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EVENING LEDGER-PHILADELPHIA, SATURDAY, OCTOBER 20, 1017
KS A"
tm
FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK MARKET QUOTATION
;
?'. x
US 1
s.
fcf.i'i ,.
4J fi. "?'
:.$ '
M
tf$F,
FREEDOM
FROM TAXES
I !
AND
THE. 2ND LIBERTY LOAN
Wo BONDS
ACCORDING TO THE STATE.
MENT OF THE SECRETARY OF
THS TREASURY!
STRONGEST DAY IN WEEKS
MARKS END OF N. Y. TRADING
Principal Stocks Score Gains of From 2 to 6 Points
During Half Session, With Buying on
an Unusually Heavy Scale
CORPORATIONS
UNDISTRIBUTED INCOME IN
VESTED IN THESE DONDS IS
NOT SUBJECT TO THE 10 ADDI
TIONAL TAX.
TRUSTEES.
EACH BENEFICIARY IS ENTI
TLED TO INDEPENDENT EXEMP
TION OF THE INTEREST ON $5,000
PRINCIPAL AMOUNT HELD IN
TRUST FOR HIM, EVEN THOUGH
THE TRUSTEE IS IDENTICAL, IF
THE TRUSTS ARE SEPARATE.
HEADS OF FAMILIES.
THE WIFE AND EACH CHILD
OF THE ACTUAL OWNER IS
ENTITLED TO INDEPENDENT
EXEMPTION OF THE INTEREST
ON $5,000 PRINCIPAL AMOUNT.
REILLY, BROCK & CO.
UAMIKKS
206 CHESTNUT ST.
run. i)i:i.rm
High Points in Today's Financial News
The tuck cloned tilth both the Xett Yoik Stock Exchange ami the Philadel
phia Stock Vxchanyc In the bet poiltton they have occupied In some time.
Sensational advance oj f,om 2 to fi point lit Xcw York and from ft actional
gain to a (1-polnt rlc In Cramps, here, entrenched the hctttr tone of the maikcts
behind Improved itrcnpth. Stcel.'marlnes and raits teeic the principal stocks.
The tin not cr In Xcw York wa heavy. Xcw York Curb ttnmuaUy stronti ami
actiic. Com ealcr. Cotton loner, liar slhcr lower. Honey hlnhcr. llttblc
still loner.'
&
Ixtieptiona
(&
p
In order to give proper attention
to their ither business, the owners
of the Jugei engine. Co hae de
termined to di ie of the good will,
patents and eitiio equipment now
being used In manufacturing Jager
Marino and stationary G.isdkno and
Kerosene Kngines
These llngniei, 1 1 cause of their
real worth hae secuicri a splendid
reputation and are largel ued all
oer the ,wor!d with unqmllflcd
success
This sale offers an unuMl.il oppor
tunity for the right parties t se
cure a going luinenx uhlch tan bo
very largelj Inc reused
Interested persons are Invited to
make a most rrltleal examination
Into the past lULcess and future
prospects of this business, which
will be sold on vitv f.uorablo terms.
Tor' full Information address
Charles J. Jager
IS Custom Hcuss Sircst
BOSTON, MASS.
L-
SrTXarfcJ
-
Charles J. Bender & Co.
INVESTMENT BONDS
Members rhi.U li i t s jik l h mco
NORTH AMERICAN BLDG.
DIMDrMIs
HUIIITON Till T UIVIl-VNA
1'ortlelli ami Marl.it triit-
I'nilaili liu ii mtoU-r 11, 1917
The Hoard if lur tIi Oils day rtV larel
a quarterly dlviii, n t of i (Si mi per hliiirv) on
the Capital 8tu k uf mhi Lumpan. iudljlo
November l. 1017
AUHUIWI PVI U Secretary
I'K0l'OI.S
I'KOI'OSMs ""
DKI'AHTMI.Nr (li1 IT TIlWSIT
711 HOI KM'. Ill II DIM)
riIILALilL.l'lllA n l .0 11117
Senled propositi a.ldreHH d to tho undr
slffnsd At tho nfli. Hliir mentlonul will li
recslvnl until 12 oVIikK noun, on Tiet.ila , Or.
(ober 30. 1917, mil .ptnid Immeitlat. ly ther
efter. for th fallow liw work appurtenant to
the Frankford l.lewt.il HMUvhv authorised by
Ordinances of Conmlln ipprtiM.il July U lull
July .'li 1W1(I, nnd Mairh 11117
OON'TRAIT NO :,-, St. i-l frame work and
ralllnss, concrete fkors ami iariiitn slilq en
rlosur s. rnofii drain muter und spouts for
four HJ station pUlfurniH srd tonneitlntr pan
skrcs or fiot hrilif. a Utween station platforms
find station hullHriKH at Orthodox-Muruaret
streets and Uusn ihurch strevts
CIONT1IAOT NO -,SV-Krectlon of trick anl
relnfoned concrete station I uitillngs at 1 tio 4
Frankfort avenue and at 10711 ,1 Krankfnr I
uvenue Including th removal of txistlns build.
Inxs on these sites
OONTrtALT M 'ill Krectlon of brick and
reinforced concrete elation building at 1J71
4J7- Frankford a nut and at 4219 4.J71 Frank
ford aenue Including the remual of exlstltiK
buildings on these tes
Plans and specHtTitlons can bo seen at Moom
748 Hours. UulldinK and ropleri of same vlth
blank forms for proposals will be supplied
to intending bl.lders uihiii deiwsi nf Slu leash
or certlnnd check) for tarh et if plans, which
will be refunded upon return of plann
lildders must be Bktlled and regularly ensased
(n this class of uork .
Contractor will be required to comply with
the Act of July IS 1917, reUUHn t wurkmen s
compensation insurance and proof must be
flirnlihtti the Denartment hv italrt nontraetnr
, that he has accepted the provisions of said act
t" exemption therefrom
vl2ach bid must lie sccom&Mnle.1 by a rertlncatn
front the City Soli rtor that h proposal bond
la the sura of five hundred dollars (S'.OO) has
been filed in accordance with the .provisions of
an ordinance approved May 25,. l&no
The Director reserves the rleht to reject any
or all bids as he may deem best for the Interest
of the City of 1'hlladelphla
VM. S. TWTNIXO.
Director.
..A-V, -
nAILnOAD EARNINGS
eOL'TIIErtN nAIUVAY SV8TK1I
:. (Lines East and West)
Pecond Keek Octobvr iS.SIU IS JSS.I.IJS
JTrcm July 1 31394 0(17 0 lvt.G3l
"v Z oEonaiA boithbrn and Florida
. IKecond week October t I57.41K
Tnm. July 1 t0H 14?
XIOIIILU AND OHIO
Kecond week October . $I7 S31)
r From July 1 4.0.'6,8Bl
CHJCAOO OJIEAT WESTKRN
fm. ffecond veek October . $510,144
CFrom Janusry i is 701.14
"s
PKTOOIT AND MACKINAC
Second week October M,1)18
NOJtFOLU SOLTJIKIIN
t'Avwuit eroes 4.st.'i i
5- yet 14 4 111)
r went tnotuns eu" a ii Ban
Rs 1 0H) Ulll
BCIas,
15.553
U4.331
J40.7S4
U1S.3U0
15,94(1
I7B.IJ.'S
11.83
I4U.748
31.71IH
4U1.BUO
113. S3S
BAR SILVER
Last
1 "JOM V X 1
Kio hAlI e
7K
tail
Bat. Illjh Low.
IP1 1W
Ni:V YORK, Oct. :o.
Tlie mnnncr In which tho dcmonstintlon of strength was maintained In the
stock maikct today was u comtilcto sutprlso to tho professional element and to
many of those who had taken n prominent part In tho trading in tho thioo pre
ceding; days. Instead of a reaction the upward movement was carried still
further along, with numerous jtocks making advances In tho two hours of busi
ness, ranging from 2 to moie than G points.
As higher prices wero established thero was a pronounced broidcning ten
dency and a general cancellation of telling orders, which had been In the mar
ket at prices above tho iccently pre ailing range. Tho Incentive for this per
sistent busing was a matter of general conjecture. It was thought In somo
quarters thnt tho accumulation, which hns becomo pronouncul, hid for a b.irls
knowledge thnt many of the companies will distribute surplus earnings In order
to avoid the p.ijment of the 10 pei cent tax levied under tho war rovenuo
measure.
United States Steel common was directly influenced by statements that tho
dividend of the stock to bo declared on October 30 will bo unchanged to the rato
of 17 per cent per annum. Matlno issues wero among tho strongest features,
Atlantic, Gulf and West Indies moving up more than C points, and Jlailno pre
ferred bold at tho highest price touched In somo time. Tho various steel indus
trials wero In constant supply, with Haldwln Locomotive tho strongest of this
group moving up moio than G points. Mnny others mado gnlns of 2 to 3 points.
Bethlehem Steel "1J" rose more than 2 points to S7, and United States Steel
common advanced 2 to 107.
. Thcio was an abrupt change In market movements In tho copper stocks,
those Issues becoming actlvo and strong, with Utah Copper bought on a largo
fccalo, advancing moro than 3 points to S4, while substantial gains wero mado in
Anaconda, American Smelting and others in this group.
There w.13 n good volume of business in tho bond market but without im
portant change In prices. I.lbcrtj Loan was traded in on a largo scalo at 09 70.
and Anglo Trench 5s sold at til1! and 01.
The brilliant earnings itnteinont of tho Lackawanna Steel Company is fol
lowed by another equally good. It is that of tho Republic Iron and Steel and
shows earnings at tho rato of more than $"5 a share, even after allowance for
tho war, or evcess profits tax Republic's geographical location is somewhat
loss favorable than that of Lackawanna, and tho fact that it is earning equally
much constitutes a striking commentary on tho present situation, in tho steel
industry. Profits may bo reduced under tho war tax, hut the equities that have
been crettcd in tho last few years will not bo disturbed. At tho end of 1917
Republic, in two years, will havo earned an amount equal to moro than $100 a
.share for its common stoctt It was facts of this nature- that tho street and the
public in general oerlookcd in tho lolnnt selling movement which culminated
only recently.
Weekly Foreign Exchange
'Tho foreign exchange market tills week was featured mainly by inactivity
and irregularity In rates within a ery narrow range. Tho net results wero
moderato improvement in Trench and Italian exchanges, a gain of three cen
times in Swiss francs nnd reactions from tho best figures of tho moement in
guilders, pesetas and rubles. Sterling was fairly steady throughout Interest
covered fewer topics nnd Influences than of late. Tho only gold movement wa3
a shipment of gold bars to Chili, which in tho ordinary course would havo gone
Into tho iccord of tho previous week but for tho holidays. Ono causo of tho
dullness of tiie market Is the neutral embargo, which, It was reported from Wash
ington, would probably continue Arm for tho rest of tho jear. Discussion con
tinued relative to tho negotiations by Sweden and Holland amonir tho alleged
noutral countiles The latest reports indicated that tho war trade board would
await ironclad guarantees befoie proceeding with rationing of tho neutrals. Tho
icvv holds that there will be no modification whatever of tho embargo on any
country that persists in supplying Germany directly or indirectly with Its prod
ucts or importations from this country. Meanwhile, both Sweden nnd Holland
continue to present statistics at Washington reviewing their past imports from
and eports to both Great Rritaln and Germany.
Action of the Oil Slocks "-
After sharp declines oil securities showed a marked disposition toward recovery-
late in the week. Tho softncs In the oil market was similar to that In
tho other trading groups and was featured by considerable liquidation. It might
bo said that this is the first tlmo since tho tecovery following tho outbreak of
tho Huropean war that oil stocks havo been offered at sacrifices in considerable
amounts. However in both Standard Oil and independent oil issues tho invest
ing public was quick to see bargain opportunities and tho issues were in demand
at their low prices. Recoveries wore largo, but prices nro still much below
recent lovels It mav bo said, however, that the strength of tho present oil
situation is overbalancing uncertainties of taxation and Government contrbl. Tho
weakness in oils, ns in tho case of other classes of securities, is also traccablo
to the withdrawal of funds for tho second Liberty Loan.
September plpo line runs in the mldcontlnent fields of Oklahoma and Kan
sas show a substantial Increase In production, and tho drain on oil stocks was
loss pronounced than In previous months It is believed that October production
will set a new high record, and this is doing something to relievo tho present
situation of a laiger consumption than output. In California, whero tho oil
scarcity has been most pronounced, September production showed a slight in
crease over August, amounting to approximately 3000 barrels a day. Tho Sep
tember output averaged 274.635 barrels a day, compared with average daily ship
ments of 295,351 barrels. The excels of shipments over output resulted in a
dmenso in stocks between September 1 and October 1 of CC1.47C bands to
34.G5G 007 barrels. Shipments from tho fields In September aggregated S.SOO C"0
barrels. Theio wero completed during the month In California sixty-six welh
which gave an Initial daily outturn of 9964 bairoUi.
Strength of Marine Stocks
Tho stiength nnd activity in the shares of tho International Mercantilo
Marino Company during the last few dajs has nttiactod consldeiablo nttention
in financial circles, and has resulted in somo speculation as to tho significant
of tho move. Whllo it is impossible to obtain nny direct olllcial information, the
impression obtains that developments of an important character are now pend
ing and may crsta!lizo to tho extent of permitting an announcement within tho
next week or ten dajs. It will be iccalled that the maiine company has more
than ISO per share of pieferred dividends In arrears, and somo maintain that
it would not bo surprising if action wete taken by the board at an early dot
to wipo out a part, at leasts of this obligation.
Tho commandeering of American shipping by tho United States Government
will havo no important bearing on the affairs of tho Marino company, because
only a small part of its fleet plys under American registry. The earnings of tho
Marine company, as is well known, are very largely in excess of tho dividend
now being paid on tho preferred stock and tho issue is now regarded by those
in close touch with tho situation as a permanent 6 per cent payer.
Entire Country's Assets Consolidated
That the Administration has In mind the full mobilization of the financial
strength of the country is not open to question. The President's call for the
participation of the State banks and trust companies in tho Tederal Reserve
system Is merely a hint. Hut in effect it is a demand which unquestionably
will bo respected as a wartime measure of necessity. It means that the bank
ing resources of the State institutions, aggregating somo $12,000,000,000, aro
to bo added to those of the national banking system, and It means that virtually
all the gold of tho country is to be placed under the supervision of tho Federal
Reserve Board
Within the last three weekarsomo of the largest trust companies In New
York, Philadelphia and other important cities havo voluntarily applied and
been admitted. Up to the close of last week resources of State institutions In
the reserve sjstem weio more than doubled, rising from about $1,200,000,000 to
somothlng in excess of $2,600,000,000. Tho applications of these largo trust
companies and State .banks may hardly be regarded as results of Independent
or local action. They wero merely preliminary moves In the general trend of
banking Institutions to the Fcdernl Reserve system.
This is a feature of particular significance at this juncture. The distri
bution of what is expected to be a $4,000,000,000 loan, following as it does within
four months the successful sale of a $2,000,000,000 loan, Is a huge undertaking.
The present offering, it Will be recalled, is for a minimum of $3,000,000,000, the
Secretary of the Tieasury reserving the( right to make allotments to the extent
of one-half of any oversubscription. The figure that Is most generally In the
minda of Wall street Just now is that the current offering, to bo considered a
success, must lecelyo proposals for at least $5,000,000,000, which would mean an
oversubscription q $2,000,000,000, nnd thus call for the distribution of n loan of
$4,000,000,000. On this basis our Government will have received for war funds,
aside from taxation, the huge sum of $6,000,000,000 during tho closing six months'
of 1917, speaking broadly This Is a sum so stupendous that it could n6t havo
been derived oven primarily from the uninvested savings of our people. Hence
there is no reason to marvel at the extent of the liquidation of Investments which
Is Kit'ntf on (rreshjtlbly week in and week out.
li eiti
n
New York Stock Sales
High
Alaska Gold Mines t
Alaska Juneau . 3K,
Allls-Chalmei) Co. 2.1 Vi
Am Deet Sugar .. 7.1
Am Can u
Am Car & Tdy Co no
Am Int Corp SUVA
Am Illdo & Lentil li
do prof r.3
Am I.lnsccd 24
Am Loco novi
Am Malt iV4
do pref din,
Am Smelling ... kjV4
Am Sum Toll .... ro
Am Steel Tdry . . mvs,
Amor Sugar .... lon
Am Tel ci Tel IIV4
Amer Tobacco ...tun
Amer Wool ... . 4114
Am Zinc .1 Lead . lfti
do piof soi
Anaconda 0"i
Atihlson . . . 04'.
Atlantic G & XV 1..107
Urildw In Loco .... ill1)!
llaltlmoro ,. Ohio, oh
llatopllas Minim?.. 1 1,
Pith Steel hh
do II 871',
do prof t c iii
llrook Rap Trnn .. fi
Hums Uro3 ion
Uutte . Sup C.... 19V4
Cal Petrol 34
do pref 30 V4
Canndlan rnclflo ill
Central Leather . . 7S
do pref in
Ccrro de Pasco ... 3i
flnntller Motors . -,i
Chcs & Ohio . . f.jiA
Chi Or West si;
do pref 2114
Chi M cl St P ... t'lij
do pref out,
Chi R. Northwest .101
Chi It I ci Pao t c i.
do G p c pf t 0.. !')
Chill Copper tit,
Chlno Con Copper 111,
Col Kuel & Iron .. 411
Col Gas cl RIec... 31
Consol (Lis iij
Corn Prod 30
do pref 1
Cruclblo Steel .... fl'ivi
Cuba Cane Sugar. 30
do prof mi
Del .t Hudson ....lns'i
liome Mines .... fi'ji
lUMlllers' Secur .. 411
Rrlo iijij,
do 1st pref . . . 2s',i
do 2d pref . . . .
Oaston-Wllllams. . :n
General i:irc .... 138V.
.General Motors .. 7'i
Gt Northern pref. inn'i
Gt North nio subs J!) 's
Greene Con Cop . 314
Inspiration Copper IS
lnt-Cons Cor pref. Sn'j,
Int Mor Marino . 27T!
do prof iin'4
Intornt Paper . . . 2S'j
Int Nickel 33
Kellv Sprlngflold . 43'4
Kcnnccntt Copper. 31
Lack Slnel 83',',
Lehigh Vnllov . ffO)i
Leo Rub & Tire . 10
Alex Pcttol . . 87 Vi
Miami Con Copper 31"
Minn & St L now. 12
M S P ci S St M.. !)".
Mlilvato 47t
Mo Kan & Tex . Rt.
Missouri Pao . 2S
do pref inyi
Mont Power . ..74
'ai Acme 3in,4
Nat Con & Cable. . 2I',
Nat Rnam fi Stpd. 4 Pi
Nevada Con Cop. 18 U
N Y Air Ilrako.. .11.1
New York Central 7 Hi
N V N II & H . 2Pi
Norfolk i Went.. 107 U
Northern Pacific . '17
Ohio Gas 40'4
Ontario Silver ... C''4
Pacific Mai! 2iP,,
Penn R II . . Bu?
Pen Gas A: C . 40Vi
Pitt j .1 West 20 1
Pitts Co.il 17Vi
Pressed Steel Car B8
Pullmin Pal Car.IIUij
Ry Steel Spring . 13 V4
Ray Con Copper 23i
Reading 77 Vi
Rep lion & Steel, mq'i
do pref !K"i
st I, a p i7',i
Seaboard A I, . . loVj
do pref . . 2 Hi
Savage Arms ... fid
Shattuck Ariz Jii
Sloss-ShMff St & Ir II
Southern Pacific . Oil
Sinclair Oil . . 3
Southern It It 28Vi
do pref . . . flJTi
Sup Steel . . 3S
StudebakT .... 43
Tcnn 1 'op & Ch w 1 13-H
Texas Company . Il'i'j
Tobacco Products r.l Vi
Union Pacific ..UP
do pref . . . 75 Vi
Unit Alloy Steel . 11
Unit Paper Board 20
Unit Cigar Stores art'..
United Prult 12(1
Unit IVvy Inv ... 7'i
U S Ind Alcohol. 118
U S Rubber ... 53
U S Smelt i Ref SIVi
U S Steel 107
Utah Copper ... 8 in
Utih Sec Corp . . IS!',
Va Car Chem ... 3!
Wabash )
do pref A 14
do prof II 23
West Union Tel. . 8!J'i
WeMlnghouse Mfg 41V4
Woith Tump & M 31Vi
Wheel &LK
do ctfs
Wilson ....
Willys-Overland.
Wis Central . . .
mi
no
7
24
4(ii
I.W
3V4
2 Tii
24V4
7 4 IS,
40
07
58
12
53111
24
58 Vi
15V4
niU
Stir,
58 Vi
03Vi
loiTs
in
187
43
IBVj
43Vi
114 i
IIIIO4
58
37K.
P. A
HH
H-.'.A
0!)
57
!iVi
1
11
39
lnn
inn
in;
33
7J
5 J
8V4
23i
1HH
.1111
32
J0V4
in
pi
SO
3tTi
II 0
2904
HI
(17"1
28 li
HO
11)1
8 Vh
3D
10'i
2H
331',
kis-j,
!."
100
28",
38
II '.A
.-,(!,
2fl
8!
33A
Hl
.11
lrt
81
31
12
OS
inn
(Hi
27Ti
191',
74
snvi
21
I3T!.
18
121
73T,
28Vi
107
tld'i
3!Vi
2.'.
5(1
4flVi
211
KIT!
58
null.
42
22 n
71',i
7'l
08
l'JVi
lO'd
21
(l-i
20
MVh
8!)
31
27T,
(I2',i
37 n
.hh y,
I1'
1111
5n
123 V,
7Tj
mi
211
'- Vt
121
7Vi
117 ',
80
5'1'i
linn
8 IH,
1 .1 VI
32
HT
MV4
23
su'i
4jy,
31V
10 Vi
21Th
57 Vi
2in
40Vi
Net
Close chit
4 V4
3VA
82
75 14
42V4 1V4
mm m
58 14
12
53ni "i
24
50 n
1.1 n
01 Vi
8874
50
m
114
lVi
74
on n
1(1(1 n
11.114 Oi
189 2
I3V4
11V4 Vi
40 n
OPt'i 114
UP4
10114 1
tV4 P4
68
Hi
88
8(1
V4
1
1V4
100 Ts
n
1
57
100
1V4 -f
1414 14
30 Vi 1
11(1
7774 1V.I
10J 1
n-JVi n
-' n
52 i
814 14
2'1'4
1'iVi 1
93V4 IT,
1M
224
4 9 14
3
n
inn
4IV4 1
411
37
l
3 1 14
111
9 '4
30
HO
102 V,
8'4
3 IT,
lll'i
2H
o
37
138T,
1
-rl'.i
Htt
A
'4
14
i
1)3 P,
1l
2-1 n m
3 8 14 14
I (IV.
0i
27 n
HOI
21 Vi
310i
131'.
11
9i
Vi
V,
31 1
8"1i 1'4
r,oi
10
87
31
13
111
17 V,
5K.
4
'4
Vi
1
Vi
V4
Vi
VI
28
IUV
:44 1
nn 14
31
4 4
18
121
71
28'i
1H7
117 IJ4
KH4 'a
51, 14
81 Vi
5074
4l!i Vi
31!
47V4
58
1 lo4
U'j
2') Vi
2
4-1
4
n
T4
JOTd 1
811
UHVl Vi
mi n
in vi
sin n
m
S -r C4
It T
00 1
37 y.
8H,s
-
37Th -I-
S 2
13 ..
119
5(1
121
4Vi
'h
1 Vi
J 114
1 1 14
21)
00
121
7V4
n
l'i
'Vi
117 214
39 111
nvi V
-Ml,
2J,
10(11
8.1
11 Vi
3.'
8
41
21
89 i
41V4
3Pj
10
211s ..
His
24
40n ..
V4
V4
Totnl snlc. 100.50.) slinrcs, compared with
1)07 5(S) shiircs jresterd u j thus fur this week,
4.(17(1,700 hlinrcH.
Local Bid and Asked
Today
American Stores ....
Iirlll IJQI
Hurt & Muni t c
lo preferred
H.-iMwin
r.Uclrli KtoruK . ..
l.cntml Asphilt
do preferred
ICestono Telephone.
dote .
Lake Superior Corp
Lehigh Navigation .
Lehigh Valley ..
Pennsylvania
Philadelphia Klectrlo
Philadelphia Co . . .
do U 11 c pref . . .
Phlla II T t c . ..
Reading
lonoptih llelmont ..
Tonopah Mlnini; ....
Union Traction . . . ,
II O I
(T H Hteel
iork Railway
do pref
IVm Cratnp & Sons .
Hid
J i
l-
. 51
4S
. Ill
: $!
u
. I.J
1 i
nsvi
. r.
r.o
5IIS
: sT
.
7SJ
.lu4
. UV4
.. 34
.. 77
. Ycsterdiy
Aslt Hid Ask
SI .12 34
10 15 2(1
57 51 57
Ml 18 fO
ill '4 r,7 r,74
54 B1H 62 (J
IS 18 10
00 5S (II)
11 11 11",
(.1 112 (14
144 1 IJ, 14'i
1.0 ligUJ 01)
1 l ,Ml' 5'l,
5t MlS 51
51 r.()I Cl
27'; 2IIH 211s,
3ll II 3(1
27 27 271,
77 7 114 711
4 .Ml 4
5'i 5 5?.
! 41'S 42
73. 7J4 7.1
10IIV, 10.1 10V1
11 I) 10
30 34 30
70 7014 78
LOfAL MINING STOCKS
TONOPAII STOCKS
Hid
Jim Duller 7u
MacNamara 2u
Midway 10
Mispah Uxtenslon utl
Montana 15
Northern Star 4o
lltscue Rula ,5
West Und ... . es
QOI.DFIELU STOCKS
Atlanta .... .OS "
lllue Dull .1 01
llooth ... 03
Diamondfleld 11 11 .. ..... .. ,nj
Daisy 02
Kewanaa . 1 ,, .07
Oro . 01
Sandstorm Kendall -ui
bllvcr Pick ..,. , 10
f"CBLIANKOUfl
Arlxons. United . , 20
Nevada Wonder -.,.. 1 jj
Tecopa, Mlnlnr .y.,j ,. . ,23
Sales in Philadelphia
12I Alliance Ins 20V4
4 Am dun . 100
Am Hujs pf .
200 Anncondi 0114
200 Baldwin l.oc 00V4
.1 Cambria St tlfl
50 Chill Copper 1(1 '4
IOC M & St P 4Da
31 lllec StoraBe 53
21Uen Asphalt 18
14 do pref... 68
84(1 1.k Hup Corp 11
30 Lehigh Nav. fill
13 I.oh Vallev . 507-
.100 .ev cons . .
Xorth 1'cnni
511 Penna It 11
20 J'hlla Co
cum pref
100 Phlla nice ..
HOOP It T t c .
21IleadlnK) ...
USTonopih Pel
675 Tonopah Mln
47 Union Trac .
400 V a I
731 IT S Steel.
West Coal
BO W Cramp
18
61
3114
27
87
77
4
6Vi
. 12
. 7214
100V4
77
Low
30V1
100
oi4
oovi
no
inn
4D14
52
18
5H
II
8 V4
61)
18
60
31i
204
27
70
311
5' 4
42
72 14
101
77
Close
2014
100
t88
0IV4
(1014
110
10V4
41) V4
.11
18
68
mi
08 Vi
691
18
IH7V1
61
S1T4
37
27
77
311
6Vi
42
72'4
lonvi
t7fl
7
Net
chge
VA
IVi
314
0
H
1
1
V4
V4
7fc
n
fin
1
-I V4
tQuotatlon Klven Is cstcrda's close
Tntnl sales, 6187 shares, compnreil llh 12.
801 shares jc-.tcnl thus for this cek, 01,715
shnrcH.
nrM)S
liixn
2ooo i:ie i r Tr i 7 in
10450 Lib Ponds. '00.70
2000 Penn Co tern
cts 4'4s 92
8000 Phil i:i IstCs 08
3001) Itpiul pen 4s 89
11)000 L'n Ity tc 1 734
Tntnl mles. S37.010, rmnpnrcil nllli S01. 100
viHterdivi thus lur tills neck, M11.H10.
INACTIVE rHILA. STOCKS
rollnvvhiR aro quotations for Itmctlvo
stoclis lltcd on the Phlladclnhll Stock K"c
change nnd In which there wero no transac
tions todav Tho prlco given Is the list
ii cv I6us c ose.
) Net
1 ow- Close rhBC.
7P4 74n ..
00.50 09.54 .10
02 92 V4
97V4 " V4
8') 8')
734 7314 '4
Am Gas War... 1'4
Amer Mill 'i
Ainer Stores . . .IT'S
Aiwr Stares oref 112
Drill JO . .. .211
Hurt n susa t c . rn
Hun & fcuna. pf . 6S
Cum Mill . .liu
Cnns Inn .. H'4
( ons Trno N J. . 71
Ins Co nf N A . 2(1
kimiiini- lele ll'i
Ke stone Tel prrf (11
I.eli Ml Tran.... 2714
r.eh Volley Tr pf. 41
Lit tiros 24",
Little schujIRiu. rn
Mlnehlll
l'etina Silt . .
V It T
1'hlla Co ...
Phlla Trnet . .
ln Cos ot N J
Warwick Iron ..(
IV Jer . H1-1 .
lork Ilws
York Ilwy if . .
I'i
!'J
2d
311
20T1
n
47
11
33
New York Bond Sales
(Sionn AiiBlo-Trench 5s
null) Aim r llldo & I. O
7IUH1 Amer Sin. It & Ret 5s
Tono Am r T.l 5s
KKiil Amir Writ Pap 6s
LHIllI Atihlson (.en Is
noun Halt to Uiio 34s .
luoi) tin 4s
3111111 du rvt 44r ..
noun llrkn Hp 'ir 5s 1918
linnn iiordenux us . ...
mm) Can Oot r, 1021 . .
liu i) do r,s lint
liioon Cent Leather 1st 6s..
lVinil Chill Copper 7s
liKin Chis & Ohio ct Bs
211110 fill Ot West Is
1,111111 Chi II Si O Iflnt 4s
6(100 C M ( HI V Ben 4s 25s 82
20(10 do rfd I'is
Knno City of Purls Us
(.000 Con Oss rt (.s
lonn nis Scrur Corp 5s
1000 IJrln cvt 4s 8er H
5(10(1 do cvt 4s her 1)
Mmo Prench Repub S"i s
loon Indlsni SKi 1 Is
l(Mii) Int-rh Met 1'bs
1 0100 Jnterh 11 T ref 5s
2000 Inlr Mer Mar lis
Ulllll LIB A 11 1 Is
moo I nrlllnrd 7s
IS'XIOOlM.llHrlt llond 3is
.i.'l Msrsellles t,s
inno Minn & M L Is
7(1011 Mo Tic IV I. us 102(1
',7'on do inn. 4s ... .
.non Nat Tul r.s .
noon v V 1; 1 II Cs
11100 V Y Clfv 414 s men
1000 N Y N It i. II cvt 3's
jnno do r.s
11O0O Nor Pa Is
2000 do vv 6s
21 no P-ulflo (Ins 6s
110O0 Henna Ben ct 4V4s .
loon 1, re Marquette 6s
inonn 5t 1. H S P njt
looon do In
liiHio iln Ser A
l.lllll) Risihonrd A L Stl Is
11O0O botltll l'ac cv 4s . .
12000 do V Bs
1000 do rfd 4s
18000 South llwy cm 4s
BOOK do Bs . .
230OD T. xas ( o lis .
mini Tiiirn Ave -is
Gsono
30110
Boon
4100
2111110
7oon
l'IMKI
:iiuti
! H lltllilirr
I' H Hte, 1 "l T Bs
Cnlon Pie 1st 4s
P K of O II &, I 5s
do :.4 mis .
do fiijs 1019
do V4s new 1010
do 1'Ji I2l
lllah Low Close
, 111 Dls Pi's
, ii'iij H'l'a l")ij
h'l s 1 S'i
. un in.'i in.8
M St M
, h(l KIT, Ml
111) Oil 00
81 81 bl
, 82 (-2 S2,
, U7 UO's 1)7
m' ')'s s'i'4
01 in in
Ul'i tll'i Dl'i
m iii' tii
ini4 10P1 mi'i
7n1s "n's i'i's
02'4 ii2'j rih
01 Ill's Ill's
1 82 82 S2
72's 72li 72U
111)1 1 DO'S DO's
KIP, 101 101
71 75's 71'
4T,', 41'i 41's
61 r.its 51
io' no's U(.'4
H7'a H7'4 11714
67 67 57
HI', 81', SITs
8!) 80 hi
on'4 nii'4 (i'i'4
111 111 114
! 72 O'l 10 I)') 72
80 SO', M)'s
44'4 44H 4l'i
M's Ml', R'l's
1054 60 BOS
IISH OSI, DO.
075s !7'i 07'S
IIS OS US
1 12 52 62
81 81 81
R4H M's Kill
R7U 87'i 87'i
M 81 81
112', HJ'. 021i
M( 82 82'4
111 '4 01 '4 (11 '3
41J. 41, lis,
r.s4 r.s'I 5s;
72'i 72'i 72't
81s 81s hljj
!l I'i Ill's 111",
Sllj RIU 81'4
01 djlj (, 1
lit 114 01
inoi-4 ion's lni'l
fill, iii, ri
Kls R1'4 Ris
H)ls nil nil
nos on5! nns
osJ, osA ns
!l!l O'lU inU
in ni'4 ()1'5
084 1IS5 0H
111 A II1A, (11,
lU'S U2'b 2'4
2000 Va Hu8 5s
Tnlnl Mies, 82.111,000 rcnipireil vilth
K1 412 OSfl jcvtenlnv 1 thus for this week, PJ'J,-0(19.08(1.
INACTIVE NEW YOKK STOCKS
rnllovlng are quotations for Inactive
New YorU stocks and In which thero were
no transactions today Tho prlco Riven ii
the last prci ious sale
A 11 S f 1 cirs in- Mn---!-i n.,fi, 1
A II S S- 1 Prsf "J Max Motor 1st pf 1111
Adams Lprn ''"', Mat Motor 2d pf 20
A5rr 0 KKsA,s
Mti Slnret 7 Ms, Petrol pref.. 01
S ooteS Pret Ml 4 JJ Kon l T pref '0.5
" 7a
41 VJ
Am ABrCIitm
Am Aur -ro ' , -
Am VaV "Vi" rins
Am Its r' ' , -Am
l-o pref .
Am Linseed pref 1 s
An rtmclt pref lis
Am Hilielf pref A .'s
Am hmelt H '"
n. wrv,', ''i
.... Sumatra pt .'
"'" .c.is. UIK ' .
Am T . T1J' ';- N' Y C (. St Is. 21
Am Tolnc pi -," s,i N Y liorK ,,ii
Am Wf1. Vs? Pf 52 N' Y O t IV . . . . 2014
A.so Ull ,lfrtJ .rf i Wetft prcf 5n
Atehlsin P".,," ,3 North Amer . . po
All ."," 1.1 51) .,.;" .i'" Sll .
m, ";'i ,', j.--.
M rrls & l'ssev 1U'4
V.irrls nssex pf tll
Mil inneuil 11, A
N it lllsrult pref 114
N'at Cloak Suit (11
Nst ('lit . Kt pf nil
Vat Hum ti Ftp pf 111
National Lead 17
Nat lead irpf .jon
V O In I Mex 22
N'nrth Amer . . Mi
Nt HIl Mex 1st Pf 411
Nt It n Mex pref 40
t iui ilex Jd pf -,ov.
A sic
.81
.25
.12
.OS
18
.OS
.17
.72
,09
.02
.01
,03
01
08
.02
.02
13
.25
1 87
Atl liun ' .- " r,i. "nil 1 uei , I-,
Ilald Loco pref " J Ohio Ons rts ... n
1 a t 4 Ohio Pjef 01 1 Owens Ilottle .'." J,'!
lurrett Co prsf 1"" I an-Am ivt pVef u
llarrett C . "- Pan Vm Pot prior
lleth bteel pref 81 pre. ct ,?or M
leth rjieel rts ,,'.' c c A t I. .;
Hrkn Un 08 ,, l'eo & Rasi 77'
1'prS Mllm nr.l o
f.-.. . 03
31 '4
! I So 1st Pref rn
r... T.itf o . .-.. ;.:- -...u.t ,-,.
,?' i, . c ArrW pref 0114
U., i. u" '"""I Prof 81
lai "v. "". -u
"' J'T.l
mi 7 ";i
Ihlla f'r.
'lerre-Arrow
.i,i jr Alio" .
tt,i Alton P -y i ins West nref -7
stpohSinnre?fi:i
com -"" , 1H2V4 .,""" -Motor in
Co,-.rai-,S ins M 2 v Illco s .. 207
r.y.'lbim Susar 170 Hear. ICoeljuck pf. ij,
i-u'" 1 -. nif di I"- iniiiiaru Mill Zr
Bis y, V p;or.. $'
J.'. "i.7nr nat 27.7? -"'y"ver
Lieu .-,,, ., J.n-I -r o rts
Oener' V'rref p-r, i . rno -Cen
Clsor PJ", 7R Third Ave
'""'llWl' "-' Tldevvatir8 oil
fjoodrlch 11 , f 1(, Tobacco Prorl
yoVinlne"...?-! T St I. Ir$
OrwWM.Wf'-.YlOT. T." J.-?'..-.- T's'
85 Slates' W.. 90V4 THE V JK
Pf
1.1
lOH
IB?
101,
!05
8114
885i
int Airlcul . i7ii unilerl Druo no
La tirio ...
h!S MlT'prf iW-ffi- 5"
-.una- mi v 02
1 .riilard V e- A0
87 H
I'i
-.' '. :""Vx-.,.-. 110
t HI 1 Bil Pf
llmkay .- 7J
Mar kay Cos pref H
Munlisttan i...,.!"3
West Md 24 pf.. Zip
west rue i( . jjij
-iiisi Motors 40
Willys-Ovsr , h5
VViUion Co pf . I0s
Woolworth .. Jihl
PHILADELPHIA STOCKS STRONG
DESPITE LIGHT tIirN-QVER J
Principal Issues Gain SubstantiallyOver Last Night'
Close, Although Trading Is Reduced to a Minimum
Bonds' Develop Strength
Cnmlirln Stool Ecored tho heaviest ndvnnce
In a session of unusual strength on tho
Philadelphia Stock Uxchango On a single
transaction that stock leaned C points to
11C Ha'dwln Locomotlvo was not fnr be
hind, 200 Rlinres selling nt C04, nn ndvanco
of 3Ta. Although trading was light, tho
market had the best tone In weeks, nnd
tho nhllltv to close tho week so strong nfter
the disastrous beginning nnd earlier futllo
attempts to rout tho bears wns looked upon.
. .. . .. ,.., ., ........... ti,..,'
ny many us an iiiuicuuun ol uii upiuiu umi
will continue
Tor the first tlmo In many days United
States Steel common was displaced from
the head of the list ns the most actlvo stock
P. 11 T certlllcates sold to the extent of
1400 shares, mostly at 27 n, .
27 H. a healthy increase ' ,nl,,r ,
low mark of 22 v. t Di. t. ,ne iert'i
M. to 14 u on thtturZV'or'S'i'o
whllo Steol showed nr. mlvnL 0 Bhrv
1064 on a total of 715 Ch,ll Cnn' l"
active, COO shares selling on U P,Mr
General Asphalt at 18, 0t u ,J, UM
NaMsatlon at G8I4, off u, Vers, (vUh,l
Issues closing with a minus s h i' otl'
scored heavily nt 77 an ndvnle .""l
Tho bond market Z ?2lrittKW'
crty Bonds sold off 10 at 09 so '. ""
09 B9 Tho ssnrl of tho" "k 'lF -market
In a much better position X
has been In somo time iv llh nt?m,.hn "
cldedly Imnroved nn,t , ' ....M.nUmM js.
-ing "UUO0K ncottn,.
TRADING IS HEAVY
ON CURB MARKET
Unusually Large Transactions,
With Stocks Advancing to
New High Records
raw Tome, Oct 20
Ono of tho strongest features on tho
Hioad Street Curb in this morning's trad
ing was Inter I.ubo Chemical stock which
advanced from 3' J to 3i;. a new high rec
ord, on unusunlly largo transactions This
movement was based partl on tho an
nouncement of largo pui chases of the com
pany s product by tho Trench Government.
There wns heavy trading, too In Wright
Martin Air Craft at SSsiffgis, but Curtlss
Acroplano was neglected.
Cities Servlco was steadv, with sales nt
217 and 218, and tho preferred sold at 78'i
and 78 Submarlno Boat transactions
showed a strong tone, selling at 15i and
15. nnd thero wns a good demand for
Aetna i:ploslves, which wns traded In at
5 and nn- United Motors was fairly ac
tlvo, ranging at 22'4 to 219t
Tho oil stocks maintained a strong tone,
but without much change In price Merritt
sold at 35's to 35i ; Midwest neflnlng nt
110 to 111; Oklahoma nt 7i and 7. nnd
i:ik Basin at 8sa to 8'i
Standard OH Issues were all strong, with
Ango-Amerlcan traded In at 184 to 18.
Ohio Oil nt 320 and 325, Standard Oil of
N'cw York 223 and Standard Oil of New
Jcr-e v 015.
Mining stocks wero quiet. Magma sold
at 44; Big Ledge at 1J to 17J
IMIUSTltl.H.S
. . . md
sir jseuucuon 80
Aetna ;xploslvc3 .1
Am-Brltlsh Mfg n
Am Marconi 2Ts
American Writing Paper 2i
Canadian Car Co 17 '
Can Car .1 Pdy pref.... 17
Charcoal Iron 7
Chevrolet Motors 77
Cr.imp 70
Curtlss Aeroplane 3 14
C.ai vv en Tool 8
Caibon Steel 70
nmerson Phonograph . . fi
Pedcral Oj o 15
Hendoo Mfg 20
Kathodlon Bronzo pref. . Vi
I.ako Torpedo Boat 4
I.chlgh Coal Sales 01
Lima Loco 52
Maxim Munitions
Marlln Arms 00
X Y Shipbuilding 30
'or Amer Pap Pulp.... 24
Otla Klevator 48
Peeiless Motor 10
Poolo Kng 70
P.edden Truck in
Sci Ipps-Iiooth 18
S S Kresgo wl 81
Standard Motors 8
Steel Alloj s fl'i
Submarine 11
St Joseph Lead 17
Todd Shipbuilding 7 7
Triangle Kllm . . . ., Is
t'nlted Pioflt Sharing .. M,
U S Steamship '. 3TB
u'nlted Motois 21
Vnlted Sugar 30
World's rilm
Wright-Martin .Air .... 8
Zlhc Concent 1
Yes rinse.
Ask (Salo)
81
10
:i
i
21
81
8
7!)
7.1
34
7(5
fiVs
10
30
'41
70
51
Vi
08
31
3
52
12
80
11
1)1
')
17
1(1
17Vj
80
1
414
22
31
54
8y,
81
r
3.1 Vi
0'i
8-,
8J'i
1514
17
y
8s
STAMIAK11 Oil. STOCKS
Illinois 200
Ohio " 320
Prairie Plpo . . .. 212
Stand Oil of California .232
Stand Oil of Xew Jersey. 54(1
Stand Oil of Xew York.. 211
2011
31(1
258
238
510
210
iii:i'i:mi:t on, hTocitp
Harnett oil & Gas l'j
Coden & Co 8A
i:ik ll.isln 8
l'cderal Oil 3
Inter Petrol 12Vi
Houston Oil 18
Morrltt Oil
37
Midwest Itcflnlng 140
Met Petrol Vh
Ohio Fuel 10
Oklahoma Ilcflnlng .... 7Vs
Osago Hominy 7'K
Rloe Oil .... v'fc
Sapulpa Beflnlng oil
Soquoj ah ")',
Sinclair 11
United West Oil !
MINING STOCKS
Alaska Standard 10
AthinU 7
Big Ledge -'. . 1
IllHbee Cop (.1 pros)... V
Butto Cop d Z.luc '.. HV
Butte Now Yorl.
Cal &. Jerome 1 Vi
Con Arizona 1
Kmmn Consolidated .... ft
Flist National 2V4
Golddeld Merger 3
Goldfleld Cons 33
Goldflelrt I'lorcnce 12
Goldfleld Kewanas 0
Green Monster ft
Hecla Mining 0ft
Howe Sound AVt
Independenco Lead 0
Jerome Verde 1ft
Jumbo Extension 15
Magnato Copper
McKlnley-Darragh B5
Mngma Copper 42
Mother Lodo 31
Mines Co of America .. IV,
Nevada Hills '12
Nev iida Wonder IV,
Nlplsslng 7Tt
Ohio Copper 1
Bay Hercules 3
Stow art Y
San Toy
Tonopah Extension 2
United Verde si
West End Con 08
Whlto Oaks (bid) 3
Whlto Caps lft
Yerlngton 18
BONDS
Bethlehem 6s 07
COsden OH 6s 80
Cosden & Co 6s , 80
Cudahy Es 04
Russian Govt GHs 00
do 6V&B 70
Southern Hallway 6s ... 0794
Sinclair Oil 6s b:
Todd Shipbuilding 6s ...100
Western Paclnc Es . ... OSM
IRi
814
81i
3
i2y,
1!)
31i
143
1
10
7T's
7Ti
V
10
Ts
17
ft
20
8
iy
8',4
1
II'.
I
iVi
I
31
10
8
a
4i4
8
I'A
18
74
50
41
33
14
17
2
1
SV4
24
83
It
"l
20
077i
83
83
07
03
73
08H
102 .
loon
2.14
1-74
8
3VH
12 Mi
10
31ls
110
1ft
'77;,
7T's
5-32
10
II
IVi
l'4
'
HI
II
2ft
4
34
0
4Ti
IVi
1V6
17
Vm
43
32
8H
1
0-32
14
75
10
07Ti
02
71
Cotton Statistics
NEW YORK. Oct 20 The statistical
position of cotton as made- up by Saturday's
' uiniiwmi VMIUIUI.ID, IB Hfl U.1UWH
T?ts. V..IU1, .uPpffiSittrisV&lU
STEEL TRADE BUSY
ON FEDERAL tVORK .
Interests Are Giving Undivided r
Attention to the Necessi.
ties for War
All Interest In tKeTO Ct !0
to bo centered on G0ernnieenC.0nUM
Whether It bo orders direct from w. t?rlt
ton. or contracts from mnnufacur &
corns having work for the p, g CM
the leading steel trade , Tntew'ta ?HHnW
gilded nttention ,0 11,7,
ntfSSZSXfSg'S nVsWrTU
to bd for regular domIii bellMrt
1 1 ut closer scrutiny $$ oTT
lor.rorls.aSXr'
That the steel Intlustrv of shi. ')
will do moro than its share ,n. C0Um"
situation is stated l,v , e prese" t
authority ,0 spoa c ' The Target "? l
UrtuaUvbmEKCht' RtCCl 'a,;:'
.urrn1,f,ioasTsew.l!erwrri!:
tho United States through th?? w tof
times now nt h.ind th alVcu
It has been agreed between th .1.,
committees on nil branches ani tht w.'
Industries Board at Washing VI .""
output of steel vuStfoToFZ &
bo kept as near capacity ns Is 1 nhvLI?
possible and work on nevv ptanS whkhtw '"
be -used for Increasing the producUon of
products especially needed, sieh a, put, '
etc. Is being rushed as never before.
This is Indicated b the fact that tk.
new 110-Inch nl.ato ,,,1.1 .! J,1?'.
Steel Company at Homestead was ,u U S
a few tns ago In ordinary times tki.
Plant would not be moro thin 63 to 78 nt
cent completed now. considering the tint
spent on construction, hut the abnomul
needs caused extraordinary efforts and re
suited In nu earlier opening than evti
some of the most optimistic had looked for
when the work was started
Steel company otnclals agree with th
vlovvs expressed by Judgo Gary thlt th
additional prices fixed b President Wilson
ns a result of tho agreement between tin
steel committees and the War Industrie
Board aro fair nnd equitable nnd the treat
ment received nt Washington lias created 1 1
firm belief among the leading steel m
that futuro prlco fixing on virtually ever
steel article will he satisfactory
The actlvltv of this country In the eqtlli.
ment market for cars and locomotives tot
used In the countries of tho Allies will brlnr
In some big orders to tho bteel companks '
for vnrlous products necessary for tht
building of tho equipment Naturally when
tho stetl orders arc p accd It will be re
quired that the material Is supplied as soon
as possible
Considerable nttention Is attracted to th
efforts of Japan to purchase big rounds la
this countrj Tho Inquiries have been com
ing to tho steel companies and some in
thorltles are not averse to admitting tht
In their opinion the large rounds will bt
broken down Into slabs nnd rerolled Into
plates If the orders are placed
It i!l be recalled that before the ex
port embargo was placed on steel product!
by President Wilson Japan had large orden
on tho books of somo of tho makers for
steel plates on which It had been aereed
to pay high prices Deliveries of these con
tracts cannot bo mado because of tho ban.
In tho market the onl features are re
ported i-ales of pig Iron to regular con
sumers nt $33 per ton, tho Government
flcd prlco, nnd tho further reductions Is
old material Offerings of scrap continue
laigc, with few takers, except at conces
sions In this connection It IS interesting to know
that nn offer made from tho Pittsburgh dis
trict of 1000 tons of scrap of $30 per ton ,
brought out bids ranging from $25 to M
per ton. nnd that eventually the sale as
mado at $20 or $4 under the offering price.
The same conditions are reported In tM
older scrap -district, although the reces
sions nro not alvvas as large as M v
case recorded .
VOLUME OF BUSINESS
FAVORABLE IN WEST
CHICAGO, Oct. 20 General buslnesl J.
continues to have Its adversities Intense
activity is shown in somo sections wh!1 ?
npathy pievails In others, but probably tht 1
former considerably outweighs the !" 3
ho that on tho whole the situation mar .
bo considered favorablo from the vlevvjioini 1
ot tho Volume handled (
In somo respects the story Is the sam ,
as for several months past with regard w
n,ani,f.nli,rn nn.l illstl lhutlon It 13 POlDlW J
out, however, that not In every fs0.n'1j'j
nrnnt. for the price Ilxing by the Gove's
ment has depreciated the value of ma"1"
or hand 1 he railroad companies still n".
...... - .iiuc.niara.tinn with net earnins
The principal cause of unsettlement " a
one part .of tho country or another I -A
continued effort to adjust ";",.,;
Government vvnr program, and in " ' '
spect business passes still further Into VM
... -. .1.- -. ....ni hv the nroclanv
tion of tho President establishing a Hew" s.
system covering food proaucw, -country
will have to make up IW
that this control will reach all anici
which the Government lias an mi'
its specific purposes ,
now at a point vherea , gratl M :
of abunoance is maicuieu. """ 'v.,!..
Ih urged upon the public by those toWJ
the best knovvJcdgo of tno BU"J",, "- ,
articles whlcn me uovermiii-iiv "' iui
large scale re jet to bo passed "! '"
cs in nriA Amonir them is petrol""
The most trustworthy statements are w
.. . . ... . j t.s ...in rWDress i"'
Doming win oe uoho "" "
Industry. . ... t.ma
ti.. ..,n,..ont nf iprnln from me ""
and country elevators was Talc '"' '
Weather conditions were generally '" .
able for marketing, but the :,0I.fc
ciirs, as well ns cominci.u.. "-,,,. ir
testrlcted deliveries over a consl1,eIf" ill-''
rltory. Recolpta of grain at l'rln,clP tu, ji
trlbutlng centers in the Northwest w"".
fairly liberal, and across the line in .n
the wheat deliveries were large fc 1
imtbo quaniiiies-ui " " :,r,vi, rtl
head df fhe Lakes, owing to thT,,V'K,ruJ
expected to go forward to lower ij 'b,
now that the Uibor difflcultles h",.
ndjusted Corn deliveries continue sn i
and much under the movement 01 j
year ago The frosts, wnno "'""'.s-f
nof calcumled to nve csubsb --
pnrniirf osvi"(iv iu iissm fciviii.
"i$
U t . '
, llni.lHitthtN. , 1
.