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'- EVENING LEbGER-PHILADEa'aiA, MONDAY, OCTOBBK 8, 1917- '. i
pWANOIAL NEWS ANfr COMMENT-ITEMS OF INTEREST TO THE BUSINESS MA
BUY BOMDS
OR
GET BONDAGE
f
THE LIBERTY 1.0AN
IS HOT ONLY
THE SAFEST INVESTMENT
NOW KNOWN
BUT IT IS ALSO
YOUR COUNTRY'S DEMAND
UPON YOU
FOR SERVICE
TOlCONQUER GERMANY
FtEILLY. BROCK 4. COMPANY.
NEW YORK STOCKS SELL OFF
AT CLOSE OF ACTIVE DAY
4
Midvale Steel Reaches New Low of 47 and Inter
national Paper Declines to 22V1 New Liberty
Bond Sale Weakens Whole Market
FOUNDED 1865
The
Provident
Life and Trust Company
of Philadelphia
Whether a will is good
or otherwise, often de
pends upon the execu
tors. Fifty -one years
of successful experience
have qualified us as
experts in the manage
ment of big affairs.
FOURTH AND CHESTNUT
STREETS
High Points in Today's Financial News
Liberty Bonds sell down to new low mark of 99 on the Philadelphia Stock
hxciiange. Turnover of stockt on loenl exchange unuiually small, with tone
of market fairly strong. U. S. Steel off Hi to 105 at close. New York
f f change quiet rind generally off, Tobacco and Steel leading decline. Govern
ment crop report for October shows spring wheal and corn under condition
estimated tn September icport, but with increase in totalyiclds. Cotton, oats,
and other crops show increase. Cotton up. Grain steady. Bar silver down
tn New i ork and London. Money easier.
War Time
Investment
Service
o As a part of our service to
investors vti are prepared to
furnistVfull particulars regard
ing 1 Tke U. S. GoTcrnmciit Liberty
Lean Bondi.
2 Tke new Wir Tax Law iniist
ated and indexed.
3 Tie Income Tai i it iliects
comet ranting from $Z,000
to $3,000,000.
4 Bond's exempt from Wr nd
Income Taxet.
The information desired will
be furnished promptly upon
request.
TheNalionalCity
Company
1421 Chestnut St., Philadelphia
New York Chicago an lran:ico
Boaton Fitoburgh
1
Federal War
Revenue Bill
Wo have prepared, in booklet
-form, a summary of the Federal
War Revenue bill, including
tables of the Income Tax, show
ing exemptions and amounts
persons will be obliged to pay
the Government.
The subject of excess profits
is reviewed, with practical ex
arrinles showing how the amounts
are' computed.
Upon Request We Will
Mail You a Copy
A. B. Leach & Co.
Incorporated
115 South Fourth Street
w '. Cw
H .. Vf
Hi-
maiiV
6th & CHESTNUT STS., N. E. Car.
Members ot Phlla. Htoek Tvhunio
Direct Wlro to New Xork
issiaasTi 'fitm't't4t
MCWYOIIIC. Oct. R.
The heaviness wlilcli tlfv eloped In Liberty Honds durincr the day proved nn
effectual check to the bullish operations In tho stock market. Tbeie wnn h con
tinued supply of the Liberty Loan bonds which vveio traded in at 99.66 downto 99.B0
compared with the high ptlce of 100.30, paid Just r little moio than a week ago.
No one in the Wall street district holds the slightest doubt but that the new
loan now being offered to, nnd taken by the public will Vie n complete success,
but speculative Interest and investment dealingH.ln the Wall street district
have been on the wane for some weeks and the Slock Kxchanpe Is not likely
to paitlclpnte to any great extent In tills new Government financing. ,
Naturally, speculative Interest and Investment busing of current Wall street
securities were contracted because of the necessity of devoting financial efforts
in the takinir and placing of the new loan, and the market for those securities
could only be found at concessions. At first, the supply of stocks was small and
there were many issues which showed strength in the.early dealings, but the
strong tone iiulckly disappeared when the Liberty Bonds declined.
The prominent features of the trading were the tobacco stocks. United Cigar
Stores falling off fi points to 104, and Tobacco Products yielding 3 points and
selling below 62. t'nlted States Steel common moved up more than 1 point to
10SU in the early tiadlng and then dropped more than 2 points.
Uethlehem Steel "LV moved in tho same way, advancing 2 points to Sl,
nnd then wiping out this gain and showing a net loss. Substantial losses weio
sustained also In the toppei stocks, with Kennecott declining more than 2 points
to 3G", and ftah Copper ranging late in the day from S9 to 87. Midvale Steel
touched n new low. selling off l't to 47V the previous low being 47V4- Inter
national Paper was off 4 points to 22V4.
French Municipals Not Well Distributed
One ot the illlllcullles of the market foi the Ki-eneh municipals, with one
exception, that being thr. city ot Paris 6s, is that they weie never well dis
tributed. It is generally undeistood that public took not mote than 60 per
cent of the Houleaw, Marseilles and Lyons 6s. Selling last week was nsciibed
in patt to n feeling that the svndlcate woidd be dissolved at the end of th
month; but It was stated olllclallv that no such action had jet 'been taken or
considered.
In the financial district, however, Iheie was a lather welldeflned report
that some of the selling had been for the account "of interests," which may
or may not mean those bankers who were Intimately concerned with the
original flotation. At the fJiwer point of their decline the Lqns 6s sold to'
yield better than 12 5 per cent and the j lelil on the Maisellles and Uotdeuux
bs was better than 11.5 per cent. All of these notes mature In November, 1919.
Among the laige brokerage Arms there Is a marked division of opinion
as to the futute of the stock maiket. Some take the position that the
liquidation Is virtually over nnd thnt henceforth pi Ices will commence to letlect
the Inllation which must inevltablj accompany the raising of such huge sums
ot money as is under) contemplation b.v the fulled States Government. The
moie conservative clement feels that while pi ices might rally considerably, the
movement must necessarily cease when the short interest has been run to
cover, for, as one firm puts it, there is "little reason to expect another upward
swing with a total absence of public buying power." Another viewpoint Is
that the demoralisation of investment values Is bound "to mllltane against
a successful flotation of tho Liberty Loan, for "when merchants and others
see their securities declining to losing flguies a sense ot poverts begins to
affect them and the impulse to subscilbe to the Government war loan gels
a dash of coal water." '
Change in Sense of Values
In former dajs aslock earning 15 per cent would have been entitled to
a market rating of above par. This was not so many ears ago. Today,
however, the Wall street sense of values In i elation to earnings has changed
very remalkably. Bethlehem Steel Is an Instance In point. Us preferred stock
sale showed a miserable lack of enthusiasm nn the part of shareholders,
who forced the syndicate to take more than 30 per cent of the allotment.
Kainings of the company this year are semiofficially estimated at around $50 a
share after allowance for the war tax. Last jear the company earned $72 a
share on Its corfimoii stock and in 1913 an amount equal to $2S a share on
the present capitalization. In other words, the company 'in three yeais will
have earned an amount equal to $150 a share on its. common stock. The U
stock, by way ot comparison, Is selling at a price equal to more than $50 u
share below the amount earned on It.
The unofficial Tieasury Department definition of the term "Invested capi
tal," while not necessarily binding. Is of great Interest to corporations. It Is
htated that money received by a corporation from the sale of Its bonds Is not
invested capital. Bonds are a mortgage and money derived from the sale of
them constitutes a loan. Neither Is any allowance made for stocks and bonds,
except those of the t'nlted States Government, the income from which is
not subject to the excess profits tax. Other Investments and obligations ot
the United States Government can be included in Invested capital.
Steel Manufacturers in Conference
Steel manufacturei s are still In confeience with the Idea ot fotming a
schedule ot pi Ices on stiel products other than bars, ahapes and plates. Items
that are getting first consideration ate tubular goods, wire products and
sheets, these being the gieat products of the steel Industry other than bars,
shapes and plates, prices for which are fixed at 2.90c, 3 00c and 3 25c respectively
The general opinion in the steel trade here is that the pi ices proposed will be
arrived .at by taking the bar, shape and plate pilces and then adding as laige
a margin or spread as there Is any hope of obtaining, all these pioducts being
moio finished ni tides than bars, shapes and plates and involving mote
labor in their manufacture.
There Is a feeling in oil circles that this winter and spring may witness
a big speculate o boom in Standard and independent oil companies In view ot
the 10 per cent tax on undivided profits going Into effect July 1, 1918. The ex
pected distributions on Atlantic Refining and Standard Oil of New Jersey ate
Just now the important topics of discussion, but aside fiom these there are
quite a few others in the oil list that are coming in for consideration. The
undivided profits ot the New Jersey Company aie epeoted to reach approxi
mately $30,000,000 this year, and well-fortlfled rumors have it that an extra $15
or $20 may be declared May 15 next. At the company's next board meeting on
November lfy It is not believed anything other than the $5 regular will be dis
tributed. . Tim Atlantic Refining Company has a surplus of more than $33,
000,000, compared with a capitalization of $5,000,000. There Is talk of a stock
distribution as well as a large cash extra from this company. Despite the fact
that big allowances will be made for depreciation and plant extensions, Atlan
tic Refining is expected to earn around $10,000,000. The Texas Company will
also have a considerable item available for taxation. The Prairie Oil and Gas,
the Prairie Pipe Line, the Ohio Oil Company? Standard Oil of New York,
Standard Oil of Ohio, Standard Oil of Nebraska, Standard Oil of California
ns well as many other pipe lines are earning considerably more than their divi
dend requirement. s
New York SiocKSalcs
High
Allls-Chalmers Co 22
Am Beet Sugar.. . 83
Am Can 44
Am Car & Kdy.
Am Jnt Corp. . . .
Am Hide & L. . .
do pref . . .
Am Linseed ... .
Am Malt
do pref
Am Smelting . .
do pref ...
Am Sum Tob Co,
Am Steel Kdry.
Am Sugar
Am Tel & Tel..
Am Tobacco. .
do pref new
Am Wool .
Am Zinc & Lead
Anaconda .
Atchison .
do pref
Net
Low (Mom chit
22 "W -1 Va
83 l 1
42 4t i
ns tt)
4 40
It It w
844 (14 IWi
S4 J4 I 'A
IA III
(IB 61 -f Yt
01 !4 03 V4 1'.
ioj io;m mi Ni
Mi 4t4 W I1)
fl.IWi B3V4 3,4 'A
.1014 101V4 toiti 1
lift V
1(1 3
8V4 114
41 H
1 1 i 1 Vi
i li
03i
03V4
BOH
4014
It
iw;
titt,
n"
i
4tfc
IIS'A 114
is nn
118 Y, 0HV4
44!i 44
nv4 mi
. 10 8'A
. . oi oni
. 03 ', 03 1,4
Atlantic O & W 1 103 101
Ualdwln Locomo. . At 00
Ualtlmore & Ohio "014 80
do pref t0 (10
Barrett Co . 88V4 V4
Beth Steel U ... 81 U 84
do pref t c .01 do ',4
Brooklyn Rapid Tr 8814 81 '4
Hutte & Sup Cop . 2S"A tl',4
Cal Petroleum ..18 IB
do pref .... 4Hi 404
Canadian Pac tlllH 149M
Cnl Pack Co . 8814 8
Cent Leather. . 84 8t",4
Chandler Motors.. 12'4 lt
Ches & Ohio ..84 834
Chi tn West . O'A tl',4
do pref . tBV4 2'4
Chi M & St P. . 81 80
do pref ... 08 04
Chi & Northwest.. 10S14 in
C II I & Par- t c . tfl S4V4
do B per ct pf t c Bt"V4
do 7 tier ct pf t c flt
Chile Copper 11V4
Chlno Con Copper 40?fc
Col Fuel & Iron. . 4 1
Col Gas & Hleo . . 381,
ConSol Gjs 10014
mi' i
bo iyt
811 V
b Y
0814 Vt
88V4
on 14 i
51, '4
2114 V4
10 14
4014 I
119 H .Y
111
31
Mt
Itli
. 30
81 '4
. I no
siy,
l"i
Iflli
41
4014
31 '-4
I (Ml "4
91
39
!
1014
28
8114
toil
00
S'Ji
34
IIMh
2911
2I4
131
04
18
4.1
111(1
10214
3114
4014
98 3V
inu too
6014 41
38
82
tt'l
83
0'.4
iSY,
80
04
102
2414
81J4
014
ion
"i
t'A
I Ifc
H
I
I Vi
I
1
14
41 I'd
. 8(4
. 31
. 211
. 214
21Vii
.140
. 014
1814
43V
ton
.101
Cont Can
Com Products .
do pref .
Crucible Sieel .
Cuba Cane Sugar
do pref .
IleerH Co pref
Del & Hudson
Dome Mines . .
Distillers Seem .
Krle
do 1st pf . .
do 2d pf
General Llec Co
General "Motors
do pf . .
Goodilch rt V .
do pf . .
Gt Northern pf
Gt North Oie sulis st'j,
Greene Can Cop.. 41
Gulf State Steel
Illinois Central
Insnhatlon Cop
Interboro Con Cor 8V4 114
do ptcf 81 8(1
Int Mer Marine 2114 2814
do pref .. ..8014 8114
Intern! Paper . 20 2214
lnt .Nickel .. .32 3t',
Kelly Spilngfleld .4114 41
Kennecbtt Cop 38 30
Lehigh Valley no o
L & M Tob Co pf 103 UI314
l-oulsv & Nash . 12014 120
Max Motor . . 32-14 32ni
Mex Petrol . .01 9IH
Miami Con Copper 33 SJ'4
Minn & St L neu 12 II
Midvale Sleel 481, 41
Mo Kan & Tex 41, 4
Mlssourl-'Pnclflc 2914 28'4
do ctfs . . 0214 81
Nat Con & Cable.. 28 2414
Nat Knain & Stpd 43 4il4
National Lead. .. 80 60
Nevada Con. Cop . 19 10
N Y Air Brake 11914 119'i
New York Cent 1814 1.1
N Y N H & H 30 28
Norf & West 108 108
Northern Pacific 99 90U
Nova ScotlaSteel stiy, 8'i-
Ohio Gas 43 42
40
31 '4
10014
91
2914
92
1014
28
81V,
100
09
8V4
34
211
291,
21',
131
1
4
I
1
114
I -
0414 1'
18 14
43 'i
100 8
102 14
311.
4014
INTEREST LACKING
IN CURB MARKET
Dragging Tendency Follows Ef
fort to Eliminate War
Order Issues
NKW YOniC, Oct. .
There was a Reneral lack of Interest In
kpeculatlve operations on the Broad street
Curb, with few stocks fluctuating as much
as one point throughout the day. The drag
glng tendency was a natural result of the
readjustment now In progress, by which waf
order Issues are being pressed out of the
speculative Held.
There were a few transactions In Aetna
Kxploslves at 4 and B',t. and Wright
Martin continued to attract attention be
cause of pllllllty of profits on Govern
ment contracts, and that stotk was traded
In at lOS to 9T4. while no transactions wcrf
made In Submarine or Curtlss Aeroplane In
tho first half of the day. Air Reduction
sold at 90 and 91.
The oil slocks were quiet and generally
lower There was an absence of effort to
keep the speculative promotions active, nnd
some of those Issues could only find a mar
ket with severe declines from recently pre
vailing prices The lack of 'support of
Sequoyah Oil attracted attention, that stock
Tanging from 13-16 to . ....
Midwest Refining sold at 147 to 144,
Northwest sold at 89 to 87 and Oklahoma
at 8'i and 84.
Meriltt was exceptionally firm, selling at
3114 to 32. Arrangements have been com
pleted for the listing of International Tube
Chemical Company stock, amounting to
son.nnn shares of a par, value of to. The
company is an outcome of war necessities,
mthougn not depending on war orders. It
manufactures a product that raises tie
vaporization point of gasoline, adding about
25 per cent to Its efficiency.
Mining stocks were fairly active, with
Butte Copper and Zinc the most piomlnent
feature, advancing from 7 to 9'. .
LIBERTY BONDS SELL AT 99, NEW
' LOW RECORD FOR .PHILADELPHIA j
Sudden Dr6p in Initial War Issue and U. S.vSteel Are Onlyj
Features in Une 01 uuuest uiya uh xjuui jcjxcnange,
Reading Re-elects Officers
Overland selling off at 2514, showli ,v
only loss until the drop In at.l ",,tt.
Agnew T. Dice was re-elected 't, ..a il
of the Philadelphia and Reading thMl
Company today, at the annual metiiV.1
stockholders, held In the Reading T.rmf.,'
11. K. Palslev was l.i..i .." "rmMl.l
II. K. Patsley was re-elected treasurVe VS
ueorge Kiegler secretary. The boafdTfi
directors was also re-elected. l 1
W. J, Richards was re-elcctednr..u ,
of the Ph adelnhla nnrt ..ii,."" 91
Iron Company, at the annual meeting 'il
the company held at the same tlm. ,? II
was also elected president of the Puim. Ji
Coal Company, tho Locust Oap ImDrovL f
tn.nf fnmnonv h. TV. . V. ""WOT".'
pany, the Mammoth Vein Coal . ..m." i
H Company, the Heston Coal and Imoroy? 'i
Company. H. K. Paisley was re-l?jJ J
and W. T3. Brown secretary. Th boirJ
or directors was also re-elected.
A sudden drop In Liberty Bonds toward
the close of the day's trading on the Phila
delphia Stock Exchange sent the first war
Issue of the United States down to the
lowest mark It has reached 99. The bonds
at the opening sold at 99.60, an advance of
10 cents over Saturday's close, but soon
receded to Saturday's last price.
The market was unusually dull, trading
being confined to efghteen stocks and three
bonds, all In small bundles. Some Issues
were particularly quiet. Two shares ot
Philadelphia Traction advanced that stock
!i to 71i, and the transfer of 160 shares
of Keystone Telephone sent the ptlce up
an equal amount to 12 Lake Superior ad
vanced M to 16U and Philadelphia Llectrlc
U to 264 , . .
I'nlted States Sleel led the market In
activity, the transfer of 2460 shares sending
the quotation up to 107T4. At the close
It sold oft lsi to 106 on renewed activity.
The tone was strong throughout, Willys-
New York Bond Sales
New York Curb Quotations
IMIUSTIHAI."
TIM
89
4
6
2t
Sat rlone.
Ask (Sale)
-114
93
100
40
1
80
28
84
2214 4
31 Yt
41 4
30 1
no
10314 '4
120 I 1
32
01 14
32 14
12 1
41U
4 - 1
28
81 l I
-I
I
18
30
108
99
811
. 43
2
62
03
10
. 21
80
49
. 130
24
83
80
o
12
. 10
. 31
. II
3
168
22 Vi
42 '
91
43
28
01
34
81
68
18
2B
69
49
136
24
80
18(4
08
12
18
30
10
22
151
2214
40
o"4
41
21
01
33
43
80
14
148
20
01
11
128
42
24
43
611
19
119 I
73 1'
28 2
10H
110 3
h'. n
42 ',4
- ,. ..
63
88
10 . 14
20 1
69
491!
138 1
24
80 1
18
8 4 1
12
IB
30
10
183
INACTIVE NEW YORK STOCKS
Following are quotations for inactive New York stocks and In which there were
no transactions today. The price given is the last previous sale.
Pacific Mali
I'cnna R H
Peo Gas . C
t'ere Marq w 1
Pitts & West
do pref '
Pitts Coal
Pullman Pal Car.
Ry Steel Spring. .
Heading .
Kep I & S
Royal Dutch ..
Saxon Motors .
St L & S F
do pief .
Seaboard A I. .
do pref
Sears-Roebuck
Shattuck Ariz
Sloss Sheff Stl & 1
Southern Pacific .
Sup Steel . . .
Southern R R
do pref
Sinclair Tet. . . .
Studebaker 45
do pref . . . . 80
Tenn Cop & Chem 14
Texas Co 152
Third Ave It It... 20
Tob Pioducts ... 05
Twin City R T Ty
Lnlon Pacific 128
United AUny eel 42
United Clg Slores10l 102 103
United 'Diug 2d pf 18 18 18
United Fruit .. .128 121 128
United Ry Invest 8 8 8
do pf . 18 11 11
U S Ind Alcohol .138 134 134
II S Reduc & Ref. 31 6B 61
C S Rubber 68 68 88
do 1st pref ..108 lot
U S Steel 108 108
do pref ... ,.M0 113
Utah Copper 89
Va Car Chem 35
Wabash pret A . 47
do B . ... Sl
West Maryland... 11
do 2d pref 28
Westlnghouse Mfg 41
Air Reduction . ...
Aetna Lxploslves .. .
Am-Urltlsh Mfg .
Am Marconi
American1 Writing Paper
Canadian Gar Co
Can Car & Wy pief . . . .
Charcoal Iron
Chevrolet Motors ....
Cramp . .'.
Curtlss Aeroplane .-..
Carwen Tool
Carbon Steel
Cnierson Phonograph.. .
Federal Dy e
Hendee Mfg
Kathodlon Bronze pief..
Lake Torpedo Boat .
Lehigh Coal Sales . . . .
Lima Loco
Maxim Munitions ...
Marlln Arms
N Y Shipbuilding
Nor Avner Pap Pulp . . .
Otis Clevator
peerless Motor
Poole Kng
Redden Truck
Scrlpps Booth v'-
S S Kresge w I
Standaid Motors ...
Sleel Alloys .
Submarine .
St Joseph Lead ..
Todd Shipbuilding .
Triangle Film . .
United Profit Sharing .
I S Steamship.
I'nlted Motors .
United Sugar . .
World s Film
Wright Martin Air. .
Zinc Contentriatlng .
i (n
2 14 '
33
55
7
11
10
31
9
10
B
50
4-
10
63
100
33
.1
48
II
10
12
18
80
O
7
10
11
10
I
4
21
30
9
114
0
6
12
3
3
28
811
8
80
80
38
10
80
0
10
30
1
6
11
68
I
101
30
3
82
13
80
16
90
10
1
II
18
80
1W.
4
32
38
9
2
90
4
11000 Amer Agr deb 6a
170000 Anglo-French 8 02'i
POUO Amir Smelt It Ilefln 8s 01
snno Amer Tel clt 4 . .
2orUO do 3a
I'.'iioii Amer Writ Pap 8s
mono Armour Co 414a. .
Spoon Atchison reg 4 . .
rnoo All I'har 8s
moo Halt K Ohio 34
61)00 ilo 6s
1IIOO ilo cv 414 a ..
jooo llrnden Copper ns
SOimi llrookn Uap Tr 8s .
lull!) do 4s
3OII0 lo 6s 1918 .. .
7000 llonlenux Os . .
1000 Can Oovt 5s 1021.
r.lll'l) do 5s IRll
111(1110 CafOaa Klec On,
3000 Cent Leather 1st Bs
wnn Chill Copper 7s.
InoilO (.'lies A Ohio 4'is
13000 do conv 6s .
60O0 Chi Ot West 4
Jooo Cm" Nwn 314 s
1000 Oh! t'n Sta 4' a.
JOOO Chi II ft Joint 4s. ujj.
Bono c M ft l l' gen s ins nyi
if.
High. Vow. Clost.
. . 9014 0D4 9014
92
91
8ST4 83
90'. tMIVs
8fJ 8
88 80
97J4 97J4
9014 00
II0H oo'i
82H 82H
94 OlW
89 89
07 07,
B7H 97
HO. H0
65 05H
95.,
SIS" !
110 110
(U B2
7(1 78,,
02 02
M
82Vk
10
I0
(2
3
V
3 7 14
0
12
8
105
S
18
17
4
23
10
2JHO0 do rfd 4 a
looo do conv ns . .
3000 do cv 4 a
aviin Chl R I I' rfd 4s
lliniHi city of l'arla Os
801)1) Con das conv 0s . . ,
10(10 Cuban Am Sugar Os
2000 Cumberland Tel us
2000 Cerro de Tasco Os
aono Ills scur Corp Bs.
Boon Urle conv 4 s Her II .
200(1 do 4s Per I' . . .
4 soon French Ilenub 5s
2000 Gen Klec deb Bs..
4IIDO llud t. Man rfd 5s
1000 III Steel deb 4 a
shoo Indiana Steel'Ss .
lllllll 111 Cent 4s 1953
ilooo fnterh K T ref 6s
3110(10 Inter Mer Mar 0s.
noon Interl Paper 0a, .
2000 Japanese new 4 a.
31100 l.k Sh del) 4s 1028
61)1)0 do 4s 1031.
JOOO I.ouls ft Nash 4s..
1321000 Liberty llond vr I
1401)11 I.vons lis .
OOOO Mnrsille Bs
1(100 Minn It St I. 4a .
1000 Montana Central Bs
2(1000 Mo Pac cm 4s
looo Montana Power 5s
100(1 N Or T ft M Bs . .
1000 Nat Tube 8s.
21000 N Y C ft 11 fis ...
looo n Y city as iiij
loiiii no 4ft .viav ii
111(10 X Y N H A H Bs
Boon N Y ny 4s.
limn do 5s ... ,
20IIIIO N Y Tel gen 4
7.V
89
oR0
. 7
91
103U
100
0(1
10H
7B'i
48
64't
84
100
"..
80
80
100
88
. 8I)V.
88i
88
90 68
00
lull
40.
4H
ooy
97'2
Ha
4s
Mav I9S7..10I"!
S?8
28
02
811
.81
BO'i
88
03i
83
92
03
80
88
D8;
Illinois . .
Ohio
Prairie Pipe
Standard Oil Cal
iloi New Jersey
STAMlAlll) Oil
. . . . 209
. 335
.200
221
. .803
. 332
4 2
4 1
22
40 1
90 -r a;
41 1
21
01 14
33
43
89 I
14
140
20
B2
11
12
43
3
1
r0 YOU DESIRE THE SERVICES
of a young, ambitious and
' nerttic man, bavins; ten year
.Jsaakinz experience, seeking oppor
tunity for a wider field of endeavor?
Address IVox c m. rublle Ledger.
" U. S. 49j Liberty Lean
fftiBscrfpHoh handled fret of charge
"Seed a. morgan & co.
3iT KND TRUST IIMM., JP1III..
jfl;JVTrt of 4h rhils. Mock y.xebwnna
::fc
DIVIDENDS
.4--
NWWnlf TRl'HT COMPANY
' Ub aR I
October 4
i Hprlng Oarden Bis,
leip
i.
fir 'b
.
writer
&Hi
Manr
PhllAileinhla
Ortobar 4 J01T.
if tlui Hoard of Directors hsld
tr umaena r rive tai
red, tnyabl on October IS,
. as ruua en ma doous
at lata fcuiineaa. Vclir
Aama TCtnress 11
Advance Kumley. 12
an prei -
AJax Hubber '
Alaska Old Mines 3"i
Alaska Juneau . 2S
Allls-Chalm pref 77
Am C ft V pref. 109,
Am Agr Chem .. 8J
do pref .... ;
Am Ileet Su rref 88
A. II 8 ft F ctts. 102
do ctfs pref .Jul ,
do pref . . ..11S i
Am&rPKf ,...loo
Am Cotton Oil 324
Am Kipresa I'JJ
Am lea flee 12
Am 1 pref. 48
Am Unseed Pr B'rt
Am Jjdco . ""Jr
Am Ioco Prei . O0J4
Am Smelt A.. B
Am 8msU II .. .
Am Sugar pref. 115
Am Sumatra Pf . 98
Am Tel Cable.. B0
Am T ft T 84 Pf. 3.
Am Woolen pref 94
Am Writ Pap pref JO .
Am Zlnrfctad pf 84
Asas I O 1st pref 52
Asso Oil . . . 01U
All JJjrm All .13
AUantlc Coast 1. 10
Atl O W I pref
llald loco pref 98
Ilarrett Co pref .108
llatopllaa Jllu 1
Heth Steal M
do prsf , 84
nth te1 rta K
llrkn Un Oaa .. 108
ii,nm Hhn 71
llornaTiroa im)
Chl ft Alton
do pref
11
javi
Cluett-reabod lf 11U
Col It So 1st I
Col ft South.
jA?rt
lluttsrlcK . . JO
Cal ft Ho JH prtf . go
I'.m 1.1 Sa. . . 27
I Cent Iir t J4
Cent tTAm Tl 118
' Carta U Vaana, ,JM.
8(1
21
do 2d nref. . 42
Con O B L. ft P 108
Con lnt Cal Mln 17
Con Can pref .102'-
PontlnntBl Ins. nl
Cruo Steel-pref . ':
Cuba Am Sugar. 170
do pref 10J
1) 8 H ft A PI .
Den ft Illo Or
aao pref . ..
Detroit Kdlsou
Del Lack ft W
Klen Stor Hat.
T!lkhorn Fuel
Oaaton-VVIms-Wlir 811'
Oeneral cigar.... an
An tirer 08
'nnnhv Mln . . ..78
Oulf 8 811 tat' pf. 105
Hartman Corp... 02
Haskell ft Darker. 8A
Havana Eler .101.,
llomeatake Mln 10714
Int Agrlcul ... IS
do prsf . . 4-IH
Int Harv ot N J 110
do prsf .... 111
Int Nickel pret MS
lnt Paper pf ata .. Oil.
Iowa Cent 4
do pref . 101
Jewel Tea 85
do prsf . . 98..
Kan City South 1814
Kan City Bo pf 60.
Keolc ADM 4
Laclede Oaa . 07
Jjake Erie A vv '.;
do pref . SB
7o Hub A Tlrs 17
Markav Cos .. 02
M St P ft S 8 M IIS
Manhattan Peach 1
Manhattan Kl .107
Mag Motor 1st p( 84
do 24 pref . 19
May Dept Stores. .10
do pref 101
Mex 1'et pref . l
Mich Cent... .119
M St Pft Sfl Mnf.117
Mont Power , . 74
Jtont Power prer.l0Kx
lorrls ft Essex.. 80
do pref .... 11
Mo Kan ft Teg pf 0
Mo Tan c of c f d Bl
do pref . . 116
Nnrl Acme , .. 32
Nrft Biscuit . 103
Nat Cloak, ft Suit 88
do pref 103
Nat Kn ft HI ml nf IluK
Nat l.eed pfd.. 101
Nt nil Ilex 2d pf n
uo ores .... su
Ily Steel Spring 43
do pref . . . 97
Savage Arms 70
So ! ltlco 8 . .207
Sears-ltoebuck pf.121
Standard Milling 8B
do pref ... .81
St I. ft Southw , 29
Studebaker pfd 90
mutt Motor . .. 42
Sup Steel 1st pf lull
Texaa A Pao , . 15
Texas rta . 10
Tidewater Olk. 501
Tobarco Prod p?f 08 .
T St I. ft V : . 7
do ctfs . . , . 8
do prer . . , So
Transua ft IVm. 41
Un Hag A Pap,, K)
do near 71
United Drug .... 7u
unnea uye wood B2
ua
E..,
Woolvvorth
do pref.
Wheel & Li
"Wilson Co
White Motors
Willys-Overland.
.117
88
33
404
24
17 '
28
44
117
.120 120
. 12 12
. 00 0
. 42 42
. 28 24
-r
4
3
-4 2
r
I
102
105 1
116
87- 1
35 1
48 yt
24 ..
17
28
44
117
120 ..
12 ..
B0 1
42
21
do New ork
IMIKI'KXDKNT OH,
Barnett Oil & Gax. ... 1i)4
Cosden & Co . ... 8
Klk Basin 8
Federal Oil . . , "!
Inter Petiol 1SV4
Houston Oil '4
Merrltt Oil 30
Midwest Iter 138
Met IMrol.
Ohio FUel I"
Oklahoma Itef
Osage Hominy 7
Hlce Oil H
Sapulpa '.rtef V.
Sequoyah
Sinclair ,lv
United West Oil
ttl.MNG STOCKS
Alaska Standard
Atlanta
Bid Ledge
Blsbee Copper (a pros.)
Butte Copper & Zinc. .
Butte New York
Cal & Jerome . .
Con Ariz ...
Kmma Consolidated
First National . . .
Goldfield Merger
GoldHeld Cons
(loldHeld Florence JO
Goldfield Kewanas 8
Green Monster
Hecla Mining
214
310
SlJt
23t
613
288
STOCKS
1
II
8
4
13
IB
31
141
m
19
8
8
216
10
11
532
237
1
8-V,
13)1,
16
31
145
1
7
8
9
Boon Norf & West
jooo Nor 1'ac 4 . .
3000 do gen 3s
1000 Ore Short I.lne
1000 Pacific Tel 5s
1000 rnclfic Oaa I
Kino Penna 4s
17000 Uo get) ct 4 a
1000 Heading gen 4s
Innn dn r 4a . . . .
1000 Ttepub Cuba 6s 1914
10000 fwy Steel Spca Gs
8000 st I. ft s aji
36000 do Ser A .
1000 do Ser H
1O00 Seaboard A 1. ad Ss.
1000 South Pao 4s
8000 do CV 4s
7500 do cv Bs
100(1 South Itwy gen 4s
1000 Tex ft E Bs
5000 Tenn C ft Ir gen Hs
0000 Texas Co
42000 II S Rubber Bs
5000 U 8 S ft 11 6s
6000 U S Oovt Ss r
18000 IT 8 Ilubber Os
20000 V S Steel a f 8a
2000 Union PaC 1st 4s
35000 U K O II A I Ba
8000 do Bs 1918
31000 do 8s 1019 . ...
81000 do 6 a new 1019
31000 do Bs 1921
31 08
. 01
58S
77
47
76
81
9fl
83
97
91..
101
81
102
99
101i
101
00
98
. 95
08
93
7:
89
8(1
00
103i
100V4
08
107'i
7B
48
87
90
1(1031
'84'i
84
99
75
88
89
100
88
Ktl'4
88
88
00.60
90
Oil4
40
00
6B
01
4U
tioH
07
83.,
1011
8(1
51
'in
02
firt
84 1
BO!.
KB
93
83
92
92
89
88
06
92
91
85
90
84
89
80
97
110
90
8:
04
80
".
97
90
OVJ,
94
91
J7?,
81
(12
70
9J
94
82
7811
80
80
(.7
01 .
10.1
mot,
on
lll7i
76
48
87
OB'i
100'i
84 'I
84
100
71
88
80
100
8(l.,
80
88'.
88
00 84
00
ll4
40
99
63
01
40
09
l)7i
83
inn;
80V4
Sales in Philadelphia I,
High. Low. Close
100 100 100
23
88
4B
28
31
12
t7
18
t!3
AO
48
29
52 Am Gas ..
200 Butte Sup .. 23
25 Klec Stor... 88
loo Insplr Cop.. 40
8 Ins Co JC A. 28
loo KenneiCop. , 37
IDOKcy Tel t c. 12
do pref
78 Ljk Sup Corp 16
Lehigh Nav. . .
110 Led Valley.. 60
BIO Midvale . .. 48
20 Missouri Pao 29
30 N Y NH&H 27T4
316 Penna It It.. 62
20Phlla Co
cum pf . . . 38
485 Phtla ICIec. . 26
119 P R T tr cfs 20
7 Phlla Trac. 74
ISO Ton Belmont 4
211 Un Gas Imp. 74
4 Un Cos N J 206
100 Willys Over. 28
Wm Cramp. . .
180 York Ily pf. 36
fQuotatlon given is Saturday's close,
N.t
U
23
80
4974
26
37
12
16
89
48
20
27
81
35
26
28
74
4
74
Z08
25
H
j
S7T4 -JH,
)
86 ..I
29 H,
"h " H
74 .
206 -ft.
U ;j
38 38 tf
. 1
loiai taitn, ie minr, romparrd nth 3,ll a
bonds jjt
High. Low. Close, chit
10000 Elec & Peon ""
Tr 4s ... 78 78 75' ul
16400 I.tb Bonds . 90.8(1 9D BO.st j. si 4
3000 Pa Co temp
cts 4 Vis. . 93 93
2800 Phlla Elec
1st 5s . . .100 09
Total sales, MO, 200,
on Saturda).
93 ..
100 J
compared with 115J44
61
J.l
92
80
84
60
80
03l
83!
02
92
80
88
96
08
01
fllM
68
77 M
47 47
78 '76
81 81
6S!x
77
90
03
97
81.
101
81
102
00
101
100
80
01
00 .
04
98
93
90
63
07V4
01
101
81
102
00
101
101
90
97
nn
05
98
03
INACTIVE I'HILA. STOCKS
Following are quotations for lnactlri
stocks listed on the Philadelphia Stoclt Ex
change and in which there were no trans
actions yesterday. The price given is th
last previous sale:
Alliance Ina
Am Qaa War
Amer Mill"".
Am Rwji pref.
Amer Stores
do pref .
Burt ft sum t
do pref .
Prill J O .
Cam Iron .
Ai-am meet . .
'COn Trsn N J
Gen Asphalt . .
do pref
Leh Val Tr
Lit Bros .
20
ft
88
. 87
92
68
. 60
20
4.1
145
. 71
20
80
iV'i
Little Rchuslklll.
Mlnehlll
NorthCent
North renna
Phlla Co
Phlla Tract
PUT.
Kwya Gen ,
Tonopah IMn ,
Un Tract
1' 8 Steel pf .
Warwick Iron .,
west coal
. M
. 63
. 7i
. so
. SI
. T4
. 2
. 5
, a
. 4!U
am
J7
W Jersey ft Sea,. 41W
York Ilwys .. 11
do pref . .... 3$ -
DIVIDENDS DECLARED 'j
Colorado Fuel and Iron Company, a dlvl6enl
of 2 per cent on preferred, payable October JS
to stock of record October 10.
Total sales. t2.808.OO0. compared with M.846,
000 on Saturday.
Local Bid and Asked
20 26 25
0 10 0
2 2 2
-.
9 0 7
1 1 1
2 2 2
1 2 11!
2 3 2
6 7 5
38 37 37
do 2d pref . . ,
N O Tex ft Mex
K X F A. St L
Pt 1 DOCK..
N T O A W
50U
25.
j,Un Paper
an prer
United y Inv .
U 8 Alcohol of. .
U S C I P A F. .
2J
10(1
1BU
l-ii'4
Norf A South . 211i it h tT..iw ii' ii
U 8 Sm A Raf pf 50
U 8 Express .... 18
srth Am,
Ohio Clas rla.
unio ruei
Ontario Silver
Owena not
PCCiRtb
03
-83
(IV
Utah Beo
17
Lie ft M T
do nrnts
Ixng lsl ctfs pf 40
LoTlUard V . . 208
Aa prer . .. .1P"
l4iVYiM fr. J .
Pan-Am Pet nref OO
do prior pref ct 08 ,
Peo A Eaat - VA
E;r Mar pref 88
Phlla Co. IS
I'lerce-Arrow 87
An rtrml at
Pitts Steel pret . 991
do pref . 2B
PlVt A Wsstref 20t
Pressed Stl Car 5U
PrssdJMI cai1 nr inn
Va-Car Chem pf.101
va Coal A Coke , 68
Wabash . . ,, 10
Wei Is-Fargo . BS
West'housa 1st pf 67
do "2d pf .' 27
West Pao It R . 17
West Union Tel . 8
Wheel A L IS pf 22
Wilson Co Pf .101
Wlllya-OvarVd pf o
do pf 47
Quicksilver . 1
do prsf . .... I'
Total sales. 444 800 shares, compared with
234,200 shares on Saturday.
LONDON STOCK MARKET
LONDON, Oct. 8. There was a feeling
of confidence on the stock .exchange today,
helpei by continued favorable reports from
the western battle front. The markets, on
ihe whole, were firm. Notwithstanding an
increased flow of subscriptions for the new
national war bonds, there was a fair ac
cumulation of orders over the week-end.
The gilt-edged section 'moved upward
again. Allied bonds were quiet, but hard.
Loans and discounts were easy.
Home rair wtre strong in spots, because
ot an Improvement In the general labor out
look. Americans were narrow and mixed, fol
lowing the market at New York, Canadian
Pacifies and a rand Trunks rallied. Argen
tlre rails were flat on unfavorable reports
concerning the strike there. Light .support
was given to mines. Oils were cheerful In
spots. Rubbers, were slow.
Granulated Sugar Unchanged
NEW YORK, Oct 8. The refined sugar
market remains unchanged, with, the Amer
ican, .National and Pennsylvania Companies
nuotlng fin granulated at 1 15o and
Arhuckla jrouiena at a.oucu -rne reoerai
Howe Sound 6
Independence Lead 8
Jerome Verde 1
Jumbo Extension is
Magnate Copper 13-10
McKlnley Darragh ... .83
Magma Copper .... 48
Mother Lode 31
MlneB Co of America . . 1
Nevada Hill 10
Nevada Wonder 1
Niplsslng a
Ohio Copper 11-16.
Itay Hercules Si
San Toy 10
Stewart 3-16 6-16
Tonopah Extension ... 2 3-16 2 8-16
West End Con 65 a 70
While Oaks 3
White Caps t',4 1
Yerlngton 10 1
20
10
7
10
li'e
17
18-1
60
46
33
1
IS
2
8
. 1 1 1-16
3 .
12
1
17
T4
5$
45
33
American SVoles
Prill (J G) ,
Hurt k susq t -e
do pref , tt
Baldwin . .
Klertrlo Storage
Oeneral Asphalt .
do pref .
Keystone Telephone
ilotf .
Lake Superior Corp
Lehigh Navigation
I.ehlgh Valley .
Lehigh Valley Tr
do pref . . .
Pennsylvania . ,
Phlla nicctrlc . . . .
Phlla Company ...
do 8 per cent pref. .
do B per cent pref.,
Phlla flap Tr t c...
Reading.
Tonopah Belmont
Tonopah Mining
Union Traction .
United Gas Imnvt
t'nlted Slates Steel .
York Railway ....
do pref
Wm Cramp ft Sons
Today
nid Ask
32
25
60
bi
00
80
19
80
12'i
07
10
73
BO
26
45
20
BA
40
BO
. -8.1
17
60
11
. 06
15
72,,
. 59
. 23
43
. 61
. 2B
. 83
. 82
. 34
. 28
. 80'l
4
6
42
103
10
. 85
08
Saturday
Bid Ask
34
61
26
86
85
85
2S
8Qtf
4'
B
43.
74
106
12
80'
70
20
Bfl
40
HI
66
68
11
66
15
72
B9W
23
43
81
26
33
32
34
42
loft
10
35
681?
:.i
69
61
61
67
IB
BO
12
68
16
73
60
2.1
45
61
27
81
85
85
28
43
74
107
12
3B
70
BAH SILVER
Satur- Last 1017
Today day Won. High Low
New York (cental boh u uojs jo
London tpence).. 46
90
46
48'
It
55
71
35 ft
Progress
at WHITE CAPS
Officially Reported:
Mill handling- 175 tons nf ore a day
at a cost of about 86 a ton.
Ore averaging 836 a ton In gold.
Extension of east ore body from 411
foot level recently encountered on
460-foot level.
Large ore reserves.
Development only beginning".
Acreage recently trebled.
Send lor dctalltd nualilfcal report
llt-T.V.
JONES & BAKER
STOCK BROUKR8
Widener Bids., Philtdelpfih
Bell. Walnut 1690-1.
Keyatoas, Race 299.
New York Boston
Chisago .,.,, FlHtbartli
IJtrect Private- wires.
JO.VBS HAKBK.
Wldeaer Blip.. Philadelphia, Pa.
.You may send me report 162-T.U.
v
Nome ,
Address ....
CUV Btatt
HiiiiiiiiiiiniiniiiiiiiiiiiiiniiiiiiinnniiiiiiiiiiiiniiiiiiiniiiiiiiiininiiiiiiiiiiiiiiH
12
8-16
08
19
Bethlehem Bs
Cosden Oil 6s
Cosden & Co 6a.... i,
Cudahy 6s . . .-
Erie 5s
Ttusslan Govt 6s..
do 6 lis A
Southern Railway lis
Sinclair pit 6s
Todd Shipbuilding bs
Western Pacific Bs.
BONDS
07
87
..I.... 83
'Jl
08
. 66
. 76
. 07
. 02
,100
98
89
00
97
08
68-
78
08
102
100
07
67
76
Financial Briefs
vVXVirlU
r!vj.-'
Th' New York tmbtreasury lost $717 ono
fto the banks on Saturday, making a cash
net loss since Friday or iz,l,00Q
A petition Is being circulated on the floor
of Vh New York Stock Exchange for slgna.
turei to close tho exchange on Saturday.
There ha been placed on the regular
Hat of the Philadelphia Stcplf Exchange
$9000 additional Commercial Trust Com
pany certificates of depoklt for Philadelphia
Company collateral trust Si 1S5"1 and S100Q
additional rrovweni wh ana Trust. QOfav
SVrf'UVHia IIVMlw" . ..WW, Aim -CUV(ltl HUUIIIUIIB! JW.,1.. ..., , UB
anrt Warner continue withdrVivn. The lt nanv earUAoaUal. fjrnt JsT Phllai
---.-... i., J- . . w-,-. -;----, -ii. ..,&..
3C, ,
i
New Tax Law
printed in our usvfal
style, ', is being "mailed
today! e
If you. do not receive
your copy, advise -the
Corn Exchange vNati6nal Bank
Philadelphia' '
v OWSTHUT ( SKCOMO
jsy-.t:
m
i
nun.
! uia ... jl
4.1rt w w tartrti
Rep 1,'te a .
t.
V i.. - tm, . ifcfei