4
"EVENING.- LEBaER-l?HILADErHiA, TUESDAY, OCTOBER
1917
. .. .a Jf-'U 4A.3IS
FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK QUOTATION!
TWO CRAPS OF PAPER
JJ. a.. . ,m.i. f i
PHHBBMHea9!
1
k
m
ibl
"X
f
&
y
E
-
ON AUGUST 4, 1914,
THE GERMAN CHANCELLOR
SAIB,
"NECESSITY KNOWS NO LAW.
OURTROOPS HAVE OCCUPIED
NEUTRAL LUXEMBURG AND
PERHAPS ALREADY HAVE
ENTERED BELGIAN
TERRITORY."
THE TREATY WAS
"A SCRAP OF'PAPER."
SO IS
A LIBERTY BOND,
BUT THE UNITED STATES
GOVERNMENT KEEPS FAITH.
REILLY, DROCK & COMPANY.
NEW YORK STOCKS ELL OFF
ON CONTINUED PEACE RUMORS
Market Is Ragged and Confused as Bears Take
Advantage of Latest Reports Peoples
Gas Leads General .Decline
i
e.OJ.eiarlwsCo.
BANKERS
ILslabllslied 1837)
321 Chestnut Street
Philadelphia
We take pleasure in announc
ing the opening of our
Philadelphia Office
421 Chestnut Street
Lombard 3101
Philadelphia Bank Building
Under the Management of
JOHN L. SHEA
J. S. Orler & Company
Investment Bankers
BOSTON. MASS.
WRIGHT MARTIN
How recent important (level
opments should affect the price
movements of this promisine;
Corporation is interestingly set
forth in our new free letter.
Present or prospective holders
of the stock should write for
this data.
FOX & COMPANY
STOCK IIIWKERS
Real Estate Trust Bid?., Phila.
30 Broad Street, New York
I'rlvate Wirt Curb Securities
l'rompt Drllt-erles
' Dell I'hone, Walnut 2313
it the Stock
Market is Strange
Ground-to You
hava never
broker
bad an account
CI If you
V Willi u
qlf Sou are not familiar with the use
of collateral security
ff If you would increase our knowledge
a of trading In stocks read r
"How to
Open an
Account
and
General Rules
for Trading"
Sind or call for Booklet 875-T.U.
JONES & BAKER
' STOCK BROKERS
Wcier BWf., Philadelphia
Bell Walnut 1090-1.
Keystone, Usee 2:90,
Matar. ?k Boston
. gfcTiri- Pittsburgh
Dfrrct Priiwle Wires.
I rtoTijOpo I
1 11 5 1 1
AA&firtf A
wjtenrr Blia . VhiladtlpMm, Pa,
BAKER.
Ida . I'M;
You war send me booklet 875-T.U.
High Points in Today's Financial News '
Dear raids based on insistent rumors that peace is near at hand sent
all prices down on the New York and Philadelphia Stuck Exchanges and on
incituro. Keystone Telephone Company declares regular semi-annual dividend
or J tier cent. Grain declines heavily on peace rumors and reports of $1
wneat. Lofton, advances sharply on persisting e.otd weather. Foreign
money easier, liar silver lower.
exchange lower.'
NEW YORK, Oct. 9.
The stock market during tho day was ragged and confused. Absorption In
some of the leading stocks held them steady, vvhllo severe lows were sustained
In many specialties. A few Industrial groups were pressed for sale, with prices
of thoso gtoups selling down to the lowest records touched In many months Bear
crfoits. wero effective In forcing liquidation In spite of tho fact that the. Stock
Exchange had endeavored to icstrlet operations for short accounts, and continual
offerings by various brokers handling accounts of the bear plungers had more
to do with tho disturbance In value than any other factor.
A general belief thut a contraction of Kuropean hostilities will follow the
present offensive of tho Allies made some of tho leading Interests express the
Mew that the market must bo adjusted on it peace basis, but Uio widest fluctu
ations In prices wero duo to special reasons not connected with tho International
situation. People's Has. on which the dividend declaration is close at hand, drop
ped 7 points to 51, and tho oil stocks weio all nt lower levels because of fears as
to what the Government commission may do in fixing prices of petroleum and
petroleum products. '
Ohio Cities Gas fell 5V4 points, Texas Company dropped r. points, and Colum
bia Gas fell 5V4 points. United Stutes Steel common showed u good resisting
power and was bought in large blocks, although its pi fee Hinged from 106't
down to 1044 Bethlehem Steel and minor steel Industrials, although rorccd to
lower levels, also showed n steady tone.
The copper stocks as a group were active and weak, with Kennecott Copper
dropping 3i points to 32?s. Losses of 1 to 2 points were sustained In American
Smelting, Utah and Anaconda.
In today's trading In the bond market most Interest was again attached to
(he transactions in tho Liberty Loan. Sales tfn a largo scalo were made as low
as 39.48, but In the afternoon heavy buying oidera came In, cuirjing the price
up to 99.55.
United Stales Rubber Holding Well
Like Ameilcan Can, United States Rubber at one time was one of the foot
balls of tho stock tnaiket. It was kicked about wtlh abandon. Recently It
has been holding remarkably well, considering the demoralization of tho general
investment ni.tl speculative maiket. The reason for this is that cuirent earnings
nre the laigest In the history of the company and are at the late of about J27
a share after allowunce for the exccss-pionts tax. Nothing is being paid on tho
common, dividends having been suspended early in 1915. But in tho llnanclnt
district tho feeling Is quite jenernl that tho company, as it can easily afford a
dlsbuiscment on the junior chutes, will do so befoio many months. It is now
earning nearly twice as much as a jear ago.
Bankers say lecentiy the maiket has shown signs of a condition approach
ing thorough liquidation. In the ldfct few weeks the belling, ho they &ay, bus
been duo piimarlly to the calling of loans and discriminiHlon against certain
classes of collateral. It Is a fact that even if the motives of a bank in asking a
broker to remove a certain class of secutitles from his loan account are altogether
removed from the position of tho stock, it creates a suspicion that not infie
quently produces liquidation When will this selling como to an end' No one in
the flnancl.il district uppaicntly has any dellnlto idea, although the majority of
opinion is that it cannot go much fut titer Conditions nre altogether unprece
dented There is no basis for calculation, as it were. Industry has never before
had an excess piolils tax nor price fixing, and the individual has not been called
upon to pay as much to the Government as he will In the next jear. These are
consideiatlous that make for repression, but once they ate ovecomo and industry
and trade not lo overlook sentiment commence again to move along noinul
lines there doubtless will be less frantic bcllllng and more of a disposition to pick
out the bargains, of which at present prices there are a great many.
Condition of New Haven Less Critical
The New York, Westchester and- Boston first 4V4s are being supported
around current levels. Interests identified with this property are satisfied, and
so Is the guarantor of the bonds, that the conditions surrounding the New
Haven are much less critical than has been generally supposed. Thete has been
borne switching Utely from the New Haven debentuie 4s of 1956 into the West
chester 4 ',4s at a benefit to the holder making the exchange of about 15 points
and a great Improvement In yield as well as in equity, although In the case of
tho debentures the Interest is being earned with ample margin, and in he case
of the 'Westchester 4 Vis it is not.
Unlike the erratic price changes that occurred In both copper and steel
stocks pending the Government regulation of these two important Items, oil
securities are holding very well. This is undoubtedly due to tho general feeling
In oil circles thut the price at which the Washington officials will fix crude and
refined oil will not hurt earnings materially. Although rumors are about that
nn agreement will be reached soon, it will probably be some time before the
prices are olliclally announced. While pioducers are for a voluntary agreement,
there has been no decision as jet as to whether the Government will place oil
and gasoline under control of the fuel ndmlnlstiatlon or enter it Into a voluntary
price agreement similar to the steel and copper price arrangements. However,
Important men in tho oil Industry are not worrying and have expressed con
fidence that fair prices will be permitted. It is felt that the Government will do
nothing to hamper active development work. There Is a great Investment as well
as a speculative demand for oil stocks In these times, but there has been no
important liquidation. Standard Oil stock prices have declined, but this was due
to selling to participate In the new Llbeity Loan as much as fear of any tadlcal
readjustment by the Government.
Industrial Preferred Stocks At Low Level
A comparison of prevailing levels with those of the high point of the ear
shows an average decline of 10 U points for sixteen Industrial preferred stocks.
They are at lie low point of the war period, and in some Instances at the lowest
levels In man years. Their average jleld Is about 6.7 per cent. This measures
the effect thus far of the adjustment of Investment values to the higher cost of
capital. Tobacco shares suffered most. As a group they liavo always sold
higher than other industrials. For example, Liggett &. Myers preferred is down
more than 22 points from the best price of 1917, and Lorlllard preferred more
than 13 points.
Railroads whose rolling stock has come to a point where repairs and replace
ments are absolutely necessary are confronted with a situation rapidly becom
ing acute, parMcularly where steel plates are required. The Government this
jeer will use about 85 per cent of the total output of 1,850,000 tons of plates,
leav Ing a balance for the various systems of approximately 250,000 tons. Require
ments for repairs and new equipment will be about 450,000 tons.
Tho public utility market has seldom experienced the extended period of
unsettlemer.t through which It Is now passing. Liquidation has not been of the
urgent character that only recently depressed more popular securitiec, but at the
same time while slow It has been the decisive factor In keeping prices for many
stocks close to levels not app.'oached in a year or more. Nothing In the way of
new developments Is responsible for this state of afllalrs, but It is only natural
that with the edge taken oft speculation In listed shares and Investors showing
greater'dlscrlmlnatlon against all classes of certificates, the utility list should
drift Into the condition that has existed for more than two months.
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.
Mi
State
1
mwtsatm, IMS
Tfii rrooAaBt
. ,, I in C.sMMr of Philadelphia.
Adams Esprees..ll5
Advance Humify. lJ
do pref . . .. ;J
AJax Rubber . oO
Alaska Old Mines i
Allls-Chalm prcf 77
Am Air Chem... J5V4
do pref . . J
Am Beet Sue pref BJ
A B 8 F ctls .102
do ctfs pre .till
do pref . .H&H
Am Cotton Oil !
Am Fw; V5
Am Hide fc L... W
Am iw prf .
Am Iaco pret .. J4
Am Bme t A .. . Vs
Am Smelt U .. g
Am Bussr prsf 11
Am Sumatra pf 5
Am Tel ; Cable,- ,,
Am T 6 T 3d pf . ?H
Am Writ rap pret o
Am ZlnrtLcad pf M
Asso I O Jst pref M
Ano Oil . . . JIVi
Atl Blrm Atl, . IS
ftald lico pret , 0S
n 4VO pref , . .
Herrett Co pref .10
Beth bteel ... .88
do pref ... S
Beth fteel rts , ,H
Brkn Un Oaa 105
ISrown Shoe Tl
IlutterlcK .. JOVt
Cal So 1st pref to
Cent Flr 8o. ,2f
Pent H Am Tel JtSM
Chi N W pref 140
Cbt Alton ' ,
q pre ,,. - w
lreauaqr wj aim
Ton OKI. P..1J5,,
Con Int Csl Mln. 17V4
Cont Can .... J
Con Can pref 10214
Continental Ins.. MVi
Cuba Am Bussr,.!"
do pref ,.10J
D ti M Apt ... J,,
Den Rio Or.... V4
Detroit Edison. ,M
Del 1-ack 4 W...1JJ
Kleo BlorUat.... RgVi
Klkhorn Fuel .... 2J4
General Clear.. . 3S
- do pref 98S
Ooodrlch R F Pf J0
Oult B Btl 1st pf .105
Ilartmsn Corp -'
Haskell Barker
Havana Klee . lot
Homestake Mln .lpTVi
HcftS?1. . ..Ik
lnt Jfarv of N J 110
c
do pref
Int Nickel pre
Int raper pi sia
I pref
Iowa Cent
Jewel Tea . . JH
do pre! . . OH
ijcledJ Uaa 07
Lake Erie W 12V
do nref 2
Lee Rut Tire ITV4
dorlrnta, ft
Lons Isl ctfs pf 0
LorllUrd P S0,
l.ouls A Nssh 12UV
Mseka lot, . . na
t i n 9 m. v
Hay Dept Stores, nn
do pref ..... ..10
Mex Pet cret . Ut
Mich Cent 119
M St r& SB Mpf.117
Mont Power . 7-Mi
Mont Power pref.loa
Morris A Essex . iloU
do pref 11V4
Mo Kan & Tex pf 0ft
Mo Pao o of o f d 61H
do pref 1!A
Nat Acme 83
Nat Biscuit 102
Nat ClosK & Suit 68
Nst Kn & Utpd pf OHK
Nat Lead ....... SO
Nat Lead pfd.-.tOlH
Nt RR Mex 2d pf 6
do pref 40
do 'id pret .. AA4
N O Tex t Mex., 22
N Y Air Drake,, 119U
N Y c St L.. 20
N Y Dock .....
Norf X Houth 21K
Nort A West pref 80
Ohio (in rts , ea
Ohio Fuel . 47
Ontario silver AH
PjC CtHIL , . B
Psn-Ant Pst pref so
do prior pref ct 8
Peo t East ., 1
Pers Msrquette ,
Pere Marq pref X.
Phil Co ,113
Plerce-Arrow . 87
Pitts C6aL 48V
do pret . 05
Pitts Steel pref S8U
do pref . 2HVi
Pitts A West cret zHV,
Messed Hit ar. AS4
n,f dl.nf 1,t Pf- 8U
do 2d pref .... RSVi
Rep 1 A"s prtf.. Bov;
St L A ti If pref. S0H
Havsse Arms 70
Ho P Rico 8 ..207
Hears-Roebuck pf.I21
Standard Mllllnc SH
do pref gs
Studebaker pfd., 90
stuts Motor :...; AM
Sup Steel 1st pf.101)
Texss A Pao .... IB
Texas rts ...... 10Vi
Tidewater Oil ...205
Tebacco Prod pref 98
T.St LAW .... 7Ji
do ctfs &
do pref 80
Un Bsc A Pap.. 1(1
do new 71
United Drug .... 70
United Dye Wood 02
United Ry Inv .. HV1
United Ry Inv pf 17V4
U S Sm A Rcf pf 50
U 8 Express .... 18
U 8 Realty Imp., 15U
. Pt SO
Utah Seo 17
Va-Car Chem pf.101
Va Coal A Coke. 1 tk
Wells-Farro , S3
West house 1st pf 07
do 2d pf 27S
West Md ... IT
do 2d pref 28
West.Pae R R . 17W
Wheel A L K pf 32V4
'VIlBOIl O PI . .iVJ
viiisirerra pt
do irf .........
New York Stock Sales
Hlh
Alaska Juneau .. 2V1
Allls-Chalmers Co. 22
Am Beet Sugar. . 83
Am Can 4t
do pref 100
Am Car & Vdy Co 88
do pref ., 10D
Am Int Cop 4RH
Am Hide & L pf. . B
Am Ice See 11
Am Linseed .,.,, 2,
do ptef 88
Am Locomotive... 87H
Am Malt 16
do pref 68
Am Smelting 0SVA
do pref 1074
Am Sum Tob . . . S8
Am Steel Fdry ... 83
Am Sugar 107
Am Tel & Tel U4U
Am Tobacco 187
do pref new.. . . 00
Am Wool 43tt
do pref 04
Am Zinc & Lead.. UVi
Anaconda 6V4
Atchison 034
do pref 03
Net
Close chs.
..
22 H
83
4114
100
01 U 2V
100
48 1
83 1
11 Yt
2SV4 H
88 1
B8W 3
IS 1
05V4 1W
107M, ..
84
62 1V4
108 1V4
Low
22
83
41H
100
87 Vi
10D
48
S3
11
23H
88
88H
14H
8SM,
01
10714
84
62
108
114ViJ14 H
185
00
43
01
10
0'
05
08
Atlan Gulf & W T 101 100
do pref 00 no
Baldwin Loco Co. 80 87
Baltimore & Ohio. 80 68
Harrett Co . ... 0B 06
Hatopltas Mining.- 1 1
Uethlchem Steel B.,86 83
do prcf t c 07 054
lirklyn Rap Tran. 87 67
Burns Bros 08 08
Hutte & Sup Cop. . 21 20
Cal Petroleum ... 18 18
do prcf 41 41
Canadian Pacific. .160 148
Cal Packing Co... 38 38
Cent Leather .... 83 80
do prcf 103 103 103
Cerro do Pasco.. .' 32 32
'handler Motors 73 73
("lies & Ohio 83 83
Chi Gt West 0 0
do pref 20 28
C M & St P 60 40
do pref 04 02
Chi & N W lOi 101
Chi ItliPtc... 24 23
do 6 p c pref t c 81 60
do 7 p c pref t o 81 60
Chill Copper 16 16
Chlno Con Copper. 47 48
Col Tuel & Iron.. .40 39
Col Gas & Kleo.. 87 35
Consol Gas 100 08
Corn Produ 30 28
do pref 01 01
Crucible Steel 70 00
do prcf 01 01
Cuba Cane Sugar . 28 27
do pref 81 81
Deere Co prcf 09 09
Del & Hud 00 08
Denver (RG pref 14 1 1
Dome Mines 8 8
Distillers' Secur .. 31 3i
llrlo 20 10
do 1st pf 29 29
do 2d pf 21 21
(iaston Williams . 30 34
General Blco Co .138 136
General Motors .. 97 03
do pf 78 78
Goodrich, B V ... 42 42
Granby Mining . . 78 77
Great North pref 101 101
.do Ore subs 31 30
Greene Can Cop 40 40
Gulf States Steel 01 91
Illinois Central 00 00
Inspiration Copper 40 48
Interbor-Cons Corp 7 7
40
185
09
43 1
03
16 1
67
05
03
100 1
60
87 2
88 1
08
1
83 2
08
67
08 2
21 ..
15
41
140
38
81 1
73
63
II
26
80
02 3
101
21
80 1
60 1
16
46 1
30 1
2
1
1
H
38
98T4
28
91
07
01
28
8t
00
08 1
14 1
8
32 1
1
10
20
21
34
136
06
78
42
77
101
30
40
01
00T
do pref 50
Int Mer Marine . . 27
do pref 85
Internatl Paper . 24
Int Nickel 31
Kan City South.. 17
Kelly Springfield.. 41
Kcnn Copper .... 36
Lack Steel 80
L K & W pref 24
Lehigh Valley .. . 59
Lee Bub & Tire 17
Llg & Myers pref 10.1
Max Motor 1st pf 64
do 2d pref. . . 10
Mex Petrol .. . 92
Miami Con Cop... 33
M & St L new. .. 11
Mldvale Steel 48
Mo Kan & Tex ... 4
Missouri Pacific 20
do ctfs .... 60
Nat Con & Cable. . 23
Nat Biscuit pref. 114
Nat Cloak Suit pf 101
Nat Unam & ftpd A Hi
Nevada Con Cop . 10
New York Cent . 7.1
X T N II ft H ... 28
N Y O & W 20
Norf & West . 108
North American.. 60
Northern raciflc . 08
Ohio Gas .... 42
Owens Boat ... 82
Pacific Mall .... 25
Penn R R 81
Peo Gas & C . .87
Philadelphia Co... 33
Pitts & West 26
do pref 89
Pullman Pal Car. 135
Quicksilver pref. .. 1
Ry Steel Spring.. 44
Ray Con Cop 24
Reading 80
Rep Iron & Steel.. 78
Royal Dutch 69
Saxon Motors .... 12
St L S F 15
St L & Southw. . . 28
Seab Air Line.... 11
do pref 22
Sears Roebuck. .. .152
Shattuck Ariz .. . 22
Sloss-Sheff St & Ir 40
Southern Pacific . 00
Sup Steel 43
Southern RR 27
do pref 61
Sinclair Oil 83
Studebaker 43
Tenn Oop & Chem. 14
Texas Company. . .140
Tobacco Products. 03
Transue Williams. 41
Under d Typewr 00
do pref .. . 113
Union Pacific . 128
United Alloy Steel "'
United Pap Board 22
United Clg Stores Iui-,4
United Drug 2d pf 75
United Fruit . . . 125
United Ry Invest 8
U S Cast I V & F 15
U S Ind Alcohol 133
U S Ind Alcohol pf 100
U S Rubber 88
do 1st pref 102
U S Smelt & Ret.. 85
U 8 Steel 106
do pref 118
Utah Copper 88
Va Car Chem 31
Wabash v 10
do prefV 46
do pref, B 23
West Union Tel . . 87
Westlnghouse Mfg 41
Wheel & L n r. 12
Wilson Co 60
White Motors .... 41
Willys-Overland .. 25
Wis Central 40
2
1
1
2
48 1
7 4-
80
26
81
UVi
31
17
41
32
70
24
58
17
101
81
10
00
.11
11
47
4
28
60
2.1
114
101
41
18
72
27
20
83
24 2
.11
17
41
31
70
24
69
17
103
01
10
00
31
2
2
1
1
11
47
1
4l
28
80
23 1
114
103
42
18
13
28
20
1
107 107
49
08
36
81
25
81
81
32
1
1
1
'
2
80
134
1
43
23
70
71
68
12
18
28
10
21
151
21
40
00
40
26
60
31
42
13
141
00
41
00
113
125
49
98
31
81
35
81 ..
51 ..
32 ..
25
89
131
1 ..
43
23
80
71 1
68
12
18
28
11
23
151
21
40
00
40
28
60
31
1
1
1
2
42 1
13 1
141 1
63 1
41
00 I
113 ..
15
124
22
1 1
IS
1.M7
8
15 18
131 182
100 100
88 68
102 102
65 65
101 105
115 115
l.'O
tt ..
- -!
3
3
8
1
2
85
34
10
45
33
81
43
12
80
41
14
40
85 1
34
10
45
33
81 1
43
12
89
41
28
40
Total
444.80
alee. 125.000 shares. nmniMH
one aharea xesterdari thus rap thU
. -n .nil ah ..I al-l-n-1 M.liut I.., -!--,
l.llif.lW U-..K -.. .--v -( -ink, Uftf,
100 shares.
with
DIVIDENDS DECLARED
Itle Insu
arterly c
to stock of record Ooto-
Tbs Jlsal Estate Title Insursnce and Trust
Company, resuiar uwilj 01 so per anare
payable wovem-wr i
ber
Pullman Company, rejularquartsrly of 3 per
navemu-r i 10 biock 01 record
cent, payable
uctoDer 01
Sales in Philadelphia
IBAllla Insur.. 20
Am Gas
80 Anacon Cop. 81
10 Bait & Ohio. 68
100 Chi Rock Isl 24
8 Bleo Storage 60
8 1ns Co N A. 26
10 Key Tel.... 11
131 do pref... 65
Lk Sup Cor. ..
281 Leh Valley.. 80
SOMInehlll .... 65
200 Mldvale .... 41
822Pcnna R R.. 81
81Phlla 0o... 33
23 do cum pf 35
421 PRTtr ctfs 28
lOOPhlla Trac. 7.1
200Rwys Gen... 8
131 Reading ... 8d
110 Ton Bel.... 4
loo Ton Mining. 8
223 Union Tract, it
463 U G 1 74
a un -:os in j.suh
I,ow. Close.
20 20
tioo
Net
chse.
17
88
24
86
26
11
05
69
65
47
81
33
35
28W
13
6
80
4
8
42
74
208
67 1
88
24
60 tt
26
11
65
t!8
Hi
60
65
47 V
81
33 3
36
28
73
5
80
4
8
42
14
206
10180 U S Steel .106 101 105
40 Cramp Sons. 68 68 68 . .
York Ry pf. . . . t35 .. f
tQuotatlon given Is csterday's close.
Total sales. 6708 shares' compared with 7618
shares jeatenlnn thus far this week. 13,310
slutrrsi same period Inst week, 8673 shares.
BONDS
High, Low.
08
.110
00
Net
Close, chge.
06
110 110
03
103
00
03
-1
103
$2000 Am T & '
Co 5s .
2000 Bethlehem
Steel Cs.
8000 Key Tel 1st
5s 03
10000 Leh Val CI
5s 102
03830 Lib Bonds. . 00.00
lOOPhlla Lleo
1st 5s ...100
2000 Spanish-Am
I Cs 100 100 100
Total sales, f8l.0V. compared Wh $30,200
)esterclni thus far this week, 111.850 same
period lait week, SI28.000
09
.51
100 100
Local Bid and Asked
American Stores
Brill J O 20
Butt A Susq t c 8(1
Today
Bid Asked
.11
Yesterday
Bid Asked
Hn tiref 4(1
Baldwin 67'i
Mectrlc Storage .. ..SI
General Asphalt 17
do pref CD
Ke stone Telephone ... 11.
do t o (14
Lake Sup Corp l.tU
Lehigh Navigation .... 72
l-ehlgh Valley CH4
Lehigh Vallev Trac ... 2
do prt f 41
I'ennsjltanla. M
Philadelphia I-leitrle. . J(IH
Philadelphia Company . .1J4
do 5 per tent pref . .'IJ
do a per cent pref . :l
PlillHd'.phla II 1 t c .!'
Iteidlng feO
'lonopah Belmont .. .4
Ionop.,h Mining ... 5.
lTnlon Traction 41
United Has Imp 74
I'nlted States .Steel . In",
York Ilwy 10
do pref .HV'a
Wm Cramp & Sons . rvi
80
nl.
67
Ml
IV
no
1-!'.
in
in
7.1
r.t
"",
r,
"'
ni
.n
.i'i
.
Sd'ji
4'
(I
4i
Id-;',
:i("(,
7-
20
8(1
411
(id
85
17
60
12
(11
r
liv,
"'.
riij.
-
si '
M
.11 V4
Js
80S
r.'I
4J
1 (C'
in
.IV-j
68
.(J
25
611
r,t
(H
60
ID
(II)
1B1
67..
kiv;
73
(1(1
25
4",
Til!.
2(1
al
.1",
3-
J,
4t
74'4
Kid
12
SHV4
70
INACTIVE l'HILA. STOCKS
Following are quotat'ons for Inactive
stocks listed on the Philadelphia Stock 1.x
change and In which there were no trans
actions jesterday. The price given is the
last previous sale
Am Cias War. . . Vi
Amer Mill 11'.
Am Rwjs pref S8
Amer Stores . 37l,
do pref . . . lij
Burr a susrj t c ns
do pref 6(1
Brill JO 20
Cam Iron . . 4
Cam Steel .. .14
Con Trao N J . . 71
Gen Asphalt . 2n
do pref . 60
Leh Nav .
I.h nl 'lr
Lit Bros
I Ittle !-- 1 1 u 1 U 1 1 1
North ent
North Penna
P R T
It S Meel pf
Warwick Iron .
Wst Coal .
W Jersei & Sea
ork llws
73
271
, 24"-
61
7M4
no
11 t'4
n
27
47'i
11
New York Bond Sales
11000 Am Acr deb r.s
S7(HI0 Aught I-rrnh 6s.
11000 Am Foreign Seo
Kioi) Am Tel clt 4s
.'l.'OOO (In is
L'Ooo Armour Co 4Vjs
"iiiOO Atchison gen 4s
4noil rin cv 4s
1.(1(10 Atch Trans S I
lOOOO Atlan Co Line 1st 4s
tooo ualt r uniu 3s
i(mn tin !i-i
100O do cv 4Va
Am
Il0-i
03i
n-,
70
110
70a4
High
inn
2Ts
&
s iT
7'
HJ'i
Ml.
l)4V5
MIS
SO'-i
0S
no's
1000 Rradetl Copper ds . IU
jnoo Brookln R Tr 6s 1D18 07't
4i)iiu isorueaux us ...
1 Willi Can Uovt rs 11)111
100(111 ln As lll-ll . . .
1 IOOO do As HM1
1000 Cent Pao bh L 4 .
.((wo ( hill i upper 7s
AOon dies . Ohio 4'4s
1)1100 do As . . .
24000 (lo cunv s
1000 Chi Un Sia 4Vis. .
annn r'ht n & o Inint 4s
4O0II cm 'Mil A ei r CV 4V8S IMF
U0OO Chi RItl1 rfd 4s . 07
4000 Col Industrial is .... ,
2VI00 City of Piyrls (is . . 01
7000 Con (las cunv Bs . 1034
1000 Cuban-Am bugar (Is Kin1,
3000 Lumberland lei 6s. 5(1
400(1 Cerro de Pasco 0s ..KiS
2000 Chi Rwjs 5b . . 8S(,
HOOD DIs Secur Crp As 754
3O0O Erie conv 4s Ser II 4H
40000 French Republlo 64 s. HOVi
10000 (len Klec del. As. . .1004
100U 111 bteel deb 44 s
1000 Interb R T let As
32C00 Inter Mer Mar 0s
7000 JapancBO new 4Va
1000 K C Ft 8 A M 4s
4000 Lk Bh deb 4s 1DJ8
1000 Llg A M T 5s . .
1000 Lorlllard 7s
anno Louts A Nash 4s
2202000 Liberty Bonds 3s,
2000 Lex fie j., -s
3000 Lyons 6s . .
mnn Marseilles Os
uonil itfAT Pt Cn 6s Ser C105
2000 Mo Kan A T 1st 4s HJ4
1000 Met West of Chi 6s. DO
SJ500 Mo Pao cm 4 s .. . 66J4
1000 Montana Power 6a .. 014
6000 Nat Htnrcn Co as. in
5000 N Y C A H 34 8
11000 do 4s
4000 do 4s . .
3000 N Y City 4s lll'.D
1000 N Y Qas 11 A P 5s
1000 N Y N II A II Us
10000 N Y Rwy udj As
20000 N Y Tel gen 14 s
(1000 Ora Short L 4s ...
5000 Nor Pac w 5s
2S00O Penna gen ct 44s...
1000 do 44 s 1D21
1000 Public Serv N J Cs .
3000 Pere'Mamuette Qs ..
D00O do 4a
1000 Reading gen 4s . ...
13000 St L A 8 F ajt ...
6000 do In
12000 do Ser A .
7000 seaDoara a u aaj as.
M
K54
. 804
. 88
. (ID
80 4
09J4
09.71
074
004.
110V
074
814
b!)J.
4I
084
Ml4
23
1J4
U7'I
884
U2
99
85
81
Oil
mi 4
eiyi
464
59
47
100O South Bell Cs 94V
1000 South l'uc 4S HI
a.inno do cvt 4a HI
13000 do cvt 6s Oil'
22000 South Rwy gen 4s ... uu
jnon do 5s 04
7000 Texas co us, iui'
20000 U 8 Rubber 6s 814
11000 do 0s 1024
1000 U 8 Govt 4s 1034
4000O U 8 Steel a f As... .101
9000 Union Pao 1st 4s . . . 90
1000 do cvt 4a 874
1000 U K of O II A I Cs .. 98
65000 do 64s 1018 99
1UUUU ao U'IB jetv . . . tfo
143000 do 64a loin new .. 98
tnnnn do sua lD-'i
1?nnn Va. Car Chm 6s . 99:
4000 West Elec As., . . 97
1000 West snore ss . &u
I
98A
92
Total sales, $4,000,000, compared
z,6VH,ooo yeeteraari iiius rar litis
with
A8.01H)i same period last week, 82 897,000 '
Fisher Body Corporation, regular quarterly
of 1. per rent on preferred
Atlas Powder Company, regular quarterly of
IU psr cent on preferred, payable November
no stork of record October 20.
Kerr Lake Mining company, regular quar- I
Urfy of 25o a share, parable. December IB to J
t torhrof record Norember fl. ,T
Federal War
Revenue Bill
We 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 bo obliged to pay
the Government
The subject of excess profits
is reviewed, with practical ex
amples showing how tho amounts
are computed.
Upon Request' We Will
Mail You a Copy
A. B. Leach & Co.
lBeorporate4
PHILADELPHIA ELECTRIC AND U. G. I.
FAIL TO HOLD FRACTIONAL GAINS,
Tone' of Philadelphia Stock Exchange Continues Weakl
vvitn .an OtOCKS un iveyatune xeiepaune iJropa
Des'pite a 3 Per Cent Dividend
Philadelphia Electric, United Gas Im
provement and United States Steel suc
CUnibed to the trene.rnl downward trend of
the Philadelphia Stock Exchange and to--
waru tne close of tho day lost the fractional
gains they had made shortly after the open
ing. Although the list today was consider
ably broader than that of yesterday, there
wn,s no Improvement In the tone of the mar
Kct. The Exchange here reflected the feel
ing of the New York market, where bears
took advantage of persistent peace rumors
tl retrieve some of their losses on last
week's bulge.
United States Steel continued to be the
most active stock, early transactions send
ing the quotation up to 106 Vs ; the reaction
brought It back to 104. Lehigh Valley de
veoped Borne nctlvlty when It dropped a
dollar to 59.
The local Issues were weak Reading,
,' I, . Unlon Traction, Pennsylvania
Railroad and Keystone Telephone sold off
all day, the last despite a regular ,
...u, u ,,. vo.it uivmena ana a fM-1
good monthly statement Keystone comm. ,
was off ; to lli. nnrt rrt .. raon '
2 at 65. Mining stocks followed the .S
ket down. The single exception to th. d N
In prices waj Rock Island, which m?
;Vsharit.onthetran8feroto-r
Tho comparative statement of earnl4 . 1
the combined companies of the if.v.V' 1
reiepnone company made public J
shows gross earnings for the tmnth nfnlV
tember of ,134,860, compared.wlth Uih
tor the same month last year, or n i
crease of ,10.721. Net earnings fo. .'?
month Increased ,676. For the n". XL $
ended September 30 gross "arnln,? "lh
,1,175,522. This compares wltt $ft?Ji
during the same period the previous v..
Net earnings for the nine months under ?.''
view Increased $20,190, with surplus, m
reserve making a gain of ,6500. 4
s "
FURTHER DECREASE IN WAR-ORDER
ISSUES ON NEW YORK CURB MARKET
Few Transactions Are Made at Declining PricesInitial
Trading in Interlake Chemical Shares
Is Lively
. NEW YORK, Oct 9
There was a further decrease on thn Tlrnjifl Riri r'w . .. '
.., v,u.uo opecuiatlv
e war-
limited
order stocks and only a few transactions were made in those Issues -with
ousiness at declining prices
Aetna Explosivo sold at 4 and 4i, Submarine was traded In at 16 to l . . 1
1Vrlrrl,.m.l Al .. ., .- ... ... " an S
.... 4... ,v.iv;,t m 8ri lo . .wow issues are .attracting moro attention
than the older stocks. The Initial trading In tho new Inter-Lako Chemical share,
was lively, at prices ranging from 2tf to 2 during the first half of the day. and
tho strength In this stock contrasted strongly with tho listless tone shown on
many other Issues. The business of the company manufacturing an exhllarator
for gasoline it said to have increased to such an extent as to necessitate Important
additions to the manufacturing plant.
Cities Set vice was steady, with sales at 222 and 222.. Prospects of a con
traction of tho field of European hostilities attracted more attention to the com
mcrclal companies like Everett, Heaney & Co. Motor stocks were again heavy
with United Motors declining from 22 to 21, and Chevrolet sold at 77 to 76.
Mining stocks wero Irregular, with copper stocks generally lower ' Macma
yielded from 4G to 44; Big Ledge sold ut 2H to 2 and Acmo at 2 ttS 1. Oil stocks
weio heavy. Midwest Refining sold at 141 to 138, Oklahoma at 8 and Osage at 7fl
INDUSTRIALS
Bid
Air Reduction 87
Aetna Explosives 4V4
Am-Brltlsh Mfg 8
Am Marconi 2
American Writing Paper 2Vi
Canadian Car Co 20
Can Car &. Fdy pref 80
Cli.ii coal Iron 7
Chevrolet Motors 78
Cramp 70
Curtlss Aeroplane 36
Carw en Tool 0
Carbon Steel 74
Emerson Phonograph . . . Bi
Federal Dye 8
Hendee Mfg 20
Kdthodion Bronze pref. . V,
Lake Torpedo Boat 4?i
Lehigh Coal Sales 74
Lima Loco 63
Maxim Munitions Va
Marlln Arms 100
N Y Shipbuilding 33
N Amer Pap Pulp .1
Otis Elevator 4ft
Peerless Motor It
Poole Eng 70
Hcdden Truck It
bcrlpps-Booth 18
S S Kresge w 1 80
Standard Motors I)
Steel Alloys 0,
Submarine IS
St Joseph Lead 17H
Todd Shipbuilding 78
Triangle Film HA
United Prollt Sharing. . Vi
IT S Steamship 4
United Motors 21
United Sugar 30
World Film
Tea close
Ask (Hale)
Wright-Martin Air
)'"
0V6
80
4
12
.1
.1
25
65
H
57
M0
37
10
80
0U
10
30
1
SVi
80
66
1
10S
30
3V4
82
1.1
HO
IB
no
10'
6V4
IB
18
80
1
4
2V1V4
38
9i
OVi
2V
216
33s
200
227
610
250
00
8
8
37 V4
UK
3
7Vi
1(1
4Vi
0i
Zinc Concent 1V4
STANDARD OIL
Illinois 207
Ohio 330
Prairie Pipe 260
S O Cal 220
S 0 N J 500
SONY 242
INDEPENDENT OIL STOCKS
Barnet Oil and Gas 1V& 1 lt
Cosden & Co 8 8 .
Elk Basin 8 V, 8y,
federal Oil 3i4 3 3
Inter Petrol 13 13Vi ..
Houston Oil 14 18
Men it Oil 20i)i 30V& 31
Midwest Ret 138 140 140
Met Petrol .. 1 1H 1
Ohio Fuel 16 10
Oklahoma Ret 1 8 . 8V4
Osage Hominy 7 8 8
Rico Oil Vi Vi
Sapulpa Ref OVs 0 ..
Sequoyah i
Sinclair 15 17
United West Oil 8 "i li-ia
I
MINING STOCKS
Bid
Alaska Standard is
Atlanta u
Big Ledge 2
Blsbee Copper (a pros).
Butte Copper & Zinc... 8
Butte New York
Cal & Jerome. .
. Tes elosi
ASK
28
10 '
SV.
8T4
IV
elosi
(S.I.)
25
9
Vi
Con Arizona 1
i:mma Cons
First National 2V4
Goldfleld Merger 4
Cotdtield Cons 34
Goldfleld Florence lo
Goldfleld Kewanas 8
Green Monster
Ilecla Mining na
Howe Sound s
Independence Lead 8
Jerome Verde 18-16
Jumbo Extension 18
Magnate Copper j
McICInley-Darragh .... 63
Magma Copper 43
Mother Lode 31
Mines Co of America . . . 1V4
Nevada IIllls 10
Nevada Wonder 1T4
Nlptsslng 1
Ohio Copper 1V&.
Ray Hercules 3
San Toy 10
Stewart 0-32
Tonopah Extension .... 2V&
United Verde 35
West End Con 61
White Oaks 3
White Caps IVi
Yerfhgton 18
KONDS
Bethlehem 6s 079i
Cosden Oil fls 87
Cosden & Co 6s 88
Cudahy 5s 04
Erie 5s 08Vi
Russian Government BVJs 66
Russian Government 6V&S 76
Sinclair OH 6s 02
Todd Shipbuilding 6s... 100
. .1 13.16 115-16.2 1.11
1
11-11
35
IVi
2
"i
3
0
38
20
12
18-18
7V4
BVi
0
14 17-11
17 ( 17
It Ti
58 .,
45 45
33 33
1 ..
20
8
IV
3T4
15
ft
2Vi
38
68
1
20
D8
80
00
07
68
78
SVi
A
if,
11
71
Western Pacific 5s
102
00 100Vi
BAR SILVER
Tester- Last
Today dav Tues
New York (cents) 89 flo'4 OAK 108
m
Umdon (pence) . 4 45(
1B1T
Hlch Low
65
851,
ORDERS RECEIVED FOR
U. S. 4 LIBERTY LOAN
No Commission
Morris Brothers Co.
(Established 1803)
1421 Chestnut Street
New War Tax on
Incomes
With Descriptive Chart
THE full text of the new In
come Tax Law,just' enacted
by Congress, has been prepared
by this company in' convenient .
form for ready reference.
We shall be glad to mail copies of
this publication to any one upon
request.
Philadelphia Trust Company
-415 Chestnut Street :; J415 Chestnut Street
Philadelphia
M ,.
iiim "seen, l
Ppf m. car jrt.lon
Vs"a-.vii
eM tTWWmrw wiHnil.aMr
. rf' " ' " ' . A- ..J. ItSV f.H
,
m ..unjt
r- si
M .,., . T
,,S1
n.- 1.
rzZr-iT . t "r: ..:Kr ".A.
'--i
d
,-. -ft.--- f - - - -i "- Tt J-'
JT
wrr"