1,,. r? , :."-? ' EVENING LEDOER-PHILADELPHIA, MONDAY, OCTOBER 15, 1017 FINANCIAL NEWS-NEW YORK AND PHILADELPHIA STOCK MARKET QUOTATION iv-. H - i. GERMANY IS TRYING TO SLOW UP OUR PREPARATIONS TO ,WHIP HER BY LIES, PEACE TALK AND INDUSTRIAL DISCONTENT. IF SHE COULD MAKE THE LIBERTY LOAN A FAILURE, IT WOULD, HELP HER MORE THAN A VICTORY IN THE FIELD. YOUR DUTY IS TO SUBSCRIBE, AND SUBSCRIBE NOW. REILLY, DROCK &. COMPANY War Tax Service Information for the convenience of the taxpayer Wc have in pamphlet form: 1 An expert analysis of the War Tax Imw as applying to individuals and cor. porations. 2 The complete text of the War Tax Law annotated, cross referenced and in dexed. 3 An Income Tax Chart enabling the taxpayer to ascertain the' amount of his tax at a glance. We thill be gUd to farnlih trj el the above mentioned pamphlett upon requett. rtette indicate which of thete jutnpblcu you require. The National City Company 1421 Chettnut St., Philadelphia New York Chicago San Francisco Boston riltiburgh FOUNDED 1865 The Provident Life and Trust Company - of Philadelphia When you arc 60 years old the maturity of an en dowment policy will look very good to you. Put a little away every year in a Provident endow ment policy, and enjoy it in later years. FOURTH AND CHESTNUT STREETS MW HEckgRfCa 6th & CHESTNUT STS., N. E. Cor Mtmbni of I'm, a. Stock Kxchans i-r.rcci tiro io rw rortc " BANKERS and BROKERS U..S . k Liberty Loan"' Subscriptions handled free of charge reedaT "morgan & CO." .WEST EMI TKI'MT III.IH1.. 1'IIILA. Member of the I'hlla. Stork Exchange wis Fromtlic Investors Standpoint Q Pnorc Booklet describing location, history, holdings, production, earnlnga. dividend! and 1017 monthly price, ranee Including- Septem-BS.r'-P eome of the leadtnr Independent Oil Companies together with analytical w. "" ,..., , iuiui. iweioiuiiea. .(,uii iv tuiii,H.mce ireaieo at Cosden & On, Oklahoma I. It. Osnce-lfomlny Klk llaaln Pel. Northwest Oil Moaton-Wyomlng Every Investor and trader Interested In oil stocks should have this booklet. Send for Booklet 877 T.U. JONES & BAKER STOCK UHOICERS WWenr DM?, Philadelphia Bell. Walaat 180-1. Kmtoa. Baca 2290. gem York noateaj Mfi I'lttabararai Pirut rrtMle W(rr Merrltt Oil Midwest Oil Midwest ltef. Federal Oil Houston Oil Maputo JONEB at BAKHH, U tfittner DMo.. Philadelphia. Pa. lU P PVI'U VU( UWKIOl DII-A.U. " ; . -.... ileWw ..v..-..-........... ......... Cut, ................. State .,.,....,. UNITED STATES STEEL SELLS BELOW PAR WHEN PRICES FAIL Wave of Liquidation, Assisted by Reselling on Part of Early Buyers, Undermines Opening Strength of New York Exchange NKW YORK, Oct. 16. The stock mnrket today passed through its greatest day of fevcrlahness and unsettlement In tho session, which started after tho triple holiday, and was ushered In with a show of strength and with vigorous advances in nearly all the Important stocks for some time after the opening. Wall street had come down town with a feeling of confidence that 4 ho statements made by tho Comptroller of Currency and Federal Reserve Hank head about money conditions, and the Washington advices of the favor with which the Interstate Commerce, Commie. slon regarded tho railway rate advances, which are now being filed, would cause u distinct and lasting improvement in the stock market tone. But when thoso who bought on tho early advance turned to sell they found that thero was noth ing In tho way of a sustaining force in tho market. Then another wave of liquidation started, and this coming with reselling by tho early buyers caused a general crumbling away of prices. United States Steel common, which Bold at 104 at the early trading, broke to 99 , and Bethlehem Steel "B," which had sold at 78 In the first hour, had a quick drop of 7 points with a steady lowering of Its record. Similar down-turns occurred In tho other steel Industrials, and group after group of stocks were sub jected to severe pressure with values declining rapidly after midday. The marine Issues naturally reflected the action of the shipping board In tak ing over American tonnage, with Marine preferred falling over C points under urgent liquidation of somo large speculative lines. Tho bond market held fairly well In vlow of tho demoralized trading on tho Stock Kxchango, and although declines occurred they were limited in most casc3 to fractional amounts and did not greatly change tho recently established range value. Liberty Loan whb heavily traded In at 99.80 to 99.74. Rate Hearings Will Help Railroads One of the best pieces of news which the financial world has had In some timo Is the granting to tho railroads of a new hearing on the petition for rate increases. Tho necessity for somo decided move by tho Government to stabi lize railroad securities and to give the largo transportation companies tho co operation and support which they must have has long been felt, and financial circles will rest more easily and have greater confidence if tho Government "gets back" of the largo carriers with tho same spirit that the railroads them selves have supported tho Administration. There Is no doubt that a wave of pessimism is sweeping over the country respecting tho prices and future of railroad securities. The cost of operation of till railroads is rapidly increasing and tho Income of railroads from both freight and passengers is mado indexible by Government regulation. The situ ation Is bad, and some railroad managers mako It worse by frequent predictions of bankruptcy, thereby destroying the credit of railroads. On all tho Important eastern lines nnd most of tho northwestern lines ex penses nro increasing faster than income, nlthough gross earnings are sur passing all previous records. But It Is the amount of profit that a railroad Is able to keep above Its operating expenses that counts, not tho nmount of its gross earnings. in competition with war bonds railroads are unable to borrow money or to sell securities, although their requirements for now terminals, additional side tracks and added equipment aro now greater than ever before. Standard in vestment stocks like tho Pennsylvania, now at the lowest point In twenty-five years; tho New York Ceiitral at the lowest since tho Civil War; St. Paul, a standard Investment stock, at the lowest point in forty years, and Baltimore and Ohio the lowest in seventeen years, show how railroad credit Is Impaired. Fifteen representative railroad stocks show an average decline In price be low even tho panic llgures of 1907 of more than 22 points. Tho average Is affected, however, by such declines as $122 a share In Now Haven stock, due to mismanagement and not to war or Government regulation. Liquidation Forces Securities Down Security market values continued their downward trend last week with scarcely an interruption. Stocks broke sharply at times as fresh liquidation made Its appearance. Many old-lino railway shares, established dividend payers, sold at the lowest levels for many years. Industrial Issues' were greatly unset tied and heavy net losses were taken In most cases. United States Steel com mon was forced down to within a point of par. The movement In tho bond market was more orderly, owing to the lighter offerings, but tho tendency hero was nevertheless toward substantially lower quotations. Explanations for the persistent weakness of all securities ate profuse, and all of them have their origin In tho war and its effects. Derangement of the money market continues as the most conspicuous influence. Tills resolves Itself Into the argument re peated over and over again since the United States entered the war that billions of dollars of money cannot be diverted from the ordinary channels of commerce and industry without serious disturbance and extensive readjustment. The process is apparently now taking place at a rapid pace, and we are finding one reflex of It in the action of tho security markets. It was pointed out during the last week that the principal ailment of the security market has been an oversupply of securities. Flotation of new issues has reached huge proportions since the beginning of the European war. Billions of dollars of new capital has gone Into new shipping concerns, new oil com panies, mining enterprises and the like, most of them organized to take advan tage of the great Industrial boom that developed early In 1916. The public ab sorbed the great portion of these securities In the bull markets of 1915 and 1916. Now apparently the public has been forced to unload a portion of its holdings owing to the Government's urgent need of funds and the heavy taxa tion program adopted by Congress. On top of this all Investments of long years' standing have been liquidated owing to the most attractive yields afforded by new Issues. The whole result has been to produce a situation where every one has seemingly desired to sell. Few will deny tho fact that many securities are selling below their intrinsic value, but this usually happens when liquidation is forced. Why Call Money Dropped Liquidation In the stock market last week resulted in a substantial contrac tion In brokers' loans. This probably was the principal reason why the call rate at the Stock Exchange declined to the lowest in nearly a month, at 2?i per cent. Only recently tho rate wan very firm at C per cent, and the banks had their hands full In keeping It from going higher. Time money rates did not show any great change, presumably because of tho unwillingness of the banks to Increase their commitments over the end of the year, for the future is still full of . uncertainties that make it imperative for the conservative banker to keep his funds as liquid as possible. Commercial paper was discounted somewhat more freely during tho week at 5 to B per cent. Tho banks are seeing to it that an adequate supply of funds is kept available for commercial and Industrial pur poses. In fact, the demand from this quarter is very properly given precedence over tho demand of the stock market. The New York banks improved their position hist week, according to the Clearing House statement, which disclosed an increase of $18,493,740 In the excess of reserves over legal requirements, which now stands at $102,483,290, the highest figure in more than a month. Loans and discounts increased $95,438,000. That the banks' are continuing to make use of tho rediscount priv ilege afforded under the Federal Reserve system was shown in the latest state ment of the Federal Reserve Bank of New York, which disclosed bills dls counted and bought from member banks aggregating $222,004,919. This compared with $185,0(50,000 a week ago. Commercial paper discounted aggregated $142, 494,353, an Increase of about $40,000,000 in the week. The increase is explained by the fact that member banks In this district redlscounted paper at the Reserve bank arising out of loans made to Individuals in connection with the Liberty Loan issue. RAILROAD EARNINGS CANADIAN PACIFIC 1817 Increase First week October II.S42.000 M124.000 CINCINNATI. NEW ORLEANS AND TEXAS PACIFIC (1.163.1S4 August gross Net , Net operating Income. Eight months' cross.. Net Net operating Income 823,553 BZO.lDl R.M0.O37 2.424.731 2.391,330 1187,707 6.205 42.70ft 842.218 93,408 6B9.U34 ALABAMA GREAT SOUTHERN August gross 1631,833 1137,147 Net -.- 160.033 '21.477 Two months' gross.. 1.237,880 S94.H34 Net 845.802 60.883 TOLEDO. 8T. LOUIS AND WESTERN .V1.!.::.:;:::. '285:8! "iS:SiS E,Nh.t !?:. !??"::: l2 !, COLORADO AND SOUTHERN First week October..,. 13.14. 278 118.696 From January 1 18,694,944 1.823,030 MINNEAPOLIS. T. PAUL AND BAULT First week October ... 1712.635 From January 1 20,086.863 TEXAS AND PACIFIC First wesk October, .... I46.BiM From January 1 16,332.091 DULUTH. BOUTH SHORE AND ATLANTIC August gross 1416.027 134.423 Nt 100.032 25.427 Two months' gross.,.,. 817,171 109,-858 Net joo.oo-i Decrease, 135.745 300.151 121. R8B 1,756,361 59,393 Extra by Crocker-Wheeler Company NEW YORK. Oct. 16. The Crocker Wheeler Company Is paying- today an extra dividend of 1 per cent on the common stock in addition to tho usual quarterly dividend of 2 par cayit.on the common and of IV ftr cnt en Mm, KefrrerUcka, LOCAL MINING STOCKS TONOPAH STOCKS Jim Dutler MacNamara Midway Mlipah Extension Montana North Star Rescue Eulala ... Bid. .83 .18 . .00 .06 .20 .00 .17 QOLDFIELD STOCKS Atlanta lllue Dull llooth Dtamondfleld 11 B . Daisy Kewanas Oro Sandstorm Kendall Silver Tick .08 .01 .01 .02 . .02 .07 .01 .02 .10 .Bla.Ma ITntt.,1 Nevada Wonder Tecopa Mining MISCELLANEOUS Ask. .85 .20 .11 .08 .22 .10 .19 .30 GOVERNMENT BONDS 2s registered 1930 2s coupon 1930,--.. 8s registered 1918 8s coupon 1918 4s registered 1925 4s coupon 1925 .1 8s registered 1946 8s coupon 1946 ............ Panama 2a registered 1836., Panama 2a registered 1988.. Panama 8s registered 1961., Panama 8a coupon Bid 97 96K 99 99 106 105 84 85 97 97K 80 84 Ask .874 100 lOSVS 106 NEW YORK BUTTER AND EGGS NEW YORK, Oct. 15. nUTTRR BeeelpU i. WVtx w XV.T tJ1 ' n Vllnfll NEW YORK STOCK SALES Net High Low Close ehg. AlaMta Juneau ... 2 t i .. Allls-Chalmers Co. 20 10 19 1 Am Beet Bug-ar. . IB' 70 70 5V4 Am Can i 38 do prof OJTfc OSH 05W tVt Am Car & Foundry 68 1 do pref 108 108 108 .. Am Int Corp 8H S3 4 Am Hide & Leath. 10H 10 10 1 do pref 50 19Tfc 80 -1 Am Linseed 24 31V4 21W ltt do pref : BU BBIfc 85 1H Am Locomotive .. 85 62 82 H 2 do pref 90 00 99 . AmMalt 18 12 12 1 do pref 6SV4 2 02 2 Am Smelt 90 3i 81 t doprefA 0SW 924 92V4 3V4 Am Sum Tob BB 51 814 t Am Steel Fdry. .. 61 89 B9 1 Am Sugar 107 103 104 i Am Tel & Tel.... 114 113 114 1 Am Tobacco 183 179 170 8 Am Wool 42 41 42 Vi Am Zlno & Lead. 15 14 14 1 do pref. 48 48 48 3- Anaconda 67 64 64 2 Atchison 93 do pref '. 02 Atl Gulf & W 1...100 do pref 60 Baldwin Locom Co 86 do pref 96 Balttmoro & Ohio 57 do pref 62 Barrett Co 03 Beth Steel 7 Batopllas Mining. 1 Beth Steel B.... 78 do pref tc 96 Brooklyn Rapid Tr 87 Burns Dros 97 Butto & Sun Con. 20 lai Petroleum 13 38 37 77 do pref Canadian Pacific Cal Packing Co. . Cent Leather . . . do pref 103 Cerro de rasco... 32 Chandler Motors. . 73 Ches & Ohio 83 Chi at West 8 do pref 22 C M &St P 48 do pref 88 Chi & N W 100 C R I & P t c... 24 do 6 p c pf t c. . 80 do 7 p c nf t c. 60 Chile Copper . . . Chlno Con Copper Col Fuel & Iron. Col Gas & Klec. Consol Gas 41 14 48 4 02 02 02 (U) 40 00 BliJi 60 03' 73 1 70 94 67 03 18 11 36 148 140 147"i 92 l'Sh 02 93 6 60 80 4 96 1 64i 1 60 li 93 2 73 4 1 . 70 0 04 i 87 93 18 2 11 2 36 2K 45 .19 .15 05 Cont Can 01 Corn Products do pref Crucible Steel . . . do pref Cuba Cane Sugar. do pref Del & Hudson . . . Dome Mines Distillers Socur... Krle do 1st pref do 2d pref Gaston Williams.. 28 90 66 91 27 80 98 8 .15 1 28 20 3.1 General Klec Co. .130 General Motors .. 04 do pref 10V, Goodrich. B F 42 Granby Mining ... 76 Gt North pref 101 Gt North Ore hubs 20 Greene Can Cor.. .19 Illinois Cent loo Int Agrlcul pref. . 41 Inspiration Cop... 48 Interbgh-Cons Cor 8 do pref 49 Int Mer Marine. . . 23 do pref 83 Intend Paper .... 32 Int Nickel 30 Kansas City South 17 50 41 37 70ii 102 .11 72 49 8 21 (8 86 98 10 48 85 14 42 .14 34 91 93 25 89 61 00 25 78 07 8 .11 18 25 20 32 .17 71 4 102 1 31 78 40 4 8 21 3 48 86 2 08 1 20 3 48 2 8S 3 14 1 12 2 .15 3 32 2 92 2 93 1 28 2 89 63m 2 90 2 20 78 08 M 32 18 26 20 32 134 134 80 92 1 1 1 1 2 71 41 72 90 26 37 90 39 43 8 10 77 20 20 17 ' 50 41 32 78 87 10.1 do pref Kelly Springfield . Kennccott Copper. 35 Lack Steel 77 Lehigh Valley . . . 88 I.lgg & M Tob pfd.103 l,ouls & Nash. . . 118 117 Mackay Cos 78 75 Max Motor .12 do 1st pref 65 Mex Petrol 89 Miami Con Cop. . 30 M S P & S St M.. 95 Midvale Steel 45 Mo Kan & Tex . . 4 Miss Pacific 28 do ctfs 50 Mont Power . ... 72 Nat Acme 30 Nat Con & Cable. . 23 Nat Biscuit 100 Nat Knain & Stpd 41 National Lead.... 47 do pref 100 Nevada Con Cop.. 18 NY Air Brake 112 New York Cent. . . 73 N YT H & II ... 27 N Y Ont & West.. 20 Norf & West 106 North American. . 19 Northern Pacific. 97 Nova Scotia Steel 70 Ohio Gas 40 Ontario Silver ... 8 Owens Boat 80 Pacific Mall 28 Penn R R 50 Peo Gas AC 46 Pere Marquette .. 16 PhilaCo 31 Pitts & West 28 do pref 86 Pierce Arrow .... 34 Pressed Steel Car 88 do pref 98 Pullman Pal Car.135 135 135 ViuicKsuver prei.. i ii 1 llwy steel apg. . . 41 do pref 96 Ray Con Copper. 23 Reading 77 do 2d pref 85 Rep I & S 751. Royal Dutch 66 St L S F 16 Seaboard A L.... 10 do pref 21 - Sears Roebuck . . . 183 Savage Arms .... 63 ShattuckAriz .... 20 Sloss-Sheff S & I. 88 Southern Pacific. 90 Sinclair Oil 82 Southern R R... 27 do pref Bl 32 61 84 30 94 43 4 26 46 70 30 21 100 30 41 100 17 112 70 28 20 101 48 01 78 .16 4 , 80 24 80 41 18 20 23 86 31 65 98 71 I 41 72 3 00 2 26 3 37 1 00 39 2 43 1 8 49 22 3 78 6 20 2 20 17 50 41 32 1 75 3 67 103 117 75 1 .12 iv4 4 1 85 3 30 04 1 41 4 26 2 16 1 " .10 31 1 100 39 44 4 100 1 mi 112 5 70 2 26 1 20 101 2 48 06 1 78 8 36 1 4 80 24 50" 43 4 18 1 29 1 23 1 86 2 31 88 98 1 40 06 21 72 33 71 04 15 8 21 40 1 06 .. 21 72 8 38 1 71 4 65 2 15 8 2 21 149 149 2 68 10 37 88 31 2 60 32 89 11 141 189 189' 2 20 19 19X4 lu 47 7 96 1 a 94 68 1U 24 120 120 8 76 40 20 90 68 nds. Jj$4742tfet State dairy. 4o. """ -lfTTrTTinV ""' Krt1 tf Sup Steel SB Studebaker 41 Tenn C & C 12 Texas Co Third Ave R R. Tobacco Prod .... 88 47 Tob Prod pf 96 96 Transue Williams. 38 38 Underwood T Co.. 98 04 Un B & P new.. 67 65 Union Faclnc... do pref 77 Un Alloy Steel... 40 Un Paper Board.. 20 Un Cigar Stores.. 91 United Drug 68 United Fruit ....122 lto Un Rwy investmt 8 7 00 prei. gio U 8 O I P & Fdy. 18 U S Ind Alcohol.. ISO do 1st pref .... 99 U S Rubber 88 U S Sm A Ref .. 84 U S Steel 101 do pref 114 Utah Copper .... 84 Va-Car Chem .... 81 do pref A .... 45 do pref B 28 Wabash 0 West Union Tel.. 8 Westlnghouse Mfg- 41 Wheel & L B .... 11 Wilson Co ....... 87 WUlya Overland 84 Woolworth ....... lis . ,..,.,, is YWt'jsM .,. 44) 3 2 10 8 37 1 87 2 31 1 26 1 60 33 1 30 2 .! 18 !; 76 .. 20 J 01 8 68 .. 120 t H 94 10 r 18 az 126 128 1 90 09 8 87 87 81 61 3 99 100 1 11 118 Hi 80 88 1 2 40 4 20 8 "H 40 1 10 H 88 4-1 J r-1 116 l tW 1 "Mj 29 40 20 88 40 10 ; IV4 IIS 81 Net High Low Close eh. do pref 85 85 85 fit WI Central 42 40 40 1 Ex dividend Republla Iron and Steel, 1 : United Drug Company first preferred. Ti I Amer ican Ice Securities preferred, I'll Virginia Carolina Chemical, Vi Kelly-SprlngHeld, li Pere Marquette preferred certificates, l'.i 1, General Motors, 3 General Motors preferred, 1H i United States Rubber first preferred, 2; PIrc-Arrow Motor Company, lilt Superior Steel, 1. Total salea, 870.800 shares, rompared nllh 444,800 shares lint Monday. Sales in Philadelphia Net High. Low. Close, chse. 11 Am Gas ....100 100 too 20 Am Milting. 0 0 0 .. 7Anac Cop... 67 67 67 100 Balto & Ohio 85 88 88 00 Cam Iron ..41 44 44 1 7 Con Trac NJ 71 71 71 87 Elec Stor. . . 84 62 82 2 2.0Erle 18 18 18 Gen Asp pf. ,. .. t9 10 Inter Nickel. 30 30 30 Ins Co N A t2 25 Kennecott . A3 33 83 I 15Key Tel.... 11 11 11 .. do t c pf . . . .'. f81 4770 Lk Sup Corp 13 11 11 2 190 Leh Nav.... 70 70 70 218 Veh Val.... 58 67 57 Mlnehlll 21 .. 375 Midvale ... 45 44 44 100 N Y Cent . 71 71 71 1 1455 P R R 40 80 80 182 Penna Salt 92 01 01 1 100 Phlla Co . . SO 30 30 3 do cm pf t33 .. 572 Phlla Elec . 26 2 26 2886 P R T tr Cfs 26 33 23 3 480 Phlla Trac. . 72 70 70 3 027 Reading ... 78 73 7.1 3 1808 Ton Belmont 3, 3)J 3 A 165 Ton Mining 8 6 5 A 180 Union Tract 40 40 10 1 1233UGI 73 72 72 .. 19 Un Cos N J 206 200 206 6185 U S Steel ..104 99 100 2 80 War Ir & St 9 9 9 lOWJer&S.. 47 47 47 WCramp & S .. ., fei York Rwy pf .. .. 33 .. tQuotatIon-3 given Is Thursday's close. ...T1 .! 21.07 shares, rompared with 17.882 shares Thursday. BONDS Net ..... .. . Hlah. Low. Close, chge. 83000 C Tr N J 6s 90 98 99 7500 Eleo A Peop Tr 4s ... 75 73 75 .1000 Eqult 111 Gas 6s 104 101 tot 108405 Lib Bonds. 09.72 90.50 99.66 .10 6000 Penna & Md Steel fis..l03 103 103 8000 Penna Co ' . conv4s'48 02 02 03 4000 dotempcts 4',js ... 92 92 02 .. 13600 Phlla Eleo 1st Cs ... 99 99 00 Vi 1000 Spanish-Am I 6s .... 100 100 100 1000 Un Rwy Inv 6s 67 67 07 1 Total sole-t. 8I18.B50, rompared with 888,200 Thursday. Local Bid and Asked American Stores Hrllt (J O) liufT & Husq t c do pref Baldwin Electric Storage General Asphalt do pref Keystone Telephone.. no t r Lake Superior Corp. . . .ehlah Navigation . . . Lehigh Vnlley Lehigh Valley Tr do pref Pennsylvania Phlla Klcctrlo Phlla Company do ." per cent pref, . dp il per cent pref.. Phlla Han Transit t c. Reading Tnnnnah ltatm.Hi Tonopah Mlnlnc ..'.'.'.'. Dillon traction J'nlted (las Impvt !.n,J'. States Steel... ork Hallway do pref wm Cramp i. Sons... Today Did Ask 32 in 88 4H r,n Till 17 SS JV no 42 Ml 21! IS'4 33 Uj 23 72i li 72 .14 20 87 no f.04 r.ii in un KS ll'l, 711 r,7i 2.1 o Bll'4, 2iir .10 35 35 73 'i 8i 40 Yesterday Hid Ask 32 15 nil 4N nr, if r.sti HVa 112 .70 r.7 2.1 nos. .111 .12 34 20 .17 .Ml ion',, ions at mi 60 K8 .'..-,14 HO 12 H4 W' r.svi 45 r,n4 $ :r. ?.W 4.H 7 77 SV 40lfr 41 72'I 72i 10.1 ln.ni 0 II 35Vi 70 72 New York Bond Sales .,;nJ Amr A" deb 5s... 327000 Anglo-Fri-nch 6s 1405110 Am For Seo 8s . . . . 1S000 Amer- Smelt & Ref . llliMIO Amer Tel clt li.. (14000 do 8s ........ 9S.', . d0 evt Vja ....: 4000 Armour Co. 44s ... 1000 Atchison gen 4s . 3000 Atchison cv 4s loon All Char 5s 2000 Halt & Ohio 8 4500 do cv 4Wa 1000 Haldwln Loco B . 3000 llraden Copper 6s.. IffiX Brooklyn R T 6a 1018 !7S 6000 llordeaux 6s ntvJ 2000 Can Govt 5a 1826 .. 044 300U do 5s 1831 nJJJ innno ft,1!.' ,J'e'"h" 1st Ba 07V4 10000 Chill Copper 7s 105 1000 Ches k Ohlrt .. R. 'inn mnn j- .,. - va. ....... ....., uu 173B ......... 8000 do conv 5s .'Z9SS h! A Alton SHb. 10000 Chi B & Q Joint 4s. 16000 do rev Je .-I2S2 Ch! M st..p Conv'oi 85 yyy .uo cv e.s ri High Low H3' 93'i Oil 1154 80 i 8Rtj o.,-4 n,- 07'. 07 f-04. RBH 2H 06V no S3 inH OS's 77 70, 40 n'4 117 M. KBlJ 1124, nni; no 100 ft 04V4 84 ijjjon Chi hi & s p'Vfd'Vs ne'i 1000 do 4s 770! 13000 City of Paris 6s .." o4 1000 Con Use. rnnv Am '.n',l? .inOO l-nrn l,.J K. i,' ' ' ... W Sc.n & n 4 "... s 5000 Rrla ronv 4n H.c n j.i rnffifk Vranah tlaiiokll. w ' ?.).. 15000 Oen Elec "deb 5. .??. lio .vuv v.v 4-Hlls I'OWFr 08. 7000 Hud & Man rfd 5s. 1000 Indiana Steel 6s 1000 III Cent 4a 1952 10000 Interb Met 4Vis 5O00 Interb R T ref 6s.. 2000 Intern! J'aper 5s 19000 do 6s- 1000 Japanese 4V4s 81000 do new O H 4Hs. 7000 Lacka Steel 5s I960. 6000 Lk Sh deb 4s 1028. 100(1 Llr & M T Ss 8000 Lorlllard 5a or 80OO Louts & Nash 4 R8V4 2,050.600 Lib Itond ul 3s.. 90.80 luuu jjyone ns . . 5000 Marseilles Ai . t'l1-, . 85i . 00 . SO . 58i . 85Vi . on .100 . R0 nnu nttl! 07t? noJ 91S II4J, vn 105 ion 77 7n; 40 nt 111 R5 711 A 08 4 771 83U 00 H5JI vi no 80 58 83 no 100 RRU 77!i 03 8!) novi 05 SS'i 'M 102U 102V, W f'7'4 074 ' ! OR?! J? 4(14 4(14 CIos 93i SJiS N5 !l'4 n7 0ai SlH, 00I tin R3 100 nst; n74 m II4S n:,; n7 105 I no 77 7lli 40 1)4 nt 85 704 77! 8.1 U 110 4(14 nsji iint. 85Vi no 80 88 85 no 100 88V1 77ll 113 80 UO'i OS 88": m noK 624 80 00-4 00.74 90.76 25000 Mo Kan ti T 1st 4s. B000 Met west of Chi Bs., 05000 Mo Pao Ken 4a 2.1000 Montana Pwr Ss 1000 Nat Tubs 5s .. 85000 N Y C & II 6s.. 2000 do 4s 2000 do 44 a 2000 N Y city 4s 1057 1000 do 44s 10110... 2000 do 44 a 1063 101 luuu ao sns junt us .... 814 .... 884 884 84il 111 UO'i B2'i R84 86 01 nsH 87 SI 80 04 98 101 us It 01 00i 02 li 66 01 nn 4 S 08 loti us V2 02U 9U . 844 844 844 . ei)U 60S noS .104 104 104 88., 88 88 , 824 1)24 824 . 824 02 02 Knil aalt cn. TS 87 87S tl 88 60 604 4i UK 884 984 B8H 68K 484 464 03 (l3ij R1S SIS 04V4 94V? 63 62 94 94 904 904 iSi" ,6U ,60 60S 100 , 100 S!S 8" 884 88 09H 094 Rift 04S SJ4 884 SSJ? 024 974 074 DOLE. M,r k, all? 804 2000 do 44a Nov 1087.. 101H 1014 1014 1000 N Y Rwy 8s 22 224 224 zouuu n x isi gen s ,. 6000 Nor Pacific 4s 1000 do gen 3s 1000 Ore Short L 1st 6s. 2000 Nor Pao w Bs..., 8000 ronna. 4a 1948 19000 do gen ot 44a... 8000 Reading gen 4s,... 1000 Keadtng-Jer Cen 4s.. 87 5000 Reoub Cuba 6a 1904. 08 6000 Rep I & 8 6s 974 21000 St L 8 V ajt 604 20000 do In UK 1000 do gen Es 884 16500 do Ser A 50 ' 5000 Seaboard A. L adj Cs. 464 1000 South Hell 5 034 7000 South l'ao cv 4a 814 61000 do CV 8s 964 66090 South Rwy gen 4s,, , 624 20000 do 6s 94 6000 Tenn O I 6s , 904 2000 Tol St L ii W 4s,... 48 28000 U S Rubber 6s S14 1000 17 S Government 4s,, 106 1000 U S Realty 6a ,. 60S 88000 U 8 Steal 8 F 6s. ...1064 11000 Union Pao lat 4s.... no 185000 U K of Q B I 6S... 06 A 2200O do 64 a 1918 904 26000 do 84 S 1919. 86 128000 do 64s new iOlO... n$K 112000 do 64 a 1921, HSU 1000 Vi Car Chem 6a 874 4000 Va Iiwri 6s 2U 1000 West Klectrlo 6s 814 ati 2000 west Bhoro es Q4 89$ I nglUh Currency Notes Increase, LONDON. Oct. 15. The Bank of Bur. land reports the amount of currency notes p,i.ita5?i,,s.j5,6.S,M.lm' P.wi with 161,479,28 in tho previous week. ie..niwyowvj,,n-w lor IM M4 REACTION FORCES PRICES DOWN ON EXCHANGE HERj' Stocks Take Tumble After Strong Start Following Trin-! Holiday Lake Superior Drops to 11 and f P. R. T. Touches 23 s A strong reaction, which during the early part of tho afternoon session reached the proportions of a "dlsorganlied rout," fol lowed closely upon a strong opening of the Philadelphia Stock Kxchango, today. Wise men looked for a resumption of bull strength after tho three-days' holiday, but although an attempt was made to Instill a better tone Into the trndlng. the bears swooped down upon the market carrying all stocks before them. Probably the greatest surprise of tho day was tho tumble of United States Steel com mon, which went below par for tho first time since it passed the 100-mark In 1916. This dividend-bearing stock dropped nearly (r. r!nt,s- j5"1", "mounted to w,n 6000. Lako Suner or n. i ' .? .w"l ouuu. iauo superior was close CiJ " tho size of tho turnover, and it . h off. It lost 3 points to 11, a iL tho year, new t j, ii latleiynin. Rapid, Transit certis ck a new bottom mark of 23 ij!nctl TI struck vlous low was 25. Readlnir JV nearly "three points to 74 . pen-.:,'"'1"! dropped !)i to 60 j Philadelphia t, "" . was off 3',4 to 70; V. II. I wa. ?i 72. Other home Issues nnd utintu. " ' mostly affected In tho same maW.41' ! few were unchanged. 'narnier; ( Tho bond market was active, ), .. crty Bonds reaching above the i 1 aA ' mnrk at 99 60-100. ,1M.(l , FEVERISH SELLING ON CURB MARKET QUICKLY CARRIES PRICES DOWN' New Low Levels on Stock Exchange Are Felt With SI Lessened Force, but Values of Securities IMS Drop Sharply NI3W YORK. Oct. is V Tho wave nf liquidation that carried prices of many stocks to new low 1 nn fll Slnf'k l'lvc'llnnim ti-nu folt but with Incnnnnrl fni-n f.. ..i . "i traded In on tho Broad Street curb. " 111c uuyiug, which nau caused 11 snow 01 sirengin 111 tno early dealings i'l fnllnu-od liv n fpvprlHh Rollins- mnv-pmnnt. u-hlnli nni-rlo,! m-lnA. ,.r n .... " " " " " !"-- " un ine vajloui 1 groups down sharply, nnd quickly wiped out Initial gains. f. Air Reduction was traded In nt 84 to SO, and Submarine Boat sold from 15 1 t' 14. Wright Martin ranged during tho greater part of tho dav frnm ou .. ... i As ft matter of fact tho Curb held its position in vlow of the heavy liquidation Si otner iraaing groups. f Interlude Chemical attracted by its display of strength, selling at th n i high 3. Midwest Refining was another strong feature, moving up from 134 to V 138 ex-dividend. Northwest sold at 84 to 90 cents; Mcrrltt Oil from 29ft to J and Cosden from 8 to 7. Cosden Company 6s. "a" and "b" bonds, dropped ( I points to 76. Mining stocks showed fractional losses generally. t INDUSTRIALS nid Ask Air Reduction , . 75 o Aetna Kxploslves 3 I Am-Brltlsh Mfg 8 l Am Marconi 2 .1 American Writing Paper 2 3V4 Canadian Car Co 18 22 Can Car & Kdy pref.... 40 83 Charcoal Iron 7 8 Chevrolet Motors 70 73 Cramp 70 HO Curtlss Aeroplano. .13 35 Carwen Tool 8 Carbon Steel 71 80 Kmerson Phonograph ... 8 0 Federal Dye 10 Hendeo Mfg 20 30 Kathodlou Bronze pref.. 1 Lako Torpedo Boat 4 1 Lehigh Coal Sales 70 70 Lima Loco 82 57 Muxlm Munitions Morlln Arms 01 09 N Y Shipbuilding 33 35 Nor Amer Pap Pulp 2 3 Otis Klevator 48 53 Peerless Motor 11 13 Poolo ling 70 80 Redden Truck 10 15 Scrlpps Booth 18. S S Kresge w 1 88 93 Standard Motors 10 Steel Alloys 7 7 Submarine 14 14 St Joseph Lead 17 18 Todd Shipbuilding 70 80 Triangle Kllni I United Profit Sharing k V S Steamship 4 1 United Motors 19 20 United Sugar 30 33 World's Film Wright-Martin Air 8 8 Zinc Concent 1 2 STANDARD OIL Illinois 200 205 Ohio 305 318 Prairie Pipe 231 240 Standard Oil Cal 210 218 do Now Jersey 405 500 do New York 228 233 1NDEPKNDKNT OIL STOCKS Bamett Oil & Gas 1 1 Cosden & Co 7 7 Klk Basin 7 H Federal Oil 3 .1 Inter Petrdl .' 12 12 Houston Oil 12 II Merrltt Oil 30 31 Midwest Ref 133 135 . Met Petrol 1 1,', Ohio Fuel 15 18 Oklahoma Ref 7 7 Osage Hominy 7 7 Rice Oil Sapulpa Ref 0 0 Sequoyah Sinclair 15 17 United West Oil ft . U MINING STOCKS Alaska Sta'ndard '. 16 23 Atlanta 7 8. Big Ledge 1 1 BUbee Copper (a pros) . . Butte Copper & Zinc... 8 0 Butte New York 1 Vi Cal & Jerome 1 1 Con Ariz 1 ill Emma Consolidated .... ft 1ft First National 2 2 Goldfleld Merger 4 0 Ooldfleld Cons 33 38 Goldfleld Florence 10 10 Goldfleld Kewanas 7 0 Green Monster Hecla Mining 6 0 Howe Sound 5 6 Independence Lead 0 8 Jerome Verde 1ft 1 Jumbo Extension 10 18 Magnate Copper 14 McKlnley Darragh 86 02 Magma Copper 40 42 Mother Lode 20 31 Mines Co of America.. 1 1 Nevada Hills 13 16 Nevada Wonder 1 2 Nlplsslng 7 7 Ohio Copper 16-16 11-10 Ray Hercules 3 3 Stewart 6-10 San Toy 11 14 Tonopah Extension 1 2 United Verde 31 S3 Thurs. ClOSH (Sale) 81 4 78 35 10 Vl 2 7 15 1 1-10 4 8 1 7 .1 12 21 131 1ft 7 7 ft 9 "il 28 X 1 0 Ml Ul 3 3 33 H 6 4 " 16 13-10 42 7 1 9-33 DIVIDENDS DECLARED German-American Trust Company, regular semiannual of 8 per cent, payable October 20 to stock of record October 11. Willys-Overland Company, regular quarterly ot 8 per cent (78 cents) or. cvnmon. payable November 1 to stock of record October 24. Havana Electric Hallway, Light and Power Company, regular semiannual ot 13 a share on S referred and common, payable November 6. ooka close October 28, open November 8. American Sumatra Tobacco Company, regu lar quarterly of 14 per cent on common stock. Increasing the rate en that Issue from a 4 to a 6 per cent annual basis. The dividend Is pay. able November 1 to holders of record October 28. American Navigation Company, quarterly of S percent, payable October 20 to slock of rec ord October 10. Charles Warner Company, of Delaware. re. uUr A ?-.rii.nt.Sn. "".' ," "nd Preferred, psyable October 25 to stock of record Septem ber 80. Oermantown Trust Company, regular seml. annual of 6 peri pent, payable November 1 to stock of record October 28, lo Philadelphia warehousing and Cod Flora re jropanj. dividend pf 8 per cent, payable No ,mber 1 to stock of record October 10. "" Company! vemoer Kelsey Wheel Company, Incorporated r., lar quarterly of ll. 75 share .on .,,- 40 atocK of reeoMrv.Tr' ... wviu- Co.. dividend 12 peeie-..wwu -. v,, uiviaena 12 hep eh.... on-common, payable November IB to CSft-.r5 Jecord October 81. Booksem.lS open "'" ot . Cincinnati. Sandusky and Cleveland Bell..... nav C. en peare-nuvuuve. Ms- 1 SaHKjV m&m& S'lFlaVS i'J'ro f. .MINING STOCKS Conllnoed Wcht Kml Con 03 White Oaks 3 White Caps Ask 68 Thiin, rloM (Silt) ; Hi iion os Bethlehem 6s . . Cosden OH Cs . Cosden & Co (is Cuduhy Bs . . . . Krio 6s 7!!i . 78 . 78 . 91 00 Russian Government 5'Ab 63 Russian Government fiVis 73 Southern Railway Ss.... 07 Sinclair OH (is ni Todd Shipbuilding fis 100 Western Pacific 5s. 98 82 81 7 66 78 974 102 09 100 JH 61 A NN VA L MEETINGS l?3p" Till! NKW YORK, NKW HAVEN AMI W-" HARTFORD RAILROAD COMPANY. To the Stockholders of The New Turk, New Haven nnd Hartford Itnllroad Company: Notice is herehv Riven that the Annual Mrt Inir of the Stockholders of The New York, New Haven and Hartford Railroad Company will ba held In Harmonte Hall, No. 0 Elm street. In the 'Ity of New Haven. Connecticut, on Wrdnw- ; day, the 21th d.ty of October. 1017, at K.-00 o rlork noon, for the following purposes: 1 1. To consider and take appropriate action upon the Statement nf the affairs of Tin New York. New Haven nnd Hartford Rail road Company for the jear ending Decem ber 31. 101(1, and nil acts described therein or reported at said meeting 2. To elect a Hoard of Directors to serve until the next annual meeting and until their luc' cessors shall hae been elected and qualified. 3. To net upon proposed amendments to tfct Sforkholders' livlnwa as follows: Amend Article III by changing the date for' the Annual Meeting of the StockboMen from the fourth Wednesday of October In each ye:ir to the third Wednesday of April In each !iear. and bv striking out the wonli 'Chairman of the Hoard" nnd Inserting tn lieu thereof the word "President," so that said article as amended shall read as followi: "III. The annual meeting of this corporation. nt which directors shall tie chosen, shall bt held In the City of New Haven. Connects cut. on the third Wednesday of April In each rear, at 12 o'clock M . at such plan as shall be fixed by the PresiiUnt anil Di rectors." Amend Articles IV. VII and IX by striking out the words "Chairman of the Hoard" whenever they occur and Inserting In Hen thereof tho word "President " so that said articles us amended shall read as followi: "IV. A special meeting of this corporation may be called at any time by order of the. Hoard of Dlreetors and shall be held la tha City of New Haven at such hour and place as shall bo fixed by tho President or Di rectors." "VII. For each annual and special meetlM of the Stockholders the Hoard of plrectoii shall appoint two tellers to receive and count the votes cast thereat In case of tea failure of the Hoard of Directors to make Buch appointment, or In rase of the failure or Inability of either or both of the teller! to serve at such lneetlnr the Prealdent shall appoint another tel'r or tellers, II his, or their, places " "IX. All the niectiiiRS of this corporation Bhall be presided cuer by the President, when he shall be present " 4. To transact any other business which oaf ' properly come before said meeting. For the purpose of this meeting the tranifir hooks of the Company will be closed from Oct. 10th to Oct. '.'4th. 1917. both days Inclusive. Dated at New Haven. Connecticut, this Brit day of October. 11117. By order of the Hoard of Directors. ARTHUR E. CLARK. Secretary. NOTICE OF SPECIAL MKKTINO Or sToriiiioi.nr.it . Notice Is hereby given that a SofJU MeetlM of the Stockholders of The New Tork. Nr Have-.i and Hartford Railroad Company will m held In Harmonlo Hall. No. 9 Elm street. In the City of New Haven. Connecticut, at tnrej o'clock In the ufternoon of the tent-fonxtn day of October. 1917. If the Annual MeetlM ehall have adjourned at that hour. If not, thn Immediately upon tho adjournment of said An nual Meeting, for the following purposea; 1. To act upon the acceptance intent to the charter 01 this cor lurposeii of the arnesJ- -1 orporatlon con f al Assembly'! f. t a in Ail In an Ael aj ihs f3skniia I at4l(tv4 St! Vill . V4 IIV7 UVTIIVini - ...--- tho State of Connecticut approved W 15th. 1017. entitled: "An act Amending loa Charter of The New York, New Haven and Hartford Railroad Company." In reference to the Issue of sharea of preferred stncle. . To act upon the acceptance of the smena- ment to the charter or this corporation lim ine nu m.,I l,v Massachusetts, approved. Jini Common- talned In an Act ,...l,h nt Im., 25th, 1917. entitled: "An act Relative Is tho Issue of Preferred Stock by The .e Tork. New Haven and Hartford Rallroal i-ompany. n 8. To act upon a proposition to authorise ine Issue of not eiceedlng four hundred aw nfty thousand. (450,000) shares of cumula tive preferred stock of the par value of on hundred dollars (1100) each, the holders ft which shall bo entitled to receive out of 1M annual net Income of the Company, o'n dends of not exceeding seven per centum per annum. , ... Ior the purpose of this meeting the itsnfU' rooks of the Company will be closed from w. 10th to Oct. 24th. 1917, both days Inclua . Dated at New Haven, Connecticut, this 8m day of October, 1017. By order of the Hoard of Directors. ARTHUR E. CLARK. Secretary. PROPOSALS ..,. DEPARTMENT OF CITY TRANSIT 754 I10URSK IHIILDINO.. ,. Philadelphia. October 12. lV,fc Sealed proposals, addressed to the under signed at the office above mentioned, will m received until 12 o'clock noon, on Tuesjsj. October 30, 1017, and opened Immediately thare atler. forithe fo! owing work appurtenant to t" Krankford Elevated Railway. u-;"4lf.uk ordinances of Councils approved July -. Wl July 20, 1016, and March 6, 1917: ... CONliRACT1 NO. 625 Steel frame wort : railings, concrete floors and parapets, side en closures, roofs, drain gutters and spouts M four (4) station platforms and connecting paw ages or foot br dges between station Pl0'fH ind station buildings at Orthodox-JIarfirtt streets and Ruan-Church streets. , . CONTRACT NO. 633 Erection of brick 4 reinforced concrete station buildings at 4M4 Frankford avenue and at 4670-4081 Frank hrd avenue. Including the removal ot existing build- '"CONTRACT "!('" 834-Erectlon of brick reinforced concrete station buildings ft 4J1 4272 rrankford avenue and at 4209-4271 Fra; ford avenue. Including the removal of eilatlM buildings on these sites. Plana and specifications can be seen at R 748. Bourse Building, and copies of game Jftt blank forms for proposals will be, supplied t Intending bidders upon deposit of 110 (cash, ej certified check) Tor each set of Plans, wk will be refunded upon return of plans, , Bidders must be skilled and regularly tnH In this class ot work. , ,.- ... ... .ia ... v.. .mah..mIa hw e e-rtin .1 l.r.,1. fh. r-llv Mnllcllne that a PrCPe1.! bond In thy sum of nva hundred dollars (IMW has been filed In accordance with Xr',"'vTi of an ordinance approved May 25, 1SW, , .11 Mee h& mev .teem heat I0f IS J - x. " : . .-"-."i r:r- j t&srf$gLfi TWnffl J a 1. V w- x
Significant historical Pennsylvania newspapers