Wy&HWIHf. IJWJWWWP 4fWM?iKlvV,'," v
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EVENING LEDGER-PHILADELPHIA, FRIDAY, OCTOBER 19, 1917
FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK MARKET QUOTATM
few?, - m
Em
P",
t v :
?V'i'
IT
' r
WE CAN MAKE
IMMEDIATE DELIVERY
OF
2nd LIBERTY LOAN
4 BONDS
IN DENOMINATIONS OP
$50, $100, $500 AND $1,000, IN
AMOt'NTS NOT TO EX
CEED $1,000 TO EACH IN-DIVIDUAL.
REILLY, BROCK & CO.
BANKERS
:0G CHESTNUT STREET
PHILADELPHIA
War Tax Service
Information for the convenience
of the taxpayer
We have in pamphlet form:
J An expert analysis of the
War Tax Law 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.
V ahall Ixt glad in furnish 107 of the
above tnenllooed pamphletl upon reuit.
l'laaae Indicate which of the. pamt-rdals
you require.
The National City
Company
1421 Chestnut St., Philadelphia
New York Chicago San Francisco
Bolton Pittsburgh
Federal War
Revenue Bill
Wo have prepared, in booklet
form, a summary of the Federal
War Revenue bill, including
tables of the Income Tax, show
ing exemptions and amounts
persons will bo obliged to pay
the Government.
The subject of excess profits
is reviewed, with practical ex
amples showing how the amounts
are computed.
Ask for Booklet L-10
A. B. Leach & Co.
Incorporated
115 South Fourth Street
Before Purchasing Oil Securities
Investigate
BARNETT0IL&GASC0.
a wioDUCEn. rARnir.rc. rlcinei:
and niSTRIIlUTOR
end pays regular dividends of 12 oc
money Invested now.
Active dally market
For General Information
E. H. CLARKE
MUKTON II. ALEXANDER
(Resident Partner)
I'lione 1140 Spruce
Rtoek Exchange Dldx. l'hlla., I'D.
87 William St. New York
Newark Chleaso Indianapolis
THE
HAVILANDARMSTR0NG
COMPANY
STOCKS
BONDS
1418 WALNUT ST.
PHILADELPHIA
NEW YORK-BOSTON
INTERSTATE
OIL 6 REFINING COMPANY
35 PRODUCING WELLS
REJSULAR QUARTERLY CMDEKM
INFORMATION UPON RSqUTST
asr
LEG A I, ADVERTISEMENTS
ESTATE OF JAMEH l'ULLUCU.
1JI..
ceuhed Letters tritamentirv nn th
aDove caiais navinv ueen grantea to tne unaer
alsned. all peraons Indebted to the said estate
are requeued to make payment, and those
having clalma to preaent the lami, without
delay, to
THE INDUSTRIAL TRUST TITLE
AND HAVINOS CO.
JOHN O. CARRUTII. President,
and ROLAND D. TOLLOrK.
1950-53 N. Front at., rtilla.. Pa.
LONDON STOCK MARKET
Moderately Brisk Business Transacted
and Tone Is Cheerful Amer
icans Rally
LONDON'. Oct. 19. A moderately brisk
business was transacted in securities on the
stock exchange today. The feeling con
tinued cheerfuL Specialties displayed
strength. .Support was furnished to the
gilt-edged section. Allied bonds were Ir
regular, with Japanese descriptions the
best.
Americans rallied, following the Improve
ment at New York. There was light In
vestment buying of Canadian Pacifies.
Home lines were firmer, having been over
sold. Argentine rails made further gains
on reports that the strikers had resumed
work on a 10 per cent Increase In wages.
Silver shares lacked steadiness because
ot recessions In the price of the metal.
Some oil shares were strong, particularly
Trlnldads. Rubbers were quiet. Stocks of
the staple decreased 164 tons for the week.
London N.T. Net
iu v.m. equiv ens.
87 '02 1U
1KB -i-fiir
87
..lflK
. . 68
.. 34
. . 84
. Hid
Atchison,. .. .
Oan Pacific .
Chea A Ohio
Erie , . . .
do lt pref
in kui ,.
Louis xun 13
Central Paclns .. 7ft
Penns, 51
Keadlo BO
South Pacific 04
unioa i-acuio isu
58 -S
tffl ::43
t Stwl
.110
lis
14
IB
on
1234
104K
?tS .
" -t-J
KAILROAD EARNINGS
ATLAKXf. SIJUJINtWAM AND- ATUtKTIC
L-m JV r
t?$WPMH
ta;
ACTIVITY IN NEW YORK
CENTERS ON STEEL STOCKS
Sales Amounting: Close to 1,000,000 Shares Derive
Greatest Impetus From Feverish Trading in
Bethlehem "B" and U. S. Steel
High Points in Today's Financial News
Steel stocks bear the brunt of the activity in both the Sao York and
Philadelphia Stock Exchanges. Sales in New York arc close to 1,000.000
shares, but turnover is light in Philadelphia. The tone of both markets
strong. Neio York Curb active and strong, oils especially. One transaction
of $1,000,000 Liberty Bond Ss in New York brings total sales above $8,000,
000. Cotton up. Grain lower. Bar silver lower. Rubles still lower. Money
easy.
NEW YORK. Oct. 19.
Tho strength which developed In tho stock market In the two preceding days
developed Into a wild scramble to buy stocks In today's trading. Tho dealings
In tho steel stocks particularly were excited, with Bethlehem Steel "B" moving
up more than 7 points to abovo 87?;. while United States Steel common rose to
106V4. Rains of 3 to 9 points wcro made throughout the steel list.
Dealings at times wcro In large blocks, many 6000 shares and 10,000 shnres
buying orders being executed In the most prominent steel industrials, and In the
late trading shorts rushed to cover, paying little heed to what prices they were
compelled to pay to closo their bear accounts. Stories about the character of the
buying continued numerous, one being that Charles M. Schwab had bought
25,000 shares of Bethlehem Steel "B" through the First National Company.
Morgan Interests were credited with heavy buying of United States Steel
common and Marino preferred, the last named stock being Influenced by state
ments that action on a settlement of the accumulated dividends Is closo at hand.
It Is possible that there Is moro back of tho market than the public now under
stands, and that tho . harp upturn coming at a time when the success of tho
new Liberty Loan Is assured, may be followed later by important announcements
which will explain the urgent accumulation of many stocks within the last few
days.
The copper stocks, supplied at times in large blocks, Indicated either a shift
ing of holdings or liquidation of Important accounts. Railroad stocks were
strong In the early trading, but were neglected in the last half of the day.
Bethlehem Steel "B," after selling at 873., had a quick drop to 83. although
later It rallied again to abovo 85; the low was 80V4. United States Steel and other
stocks sold off toward the end of the day.
Heavy transactions in tho Liberty Loan 3Vjs demanded most attention in
the bond market again today. Large sales were made at 99.72 to 99.70, with one
transaction of $1,000,000 between two firms at 99.72.
Market Able to Absorb Offerings
A factor making for more encouragement In financial circles at present
Is the better ability of the stock market to absorb offerings. There is no mistak
ing the fact that sellers havo found a much readier market for their securities
the last three days than they have found in weeks.
It Is conceded in conservative circles that Just now the market Is not
expected to do anything more thnn keep nn even keel and that If it docs this
the situation can be viewed with a degree of satisfaction. There is no denying
the fact either that stocks that have been for sale have been taken back Into
the investment fold. A steady market his more Influence in preventing hysteri
cal selling than all of t?-o literature that could be published on the financial
situation. A continuous general crumbling away of values has been the means
of brinsing out stocks held in families for generations. It is -to keep these largo
blocks untouched that concerns both bankers and brokers at this time, and
they feel rather Inclined to believe that should the market maintain Its own
equilibrium for a good period man of the fears prevailing in investment
quarters will have been eliminated.
Steel Earnings an Interesting Topic
lust now there Is a good deal of discussion as to the earnings ot the United
States Steel Corporation under the prices fixed by the Government, after pay
ment of ta.e. It Is the oplrlon of somo of those supposed to be closely identified
with the Steel Corporation's affatrs that the management enn maintain its 17
per cent dividend payments on tho common stock without any strain nn Its
Income even at the low prices and after deduction of full taxes for each period.
Importance in this connection Is attached to the statement of Judge Gary that
steelmakers are perfectly satisfied with the new schedule. This schedule, how
ever, cannot effect tho earnings of tho company for tho September 30 quarter
to any appreciable extent.
No Early Relief for Railroads
Regarding the railroad ratt case the opinion exists that although an Increase
in clasj rates to eastern carriers will be granted, some time will elapse before
actual relief is given. Reports from Washington indicate that It may be sixty
days before the roads can prepare their briefs to the Interstate Commerce Com
mission, and that body will not make its decision on the evidence submitted
six months ago, but will ask for fresh documentary proof.
In commenting on the regulation of railroads, Samuel Rea. of the Pennsyl
vania, strikes straight from the shoulder when he says it is a serious business
and an economic question rather than a partisan affair. His further statement
that the terminal facilities of the carriers and their equipment because of ten
year3 of unduly low rates, for which tho "business men of the country are now
paying the price of neglect." points out another truth; also his remarks that
"Interstate or national conception of transportation Is wholly absent from the
statutes of many of our States."
It may be mentioned while discussing the railroad situation that one of
the fea jres of the stock market Just now is the active accumulation of low
priced and reorganized rails by those investor who are aware of their poten
tialities and see in the prospective Increase In freight rates a further strength
ening of their position.
Shipping Situation Still Muddled ,
The shipping situation Is still far from being thoroughly understood.
The general Impression In some financial circles is that since the Government
automatically on October 15 requisitioned all cargo ships able to carry 2500 tons
deadweight and all passenger vessels of not fewer than 2500 tons gross register
these boats have necessarily passed under absolute Government supervision.
But this view is not taken In other quarters.
Nobody, however, professes to know Just what the correct situation Is.
For instance, one Important company is proceeding along old lines, taking the
position that United States officials will duly inform them what they are to do,
and which they will do, but argue that their company's business Is of such
urgency that they cannot be expected to help the shipping officials make up
their minds. Those who have made frequent trips to Washington to try to
get c direct line on the situation feel that the only boats actually under Govern
ment charter are those which the Government has directly taken for war
purposes. It is pointed out that In the case of one company that had eight
ships requisitioned October 15, these ships were released the samo day and
turned back to their original owners.
There is little doubt that these boats are being operated for owners' and
not Government account.
It Is not generally believed either that the United States will eventually
operate privately owned ships engaged In private business. It Is realized that
the ships are there and can be taken at a moment's notice if they are needed.
To operate cuch shlpi 'or Government account would naturally Introduce
another element of confusion In a situation already In a very muddled state.
No Chance for Currency Famine
The resources of the Federal Reserve system are being greatly strengthened
as dally applications for admission are received from large State Institutions.
Banks operating under State charters have come in such a way as to make the
system ultimately representative of the 25,000 banks and trust companies.
The significance of this turn In banking affairs Is clearly established by
a comparison of the situation ten years ago, when many banks were forced
to suspend specie payments during panicky times. Each new member pro
vides additional gold against which can be Issued notes to the extent of 60 per
cent of the gold deposited. Some bankers foresee an improvement in general
business conditions and also In the stock market as a result of the practical
mobilization of supplies of tho yellow o'al. By Issulnr new no'.es the amount
of gold remains Intact and at the same time circulation Is freer, which tends
to create Inflation and prosperity. There la now outstanding $800,000,000
Federal Reserve notes, whereas twelve mon.hs ago only about $200,000,000
were In circulation. ' '
There Is no longer any need for an emergency currency act, for tho re
discount facilities offered b. the new arrangement provide absolute protection
to the allied Institutions against a possible currency famine. The new co
operative service gives Instant relief In a troubled money market.
A reassuring element Is the promise for a record production this year of
the most Important crops. The Government's recent averages showed that
the total harvest of all crops will be highly satisfactory and from the high
prices prevailing it Is only reasonable to assume they will represent 4he largest
money valuation ever reported In our history. The comparatively small
wheat yield brings forth the suggestion that In order that adequate supplies
o wheat may be available for export other cereals will haveMo. be substituted
for home consumption.
Recent meetings of the so-called money pool have not been productive of
any Important action toward further easing the fixed-date fund market, It
has checked speculation to a large extent, but trading rates of 6 per cent
appear to be the standard basis for borrowing on three, four, five and six
months. Loans for the longer maturities carry Into February, bo there is
hardly any evidence- of stringency. Call money, on the other OMitt. 1 plMtUul
and rtUtlvety cheaper than a mtmtb or so mo,
New York Slock Sales
High
3V4
3
234
7SV4
Alaska Gold Mln
Alaska Juneau .
Atlls-Chalmors. . .
Am Beet Sugar. .
Amer Can uyt
do pref osTfc
Am Car & Fdy Co OR
Am Int B7
Am Hide & Loath is
do pref j
Amer Linseed .... 24 VA
do pref ,1094
Amer Locomotive B8V4
Amer Malt in
do pref es
Amer Smelting .. . 87Ji
do pref 101 V4
Am Sum Tob 01V4
Am Steel Pdry. ... os
Am Sugar loatt
Am Tel & Tel lis
Am Tobacco ...,1H
Am Wool 4j
Am Zinc & Lead., is
do pref BOVi
Anaconda tisii
AtchiBon 04 V4
do pref 0014
Atlan Gulf & W I.10JV4
Baldwin Loco Co.. 68V
do pref now
Balto & Ohio .... is
do pref 0H4
Batof Mining .... 1H
Bethlehem Steel .. 80
do B 87
do pref tc lot
Brooklyn R T. ... 87
Burns Bros on
Butte & Sup Cop.. 18!(,
Cal Petroleum ... 14
do pref 38H
Canadian Pacific. iliOYj
Cent Leather .... 78
Cerro de Pasco . . 82
Chandler Motors . . 72"i
Chos & Ohio 511i
Chi Great West. .. 8
do prof 22K,
Chi M & St P 40!,
do pref 05 Vt
Chi & Northwest.. 100
do pref 145
Chi R I & V t o. . 23
do 6 p c pf t c. . 40
do 7 IMS pf to.. 08 H
Chile Copper 1(1 M,
Chlno Con Copper. 43H
Col Fuel & Iron.. 8HK
Col Oas &. Eleo. . . 34Tb
Cinsol Ons 92
font Can 01
Corn Products . . . 30 1,
do pref BOVi
Crucible Steel ... (10 H.
Cuba Cane Sugar. 20 ',i
do pi ef 0Vi
Bel & Hudson . ..101
Dome Mines 8U
Distill Sccur 4ti
Krie 10
do 1st pref .... 28
do 2d pref 21V4
Gaston Williams. . 33
Cen Hfectrlcal Co. 140
General Motors . . 0(1 Vt
do pref 78
Goodrich B V ... 42 V4
Granby Mining . . 72
Great North pref.louU
Gt North Ore subs 20li
Greene Con Cop. . 38
Illinois Cent KioVa
Int Agrlcul 12
do pref 3 Vi
Inspiration Cop . . I5,i
Inter-Cons ("or pf 31
Int Mer .Marine. .. 27((,
do pref 80 li
Intcrnat Paper.... i!iiH
Int Nickel 31,i
Kansas City South 17 7S.
Kelly .Spring 13
Kcnne Cop 33 Yi
Lack SteW ....... 81V
Lch Valley 5D
Llg & Myers Tob. 103
Loulsv & Nash. . . 1 10
Mackay Cos 7ft
Manhat El 10.U4
Mex Petrol W
do pref 91
Miami Con Cop. . . 31
Minn & St L new.. 12U
M S P & S St M. 05
Midvale 4flti
Missouri Pacific. . 28
do ctfa 40Vi
Nat Acme 30 4
Nat Con & Cable. . 24 .
Nat Cloax & Suit 05
Nat Knani & Stpd 44
National Lead . . i1i
Nevada Con Cop. 18
N Y Air Brake . .122V4
N Y Central .... 73
N Y Chi & St L. 2 Hi
N Y N H & H 29
N Y Ont & West 21
Norf & West. . . .107Vi
Northern Pacific. Ofi"i
Ohio Oas 40
Ontario Silver ... l'4
Pacific Mail 23
P It R .11
Peo Gas& C 42(,
Phlla Co 31 4
Pitts & West 28V4
Pittsburgh Coal . . 4.1V4
do pref 83
Pressed Steel Car. 57
Pullman Pal Car. 140
Ry Steel Spring. . . 42
do pref '9314
Ray Con Copper. . 32V4
Reading 70
do 1st pref 3814
do 2d pref
uep i az o . . .
37
30 Vt
do pref 98
Saxon Motors 10 Vi
St L & S F 17Mi
Seaboard A L . . . 10
do pref 21"4
Sears-Roebuck . . . 1B5U
Savage Arms .... 65
Shattuck Ariz 10
Sloss-Sheff S & I. 40V4
Southern Pacific.. 89
Sinclair OH 35
Southern R R. ... 28V
do pref 88
Sup Steel 87
Studebaker 40
Texas Company.. 146
Third Ave R R... 10Mi
Tobacco Products. 5814
do pref 83 Vi
Union Pacific 123
do pref . . 76
United Alloy Stl. 41
Un Cigar Store... 06
United Drug 88
United Fruit ....124V4-
do pref 16
Un Rwy Invest. . . 8
do pref 16',-i
U S Cast Ir P & F 14
U S Express 116
U S Rubber 50
do lflt pref 101
U S Smelt & Ref . 52
U S Steel 108
do pref 114
Utah Copper 80
Va Car Chem .... 32
Wabash
do pref A 44
do pref B 23
Wells-Fargo Ex.. 87
West Union Tel. . 80
Westlnghouse Mfg. 48
Woolworth 118
Worth P & M..
do pref B
Wheel & L E..,.
do pref
Wilson Co
White Motors....
Willys-Overland
81
53
11
22
40
28
do pref ....... 85
Wis Central..
40
Low
3
3
21
74
40
05
61 Vi
A6
10
82
23
80
30
15
Al
88
101
87
C2
105
114
1S5
48
15
50
61
03
00
08
S3
00
87
00
Hi
81
80
OH
58
08
18
14
37
140
7
32
n
61
H
22
41
05
100
148
22
40
88
in
42
37
31
87
04
28
00
07
S7
80
00
H
37
10
31
21
82
138
03
78
42
12
00
29
31
100
12
30
43fc
30
24
83
28
30
11
43
32
80
S
103
118
13
103
84
01
3.1
IS
94
14
21
40
30
21
03
43
41
11
120
13
21
28
20
100
on
39
4
23
30
40
31
28
45
83
56
139
42
05
22
78
38
37
70
98
10
11
10
21
155
04
10
40
88
33
21
61
37
89
148
10
83.
03
122
16
41
04
68
124
16
7
16
18
114
68
101
82
104
114
$2
8
48
22
87
89
42
118
81
63
11
21
66
88
23
85
40
Net
Clous chit.
3 Wt
3
23 4 2
74 2
40
05 9
01 1
81 1
12 1
82 -1-2
24
00 1
68 1
18
61 1
86
104
68
83 2
108 ..
114
183 4
42
18
30
03
03
00
101
'
3
80 1
90
01
61
1
80
1
8
84
00 1
80
00
18
14
38 1
140 .
B
32
11
81V4
8
22 1
48
03 0
100
145 4
22 Vi Vi
40 Vi
58 1
io 2
43
Vt
1
38
84
01 1
01
29
00 ..
61 1
28 1
80
101 1
8 Vfc
39 Vi
n
28 H
21
33
138
1
1
03
18 2
2
12 1
1U0
29
38
100
Vi
30
15
1
1
30
2(1 1
88 S
25 2
31
17 Vi
ld -t-
33 ..
81 2
39 Vi
103
119
75
1113
80
01
JOT:
12
03
1
1
1
1
tlTi
3
43 1
21
40 1
30
21
65 3
43
41
T4
V4 7
lVi
18
13
13Ti
31'.
28
2(1 V
101 1V4
0iiV4
94
39 94
49i
25
51
41
31
26
43
88
51
140
42
t- Vi
Vt
1V4
1V6
V4
1
1
2
05 2
22 94
13
38 8
31
18 194
089i Vi
10
HVi
10
31
153
65
10
9i
94
1
1
40 1
89
35
27
62
37
80
1449i
10 ..
64 1
08
123
16 ..
419i 94
0594 1
88
124 2
16 1
8
16
13 ..
118 2
68
101 2
82 1
105
114 1
80
82 ,
T4
43
23
81 1
88 1
49i 9i
11894
81 ..
58
11
21
67
40
2
2
1
23 1
86
40 1
Total aalea. 007,500 ahmre. rompared with
718.8O0 ahares jeaterdari thua far thla week
." ma Mriod laai wMk, sa?,.:
Vx 'dividend United States Industrial Alcohol-.
a:n.AnVMnd, 2PPr Wlnln-. 2; dranby
Mining. 2Vi . Mldyala Steel. 1 , du Vont Powder
preferred, lji i fullui i Kaya.r preferred. Hi i
Bom. Btata Minlrut otTcenLi fcurn. Brothers
preferred. 1 J KlacW Bef preferred, IV,
New York Bond
Sales I
111th.
1000 Adami Expreei 4a OS.,
08300 Angio-l'rench 5s DIJl
11.10U Am Korelan Bee 6e... 05t
fcouu Am smelting A lief 6i so
,;'00 Amer Tel clt 4s S3
1J()P(I do Be 89H
iOOO Amer Writ Pap fce.... 83
4UiO Atchison sen 4e...... 83
iifmi go CV 40 v
lyOo Amer Dock Co BB....100
1300 Halt A Ohio 4a 82,,
170(10 do cv 44 a 2'i
BOOH Ilrooklyn It T 5 1018. 0(lt
1400(1 Dordeau (l 0rt
A Kill ITa.l (lnvl m 1091 . . Il '
200(1 do 6a 1020 1M
(1000 do 5a 1P31 04
IlllOO fVnf tuth.r 1b, Km . R
ilOOO Cent lilt N J reit 5e. OOVa
L'SOdO Chill Copper 7 105.,
1000 Chee & Ohio cv 4H.. 78
(IOOO do conv 6e 0
1000 Chi Ot Writ 49 02
17000 Cht H t, a (o(nt 4a.. 04
aippil Chi M & Bt V rfd 4a 72
8000 do conv Kj
8000 do cv 4'is
B00O Chi It I A 1 rfd 4 . .
IOOO do clt 4
140(10 City nf Parle tie. ..
311000 Con Oa conv 0a. . .
3UUU Cutwn A Huitiir (is. . .
l?OIIO ClimliMflnnil Tl Am .
BHOU Den & Itlo Or 4s 0714
li-'OOO do rfd Be 51
IOOO Krln mnu J H,r A.. 47
Z2000 do 4a Hor LI
10000 do is Ser D
ipQO do Ben 4i
aoOOO French Itejiubllo B'.ja
xwiu uen i.ieo ueu os.
1000 III Cent 4s 1053
oyiiu intern ;uen
1M
4He
bOOO Interh H T ref Bs
M'4
I'7ji
101.
101 U
Utf
4(1
84
78Vi,
00
IUIai
7fl
67.
101V4
78k
f4
84i
flT.
07i
tio'a
10l
1004
I'd.
(I7W
B4V
20000 Inter Mer Mnr Ca. .
1'nooO J up new a i'in..
1000 do new 44a ....
5000 LriLlin Httel Ca 1023
BOOO l.k HI) deb 4s 1U31.
BOOO Ml & M Tob 5s. ..
good Irlllard B
.1000 I.oula & Mnnh 4n . .
3388000 I. Hi llond 3 09,
xsuuu i.yons us
luno .Manhattan Km 4s
81
K(l4
77
87H
I'll"
04.
004
H3
l'4j
21000 Mareetllf-a da OoVi .! 80 J
1000 Mcx ret Co Oa Her A.104U 1044 JUlVa
looo do 0s Her C HH4 1044 1 14
J Hull Mn K-nn T let 4a... IV
1000 Met West of Chi 6s.. KR.
7I00O Mil Pao.sen 4a M'i
looo N Y Air HraVe Qi...ln2
aooo N Y C & It 34 714
0000 do (la . , 07n
11000 N Y City 44a 1003...1ol4
BOOO do 44s 1005 101
'-?i'
flt
C.H4
(114
104
034
024
10OS
82fi
Ml4
1174
734
044
(II I
411
bn;
40
K4'4
N.".
1)3
01
1001
40(10(1 U H IlUlilKT 5a Hl
Win C H Hublur (la M2'
CSHIMI 1' S Stfel s f Ba 1014
finoo Union l'ao lat 4 01
noun Union Par rfd 4a 81
3(100(1 r K fl 11 & I Bl 0SU
i'HOH do Btis HIlK tinS
4r.0O(l do B4s 1010 . ... 04'
8600(1 do B4 a n-w 1010.. VS
27110(1 do B4a 1021 034
1(10(1 Va Itws 3h OB5
7000 N Y (!h.i H V 4a
BOOO N Y- Ont & XV 1st Is
1000 N Y W C 11 14 e.
3000 Nor Pae 4a
I'OOO do Ken 3a
3noo Oro Khnrt I. 1st fla.
Mioo Pacific Tel 3s
83000 PcnnH Ken ct 44b...
S00O do (II 44 s
1000 Public Hvr N J Be ...
1200(1 IVro Marquette fia .
14000 IlenrllnR K-n 4a ...
13000 llep Ir Kt 3a ....
6000 St I, I M & So 4s .
1000 do con Ba
8(1000 St I, 4 S F lilt
T2000 do In
80(100 d Ser A
130(10 Seaboard A I, n.lj 6s.
lbnoo South Pac en ."a
2000 dn rfd 4s
17000 South Itwy uen 4s...
KllMIO do 5a
IOOO TcxilH Co lis
(12
88
6'.i
102
074
101.
1014
7N
011
424
844
(11
104
034
024
1004
lM
824
so
07
73
044
HIS
40
r.si
4(Pi
044
844
024
04
100i
H14
1024
100t
oos
81
t'8A
00S
llt
OSS
034
024
(12
KM
604
102
744
07S
loiS
1014
784
0(14
42'i
84
HI
104
034
024
1014
844
82
Ml
07
73
04
014
40
BMH
40'!
014
83
03
01
1O0H
814
102't
1014
BOS
81
084
on S
044
nt;
03A
02H
Total antes, S3.472.000, compared with S4.507..
000 AeMfld.iM thua far till" eek, S37.6K1.0O0:
eilliie iierlod hist Meek. SI8,81fl,0W.
Local Bid and Asked
uid
American Stores 3:
lirlll (.1 (li 1;
Huff & Suso, t c
do nrerirrt'd
llnldn-ln
Illcctrlo Storage . . . .
Ccnerul Asphalt
do preferred
KfVHtoni Telephone. .
do t c
Lake Superior Corp.
l.ehleh Navigation . .
l.ehK-h Vnlley
Pennsylvania
l'hlla Electric
Phlla Company
do (1 per rent pref.
Phlla Itnp Tran t r. .
Iteadltiff
Tonopah Helmont . . .
Tononah Mlnincr
1,'nion Trartlon 41
iniien uaa iinnvt
I'nlted States Steel
York Hallwav
do preferred-. . . .
Wm Cramp & Rons
Today
UK
Y'eaterday
Ask
B.I .17
1M ,".( I
B7 ."'j
.-.i. .-..;
is in
BS (ill
11 11
112 (1 1
13'. 144
(lit, IP l
r.o; r.i
2(l 2(l
31 33
33 8(1
27, 274
734 70
:-'t iv
i 4 .ia
41', 42
724 73
0.-. 1034
1) 10
31 30
70 7R
Hid
32
13
4H
.-.:
.11
111
.17
114
IS
14
)S
Ml
fill'a
"5
f(l
34
80S
7.14
HI
7?.!
1044
34
2(1
no
5.1
m;
17
BS
114
01
!4'i
(10
.104
.1014
80
31
33
704
J
72i
10.1
1(1
DIVIDENDS DECLARED
Olrard Fire and Marine lnaurance Company,
recular quarterly of 3 per cent, payable today
to stock of record yesterday.
Taylor. Wharton Iron and Steel Company,
regular ouirterly of lsi per cent on preferred,
payabl November 1 to stock of record Oc
tober 24
Dryn Mawr Trust Company regular semi
annual of 4 per cent, payable November l, to
stock of record October 22.
Trenton Totterles. regular quarterly of 14
per utit and usual extra of one-half of 1 per
cent on preferred. pauble October 2.1 to stock
of record October 18.
Cllnrhfleld Corporation, quarterly of 1 per
cent, paable November 1.
J. O. lirlll Company, regular quarterly of 1
per cent on preferred., payable November 1 to
stock of record October 23.
Central Trust Company, regular quarterly of
1 per cent, pavable November 1 to stock of
record October 23.
General Chemical Company, quarterly of 3
per cent on common, payable December 1 to
holdera of record November 21.
I.hlgh Valley Transit Company regular quar
terly of 14 per cent.
Georgia Southern and Florida Railway Com
pany, regular semiannual of J2.30 on first and
second preferred, payable November 8 to stock
of record October 30.
Gaston. Williams & IVIgmore Company, reg
ular quarterly of II a share.
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
A n S ctfs..l02
A H S & F cs Pf 1(11
A B S & F Pref.. 11 54
Adams Express,. .115
Advance Kumelv. 12
Adv Ilumely pf. 28
Allls Chalm pref 7JS
I.orlllard P 208
M St P i SSM pf.117
Maekay Cos pref. 60
Manhattan beach 1
Max Motor 32
Max Motor 1st pf 034
inn .tioior -a pr. 20
May Dept store.. Bo
Amici"?.... 1 iy nertffoA-. So
Am Woolen pref. 034 May Dept Sirs pf.105
Am Agr Chem.. Mi Mich Cent nn
Am Agr win ,'... p"
Am Ueet Sugar pf 83
Am car Fy Pl.ios
Am Cotton Oil .. 82
Am Express Oil
Am Ice pref ... 48
Am Loco pref. . . 07
Am Smelt pref A 02
Am dmelt :,",?S
Am puiw i' -;--is
Am Sumatra pf.. 03
Am Tel Cahle. .
Am T T 8d Pf. 02
-im n-Av. t,i nmr iim
3(1
B2
Am Tobao pf new
Am Writ Pan if.
Asso D u 1st P.. Of
Asso , Oil v- .-,. S'14
aii nfrm 4 At!. . 13
Mo Kan & T.-.'.' K
Mo Kan & T pref 0
Mont Power .... 73
Mont Power pref.los
Morris ft Ussex. . 30
Morris ft Essex pf 114
Nat niscult 97
Nat Biscuit pref.l 14
if".1 lk ' n'-ios
Nat Enm & Stp pf 94
Nat Lead pref. ..100
N O Tex A Mex. 22
North Amer .... B0
N't HR Mex 1st pf 40
XT, TO t? Il.a . I r
N't RR Mex 2d pf B0U
'.-wn' a. A,t 19 i-.1- .- -V" - v o"
All 'li"a."ri ie kq N V DOCK 114
Atiqulf IV Ipf 69 pf 4 south... 21!
! arret. Co '" ..p2H
fiBIW ;:i 3
lO'.i
Norf West pref 80
North Amer .... bo
Nova Scotia Stl. . 80
Ohio Fuel 4s
Ohio Gas rts .... 03
Owens Bottle .... 82
Pan-Am Pet pref no
Pan-Am Pet prior
nrf et . . AO
cSnt Leather Pf.'iioi g C C St ..'. Mil
fvSt iV Am Tel... 113 Peo i East 7
rent a a .. , Marauette. . lo'i
uarq pref.. 38
Arrow ... 32
Arrow nref OfllA
& So 1st Pf- 8 I'Jtta & West pref BT
Brown Shoe
Cal Packing Co. 87
cl Bo 1-t pref BO
Car. Fdy 80 ... 27
r-iii & Alton Pf- 284 l'ere J
Ch H W Pref.140 Pierce
SiJ!..t.Peab'dy Pflip. . prCe-
Col
& South
Col Bouin 5J,,
i s 2d pf.-- 42
lbiem8sueia?f:j7F
Cuba Am Sugpt.-i"
!.n.i. Kdlson. - 123
D L tt W -D
B r A of--
Eleo Btor
Elkhorn Fu?'
General -
t!"-.
IDS
B8
28
out;
loo
.105 .
y i s."::. otf. . 904
HfflVrfjf
Konu m, ri w-
,Qrue,ck,.?.vfleVCf;r'ii0
"Pcol.o?
Sears-Roebuck pf.121
Standard Mill.". "J
SU 4 B W.,,. 274
Studebaker pf. . in
gtutxn Motor, . . .' 42
Hup Steel Ht pj:IOu
Texas Co rts.. int:
Tex 4 Pao , I a
TldfJtWV,5. 2l' 205
T St L W,... 711
T..--, r-W "' 80
T'ar.sus-Wims ., S8i
Twin city R T,', 76
n5i?.P,S?-lt if'BO
.."1 p ura.nn
.. .Vn!'o rap nm. n.
t;I.-.7C Mln,. 107 unaerwood Type..-!)!
! ,"l,ri,l.f 101 P. Expr.rf:." H
own.. i"v r
i.ur! -ia , . I
rT Hub tt Tir.
,Z m. r Tnh. . .
jui rr
C A M T prf, .108
i m ?M"
Vp
9-.U. U R Tta.lt. T." lie.
98 U S ii y S"iV in5
18v Utah Seo "Is
iron C c.. B5
Car cnem pf. OS
VriAliaai 1 j 3
West Md ...V." 16K
Wllaos
'fiSi CltJ South j;W, Utah
K" city BO Pref 32 'V.I,
WkHS.K.'S.S ?a3u Jv"1,
SUW&iT
15K
20O
STOCKS CONTINUE TO GO HIGHER
TTvT riAV fT? TrriTiT?.P ATT? TiT a tnt...
Home Issues Are Particularly Strong. With n,,'
Locomotive Showing a Gain of 2V and P p rj -1
o - o, up va
Continued strength was In evldenoe on
the Philadelphia Stock Exchange today,
with home Issues, steels and rails showing
particularly well. Trading was light, with
no stock showing a turnover of 6000 shares.
United States Steel, as usual, was the most
active, more than 4000 shares selling be
tween 104 and 1064- The last, which
wag tho ruling prlco, was an Increase of
1, hut toward tho cloro the stock sold off
to 106V4.
p- J.T' certificates, with sales mounting
over 1000 shares, retained a fractional gain
ovor last night's closing at 274. Lako
Superior sold at 14 U. up Vi until the last
fifteen minutes, when it lost the gain and
more, closing at 13. Haldwln Locomotlvo
showed
snowed a conslderahi .a
7. the best showlnBh?aV.?c h
In some 'time. '"sthls stock t.3
Phllrulnlnkl. .
.LT .;".':'" company
0ckk'
f erred, at 3B, and Flee.i CUn"'Utiti
showed a gain of l 7Zi?l 65ar? J"
4894. sr.Tv.i" 5 LWIMj MlfST5it
Valley, at inr;VarS8V0,1H.ffl
? i ",8, W"H. Oth."4:N
fractional.
orth Penn .:Va,r"J.7
87Vi, while Tononi,!,1!1. W off ,V
EH. oft X was tn0o;iy7.'hrhIil
a minus sign all day olh",toc,?,
V" uun" market wa iA.
ctlons spread nv., .!.w.l.'
actions sprend over m. v ltkt-J
-'" nwm in fh -
S30.000.
to the
"tent of'
Financial Briefs
According to a statement Icsued by the
'Provincial Dnnkers' Association of Den
mark, the combined recelptB and disburse
ments of 110 banks for the first six months
of 1917 were $12,030,000, compared with
J15J40.000 for the same period In 1916,
and $6,200,000 In 1916.
Tonopah oro shipments for the week:
The Tonopah Belmont Company sent to the
mill 2322 tons; the Tonopah Mining, 2250
tons; the Tonopah Extension, 2380 tons;
the Jim Uutlcr. 800 tons; the West End,
902 tons; the Montana. 134 tons, and the
Rescue, 194 tons, making the total pro
duction for tho week 8982 tons, the esti
mated value being $157,186. This valua
tion is calculated on the gross milling
value of the ore.
At the annual meeting of the German
town Trust Company, John S. Stoer, Will
iam O. AVarden, Clarence M. Clark nnd
Joseph Wayne, Jr., tho retiring members
of the board of directors, were re-elected
for a term of three years.
The New York Subtreisury lost $872,000
to tho banks on Thursday, reducing the
cash net gain since Friday to $86,494,000.
September gross earnings of the Republic
Hallway and Light Company were $426,250,
against $334,443 during the same month
last year; or an Increase of $91,806. Net
for tho month decreased $5177. Twelve
months gross was $4,536,628, oompared
with $3,817,024 during tho previous twelve
months-; net for tho period decreased $5188.
J. E. Terry, president of the Wharton
Steel Company, and L. K. Waring, of
Chandler Bros. & Co., have been elected di
rectors of Wharton and Northern Itallroad
Company.
Tho board of managers of the New York
Coffee and Sugar Exchange has votod to
closo the exchange at noon next Wednes
day, Liberty Day.
Application has been made to tho New
York Stock Exchange to list the follow
ing securities: American Shipbuilding Com
pany $7,900,000 7 per cent noncumulatlve
pteferred stock and $7,600,000 common
stock. Bethlehem Steel Company $60,000,
000 purchase money nnd Improvement
mortgage 5 per cent twenty-year sinking
fund bonds, due July 1, 1930. Burns
Brother?, $70,200 additional common stock
and Lexington and. Eastern Railway Com
pany. $150,000 additional first mortgage
fifty-year 5 per cent guaranteed coupon
bonds.
Granulated Sugar Unchanged
NEW YOB.K, Oct. 19. The rellned sugar
market remajns unchanged, with the Amer
ican, National and Pennsylvania companies
quoting fine granulated at 8.36a Tho Fed
eral and Warner companies and Arbucklo
Brothers continue withdrawn. The American
Sugar Refining Company announced this
morning that all orders for granulated for
jobbers must be for packages. Sales of
fices of the American and National com
panies will be closed tomorrow. The last
sale In spot Cuban raws was 6.90c.
"g
lti.s
Alliance Ins
Am Gas
6 Am Rwys pf 88
120Baldw Loco 67ai
Cambria Ir .
Cambria Stl
100 Crucible Stl. 09
lOSElec Storage 5J14,
280 Erie . ,
300 Gen Asphalt 17
298 do pref .. 38
118 Lk Sup Cpn 144
135 Lehigh Nav io
Low,
88
(.en valley 89T4
10 Midvale ... 45l!
200 N YN lift U tag
230 Nev Cons .. a
10 North Pcnna 8lli
580Penna P. R.. si
Pa Salt Mfg .
10 Phlla Co
cum pf.. as
850 Phlla Elec. 264
I860P R T trefs 27
Phlla Tract ..
Rwys Gen
440 Reading .... lay
110 Ton Belmont 314
500 Ton Mining. 5
218 Union Tract 42
160 un Gas Imp 124
tH
11
8V4
Ha- ....
K
09
8T4
4H
2SV4
"W
87V4
0
II
U 41,
"S
K
Al
TH
'tt
MT4
3)1
8V4
42
H
1J ,'
t "
li..!i
V4d
H
(
K 1
.100 10494 ioih
6010 U S Steel
WarlrftBU I. "
24 West Coal... 76 76 JJ "
250 Wm Cramp. iou 15 J!u V
Ejc dividend. '"
TQuotatlon given Is yesterday, cm
Tnf.nl anl.. . ba.
(flWV, .1 l ,duo snares,
18,630 share, mtnnlur, iuX.'.
snaresi Mno Period list wtV jffl
80.128
shares.
m
S2000CIty
IIU
4s 193S 90
nONDS
00
99
08
Low.
99
99
99
98K
CIok &
M M
SJ 1
n -1
"i
14V4 14H 14V4-
07
90,70
87
99.30
53
)
to -ijj
3000 do 1939
10000 do 1946 . .
6000 do 1943 ..
1000 Eleo & Pcop
Tr 4s ...
4000 Lehigh Nav
cons 4.s.
28300 Lib Bonds..
800 Nat Prop 46s B3
1500 1'onna & Md
hteel 6s..l024 10J14 10t-
OIOO Phlln. Pl- " ""
let os ... 08T4 01V4 HH-li
j,otni saioa. 503.400, compared wltli leas
jeaterflavi thus far this weXloZMii2
Iierlod last ueek, $251,050. "ii-
INACTIVE PHILA. STOCKS
Following aro ciuotatlons for lntctha
stocks listed on the Philadelnhla Rfn p..
change and In which there were no truat. 1
nuua louuy. ine price given 13 U kit
previous closo.
Am Gas War...
Amer Mill
Amer Stores .. . .
Amer Stores pref.
Brill J O
Buff & Suao. t c.
Duo. & Suso. pf . . .
Cons Trao N J..
Ins Co of N A...
Kevatone Tele
1
04
87
92
20
B0
BS
71
20
UU
Keystone Tel pref 01
Leh Val Trsn..,. Jit
Leh Valley Tr pf. 11
Lit Bros HI
Little Schujrrtlll.il
Mtnehlll N1
P R T II
Phlla Co ....1,,, 19
Un Cos of N J..2M
W Jer A Set.,.,
York Rwys 11
York Rwy pf ,, U
BAR SILVER
London (pence).
Tester. T.nal IHT.
Today day Frl, HUb Uf
. 42V. 4214 Wi ts lilt
"Whatwill Become of my Estate?"
A synopsis of the New Pennsylvania
Intestate Act, effective Dec. 31, 1917, show
ing important changes in the disposition of
Inheritances, will be mailed you -on request.
I
TRUST DEPARTMENT
THE LAND TITLE AND TRUST CO.
BROAD AND CHESTNUT
PHILADELPHIA
Philadelphia, October 12th, 1917.
TO THE STOCKHOLDERS OF THE
AMERICAN PIPE AND CONSTRUCTION COMPANY:
The undersigned, owning and representing a largo nmount of the
stock of the AMERICAN PIPE ANfi CONSTRUCTION COMPANY, ,
have been appointed a Protective Committee for Stockholdors by ' tne '
Chairman of the meeting of Stockholders held on October 1, l917!.
pursuance of a resolution adopted at the meeting which was called
to take action as a result of the Receivership of the Company.
In order that the Committeo may act promptly and effectively, It
should have the direct co-operation and support 01 stockholders.
You are therefore reguested to deposit at once your stock with the.
Logan Trust Company, 1481 Chestnut Street, Philadelphia, Pa., the
Committee's Depositary, under an Agreement of Deposit, a copy 01
which is on file with tho Depositary. '
It is essential to their interests that Stockholders should act In .
harmony and be aaequaiciy iciuuseiiicu in ail proceeuiiiKs unus. -
Receivership, and in ey steps taken for the rehabilitation or reorgani
zation of the Company.
FRANCIS X. QUINN,
Vice President, Fidelity Mutual Life
lnaurance Company, Philadelphia, ;
Pa.
Chairman.
i. S. PRICE STEVENSON, -
. Manager, Stevenson Cola Storage
( Door Company, Chester, Pa.,
CHARLES J. McILVAIN, Jr.,
of McIIvaln & Roberts,
FRANCIS M. BROOKE,
of Brooke, Stokes & Company,
s Bankers, Philadelphia, Pa.,
ALEXANDER HENRY CARVER,
., . r, t, . . Attorney-at-Law, Philadelphia, ra.,
FRANCIS B. BRACKEN, Secretary.
YAUltiU. UfiUKUE 8UJ.TH.
CounmL
1
M
v
V