huycrs and Sellers
NEW YORK. Oct. B. October Wilson
bid ; Cone offered.
December Hartrorn, t.ulld, McFaddon.
Uussell. Jay and (ieran bid ; Schlll, Mitchell,
It. Hubbird and C. Olcks offered.
January Schlll, Orvls, (Jeeran, Mclinany
Ne-wman. Oulld, Il.irtcorn and Ilrooka bid ;
Downs, Haftcdnrn, Dlckcrson, Mitchell and
V. Oumeons offered.
March Wilson, It. Hubbard. Hartcorn,
Kreeman. Mitchell ,tnd Oecr bid ; Hyman,
Downs, Wilson and I.ee offered.
May Oeer, Schlll, Waters and Newman
bid ; Kelffer. Jay. Freeman and Waters of
fered. July Hartcorn and Ilrooks bid; Burnett
and Hcntz offered.
NEW YOKK(IUNK STATEMENT
Hip; Increases in Avera-jo nnd Actual
Lonns Surplus Larger
NKW YOniC. Oct. 6. -Tho New York
bank statement this week shows big In
creases In aver.tKo and actual loans nnd
Kalnu In surplus In both cases.
.Details follow:
avi:iiaci:
Tntrense
$:.. 54 (.lion
8(i,r,tiN,iimi
ciiii.ouo
212.000
.'1. 057,UOO
Loan. $.1.(iAI.424.n(iii
.Vet ilemaiul denasKs.tS 55.1.42(1.1110
Net time deposit.. . . .
Circulation
Cash In vaults
Hescrve In member
bank.' reserve
banks
He.erve In State
bank, and tru-t
companies
Iteserve ln S ta t o
bank, ami trust
companies depo.l.
lories
AsBrc-RAtn reero...
Iteservo reiiulred. . . .
Surplus
llecresse.
207XIO ono
32. 125.000
tM.ll55.00l)
360,403,000
SS4.S3ll.HOO
S.C.Iil.OOO
8.0S5.0O0
1I2,Ii'.I
577.0 III. OOO
4ll4.7.'ll.ll!lO
(92,(11 1.IN1U
L'o.nso.noo
2t.54N.OOII
4.1142.020
Ki.ll05.HS0
MTnlted States deposits Induded $235.19.000,
SSpccle Included $l33.i20.ouo.
ACTUAI
T.oans
$.1.tl51.3(l.Onil
land deposit.. T3. 522, 0.IS, 000
e deposit.. . .. 211,50(1.0(1(1
$ln non.ono
13,552,000
K.. -,'11. lino
247.000
5,500,000
Net i ema
Net time deposit.
Circulation
M2.2Tll.IMHI
('.ah In vaults
Heserve of member
banks In reserve
bank.
Iteservn in Stat,,
hank, and trust
companies
Iteserve In State
fjHnks and trust
companies' deposi
tories Asareitate reserve...
ttesene required....
.K0.1S2 0(0
303.035.000
171.010,000
554.000
2O.(i(',9.000
115 337.000
574.31K.00ll
4II0.32S. I5H
25.3(1(1,000
5,252.0(111
1.72.1.430
().077.43(l
.-urpius
S3.nsn.550
thpecle Included $123,751,000.
tttnlted State, deposits deducted, $220,031,000.
-4Jecrea.e.
OUTSIDK HANK WATI3MK.VT
STATU HANKS
Loan. Investments . $430.7211.100 $2,000,(100
Hold 2(1.31tl.S(IO 733,500
Currency, bank notes 111, 321,300 1 11.700
Federal ne.erve bank .W.IWI.HOO 5.S02.500
Deposit. 550. (17s. 5IIO S. 0.14, (100
Iteserve on deposit. . . 10S.r,S!),500 4.202.000
ivrcentauo of reserve 24.0 per cent; increase
5 per cent.
THUST COMPANIES
r.onns. Investment.. .$1.83(1,5117.700 $(1,520,200
(lokl 101.1S0.500 9.100,800
Currency, bank bills. 13.lt32.nno 17.000
1'cderal Iteservo bank 40.521. POO 0,571,(100
Depo.lt. 2.14H. 222.5IM S.17.300
Iteservejndepo.lt... 341). 153.400 ...830.400
I'ercentiiBo of reserve. 21 per cent. Increase,
.3 per cent.
STATU HANKS AND TRUST COMPANIES NOT
HEPOKTINO TO CI.KAltlNa HOUSfi
Loans. Investment... $831,241,900 $!),(lll,(10(l
Oold 57.503.100 l.T.11,700
Currency, lank note. 10,705,200 204,800
Federal Iteserve bank 3.791,000 "101,000
Total deposit. 094..12S.1OO 5,500.100
Net deposits 817.105.300 M.Min.SOO
iteserve. on deposit.- 180,04(1,800 1)15 700
Percentage of reserve. 2l.il per cent (miens, ,
.1 per tent.
Dei reuse
Federal Iloeervc Hank Statement
The condition of the Federal Reserve
KjnU of Philadelphia for the week ended
ycttei'day compares with the previous week
as follows.
lu:sur.'RCK.s
Oct. 5
SEl 28
$18,730,310
SO.Sbit.OOv
3,073.000
58.907.310
40.418.13.-,
Ii.IO.Oiio
100.205,445
t.lOa.GSl!
101.lflll.13l
1 19.015.295
33.771.1.(10
3,673.01.10
5S.-t!)1.2aj
43.010.9S.-.
'.150,11110
1O2.4lil.280
021.771
103.383.051
VotBl' 'cold ' I'siii ' h
PaiiK .
Cold with I'edei.l 11.
servo agent
Hold rrdeinctton fund.
Tulul sold rtere..
. . ' LeKal tender note..
1.3 j silver, eto
I Total reserve . . .
. . I Hill, dlscomiteil mem
5. . I Iwrs
i mils bought lu open
market
i Total bills on band.
tO.S74.,022 11.120.003
K1.015.15H
27.790.070
I(l.!l04,85(
21,023,401
L ,-. t.ovt. loim-ieriii
serulltles .. ..
I'. B. (Jiivt. short-term
securities
Total 1.'. S. securities
Municipal warrants. . . .
5.C00
502.203
3,20.1.(iOO
3.7U0.COH
Total irrilii a.s.t'. J31,330.7li
Hue from other .Fed.
Iteservo b.inlta (net). 1.0s2.i31
fncollecteU Items .... 27.824,027
Deductions from
gross deposit... . 20,8011,538
Alt othtr resource. 279,282
1 Toul resources . $1K5,019.37 $li!l.ni.4'jD
! ' LIABILITIES
Capital paid in . $.,.27:i,4iin
I ,l.4rnlnM,ll dDOlltS. . 4.575.3(17
70.4.10
02.21'.!)
.,, tr. ,.itni..rs re
' serve account .. . .'.Ml..-J Is
I Collection item. .. 23,452.002
I Oue to other Fed. Hes
' I. ,.ilf.u4 ....
-71.506,153
25.004 304
.'..IT... 108
Kl4.8U7.895
I Ttal uto. d.bo.lls. il(,f,.745.liUU
,V.IlI4a.-.ll.L
Federal Reserve note.
-. : -T .- ......
Ill actual circulation
All other liabilities.. .
33.HHU.onil
(I03.3U0
51.020.510
(80,013
Total Uabllilie.
$105,010,578 1 1 til 0S4.4D9
(sOVEKX.MKXT IJONDS
Hid
HT
. H7H
:,oH2
:.
. K5
. S4
. 07'1
. SO
. 34 .
it. registered. 1030. .
2s, (.oupon, 1B30
:i. registered. 1U1S. .
S. coupon. 101b
4s. registered. 102S. . ..
4., coupon. 1025. . .
its, registered. 104(1
S3, coupon, 104(1
Panama 2., registered, inxil . .
Panama. 2.. registered, IMS. .
Panama. 3.. registered. 1001..
Panama 3. coupon
lUrt
Extra for, Detroit Steel Company
DETROITrMlch.. Oct 8 Th Detroit
Iron and Steel Company has declared an
extra, dividend ot 6 per cent on the common
stock In addition to tho regular Quarterly
dividends Pf 2H per cent'.jm tjie common
and l"i Pr ce,nt on
ll tfayaUje October IS
and 1 per ce,nt on in 7rftrra stocks,
3,2011,000
3.708,2011
' 12.1,937
$31,919,958
28.6l')lii92
28,000,792
20.1.U7H
, 'iMifrfiT vv"Pcr
Imch and poor
GOVERNMENT
Pennies as Well as Dollars Will Flow Into Nation's
Cash Box Luxuries Hardest Hit by Uncle
Sam's Latest Money Getter
iy WILLIAM ATHEUTON' DU PUV
WASHINGTON. Oct. 6.
)f the ,;(. and ;i half billions of dollars
thkt alo to be lwld Into the Government
Treasury this eHi- under the revenuo bill
which Mr. Wilson signed late Wednesday
iilaht, how much are jou. Mr. verage
AtuerlcHii, roIiir to conttlbutcf
The answer to this Is somewhat dinicult.
but a few of Hie "kittles" into which ou
M1 drop our nickel", dimes and dollars
may be Indicated. '
After N'oremli.t- I when you so to tho
inoi luff plctui show, fur lustnnco. yon will
pay a tav. If you bu a ten-rent ticket you
will havo to tough tip an additional penny
ns n tax. 17 you go to a theatre which
chaigrs as mutli n Uvent.v-flvo cents, jou
will have to tl'g up three ictus In tax
monev. The rate is one cent for each dime
ov fiwtion thereof. Of touisc. the pro-
prlctor of the tlieatra may think it au-
iaiiie to mainiain ma len-uom. i"-
he inn, thereforo sell cu tin- tuket al tlir
old mte. pnjlns the -.as hlmfcelf. But the
polity of tuide Is usually the revcrte, and
when one rent in tax Is placed on the re
tailer his puce gooi up a nickel. There
fore, you may be usked to pay fifteen ccu.
tor our ticket.
TIAHD O.V TIIUATltK-OOERS
If you nie so nrolUpato ns lo attct.d
tlioe performances where the price of
tickets Is $2 n tliiow. you will have to pa
an extra penny for evcrv dime. Your ,2
sent will then cost you J2.20. But there Is
n grnln of consolation. If you buy your
scats " ticket walper nnd pay mote
than the customary price, the pirate will
have to disgorge. He must turn half tm
swag over to Fnrlo Ham or make himself
liab'.e lo a long term in the penitentiary.
Likewise will that envied of the theatre
goer, the dramatic critic, or any body else
who Ins the courtesy of passes extended
to him. bo forced to pay In-i 'tlpend in jix
monov. Ju.t ns though he had purchased
hln ticket. The onl Individual who will
escape the ticket tuN r he who In bo modest
that he Is satlstlcd with a humble enter
tainment the admission to which Is live
ceMs. Such shows are immune.
The Industrious dispatcher of the modest
souvenir postal caid so popular with excur
sionists must hereafter pay twe cents to
send It through the mall, an outright In
crease of 100 per cent. What Is more rev
olutionary Is the fact that ordinary letters,
which now bear a two-cent stamp, will have
lo be graced with one of three-cent value
when November arrives. Hero Is an Inno
vation that will be felt In every otllce and
virtually every homo lu the nation. Local
letters, however, are exempted from this
tegulatlon and mall to be delivered in your
own tqwn may get past with a two-cent
stamp.
IlEVHNTB STAMP IlKTURN'S
The revenue stamp of Spanish-American
War limes will conje back Into being. It
will not be found on small checks, however,
as It was then, but will affect only transac
tions of certain kinds above $100. F.very
$100 bond Issued, for instance, must carry
a live-cent stamp. So mus't an Issue of
capital stock. Such papers as transfers nnd
bills of sale must carry stamps at the rate
of two cents per $100. ns must promissory
notes, liven stock exchange transactions
como under tho ban, as do other dealings
ad infinitum.
If you buy a ticket to Santo Domingo
and It costs you S0 you muM pay a tas
of $3 for the privilege of taking the trip.
If the fare is $70 you murt pay a ?3 tax.
If you Want to ride on the train without
paying a tax you will have to get off before
it has gone forty mites. After that there l
a tax of eight cents for eveiy dollar you
spend ln thus overcoming Inertia. If you
buy a Pullman berth for $4 you must pay
an additional four dimes Into the Govern
ment war fund. The conductor Is the tax:
collector and you must give him th money
and trust that he will db-gorgf.
It seems not to be Intended that any of
these taxes should be paid by the' corpora
tions rendering the service. The Interstate
Commerce Commission has hammered the
ratlroid fares down to the point where thev
ought to be. nnd to Inflict the taxes upon
tho railroads would upset the whole balanco
of this fare adjustment So the pa-enger
pays the tax direct.
INCOMR TAX ItRVISION
But the mass of the new tax will be i ol
lected on the basis of Inconte. Under the
Income-tax law that passed a year ago the
married man whose income was less thsn
$4000 was exempt. NVtv the exempted In
come of a m.ln suffering matrimony Is but
$2000. But Ik- has a chance to raise that
exemption. For eveiy babv he has the ex
emption limit Is raised $200. Tho law here
extends Its first recognition of merit to the
father of many children. If ha Is the father
of ten children and has an Income of 54000
ho Is still exempt, while the mere father of
six children wllh the came Income must pay
2 per cent upon $S0o an Income tax of $10.
If a man is married but does not live
with his wlfo he is taxed as Is a bachelor.
A woman who supports her husband bears
tho same exemptions as docs a man who
supports his wife. Her pobition Is equally
commendable In the eyes of the war-tax bill
But the bachelor gets the ax. If he cams
more than J 1000 lie must pay a wnr-lneome
tax upen It. Formerly tho bachelor might
earn up to $3000 before he began pajlnc
Income taxes.
The weight with which the tax rests upon
Hie possessor of liu-vines upon the mini
mum Is progressive. He pays 3 per cent
on an income of JlO.OOw, per cent on an
Income of $1S.OOO, 10 per rent on $50,000
20 per cent on $190,000. 25 per cent on
$200,000. 40'pev cent on $300,000. and when
his Income Is a tnlllluii dollars a year or
wore ho gives up one-half of It to the Gov
ernment. So will the I.ockefellci s add the llewy
Folds pay Into the tie.tsury neat little sums
for thb prosecution of the war. Tho man
with the machine that mado tho Joko fa
mous may be depended upflu, with wheit
at $2.20 a bushel, fop a neat contribution o
thlrlj or forty million dollars next year.
SPKCIAL WAR PROFITS
Corporations. Joint stock companies, in
suiunce companies, etc., are called upon to
.hare liberally of their earnings. The war
tax bill does not really get to going, as
might a tank, against the fortifications of
entrenched wealth until it reaches those
Industries with h-pedal war profits. Then
it sas that everything that has gone be
fore applies t. those Industries and takes
a new set of ti iclw out of the box and gets
busy with tfiem If after tiavinir nil mil...
taxes, n vvjr piofltecr has is per cent vel
vet, the "ioveinmoiit takes 1C per cent of
that If he makes a profit of 23 per cent
20 per cent of It Is grabbed. If piollts
ate 100 per cent, tlie Government gets 3i
per ten i The Government gets half If Die
fl'
SEASHORE
EVERY SUXDAY TO
ATL.VXTIC CITY SEA ISLE CIT WILDYOOD
OCEAX CITY STONE HARBOR CAPE MAY
$1.00 SKF")
.UTVMN ll.Afl4XCl7nHIONS TO
MAUCH CHUNK & SWITCHBACK
THE SWITZERLAND OF AMERICA
Saturdays, Oct. G, 13, 20 and 27
Wednesdays, Oct. 10, 17 and 24
(Special Train leave. Terminal S.OO A.M..
CO ert ltOENn ii.iuinoiB
St. S.10
p-d.tru TKU.
tM.. Jtm4.r.4sbii n.tfn a. m.
.' ..
..'
alike share
WAR TAX'BURDENII
munition maker makes "Or tier cent and
00 per cent If he does better. Thus It Is .
estimated that those who profit by war t;3
iu un mauo 10 near no small part oi ine
burden of carrying It on.
Then theVar bill tubes an unusual slant $
Into possible snurtes of revenue nnd bears
down upon tho clubs of tho nation. It
holds that clubs were exclusive) and the)
temples nf tho Idle rich nnd that their In
copies will be a neat tax melon to rut It
therefore, levies a straight 40 per Cent upon
tho Incomes ot nil clubs,, that being a handv
figure offering the saving of much compu
tation, since there would bo but tits nec
essity of moving the decimal point. Ho
every man who pays ten dollnH as cluh
dues will bo giving one of It t'o the Gov
ernment with which to fight the war This
does not. however, apply to rlnbs whose
dues are less than $12 n car nor to secret
societies. . .,
If one Is accustomed to call up his girl ;
and sho lives far enough nw.iv lo make ''
tho call cost fifteen cents, he begins to help !'
cupport the war again. There will be u
flvc-ccnt tax on such a "call. Likewise will
telegrams bear a five-cent tax
nnVURAGBS FIRST TO I'VY
Tli tax on beverages was Cist n become
"porntlve. When Jtr. Wilson signed thu
bill theie was an instantaneous increase In
the tax on distilled spirits In bond noni
$1.10 to $3.20 a gallon. An In .tanlly opera
tive tax of $2 73 a barrel was likewise
placed on beer. Then to sllll further dis
courage the distllr. who had' already cj
Tierlenci'd a half doren knockout blows at
the hands of Congress, this war 'tax law
nelted a tax of $00 on every hundred pounds
"f grain he used in making hooze.
Tobacco also came In for an additional
'vy In the war tax. Whero the revenue
.-.tamps have heretofore had to be placed
di the packages by the manufacturer, the
present law requires the retailer to get Into
Ihc stamp business. All he has to do Is to
figure out tho value of the stamps that the
manufacturer has used and lick on others
of half the value. The ordinary package
ot clgarottes costing twenty cents carries a 4
revenue utamp of about two cents. Cpon
tlin twenty-cent package the retailer must
n '. spend n cent In stamps. What will
happen In tho price before it gets to the
consumer Is yet problematical, but he will
probably pay nn additional nickel that the
Government may get Its penny. If his
cigarettes do Increase In price to that ex
tent he should be In a position to know the
etent to which he is gouged.
But even the soda fountain Is to pay Its
part of the wnr tax. Grape Juice and soft
carbonated drlnki and mineral waters mutt
pay a tax of a cent a gallon. Kven the
hj-rups used In yodn water fountains are
taxed.
4UTOS AVD MOTORCYCLF.3
Kvcrybody who rides on a motorcycle'
must pay a wnr tax of $2 BO a vcar. If
you ride In an automobile for pleasure and
that machine costs lss than $600 you must
contribute $5 a year lo the wnr fund for
the privilege, and M0 if the machine costs
more than" $1000. and 3 for each additional
$500 you paid for your machine, nnd for
each $S00 above f.O00 you must pay MA.
So the bigger you nrp the harder you fall.
The bill deals drastically with him who
would take his pleasure on a yacht. Like
wise doc? It Indicate that Congress looks
with disfavor upon' such games as golf and '
'ennls, for the appurtenances thereto ar
l.eavlly taxed. Perfumes, cosmetics, toilet
waters, pomades and toilet maps are levied
upon, but ordinary soap that keeps you
clean but doer, not pert nino you escapes
taxation. Patent medicines get the ax gcod
and stt5ng. There Is a special tax of 3
per cent on Jnwclry. Chewing gum has to
pay 2 per cent, while your talking innchlna
records are lovied upon for .. per cent.
When next -iu go to pay your life Insur
ance yon will be required to part with
eight cents for each $100 you carry, You
will have to pay a pmny for cath parcel
post and express package you send that
costs as much as twenty cents.
When the Treasury Department pulb the
situation together It flmU that this tax 4
will secure from Incomes, Individual and
corporate, about $S3i.00O.O0O : from th
excess profits of manufacturers. 1.000,000.
000; from distilled spirits, JIS3. 000,000;
from beer. $4C.O()0.000 ; cigars. $10,000,000:
cigatettcs. $21,000,000. and tobacco, $30,
OuO.000. The tax on a smull item like
cigarette papers alone amounts to $100.
000. The tas on freight transportation will
amount to $77,000,000, while tho levy on
passenger trattlc will be about $00,000,000.
The tax on umusement admissions will
amount to $30,000,000 a year, while the
clubs of the nation will contribute $1,300.
ooo from their dues. Ths increase in post
age rates will bring ln $70,000,000. while
the munition makers will donato $25,000,- .
000.
POSTKP.ITYS BIG PART
This 52.oO0.000.000 hasn't mucfi to do
with tho general Job of winnl.ig tho war
Tho mahs of the money is raised by floating
loans which posterity will pay off. Mr.
McAdoo sells 'bonds to raise an Incidental
thrco or Ave billion dollars ln Yi campaign
of a few weeks, which means that hp bor
rows the money fiom the people on the
credit of the Government. But the present
bill proposes to take in what money may
be garnered for current revenue. It Is but.
a few yeavs ago that a bllllon-dollar Con
giess was without precedent, had never
happened. Sow we levy for two and a
half that amount In current, taxes, while
bond Issues make a mere billion look like
plu money. But ilia intent of the law Ih to
make It rest lightly upon tl Industrious
una, frugal Individual win kceBi away from
luxuiies. whilo it Unis tho lffm with lots
of exult, whli'ii, like tls - lUkty'youth ot the
nation, is regai dnl being subject to
draft.
CLOSIXG LIVE STOCK PRICES
cmcAoo. Oct. n. iioos neceipts. 4000
heud' Mon-laj, 20.0 O head, llest .trims, otb-
4Th ... lovr than ;estcrday a .overate, riulk. - ,V,j ; -ftf-JiLi
SU.2.1! 111.05: light, SU.Mieini'.Mii mixed . MftSs
,.),..." ii'.im. iK-in,. (i i.i'titM lu.u'i. roven
S17.no..) 18.15.
iWTTI.U ItucelpU. (000 head. Weal,: 17.(!S.
SltUUP llevcipt-, tl'SHi head. Weak, $13
Lambs, S.1S.S0.
KANSAS CITY. Oct. (1 C'ATTLK- P.eivlpts.
10 Hi 1-e.td. . Vomlnal. sit ad..
HMJ Receipt.. 700 head. Mend:'.
SIJUEr Itetelpt". 500 head. Xomliul.
OMAHA. Oct.'. BOOS Ilccelpts. 3000 he ad.
SWdy.
CATTLE Iteietpt., eOOO bead. Steadv
SSH1SEP Receipts. 0300 head. Noniluo'
Commercial' Failures Increase
commercial failures this week In the
! United States as leported by It. G. 'DUit &
To., were 242. against -3b last week. 244
the preceding .week and '8l In thl corres
ponding week last year, Failure li Can
ada numbered ?4 agatnst 13 last week. 1
ln the precvi'lus' weOc anl 2! lat' ,'ear
EXCURSIONS
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