1 , 6""" EVENING LEDGER-IHILADELPHIA, THTJKSDAY, OCTOBER 18, 1917 'jP FINANCIAL NEWSNEW YORK AND PHILADELPHIA STOCK MARKET QUOTATIONS W if' ,. n i It V.9 KRi. WE CAN MAKE , ffiBpHMNIEDlATE DELIVERY pjfr'! 2nd LIBERTY LOAN mm V i BONDS pflU, IN DENOMINATIONS OP 'I'lS'' $50, $100, $500 AND $1,000, IN ' Wf' amo,nt8 not t ex- W,r CEED $1,000 TO EACH IN ,1 ' DIVIDUAL. ,'reilly, BROCK & CO. , ., BANKERS . ' I 306 CHESTNUT STREET '" " ' a PHILADELPHIA "iv "J Federal War Revenue Bill Wo have prepared, In booklet Jform, a summary of the Federal war Revenue bill, including ttablcs of the Income Tax, show ing exemptions and amounts persons will be obliged to pay . the Government. The subject of excess profits ,is roviewed, with practical ex- umplcs showing how the amounts are computed. Ask for Booklet L-10 ;A. B. Leach & Co. Incorporated 115 South Fourth Street A Com parison of First & Second Liberty Loans Send for Special Circular 2542. Bonbright & Company MOnniS WISTAH STROUD. Jr. Manager 437 Chestnut St., Philadelphia New York Ponton Chicago London Paris Detroit Investing Rfloney Successful Investing of one's funds dpeB not merely consist In selecting good Issues. There are times to buy as well as times not to buy. Six months ago was a poor time to buy any securities. What about the present time? Subscribers to this Service are being given definite answers to all such questions as this. Let us tell you about our Service. Ask for booklet No. 235 MOODY'S INVESTORS SERVICE John Moody, Pre. 85 Nassau St.. New York. Tel. 3173-1 Cort. HrEC'IAfj NOTICE) -3j!The Hoard of Directors of the Contlnental IfcS? Kqultuhle Title and Trust Co., meeting today to testify Ita esteem for a Just man who has been called to the reward of good and faithful service, desires to place upon record tlila inln uto of Its appreciation of the life and character of T. 31. Paly, president of the company, who died In the city of Philadelphia on the four teerith day of October. A. D. 11)17. Hr, Paly brought to the performance of his life work unusual qualities of mind and heart coupled with a special training In real estate and corporation law. and a wide knowledge, of men and affairs, lly nature sifted with a clear Intellect, he was thorough, painstaking- and Courageous. Mr. Daly was a man nf Christian Ideals, warm affections and. lovable disposition, who made and retained friendships ns well by the charm of his personality as by his strength of character, and Inspired loyalty throughout the organisation of which he was the head. He had breadth and serenity nf vision with the Judg ment and wisdom which como tu those who ace life steadily and see It whole. It will be difficult to till the void occasioned by the death of this able and upright man. loving and devoted friend, loyal and zealous tltlzen. We express our profound sorrow at his death, and our heartfelt sympathy for his fam ily In their bereavement, and we place on record our conviction that his works will long survive him, continue to speals for him and love him. J. J. SIJI.MVAN, Vice President. JOHN F. UKKM.y, Secretary. The l'ru.rrb That Declares da can't have your cake and eat It." was accepted before Endowment Insurance had been beard of. The Provident Life and Trust Company nf Philadelphia FOUBTH AND CIIKSTNtT STKKBTS k, rnt'NDKn ism 1'ltOI'OSAI.H ' DBPAKTMEK'T OF CITY TRANSIT 754 llOl'KHi: lllll.niNo Philadelphia. October 12. 1917 Seated proposals, addressed to the under. . signed at the ofljce above mentioned, will be received .until 12 o'clock noon, on Tuesday, rtber SO, 1917. and opened Immediately there after, for the following work appurtenant to the Krankford Elevated Railway, authorized by erdUiances of Councils approved July 2. 1915 July . Ii2i nd March 0. 1917: ' CONTRACT NO. 525 Steel frame work and ratlings, eoncrete floora and parapets, side en. closure, roofs, drain gutters and spouts tot four 4 station platforms and connecting pais age or foot bridges between station platforms ind station buildings at Orthodor-JIargarst rireel and Ruan-Church streets. CONTRACT NO. 633 Erection of brick and reinforced concrete station building, it ,0o4 yrankrord avenue and at 4079-468I Frankfort CONTPA0" N. B,.4T:Er t"?.1. ' .hrlck and reinforced, concret. station butMlng. at 4270. VtVt Frankford avenue and at 42U8-4271 Frank. Stf ivenue, "''' removal of exlsUiX 'sWldlixa. on these sites. T-lan. and speclflaatlon. can 6e seen at Room 4 llourae liullding, and enplea of .am. with iiVnk forma for proposals will b. euppnedto St'brafundeduwn-feturnof p-fini:' wn,cn iiuaers muw -.i. ,uy rreumny engaged thlet class of work, ... '" Kachf eld must b. accompanied by a oertlfl. , jr'K-".: ..""i.'. .ii-i-f. Ji"K2 i been flled In accordance wtlh the provisions CTUinsn eivivrrii iJ .4. JDOU. iirw.wr f t.txYcs jne ngni to, reject- any .las, as tie mar deem beat for the la . .t th CJty of TiSldeltp.ta. 0 Director WB...I., , . j BULLISH ENTHUSIASM CARRIES STOCKS UP ON NEW YORK EXCHANGE Market Develops Unusual Strength and Steel Stocks, Together With the Railroads, Recover Much of Their Losses of Last Week , GOVERNMENT JJ'ONDS I? eaferl IM ikhn twir 3-9H" 'VT.&' t-r kv ..--... t . Hid" 7 9 AD IPS AH 87H 100 ion 108 High Points in Today's Financial News Both the New York Stock Exchange and the Philadelphia Stock bxehange developed a ulrong tone today, with few mites of importance fauing to register substantial gains. The sensation on the exchange here was when Cambria Steel sold for 105, off t,0. Subsequent sales carried the stock up to 110 at the close. War order issues led the general advance on the New ork Curb. Cotton takes big jump. Grain up. Bar silver lower. Rubles improve. Money easy. NEW YOUIC, Oct. 18. There was a display of oliMlma bullish enthusiasm In the stock market to day, when advances extending; from 3 to C points wero made in nearly nil the steel Industrials, with the buyliiK attended by a Rood deal of excitement ns higher prices wero established. The Incentive for tho display of strength was furnished by Washington In the shape of announcements of war order contracts reaching up to huge amounts. Statements of what Bethlehem Steel is called to provide In the nhnpo of torpedoboiits and destroyers nnd tho profits which It will realize started brisk ntiylng of ncthlehem Steel "B" after that stock had sold down to 72 'i , nn upward movement continued until Its prlco touched 80. United States Steel common, which had sold as low at 101?, advanced to . 101. nnd Crucible Steel, Baldwin Locomotive. American Car nnd Foundry, and other steel Industrials made gains of 3 points or mora within a short period. To n great extent bull operations were concentrated In tho steel Industrials, but It was natural that the tttreugtli In these trndes should have an Influence on all the other groups. Tho coppers were unsettled during a good part of the day, with Utah Copper selling down from SO Si to 77, but that stock turned In the late afternoon nnd rallied more than 2 points. American Smelting made it gain of more than 2 points to 87 U. and the marine Issues also made good gains. Tho railroad stocks were moderately strong, with St. Paul moving up 2',i to 49, and Wabash pre ferred "A" and Southern Taclflc and Beading mado gains ranging from 1 to 2 points. Bond market conditions continued unchanged, with trading in the Govern ment Issues demanding tho attention of the leading bond dealers. The Liberty Loan ranged during tho greater part of the day from 99.74 to 99.70. Little Consolation in Atchison's Earnings The holder of Atchison common stock finds little consolation In the fact that tho company's earnings the last fiscal year were tho largest In Its history when tho Issue is within it few points of the lowest level Mneo It was elevated to a G per tent basis. The amount earned on $29,643,000 of common stock of $15.02 a shute compares with $12.30 earned In 1916 on $214,312,000 of stock. The most satisfactory feature of the annual report. Just issued, is that tho ratio of operating expenses to gross earnings was held down to 61.6 per cent, a decrease tit 1 per cent comparing with a year ago and contrasting with a five year average of nearly 6S.2 per cent. Transportation expenses Increased 42 per cent. Maintenance of equipment expenditures increased 23 per cent. The statement by President Itlpley that taxes for the 1917 calendar year would amount to $12,000,000 Is Interesting, us this would represent an Increase of 100 per cent over the average of recent years. Probable Effect on Rate Boost Appeal It remains to bo seen whether nn exhibit like that of the Atchison and the 1 per cent extra declared on Illinois Central have any effect on the plea of the railroads for higher freight rates. Illinois Central by reducing Its upkeep could easily show earnings at the rate of 20 per cent on the stock. Heports from Washington the last two days have been to the effect that the Interstate Commerce Commission is reconciled to the needs of the carriers and that, nfter all of the details of September earnings are available, will'grant what relief Is needed. There has been some discussion of tho likelihood of elim ination of all red tnpe in order to hurry the case along. No explanation has thus far been mado of the renewed aggression of the bears operating In General Motors common stock. The company is doing a very large business and Is understood to be unable to meet the demand for some of Its models of pleasure cars. The most logical Inference Is that the trouble Is still that between tho management and their friends on the one side and the opposing bank'.ig element on tho other. On the curb Chsvrolet, which controls General Motors, has been hammered down to u level where the market value of the stock takes virtually no account of the Chevrolet physical properties and the success of Us pleasure car, U-Boat Threat Believed a Bluff Only Humors that the German Government Is contemplating a blockade of the American coast through the medium of submarines have not disturbed the marine underwriting market. Bates have been reduced the last few weeks. United Kingdom cargoes can be placed now at 54 per cent, compared with much more when tho underseas boat menace was at Its height. The threat of establishing a naval base on this side contains a suggestion that an nttempt Is being made to divert attention from tho Baltic naval activity and to delay aid being sent to the Russian fleet. The astonishing fact has been disclosed In Lloyd's reports of shipping disasters that the number of sinkings around the British Isles is considerably smaller. Germany could hardly run the risk of losing what smull advantage she has gained by reducing the strength of her war zone fleet and sending submarines to other parts of tho world. It is evidently tho intention of Insurance Interests to wait until Germany's threat is expressed n an actual destruction of ships off this coast before becoming unduly alarmed. Radical Changes in Exports Values It Is Interesting to note some of the changes that have occurred in our exports to Europe, as reflected In the detailed statement of shipments for July. Iron and steel exports Increased 9.3 per cent, and cotton and cotton manu facturers 6.5 per cent. Wheat, due to the higher prices, increased in value 73 per cent. Explosives decreased 54.5 per cent and brass 58 per cent. The war taxes on excess profits will weigh lightly on the United States Smelting and Refining Company. The tax will amount to less than $1 a share, and will compare with estimated earnings for 1917 of nearly $14 a share It Is therefore obvious that the $3 dividend Is in no way endangered, as In the case of the cop'per producers. The output of the United States Smelting Company is diversified and Its production of zinc, leadai.d silver is more important'from tho standpoint of revenues than Us copper. "Blue" Days Have Passed It Is most opportune at this time that a general analysis of sentiment be made. A canvass of many prominent brokerage firms Indicates that there Is still a good deal of uncertainty existing, but that the "blue" feeling that was so prominent the last two weeks has lessened somewhat. The loosening up of investors who have been holding aloof of the market, especially those dealing In odd lots, was commented upon as a Blgn of the times and gave encouragement to those who have been believing the turning point was near at hand. Managers of many commission homes said inquiry for small lots In the principal speculative Issues had doubled overnight, and that undoubtedly many traders are beginning to appreciate the bargain prices available. That there has been a great deal of selling of stocks lntrlnslcially worth more than the market would bring Is generally known. Big interests have been the buyers on the late declines, although not In a great hurry to take stock. 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. Adams Express. .IIS t o IIS s: ur.'A Arfi'anrA Ilumely. Aav Kumeiy pi. AJax Rubber . . . Allls Chalm pref Am Ico Sec ..... Am Woolen pref. Am Agr Chem.. Am Agr Cm pf... Am Iteet Hucar pf a a a t f ctfa..u2 A It u Jh W nf. 1(11 A D 8 F pref. .1I.V Alaska Juneau.. Am (-en Dref... Am iir r.."'i2J.. Am Cotton Oil. .. 324 Am Kxpress .... nn Am Ice pref.,... 4S Am pmeft pref A 02H Am Smelt n.... nn Am Sugar pref. .113 Am Sumatra.pt., n.1 Am Tel Cble.. . Am T : T Sd of . U2 Am Tobaoof new nH Am Writ Pap pf. 30 Am Zinc J pf RO Alio U Q 1st pf. S3 , Asso (ill tttU Atl nirm t At).. IS Att Oalf fc W 1 pi r.9 IUM Uwo pref. . 99 Bait Ohio pref. HO llarrett Co pref..lO jiarreu vo ..... w.t Hteel nrer. . H4 Hteel rta ... M n uaa. urown aoQ., . . Hurna Hro Ilutierlck , . Cnf Packlnar Co F.!W.t'iv.f?.To izenz jfajy aft -Tnt K Am Ti tCU A AIM. i.Hrrti. v Ilcth Stee heth Hteel Jirkn Ln Chi & Alton pf.. 23t Chi & at West.. 9 Chi & Ot W pref. 21H Chbt N VT pref.l40Vi Cluett-reab'dy pf.110 C M 4c St P pref. M Cot b So 1st Pf.. MVj Col South .... 24 Col H 2d pf.... 42W con u K I. t '.,iis. Con Int ci Con Can Cnntlnentf Ctiha Am Rllar..tTn Cuba Am Sug Pf. .102 D I. a W pref.,19. D 8 8 A A nf... ., Den nio Orand nU nen II O pref... 14',i Detroit Edison. ..128, Rlee Stor uat. tMkhorn-Fuel . ...avnl P(, flan Cigar pref. lRt Oen Motor, prer. iu Goodrich B F pr.ino aulf 8 Stl 1st tf.ins tlulf States Stl.. 0'.4 Hartman Corp .. 03 Haakell Ic llarker 30 Havana Kle ...ML, Homeatake Mln..tOJH Int llarv of N J.1J0 ,lnt Nickel ?ref..l03 S I, k P.,ltl Cal Mln. 17)1 l pref....M2 tal In . Kltf. on. ..i-o., ir .. .W ret.i ex.. 30H x pf 11M t f d Hl'i .ins :2.u 12 ni Int PPt .Pf U crni m ?. i soTarVrtf r.o p. Jtrwpf turn i. ctti mf . Inf Jewel Tea ., . 3SH Jewe.l Teapref.. OS Kan City South.. 1U nasi. Erie aVV.. rta ; yv pre I07ft at I-onc Isl ctts pf. 40 Lorlllard I' 208 Ixnils It Nash ...11R SI 81 1' 4 HSM Pf.lt7 Markay Cos 7.1 Mackay Cos pref. RO Manhattan Weach 1 Manhat Kl 108 , Max Motor 1st pf !5K May i)epi store., mi May IJeot Strs pf.ins Mex Pet pref 00 Mich Cent II" Minn 6 St I. new It Mont Power pref.lOH, Morris at Kssex. Morris t Essex tn TM nf f Nat lllirult nref.114 Nat Cloak Suit 6". Nat Clk & St pf.H)3 Nat Knm fc Stp pf 4 Nat !-fd pref. .100 Nt HR Mex 1st Pf 40 Nt It n Mex pref. 40 Nt nn Mex id pf noli N Y C . St L-. 20 N Y Dock 1H Norf t South . . 21 Norf A West pref SO North Amer .... M Nova Scotia Stl., SO , Ontario Silver . . 4H Oblo Oas rts .... A3 Owens Bottle .... 82 P C C ti 8t I... !U Pan-Am Pet pref 90 Pan-Am Vet prior pref ct ; J P.o k Ea.t ..... 7H Per. Mara pref. 83., Phil Co . . . ., . JoH Flroe-Arrotr f4 Stl Car wt Qulckillver 1 Heading lit pf. . 35 Ity Stl Spring pf. ii7?t St I. a w pref 39 Savage Arms . . . BK So P nico 8 507 Sears-Itoeburk pf.121 Standard Mill.... 8 Standard Mill pf. s.n Ktudebaker pf... 80 Htutx Motor .... 42W Sup Steel 1st pf.100 Texaa Co rts..., 1U Tex It Pao ....! 12S Tidewater Oil ..20S T St I, W.... 7'i T SI I, -W ctfs 8 T gt I, W pf. SO Tobscco Prod pf. 9ftl Tranaue-Wlm. . . asft Twin city T.. 70 Jn..n;ir Pap... 10 United Pap Urd. 20 underwood Type., 94 Underwd Type pf.iiat; Hn.i'W p nw "S'.i Untd Drur Sd pf. 75 United Dye wood. 02 U 8 O I P A F pf r.O U 8 3 ft n..... Bltt " RPf. 4 II 8 Kxpress ... la V 8 llcalty Imp., loll U 8 Realty Ira it 60 vt-uir Lmm pi, Welle-Fargo .... West'house 1st pf West Md 2d pf;. West I'ao B 11..! Wheel ft I B . . Wlllys-Ovsr pref. wuson 1-0 pr. . .. Wilson Co ...... WrtrinNl NEW YORK STOCK SALES Net Utah. Low. Close, chgo. Alaska Gold Mines 3!4 3, 3 H Alaska Juneau .. 3 3M, s Allls-Chalmers Co. 20 SO 20 4- 1 Am ntet Sugar. 734 "m '3V4 S Am Can 40 38 40 1 Am Car & Fdy Co nn".; eiy . 3i Am Int Com ... ltd 01 r. Am Hide & L 10 10 lo pref 40M 48t 10 4D Am Linseed )2S2y, 33 SO 57 97 1514 do prof 50 Am Locomotive . . 57 do pref 08 7Mi 54 Yt 07 15 B2 84W V4 V 1 24 AS 8a; tyt 103a; 103",. 103 H-li 57 1 l 1H 105 1 115 Yt Am Malt 1A do pref A3 Am Smelting 87 do pref . . . Am Sum Ton .... 57 57 Am Steel Fdry . . B1 BO Am Sugar 103 104 Am Tel & Tel 116 111 Am Tobacco 181 180 180 Am Wool 42 41 42 1 Am Zinc & Lead.. 15 13 15 H- Anaconda 05 83 04 Atchison 01 03 03 do pref 00 00 80 1 Atlan (Itllf & W I. 08 03 0H 4 Bald Loco 55 62 65 2 do pref 05 03 05 4 Baltimore & Ohio. 67 66 57 iiatopllas Alining. 1 Beth Steel 80 do B 80 do pref t c 08 Brook Itap Tran . 67 Btitto & Super Cop 18 Cal Petroleum 1S 03 66 1 73 72 0A 60 18 13 1 .. 80 A A S 6B 18 80 V 08 13 Canadian Pacific. 110 148 140 ucntrai Leather ...75 73 75 101 32 71 51 R 49 do prof t'erro fle Pasco, ("handler Motors. Chcsa & Ohio... Chicago Gt West. Chicago M & St V Chicago & Northw 99 Chic, R I & P t c. 22 do 6 p c pref. . 40 do 7 p c pref . . . 67 Chill Copper 18 Clilno Con Copper 14 Col Fuel & Iron... 38 Col Gas & Klcc... 31 Consol Gas 02 Cont Can 02 101 .12 71 61 8 411 00 V 2 Corn Prod do pref Crucible Steel . . . do pref Cuba Cane Sugar do pref Deere Co pref. . . net & Hud Dome Mines . . . Distillers Secur . Krle . do 1st pref do 2d pref Gaston-Wlms . General Klec . . General Motors Goodrich B V . Granny Mining Great Northern pf 100 do Ore subs . . . 28 Greene Can Cop.. 88 Illinois Central .. .100 Int Agrlcul 12 do pref 38 Inspiration Copper 41 Intcrb-Cons Corp. 8 do pref 61 101 31 71 61 7 47 00 Sl 48 67 16 42 35 32 01 02 27 00 63 00 2B 78 00 00 8 38 18 27 20 31 .130 137 139 2 04 9t 04 1 41 72 00 27 30 28 00 7 00 37 80 00 09 8 40 10 37 31 31 42 73 32 1 40 1 67. 1 15 44 1 38 2 33 1 01 02 2 28 1 00 .. B6 -1-2 00 27 t 80 00 00 8 30 19 27 1 3 21 31 41 .. 73 100 2 28 1 38 1 09 100 Int Mer Mar. . do pref Intcrnl Paper .... Int Nickel Kansas Cy South do pr Kelly Springfield Kennccott Copper. 25 85 23 30 17 52 .43 33 Lack Steel 70 12 38 42 8 50 23 81 30 17 51 42. 31 77 2 13 88 44 8 60 25 2 85 4-4 23 30 1 17 52 43 -1-2 33 70 3 Lehigh Valley . . . Lee Bub Tire 50 15 Llgg& M T Co pf.103 Max Motor do 2d pref Mex Petrol 33 20 84 58 60 1 15 15 103 103 . 31 32 1 20 20 80 84 1 20 30 02 92 1 45 46 1 5 5 1 0 9 1 26 27 48 48 1 20 30 73 73 1 23. 23 1 Miami Con Copper 30 M S P & S St M . . 02 Mldvale 46 Mo Kan & Tex . . . 5 do pref 0 Mlsscurl Pac .... 27 do ctfs 48 Nat Acme 30 Mont Power 73 Nnt Con & Cable. 23 National Biscuit.. 07 07 07 Nat Knam & Stpd 42 41 43 1 National Lead ... 47 46 47 1 Nevada Con Cop.. 18 17 17 New O Tex & Mex 22 22 22 N Y Air Brake ..115 115 115 New York Cent. .. 71 72 73 N Y N H & H. .'. . 28 27 28 1 N Y Ont & West.. 21 20 31 1 Norf & West 10B 105 100 1 North American.. 60 50 50 North Pacific .... 07 05 07 1 Ohio Gas 30 38 39 Ohio Fuel Pacific Mall Penna It It Peo Gas & C Pere Marq t c . . . . Pitts & West do pref Pitts Coal do pref Plerce-Arrow Pressed Steel Car. Pullman Pal Car. . Ry.SteetSprlnR. .. Bay Con Cop Beading Beading 2d pref. . Rep Iron & Steel do pref Royal Dutch Saxon Motors . . . . St I. & S F St L & Southwest. Seaboard Air Line do nref Sears-Roebuck Shattuck Ariz 43 24 60 43 17 26 67 45 83 32 55 139 40 22 Vi 75 36 76 09 67 10 16 27 10 21 154 10 45 24 50 42 16 2S 57 43 81 32 54 130 38 21 72 36 7B 00 06 10 16 37 10 21 154 10 45 24 60 43 16 26 57 45 82 32 55 130 40 22 75 36 76 00 66 10 16 27 -10 21 154 19 '' 1 2 1 3 1 t 2 1 2 T'a ' 2 iK, The Language of the Stock Market contains many, words and expressions that should be thoroughly understood by every reader of financial news. Write for a new booklet that denim over ?0O words and terms commonly used in the stock market. Send for Booklet 878-T.U. JONES & BAKER .STOCK nnOKKKS Widener Bid?., Philadelphia Dell. Walnut lono-1. Keystone, Kace 2200, New York Boston Chleat-o l'ittsburgli- Direct Private Wires, I JONBB A BAKER, I I WlApvtrr Rlda.. Phllaiil-.t 'u- H 98 . """ 881,1 You may .end me your booklet 87 I 87S-T. V. " 28 l if""n I XU Address.... 02 , s isaB r iiu .is.iiiiiiiiiiisSMrai aa .m. ; ,-vvew. High .10 89 31 Stoss-Sh St & Ir Southern Pacific Sinclair Oil .... Southern R n.. do pref 61 Superior Steel .... 37 Studebaker 40 Tenn Cop & Chem 18 Texas Company.. 144 Tobacco Prod ... 64 do pref 93 Union Pacific ...123 do pref 76 United Alloy Steel 41 United Clg Store 04 United Drug .... 67 do 1st pref ... .80 United Fruit 12JS United Ry Invcat 7 do pref 13 U 8 C I Plpo & F 13 U S lnd Alcohol . 135 U S lnd Alco pref 08 U S Rubber 60 do 1st pref 00 U S Steel 105 do pref 114 Utah Copper 80 Utah Sec Corp. ... 16 Va Car Chem .... 30 Va Iron C & C. . . kk Wabash 0 do pref A 43 do pref B 22 West Maryland .. loot West Union Tel . . 88 Westlnghouse Mfg 42 Worthing P & Ma 31 Wheel & L 15 pref. 21 White Motors .... 30 Willys Overland .. 23t4 Wisconsin Central. 39 Low 30 88 33 26 61 84 37 12 140 62 03 121 76 40 01 67 60 122 7 14 13 132 08 67 00 101 113 77 13 20 65 8 42 21 16 88 40 31 21 30 22 38 Close 39 89 34 28 1 37 40 13 144 53 03 123 70 41 03 67 50 122 7 15 13 133 08 60 09 104 114 80 15 30 65 0 43 22 16 88 42 31 31 30 22 30 Net chit. 1 1 1 1 2 1 2 1 4-3 1 2 2 V 1 1 1 1 2 1 - 1 1 ONLY THREE STOCKS "SELL OFF" ON PHILADELPHIA STOCK EXCHANGE Market Early Assumes a Strong Tone and Maintains Strength Throughout Day Cambria Steel Drops 40 Points to 105 on First Sale in Two Weeks 1 i i Total sale. 716, ROO hare, compared with 774. too shares ictrrdayf thus far this teek. 3.363.700 shnresi same period Inst Meek. 2,207, 100 share, Local Bid and Asked American Stores llrlll (J O)....: Hut & Susq t c do preferred Haldwln Klectrlc Storage .... General Asphalt do preferred Keystone Telephone.. do t c Lake Superior Corp.., Lehigh Navigation ... I.ehlgh Valley I.chlgh Valley Tr do preferred Pennsylvania I'hlla Electric Phlla Company , do 0 per cent pref. , Phllu lla.il.l Trsn ,. tending Tonopah Helmnnt . . , Tonopah Mining Ullltlll I IIII.V.UII Pnltid C-s !mpt t'nlted Mates Steel. .. York Hallway do preferred Wm Cramp & Sons. . . Today Hid Ask Teaterday 32 15 65 4R 55 M in H HS',4 nil 34 20 f.7 Ml 65J4 .I4 r.x utt 14 n sim nid X2 15 r.s 4 62 M 16 f.7 11 02 Ask 34 20 67 SO ns . " Quiet and strength reigned onco more on the Philadelphia Stock Exchange today. Trading of a mild variety was welcomed after the strenuous sessions of the last week, nnd the stocks, with only a few ex ceptions, responded favorably. Most of the transactions wero In small blocks with nothing to excite speculators lying In wait for something to happen. Gains were frac tional In most cases, while General Asphalt lost 3 points, to 1". Something unexpected did happen when Cambria Steel broke Into tho sales column for the first time' In nearly two weeks with a quotation 40 points lower than the last sale. On October C it sold at 145; a sale of ten shares this afternoon was posted at 106, and shortly after another transac tion of the same size went at 105. Later a turnover of twenty.five shares lifted .i stock to 107. September 3 was Ui "filf 'Jl before October 6 with the price at lis S high for the year was 163 In June .nT5 low. 100 In February. Last mMbVi.'S vacillated between 145 and 70. ck Despite this sensational drop of on. . Its price In Cambria Steel, th. rest 0?,rklh market paid scant attention to It 4k" only reaction was an additional freil-.i gain in leading Issues. United States s,.! sold as high as 104, p. R. T. certls... ' reached 27. Union Traction sold at 42 il Superior nscended to 14, Cramp's 'to ?i and Baldwin Locomotive to 64, The Government order at both last-named in stltutlons undoubtedly helped their marks value. Cambria Iron sold oft to 42 W, The bond market was quiet with brlcei unchanged. " NEW YORK BOND SALES High Low loon Albany 6 Susn 3'4s.. 75i (.1)00 Amer Aar deb us. 134500 Anglo-French 6s. . . . Iiiiio Amer H A I. 6s..... 12110(1 Amer For beo os.. 54.100 Amer Tel Bs .. 1100(1 Atchison ren 4s . 2000 Atl Knox ft Un 4s 10(10 Halt & Ohio 3Wa. .. 34nnn do 5s 4'!!!!! ..',.VV4 ?V:-ioi S?i m I iirnuKuii , - w ---. 1(1110 Huff Rocll ft T Ba 1 300(1 Can Oovt.Bs 1021.. 3J 1000 do 5s Hlj - 5-,A 30011 Cal Gas ft MS9.0;.. 10(H) Cent Leather. 1st Bs. ns anon Chill Conner 7s 111 fifimi Chea & Ohio cv4'.4a. Close iXrt n.i'4 5J4 R5 K 81 Hi no no i .t: ' 1. M. Ill ts nit! 18HU13U . f.(l, SOT, . 25T 20 . an ni . at .1.1 . 20"; 27 . 7.1' 7(l',4 ' ? 2$ ;4,J 43 :i3Sj ir . . 10 , .. 3.1i . 7.1 70 "Hi .17 20 40 no'i 20 30 31 HSU. at) mi f.N',i 2111 .104 3.1 2.1 .ft lo4 -It 72 72 102'i 1U2V ?4 in 3.1 70 INACTIVE I'HILA. STOCKS Following are quotations for Inactive stocks listed on the Philadelphia Stock Kx change and In which there were no transac tions today. Tho price given Is tho List previous close, Am Can War. . . Amer Mill Amer Stores Amer Stores pref. Huff ft Susq t c. . Huff ft Susq t C. . llrlll JO Cons Tran N J. . Ins Co of N A. . . IxevsTone Tele. H4 87W Leh Val Tran.... 2714 Lit Mro 24',i Little Schuylkill, r.l Mlnehlll North Cent North Tenna . . . P R T Un Cos of N J. w jer & sea.. Keystone Tel pref 04 B8 SO 20 71 20 11 York Itwya It 4W 79V4 no 20 20(1 47 LOCAL MINING STOCKS TONOPAH STOCKS Jim Butler MarXamara Midway .-Mizpan extension Montana North star Ttescue Kula West End OOLDFIELD STOCKS Atlanta Illue. Hull Ilnoth n nmondne d II B Ilalsv Kewanas Oro Sandstorm Kendall Silver Pick .; MISCRI.I.AMIrnilK Arizona United Nevada Wonder 1 Tecopa Mining Bid .7R .15 .OR .no .IR .os .lft .00 .07 .01 .04 .01 .02 .07 .01 .01 .10 Ask .SO .17 .10 .07 to loo .14 .03 .0.1 .02 .03 .08 .02 .02 .12 .22 1.75 .27 English Discount Rate Unchanged LONDON. Oct. 18. The Bank of Kng land's minimum rate of discount remain.,, unchanged at 5 per cent today. nn'i Rt 40 4 . ?R . R5 . 7RH . 7 00 .lOlts .105 07 rtrtrt An Km 3500 do conv Bs inoo Chi ft Alton 3V4s.... 100OO Chl H & C Joint Js. . . 100(1 Chl M & St V gen 4V4a 4011(1 no riu 7ia 2IB00 do conv Bs 1.10(1 do cv 4"js .... . . hnoo Chl It I ftl rfd Os.. .15000 City of Paris s.. 74000 Con Gas runv lis.. IMliKI Cerro de I'ssto Hs. . ......n -. .. t n ! J. . jtiutiii ipii re . " ," L' n,. 1(100 Detroit j-.nmon in u. - juoriii tila Kerur Corn os.. 7(1U 1000 Erie conv 4s Her A... 13000 do conv 4a Ser 11. Bono do conv 4s Her I). 2000 flen Illec deb .Is I noil III Central 4s 1IK10 do 4s 11135 40(10 Interb Met 4V4 ... 3O0O Interb 11 T ref r.s. , liiooo Inter Mer Mar Oa , 10(10 Japanese 4'ja Kino new O S 4"js 1201)11 new 4 Vis 11000 Laika Steel 5s 1B23, ....,.. .... -. mn noon 1. Shore deb 4i 102R RR 2151500 Liberty Bonds 3s 00.74 17000 Marseilles 6a 01 1000 Minn ft 81 1. 4s .... 45 10O00 Mo Kan ft T lt ,4;.. 62 40(10 Met West of Chl Bs. RNfi 2000 Mo Pac w 1 5s 1023 90V4 onnon do gm 4s 57 2()oo do s 1,, loon Montana Power niji lono N Y C ft II 314 s 74S 4(1000 do 0s nn. 471 46 -.4 .101 45 7.1 r.7 84!(. R.HU RSV. RR 77 117 113 7IIIKI Hn 4. 50(10 do 41 27000 N Y City 4s 10.10 loot) do 4V4a in0 . SO0O do 44 a 11)03 RO R0V4 1)4 ..lot"i .nun w Vir Xi M 31 s '47s B0 1000 do lis '. R.l 1000 N Y Ilwjr 4s 52 160011 do Bs 22 20(10 N Y W R ft II 4t4 . 42,, looo Norf ft West 4s R0J4 1(11)00 Nor Pac 4s R4H 1000 do gen 3s 61 1000 Pacific Oas Ba.. R2S 3200(1 retina gen ct 4 .!-: noon do en 4Vis i'l'lTf lono PejB Marquette os. . . . R2V4 1000 do 4s , 0.1 noon Heading gen 4s...... Rn'.l 4000 Kepub Cuba Bs 11)14.. 07 Bono Hen Ir ft S Bs.. n.H 2000 St I. I M ft So 4s 73 1000 do gen .Is., 05 19000 St L ft S F ajt 10000 do In 4.1Vi 17000 do Ser A .-. Vjl. 10000 Seaboard A L adj fis.. 4fl. 200(1 South Pac 4s 76 40(10 do cv 4s Sl 10.100 do cv Bs 04H 27000 South Rwy gen 4s 02 0000 do 5s .n4,, 1200O Texas Co Bs. 100 21)000 ir S Rubber 5s 81S soon i) s ciovt.3...... no B4000 U S Steel 8 P. 5s 101 2000 Union Pac 1st 4s now looo oo riu i 20000 U K of O II ft I Bs... IKOOO do BV4. 1018 ni DR iinji l)4' lisiT D31J no o.i1. in '. 83 95 104 74 ., nn 70Vi 40., PSJ4 i 84 ".. 66 no ioi 4 104 67 S on 76 a .14 ioi?; 4,1 7.1 B7 HITi RS 8SW RR 77 1)7 1)2 RSVi 00.70 noli 45 62 8R now B.1T4 101 nt 74S 07 8(1 RSVj 94 118 1014 SO N.I 52 a R6 6, S.!t looS 82 65 R0 eT., 73 05 niu 4.1U BRi? 461 76 Rl 113 02 A3 'Si nn loo R?5 nRA S?54 Net chg. 75 PHI'S nn4 n.i mis R.l?. Rl no RO R2'4 117 1111 0i 9.11 04 R3 ns 104 74 no'i 701 40 0. flt 84 78 67 0.. mm 105 B7H no 70 47 46 54 ioi; 4.1 7.1 ". , R4 RR"i RS RR 77 07 0.1 MRS 09.72 no 45 62 RR nn 56 lot SK 07 RO R',4 01 OR'i ini, 50 R5 52 21 42 80 R4. 01 R2S 02 in. i". R2 ei., ROU B7 n7 73 n5., 01 4 4.1 BR 46: OS 101 n? nR nu 9R 03 High Low Close 5000 Va Hwys ft Power Bs. 80 so 2000 Va Hwys B 02 02U 1000 West Electrlo 5s ns na 1000 West Union 4s 02 92 chg, SO Total sales. $4,507,000. compared nllh UAU . 000 jesterdayrtlius far this week. $M.14 r same period last week, 812.578.000. "'w' High. 110 Alliance Ins 20 10 Am Gas.... 09 Am Kwys pf .. 100 Bald Loco.. 64 20 Cambria Irn 43 05 Cambria Stl. 110 265 Eleo Stor... 51 60 Gen Asphalt 17 do pf 5 Kennccott .. 83 3170 Lk Sup Cor. 14 150 Lehigh Nav 80 60 Lehigh Val. 58 Lh Val Tr pf 60 Nev Cons . . 18 437 P II B .... 60 30 Pa Salt Mfg 02 Phlla Co do cm pf . . . 656 Phlla Eleo. 26 4000 P B T tr cfs 27 10 Phlla Tract. 72 100 Bwys Gen . 4 130 Beading ... 74 200 So Ballway. . 28 433 Ton Belmont 3)1 138 Ton Mining. 5 003 UnionTract 42 122 U O I 72 5583 U S Steel ..104 lOOWarw I & S B Westmor CI . . 770 Cramp & S 75 York By pf . . tQuotatlon given Is yesterday's close. Total sales, 18.650 shares, compared with 18,276 shares yesterdayi thus tar this week. 76,323 shares) same period last week, 38,11 shares. BONDS Net Jllgn. Low. "Close, chie, S.55R50 Ldn HonUS. DW.OB . MU.OU 1000 Phlla & Erie Es 100 1000 Penna Co temp ctfs 4s 3000 Phlla Eleo 1000 Phlla Klec 1st Es ... lOOOWelsbach Co 5s ladelphig lxw. Close, can, 20 20 .. 99 90 .. .. fit .. 84 84 m 43 43 105 110 II 50 61 .. 17 17 I t. .. 38 31 13 14 1 l 9 5 68 '. t41 .. 18 18 50 50 02 01 -)-l .. t0 .. -. t34 .. 25 25 24 27 2 72 72 .. 4 4 13 7 Vt 28 28 1 3 3 8 y, 41 42 -ft 72 72 .. 101 104 J 9 0 .. 76 74 75 1 435 100 100 09.86 .! H 91 01 91 98 (I 95 95 05 j Total sales. $02,050. compared, with W0.7J4) yesterday) thus far this week, f 313.600i isms period last week, 8160,450. Electric Hose Pays Extra Per Cent The JMectrlc Hose and Bubber Company, of Wilmington, has declared a semiannual dividend of 3 per cent and an extra divi dend of 2 per cent. Philadelphia Electric Company 417-419 MARKET STREET CAMDEN, N. J., October 18, 1917. To the Stockholders of Philadelphia Electric Company: At the special meeting of stockholders of your Company held October 17, a resolution was adopted by the vote of a large majority of the stockholders, approving the PLAN FOR EXCHANGE OF STOCK, dated September 25, 1917, a copy of which has already been mailed you, and instructing the officers and directors to carry the Plan into effect. Pursuant to this resolution, The Land Title and Trust Com pany, of Philadelphia, has been designated as Depositary under the Plan, to receive the certificates for the shares of stodk of. this Com pany, and to cause the shares to be voted to accomplish the purposes of the Plan, and to 6ffect the exchange of the shares of the New Jersey company for shares of stock of The Philadelphia Electric Company (of Pennsylvania). You are accordingly requested as promptly as possible, but not later than November 8, 1917, to deposit your certificates of stock, duly endorsed for transfer, with The, Land Title and' Trust Company, Broad ajid Sansom Streets, Philadelphia, and receive from the Deposi tary negotiable certificates 'of deposit. Your signature to the transfer must be guaranteed by a mem - ber of the Philadelphia Stock Exchange, a Bank, a Trust Company or some one satisfactory to the Depositary. Additional copies of the Plan for Exchange of Stock .will'-be mailed' you on request. . , i , - " By order of the Board of Directors. . " ' mt JOS. B. McCALL;,Prw7nt THE LAND TITLE AND TRUST COMPANY, Depositary, Brod and Sansom Streets, Philadelphia, Pa. , o i " '- " ftks it'-'.'' (& f ' .'lit''!-. vsaasssasaiiaMaaaMisasasspgaeaagaaai i ' i .:M ' a i. m us a.esfas,slariias''-"tl- - -' !-- t ,i 1, ti riaati
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