iPT, T t
v
'EVENING XEPOEErtr'HILADBLPHIA, THUKSDAY, 6CTOBEfe 25, 1917
-V
FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK MARKET QUOTATIONS
v
MANY OF US
mre
UTTERLY disappointed
I BECAUSE UNAVOIDABLE
i I , CIRCUMSTANCES
KEEP US FROM GOING TO
THE FRONT
i WITH OUR FRIENDS.
WE SHALL LOSE
SOME OF THAT FEELING
F NOT DOING OUR DUTY
IT WE DO ALL THAT WE CAN
'. DO. AND PUT EVERY
AVAILABLE DOLLAR INTO
THE 2ND LIBERTY LOAN.
BE ILLY, BROCK & COMPANY
A Comparison of
First & Second
Liberty Loans
Send for Special Circular Z5i2.
Bonbright & Company
WORntS W1STAR, STROUD. Jr.
v Manager
437 Chestnut St, Philadelphia
' New Tork Roston Chlcaio
London Paris Detroit
Service
Day and Night
You may wish to sub
scribe for the LIBERTY
BONDS after banking
hours ; we are open
every evening until
ELEVEN O'CLOCK.
The Colonial Trust Co.
"Market' at Thirteenth St.
"Rock Bottom"
Is the great wave of liquidation
tn the security of markets now oer,
ibr' nearlnir Its end? Hae prices
Jjow reached, or nearly reached,
"rock bottom"?
These and allied questions are
definitely answered In our Weekly
Review of October 18th Send for
a. copy of letter No. 238 while the
extra supply lasts,
MOODY'S INVESTORS SERVICE
John Moody, Pres.
M Nassau St. Tel 3173-4 Cort New York.
FOUM1KD 1883
Th Provident
life and Truit Company of Philadelphia
oin mm think "the present" and ite income
fill oo on forever. There Is a time when an
ndorcment Polieu mtoht be the ontu wolf Killer.
FOURTH AND CHESTNUT STREETS
Suppose you buy
100 Shares
of Stock
What becomes of your order
after you give it to your broker?
The handling of this order is
n interesting process with
several elementary steps that
you should know,
"The Course of an Order"
is the title of a booklet that tells
in an interesting way the course
of your order to buy or sell
stock from the time you give
jt until it is executed. Send for
booklet 881-T.U.
JONES & BAKER
STOCK BROKERS
WWener Bldg., Philadelphia
Bell, Walnut 1600.
Keystone. Race 2200
"New York Uoaton
Chicago I'lttubursh
I- plrecl Frftale Wires
fwu- -
JOHES A BAKER.
tyldntr Blda., Philadelphia. Pa,
i Vmi rnsv Hnl mat i.met l.i.ii
....v a..v aTUUt LMJUstfCl
1-T U.
STOCKS.ADVANCE EARLY IN NEW
YORK, BUT DECLINE AFTER MIDDAY
Speculative Interests in Wall Street Are Per
plexed Over Action of Market Railroads,
Industrials and Marine Shares Suffer
High Points in Todag's Financial News
Xcarly everything sold tower at the close on the .Veio York Stock Exchange,
following advances early In the day. Xcio Liberty llonds were tiaded In for the
first time on the Curb, sclltna at par. Com was higher and cotton lower. Jiul
ncss In foreign exchange was limited. Standard Sanitary Manufacturing Com
pany declared an extra dividend of t per cent on the common stock, liar silver
jirlccs were unchanged in Xcw York and London
SCW YORK, Oct, 25.
The speculative Interests In Wall street were perplexed at the action of to
day's stock market In view of the assured success of the new Liberty Loan.
There were many Incentives for buying stocks nt the opening and a good deal
of confidence prevailed about the market outlook during the first hour when the
way seemed cleur fot a continued upwind movement, but stocks wore supplied
fiom some concealed source, and In the last half of the day the list was gen
erally unsettled, with rrlces breaking sharply.
Declines of 3 to S points were numerous, including railroad stocks, Indus
trials and the marine Issues. Probably most disappointment was ejtperlenccd
oxer the action of the shipping stocks Marine preferred, which had sold In the
forenoon nt aboe 94, with a. sharp break to 89 In the late trading, and a similar
decline occurred In Atlantic, Gulf and West Indies, which, nftcr ndanclng to 109,
dropped about G points. It was assumed that the recession In Marine preferred
was due to uncertainty over the directors' nction on the accrued dividends.
Canadian Pacific was a puzzle which the Street could not solve. After open
ing at 149',i. It dropped to below 144, only n thin market being met on the way
down. Union Pacific moved In the same waj, ranging from 119'4 to 1161s. It
had been said thut German holders were sellers of this stock, but today attention
was attracted to the low prices at which costly assets of the company are now
traded, New Yoik Central being taken as a special Instance. St. Paul dropped
about 2 points, selling at the new low record of 44 .
The steel stocks also showed strength In the first half of the da, but the
demand was quickly filled and the advance turned Into, a decline In the late
trading.
Most Intel est In the bond crowd was attached to the trading In the Liberty
Loan, which sold In large blocks at prices ranging from 99 80 to 99.84.
Pittsburgh Steel a Romance of Trade
The career of the Pittsburgh Steel Company In the last few e.us constitutes
one of the most romantic chapters in the history of the trade. In 1914 It
operated at a deficit, In 1915 It earned $1.75 a share for its stock; in 1916 about
$55 a share, and last fiscal year, with full allowance for the war tax, returned a
balance for the Junior shares of more than J101 a share. The preferred stock,
selling to yield about 7 per cent, obvlouslv has been overlooked. An Interesting
feature of the annual report Is that the amount tied up in Inventory at the end
of the ear was $12,462,000, as against a total surplus of $13,191,000.
Movements of the French municipals the Paris, Bordeaux, Lvons and Mar
seilles 6s will be watched with great interest during the next few weeks, as
they should Indicate rather clearly whether the liquidation has subsided. The
underwriting syndicate expires November 1, and It Is understood the unsold
balance will be distributed among the members. Of Importance technically and
otherwise is the amount of helling that has occurred In anticipation of the dis
tribution If it has been completed the bonds may be expected to improve. Last
spring the bonds were quoted to Ie!d about 7 per cent and now are on a 12
per cent basis, with all except the Paris 6s below 90. The movements of these
bonds have at times been closely associated with the progress of the war and
the alleged peace negotiations. They will be among the first to reflect a genuine
outlook for peace
Between 70 and SO last year there was a heavy distribution of American
Zinc preferred, one of the oddities of the war period a $25 preferred stock that
has most of the requirements and qualifications of a $100 Issue. At 45 the depre
ciation from the high amounts to nearly 50 per cent. The dividend Is being
earned by a considerable margin, but the liquidation Is persistent. Much of It
Is coming from people who thought that at any pi ice below SO American Zinc
preferred was an unusual bargain.
It Is understood the B. I Goodrich Company shortly will enter the market
for capital, this time In the form of a short-term note Issue of $15,000,000. This
will represent a consolidation of bank loans.
Traders are expecting that next week will determine whether the stock
market la to advance or decline. Those interests who have been devoting all
their time to the Liberty Loan will have returned to their normal occupations
and consequently can take a more active interest in the stock market. But will
they? The difficulties of the speculative situation today are not confined to lack
of Interest. The real underlying trouble Is the Inability to secure capital with
which to finance a constructive campaign In securities.
Unlisted Securities Tighten Up
The market for unlisted securities, as well as those tiaded In on the New
York Curb and "over the counter," has tightened up In sympathy with gains
made In the Stock Exchange, but not to the extent witnessed on the big board.
Perhaps the greatest gains have been among the Standard Oil stocks, which
Improved anywhere from 10 to 25 points above their recent low levels.
While frequently action of Standard Oil securities may be accepted as a
barometer to the possible trend elsewhere, the ratio of advance or decline In
these shares is always out of proportion to Issues that enjoy a speculative clientele
In more moderate circumstances.
Mining stocks, the number of which is largest, have tightened up slightly, but
coppers have not been In favor and the silver Issues have stood almost stationary,
notwithstanding reports of, increased earnings, owing to the very high prices for
bar silver that have been prevailing slnco August.
I Nan
I Xiirett
I -Cilv Stale
I
5" Jt DtVIOKMIH
? -V 5
IVANKUN NATIONAL UAXK
iHcvmut bi. neii or Broad
Phllailfltlfiiila i La le-if
Directors hv thU day JtcUrVd a. semi
l BITWim ut vvr rrni UVTfcl If OI
ymbU (Novvamber 1. 1917. to atockholdcra
i ai in cica 01 BiwmcM iciODer 81
J. WM. IfARDT,
Cashier.
04Aft NATIONAL BANK
i-biitdeipnia. October. 23. 10JT.
are inia aay aeciareq a dm-
rtore have thla day declared a dlrl-
MM m rot ). payable Nerember
to aiocKwiaera ok record at ine ciosf
Mbr Sj..
Chtcka will ba mailed.
hum.
Cashier
tMM
CHARLES M. ASHTON,
Caahl
MU-IAt, TK
Palladelphti
flAfc TRUST COMPANY
lladelnhla. October 23. 1017
, ioe-jiwr ottno Hoard of Ulr-clore, new
! i.Vtli1
a?nw- act
a quarterly fttvldtnd ot four (4) per
eV larod un (he capital atock of the
wrn W luertant.
TreeuMftr,,
MONEY-LENDING RATES
N mv 1 0RK Money on call opens I at 4
per cent, high, 4 , low, 3 . last. 4 . closed,
i ; ruling rate. 4 per cent
The time money market was quiet and
unchanged today. Itntes were, sixty davs
55Vj per cent; ninety dajs and four
months. t'iS'-i P" cent, while the trad
ing rate for five and six months was 5Vi
per cent
rilIl.AHKI.riIM Call, 5 per cent; time,
554 per cent Commercial paper, three
to four months. 5U5 Pr. cent; six
months, 5-5 per cent.
FOREIGN EXCHANGE
NI2W YOIUC, Oct 25 The market for
foreign exchanfee In the early dealings to
day wai onl moderatel! active, but tho
changes were on the constructive side
French exchange displayed firmness and
Italian exchange acted better Rubles held
at Wednesday's final figures Otherwise
thre was xery little of Interest.
Quotations were
Demand sterling 4 75ft, cables 4 76,,
slxt-day bills nominally 4 71V4. ninety-day
bills 4 69 Vj
Franc cables 5 76. checks 6 78
Lire cables 7.83, checks 7 84
Swiss cables 4 54. checks 4 56
Guilders cables 43. checks 42
Pesetas cables 23.40, checks 23.30.
Ituble. cables 13i. checks 13&
Stockholm cables 38V1. checks 38
Chrlstlanla cableB 32 '4, checks 32
Copenhagen cables 32, checks 32ii.
BANK CLEARINGS
nank clearlns today compared with corre
.pond.", taftlVr ""me 1 15
I niton .I7fl12T 88 2WM23 31.218
Chlcaso 82.03p.S04 7HJ138 851 80.874. 8S2
Dank of England Statement
LONDON, Oct 25. The weekly state
ment of the Bank of England follows.
Total reserve 32,379,000. decrease 467,
000; circulation 41,609,000, decrease 30,
000; bullion f 55,B39,000, decrease 1406,
000; other securities 90,(35,000, decrease
9,724,000; other deposits 124,244,000, de
crease 7,825,000; public deposljsf 40,055,
000, decrease 2.676,000; Government secu
rities 58.965.000. decrease 266,000.
" The proportion of the bank's reserve! to
liabilities Is now 19.70 per cent, against
18.80 per cent last weak, and compares
with a decline from 23.30 per cent to 23
per cent in this week last year.
New York Railroad to Suspend
K dispatch from Uornell. N. Y., says that
the New York and Pennsylvania Ilallroad,
a road fifty-six miles long running from
Canlsteo to Cerea n New York State, wll
suspend operation on December 1 'The
railroad has reported a deficit each year
since 1908 and It Is understood that labor
trouble and coal ahortage have Interfered
wMh ertln recently. Capital stock 1
ffiTsXM,
-, a - v. -
New York Bond Sales
Hlch I.ou Close
I0MOO Anglo-French it 0J'4 01 02
11100 Amer Hide & V l.s DSH
0000 Amer Kor Sec S . t3'
eOOO Amer S & Ref Cs Kl;
2000 Amer Tel clt 4 834
23000 do .la . . 07
.1(1(111 do cvt 44 a . D.V'i
M0 Amer Writ 1'aner 5s 3
20o Armour Co 4W HO
in.tno Atchlnon sen 4 . HVi
4O0II Halt & Ohio .Tin Kit'?
110(10 do As H1K
1J100 do 4 H1i
3(10(1 Ilronk R T As HUH tins
looixi Hnrdraux Us . .)
50OII Can Oovt Be 1D.M 1)11,
1000 Cnn Oovt 5s 1U31 01S
anon Cent I.enth 1st 5 inVs
4000 Cent nit N J 5s 105
Rono Chea t. Ohio 5s ",
soon do conv 5 an
mnn Chi ft Alton aVi snvt
2."non c H ft Q joint 4s (H
2000 do III 34 a 7(1
2000 do HI 4a 8flV
soon c xt ft st P Ben 4s 25i n
lnon do rfd 4Ha 11
2non do conv fts 1S
1000 dn Ken 4H RllU
soon r it i ft p 4s tt
loom) Cit nf Paris Ha KOI.
l-.f0 Con Ga ronv 0 in2
.-non Corn Products 5s IX1S
1O0O Den ft R O 4a OS
1000 Det Kdlson 1st 5s 33s 00
3000 Erie conv 4s Ser A J'.Vi
40OO do 4s Ser R . 4
lonon French Republic 5Vji n'
13000 Gen Elec deb Ss Hfl'-i
1000 Indiana Steel 5s nfl
linoo tnterb R T ref 5s 4T.
10ooo Inter Mer Mar Ra 04
tnno .tap pe Fnr ata 4Vib 4'
inon Kan City So 5a TnH
24000 Ijike Shore en 3V4 a 77H
1000 I lr ft M T r . nu
Mvnvno I.lhertr llond 3Vi SD 04 on so
2000 I.vona dl oil KliH
niHi Aiarseiupa tt
5000 Mo Knn ft T 1st 4
inon Mo Pac W I, 5l 1023
11500 An irm 4a
inno,;vew 'r lex e Mex oe ni
2000 do n , OS
24000 N' TIM, Hl(il 7H
21(100 V v c A H a OTt
soon "i v cni or t t, lei -la 4
inon N Y citv 4V,s innj
innn do inn4
inon do 117
inon v T N H H a
noon v V Rwv adl 5
J50OO v Y "Tel ren 4V4s
4nnn JJor Pae 4a
3nnn Vor Tar ren 3s
loon Pacific Tel 5a .
noon TVnn aen ct 4V4s
24onn renna rn 44 a
VOH
95
89U
83Vi
80s.
5'i
SS
SI)
Vt
S814
hl'i
SO
OB.
3
83,
ins
05 '4
101
7B!
sou
B3T.
7RI
fl
0T4
72
R.1S
Witt
77
flOU
innH
pS
r,n
no
Tiu
nnVs
oa
in
MS
ni,
K4H
7
774
OBU
ns
2'.
ni
RH
994
O.'.i-,
69 K
83V,
06J.
S3
SII
SV.
sin!
87S
SO
iS
ns
IM'4
ms
IHV4
101
nn"t
so
3S4
1)4
7flt4
sns
sn'
72
S5S
sov,
nnVi
inj
nS
on
n
4Vt
41
nU
on
us
4.
12H
N44
70S
774
ns'4.
on no
ROH
03
II u
m
r.ns
37
1)3
1174
n7;
4
New York Stock Sales
Hllh
Alaska O M. 4
Alaska Juneau . . 3
Allls-Chatmers Co. zlVi
Am Beet Sugar .. 76
American Can .... 43Vi
Am Car & Foundry 6s
Am Int Corp. ... 00
Am Hide & Lentil. 13
Am Linseed 24 Vi
do pref 02 Vi
341,
A14
nst;
1)2
inn
nno p c C St I, 4a Ser O H'H
si
07
II1H
7S
in
OS
014
noon Pere Marquette 5a
inoo ne iron hi ia
Jnon St I, ft R " ilt
JTono gt I, 8 " Ser A
"ono rt Hr R
nno Sonth Par 4a
17000 do ey 4a .
X4VW dn cv .la
lioon io r'd la .
l-iooo South Rwy aen 4a . !H
snon sen 5 ... 03
I70nn Texas Co lis .inn .
ainon IT s Rubber Bs . Rt
nn It s Oovt 4s . . mis
inon it s Rubber s , .inj4
0-non V s teel a f Rs.. 1004
7non Vilon Tao 1st 4s ... 01i
14nnn do rv 4s ,. KAVt
noon t'nlnn Pae rfd 4a ... Ri
1non II K O n I e .. 0Ri
ixnno U K O n ft i R4a 1018 nns
310OO dn KUa min ,, 01
Rao-v) do 5"s new tniO n;
n do U toil .. nit,
1 20000 West Vnlon Ba . 03
113
nou,
nis
ins
S7
03
1174
074
R4
loiVi 1014 J014
UN 1IN DM
inis nis jnis
si si si
51 M 51
r4H iMi. out
04 4i;
AOS (II 4
nsv; 03U
02 02
0114 inn
2Vi 024
as
07
(IIS
5S
7 (IS
70
SO
niK
Am locomotive
Am Smelting ... .
Am Sum Tob.
Am Steel Fdy . .
Am Sugar .
Am Tel & Tel
Am Wool .
do pref .
Am Zinc & Lead
do pref .
Anaconda ...
Atchison
Atl Gulf & V I . .
naldnln Loco Co
Bait & Ohio
Bethlehem Steel.
SOtt
7Vi
10S
114V4 114
44i 44V4
l,ow
8"i
3
20
78
l
00
86V4
1114
8
81
say
a4"Ki
a
6W
104
03
14
48
3V4
03
100
Oil
51
8U
do pref 100
52 V4
103
10
38
14D4
77
Brook Bap Tr
Burns Bros . . . .
Butte & Sup Cop .
Cal Petroleum pf .
Canadian Pacific
Central Leather
do pref . .
Cerro dc Pasco
Chandler Motors
Ches & Ohio . .
Chic Gt West pref.
Chi Jill & St P
do pref
Cht & Northwest
Chi II 1 & P t c
do 7 p c pref t c 57 Vi
Chlno Con Copper 43i
03
13V4
48
02 V4
02 Vi
103 104
50 60 V
86 Va
3n
09
2
1Q2
10
38
148 114
73V4 74
Close Chi
4 Vi
S Vi
2iy
78
42 H
66 1
68V4 1
11V4 1
23
02 V4
08Vi
4 1
88y4 V4
83V4
104 1
114Vi y
44 V4
08
14
46 1
etVt
02V4
3
H
56
83
00
52 1
103 1
10
38
SVi
1
Col Gas & Llec
Conol Gas .
Corn Products
do pref
Crucible Steel
Cuba Cnne Sugar
Del S. Hudson
D L & W
Dome. Mines
Distillers' Secur .
Krie
do 1st pref
Gaston Williams .
Gen nieo Co .
Gen Motors
Goodrich B F
Gt Northern pref .
Gt North O subs. .
Illinois Central
Inspiration Cop
Interb-Cons Coip
do pref
Int Mer Marine .
do pref
Intcrnl Pa pet
Int Nickel
Kcll -Springfield
Kennccott Copper
Lackawanna Steel 81 Vi
Lehigh Valley . 58
Llg & M T Co pf 101
Loulsv K. Nash . 110
100 100 100 1
32 32 32
71 71 71
SOVi 40 49 Y
22 22 22
46 44 45 1
80 88 88 1
100 00 00 Tb
21 21 21 V4
57 57 Va
42 43 Vi
34 i 34 Vi
87 88
30 30 Yt
91Vi 01 Vi
81 65 Vi
30 30
97 08 2
103 103 1
7'a 7 ..
30 30 Vi
18 18
20 26
34 35Vi
136 136
04Vi 04
40 40
00 00
17 27
81
01
31
Oils
67
31
100
103
7'.
40
18
26
35 Vi
137
06
40Vi
00
0
100 100 11)0
43i 44 44
7
46
28
94
23
31
44
33
7
40
26
80
2i
3074,
41
33
81
57
103
118
Manhat P.le 10iy4 103
Slav Deiiart St lit 101 101
Mexican Petrol 87
Miami Con Copper 31
Mldvalc Steel 46
Mo Kan & Texas 5
Missouri Pac . 27
do pref 40
Mont Power pref. 107
Nat Con & Cable 23
Nat Clk & Suit pf.101
Nat Knam . Stpd 44
National Lead . 46
Nevada Con Cop 18
New York Central 72
7
48
8 1
80 3Vi
24 iVi
31
44 Vi
31
81 1
57 U
101
110 1
103
101 4
80
31
45V4 1
5
37 -
49 1
107
22
86
30
45
5
27
40
107
22
100 100 1
N Y N It & II
N Y Out & West
Norfolk & West .
do pref
Northern Pacific
Ohio Gas .
Ontario Mlver
Pacific Mall
Penna B It
Peo Gas & C
Pere Marq w 1
Pitts West
do pref .
Pressed Steel Car
!7
20y
43
46
18
70
247,
20
43
48 1
18 Vi
71 1
25 2
20y4 .
106 10.1 108
82
05
40i
4
25T
50
40
17
21
56
57 Vi
Pullman Pal Car 138
By Steel Spring . HVi
Bay Con Copper 22
Beading 74
Bep lr & St 807,
do pref 98
Boyal Dutch 66
Saxon Motors . 7
Seaboard A L . 10
do pref . . 20
Sears Boebuck
Shattuck Ariz
Southern Pacific. 88
Sinclair Oil . 34
Southern R B. . 27
do pref . . .62
Sup Steel 37
Studebaker . . 41
Tenn Cop & Che wl 13
Texas Co 146
Tob Products . .80
Underwood Type 4
Union Pacific
do pref
8:
04
30
4
25
SOVi
39
16
24
56
56
135
41
22
72
70
08
66
7
10
20
153V4 153
20 20
8
05
39
4
25
60
87
33
27
62
37
39
13
39 1
17
24
56
57
130 2
43 1
22
72
704
08
66
7
10
20
153
20
87
33 1
27
Hi
1
United Cigar Mfg 06
United Alloy Steel 40
37
30 .
13
142 142 2
54 54
04 04
10 118 117 1
75 75 75
04
40
04
40 1
123 123 123
7 7 7
18 16 16
118 118 118
50 59 50 1
101 101 101 ..
51 51 51
United Fruit
Un By Invest . ,
do pref
U S Ind Alcohol .
U S Bubber .
do 1st pref
U S Smelt & Bcf
U S Steel .
do pref . .
Utah Copper
Va Car Chem
do pref ....
Wabash . .
do pref A
West Maryland
Westlnghouse Mfg 42
Woolworth .
Wilson Co .
white Motors
Willys Overland
Wis Central
Tola! sales. 006.100 share, compared with
SS7.O0O share jeMerdan thua far thla week.
2 (W7.200 aharesi same period last week. 2,618,
5oo shares.
Ex dividend American Sumatra Tobacco
Company, 14 . Great yorlhern pref . 1
CHICAGO BUTTER AND EGGS
CHICAGO Oct 25 BUTTER Receipts.
R01 000 pounds Shipments, 1.23s 000 pounds
Fxtr 42 Vic. extra flrats 41Vi 42c, firsts,
Sou 41c. seconds, 3HH 39c. ladles, 374
''hliJS Receipts. 10.070 cases Shipments,
m ia x.i.a Firsts t(H?37c ordinary firsts
314 4T860. miscellaneous, cases returned, 350
3HC airn".
10e 104 104
113 113 113
80 70 30
31 31 31
104 104 104 6
0 0 0
42 42 42
18 18 16 VI
', 42 41 41 1
117 117 117 1
86 56 56
30 39 30
22 21 21
40 40 40
Sales in Philadelphia
lllnh I-ow
10 Amer Gas . 90 00
60 Blec Stornge3 52
100 Gen Asphalt 17 17
8 Gen Asph pf 58 68
50 Ins Co N A 25Vi 28
888 Lake S Corp 14 13
680 Lehigh Nav 07 65
ULeli Valley.. 80 88
788 Penna It B . 81 80
Penna Salt,. .
107 Phlla Klcc 27 27
410 P B T trctfs 26 26
25 Phlla Tract. 72 72
20 Pressed St C 57 87
110 Beading .... 78 73
48 Ton Belmont 4 A 4
.inn Tnnonnh Mln SVi 4
82
17
Net
Close, chxe
00 M
1
1
58
25
13 V
67 2 ,
88
50 W
02
27
28
72
57 Vi V
73 i
4A A
5
10 Union Pac. 117 117 "J JJ
41V4 "
73 73 2
1 Union Tract. 41
263 Un Gas Imp 74 Vi
zos un uas jinp iy ; --.. a. it
6 Un Cos N J. 208 21)6. 206
277SU S Steel... 106 101 101
tn-tl-n.. T. S. Utl O 0 v
lOWest Coal.. 78 78 78
IRA Wm rVatrin 10U. 10 70
tQuotatlon given Is yesterday's close
3
1
Total an ea. 0712 share;. e"mPl,r"1,Jft"l3i83
share vr.trnlim thua. fur this wee -';""
shuresi Mime period last week. 57.073 shares,
linsim Net
HlKh Low Close, ihgc.
88000 Beth Stl 6s.H0 110 HO
8000 Kquit-lll Gas
5s . . 103 103 103 ..
25000 State Bjs 4s 48 48 48 ..
3000 Leh Nav cons
4V5s 00 96 06 ..
1070.10 Lib Bonds. 09.90 00.30 09.00 .10
3000 Leh Val Coal
5s 101
15000 Pa Co temp
cts 4i;S . 02
15200 rhlla Llec
1st 6s 08
9000 Bending Ken
4s . 88
1000 Spanish-Am ., ,,
Iron 6s 100 100 100
1000 Un Rwy lnv
r. . n.i 6.1 85
1000 W N Y & Pa , , .
1st 6s .101 101 101
101
01
101 1
01
n; 07
88 88 V4
-1
Total sales. 101.230, compnrwl lt J S10...00
3-eMf rdio i thus Inr this week, S10O.SOO! some
period lust week, f 481,430.
Local Bid and Asked
Amer Stores
J tr II I J (1
llUfl ft SUMl t C
do pn f
llalduln I.(ho
Electric HtorHse
General Asphalt
do pref
Koatune Tel .
do t c . .
Lake Sup Corp
Lchlith Nav
Lehlsh Vnl .
Penna R R
Phlla Electric
Phlla Co
do fi per tent pref
P It T t t
Reading
Tonopah Helmont
Tonopah Minim;
I'nton Traction .
tJ G I
17 S Slrel
York Rwv
do iin f
Mm Cramp & sons
TodaN Icaterclay
Hid Auk Hid Ask
is at 33 at
15 2d 11 -'"
rr ."" .' 57
4S .VI IN 511
mi ito'j ill M'a
RIVs '--!' r.J 51
17 IK 17 IS
57 511 57 fill
11 11W it H'4
I1J 114 J H.
l.T, LIS 1 1U I 4
HilVa H7 nsb ,
57 S ns'i 5s fisij
50S W)V 80S BllVa
2(ls 27 2114 27
.KiVa .u .104 !-'
ii an ai an
2(l4 211 Lll', -'114
7J4 71 71', 7Tj
4 4' I 4a
5A 54 5'.
404 4I'j 411 41s.
7.1S 74 71 74'.
1044 llU", 104S llllVs
04 m ii Vs in
11 .11 31 31
7S SO 7S SO
INACTIVE NEW YORK STOCKS
Following are quotations for Inactive
New York stocks and In which there were
no tiansactions today. The price given is
the last previous sale.
A n s ft. F etfs..02
A 11 S ft F eta nf Jill,
A 11 S ft F pref. 1154
Adama Express I-'
Advance Ilumelv. tJ
Adv Rumely pf . 28
Alax Rubber
Allls-Chnlm pref 77S
Am llldo ft L 12
Am Hide ft I, pref 51
Am Ico Sec . .. 11?4
Am Art Chem S14
Am Aur Chem nt 08
Am lleet sucar Pf 81
Amr Can pref. . on4
Am Car 1 dy P'-lnK.,
Am Cotton on ..
Am Express ...
Am Loco prer
Am Ice prel . .
Amer Malt . .
Am Malt pref
Am hmeltlne .
Am Smelt prot A
Am smeu n
Am Smelt pref
Lake Erlo ft W !1
Lk Erie ft w nrcf 21
Leo Rub 6 Tire 11
Lis ft SI Tob ....200
1.1 tf ft M Tob rta T4
Long 1st rtts pf. 40
1 orlllard 1 . . MH
M St P ft SSM pf 117
Mackay . 75
Macka Cos pref 60
Mannattan Reach 1
Maxwell Motor . 32
Mux Motor 2d pf 2(1
Max Motor 1st pf (14,
Ma Dept Store.. 50
Maj Dept Strs pf 101
Mex Petrol pref lit
Mich Cent . ...110
Minn ft St U new 12.,
Mo Kan ft T pref 14
Jloirls ft Easex 304
Jlo-1! ft Kj-x nf 114
Nat Acme 3(4
M St 1' ft S S M. 113
Mont Power . 74
Nat Rlscult pref. 114
Nat Illscult 074
Nat Cloak ft Suit "24
Nat Knm ft Sid pf 94
Nat Lead pref 100
N O Tex ft Mex 22
N't RR Mev 1st pf 40
Nt R R Mex pref 40 ,
Nt RR Mex 2d pf 50'i
N Y C t St li. 214
N T Docli. ... 114
N Y Air Rrake 121
Norf aoutn. .. 211
North Amer 4H4
Nova Scotia hteel IIS
Ohio fuel 4.1
Ohio Gas rts 03
Owens Rot tie .... 82
Pan-Am ret pref 00
Pan-Am Pet prior
pref ct 08
p c c ft st L .. uatl
Peo ft East 74
Pere Marq pref 304
Phlla Co . . .11
Pierce-Arrow ... 32
Plercb-Arrow pref 834
Pllts Coal 4il
Pitts Coal pref.. 83
Pub Serv Corp .111
Keok ft D .... 44
OulckslUer .. .. 1
Ry Stl Sprints pf 05'i
Readme lat pref. 3S'J
Headlnc 2d pref. 37
rub berv corp 11.1
h ' . ins
S K pref 21
Savaao Arms HI
St I, ft s tv pref 39
So P Rico S ....207
Sloes-Sheffield 10
Seara ItoehucK pf.1'21
- Can ".? "lanonro ami .. HB
SSUfinental Ins . 514 Standard Mill pf si
rSSclbl. i 8tM pf 004 Stun Motor ....424
Cuba An? Suear.170 Sup Steel lat pf 1U0
CubS Am Sua- Pf.l"? Texas Co rts... 104
cuha Cane Sui pf 1 Texaa ft Pac 11
Deere C pref 0g Third Avo . 10
Den ft. It 0 .. .-..5 Xld'watcr OH 205
Detrc't Edison... 128,, Tobacco Prod of 1134
SKVtor lift.. . V4 Tran.u.-vims . 31)
Se'SuVfoVsf 78R 'Wi&W 704
Goodrich H V : ,i Pnderwd Type pf 111
Ooodrleh l V p' ,nn. United Drue" B7
GrJeneCanCop 3Jj Untd Dru lat pf 50
Oulf Btatea 8teel 014 Untd Drue 2d pf. 75
null 8 Stl 1st pf.ljl United Pap Rrd 2(1
HartmaS Corp J U 8 C IP ft v pf Rn
HasKell . rker1ni V, K,, n pt
Havana Elec . J!u ' 8 Express ... 18
I Smeatak. .Mln. 1"74 u 8 Rea ty Imp. 15U
32
11 (1
084
48
114
112
R7'l
024
110
int
Am sugar pref 115
Am Sumatra pref HI
Am Tel ft Cable I'll
aS T ft T 3d pf 0-24
Am Tobacco . IJj
Am Tob Pref new 09
Am Writ Pap Pj. ,
XKo DO 1st at. 52
asso on .. . yl
Atl nirm ft Atl.. 13
Atlan Gulf pref . onVi
Atchison pref . .. vi
us!? rsiirp f : t-t
llSrrett Co pref 1
Rarrett Co -(
Ratopllas Mln "
Ileth stee pref .. 84
Ileth Steel rta . . s
Hrkn Un Gas... i
llrown ,d""" j0i!
40
37
14
n..ti.el fe
C R I ft P 0 P
pref t c .
Cal Packlnc Co .
Kil.oWpr.IH
Cent S Am Tel ..it"
nLllI pAntr V
Chi ft Alton
CbUN1Vj.ref.:i11
l ni "l'.V f 110 Tub berv C
r.lr&i"' iron . a"' t L ft 8 V
Co ?"'' ?.' nrt 504 St L ft S K
Col ft South j.'.w
Con Can pref . inj.J
1154
HI1
11..
84
20032c
Illlnola Cent
ll Aerleill
Int Agrlcul pref
1014
. 12
384
Int Harv of N J.11J
In liar of N J pf illYi
Int Nickel pref .103
Int Paper Pfsta. 0M
Iowa central .... 4Vi
Iowa Cent pref.. 101
Kan City Bo 18
Kan City So pref 52
U 8 Realty Im pf Bo'
Utah Seo Corp .. 11
Wells-Farito . ,, ,1714
Weat Md 2d pf.. 28
West Pao R R .. 174
Wheel ft L B ... lo"!
Wheel ft L E pref 214
JVI I lys Over pref. 81
IMlson Co pf . .102
Worth P ft M. 3T4
4
824
03
inn
814
in5i
83
07
81
RR'4
7 (IS
7
Rn
3H
R4
824
03
inn
Rl;
r'
inu in2'i
inos joos
1114 niH
R14
R1
0R
04'4
psu,
11
R14
HI
081
01 .
04'4
f)S
01
oa
Mai
, 1.787.?. fomparesl wtfth M.lfii-
TO HOLDERS OF THE
LIBERTY LOAN 3A9& BONDS
FOR THE BENEFIT OF THE HOLDERS OF THE LIBERTY
LOAN THREE AND ONE-HALF PER CENT. BONDS IN THE
THIRD FEDERAL RESERVE DISTRICT, WHO DESIRE TO SUB.
SCRIBE TO THE FULLEST EXTENT TO THE NEW LIBERTY
LOAN FOUR PER CENT. BONDS, AND ARE UNABLE TO OO SO
WITHOUT LIQUIDATING THEIR THREE AND ONE. HALF PER
CENT. BONDS AT A LOSS, WE ARE PREPARED TO PUR.
CHASE, ON OR BEFORE OCTOBER TWENTY-SEVENTH, THE
THREE AND ONE-HALF PER CENT. BONDS AT ONE HUN.
DRED AND ACCRUED INTEREST, UP TO THREE MILLION
DOLLARS PAR VALUE, FROM HOLDER8 WHO WILL PLACE
THEIR SUBSCRIPTIONS FOR THE NEW FOUR PER CENT.
BONDS WITH US, DELIVERY OF BOTH ISSUES TO BE AS
OF NOVEMBER FIFTEENTH, OR A8 SOON THEREAFTER AS
THE BONDS OF THE NEW IS8UE ARE READY FOR DELIVERY.
MONTGOMERY & CO.
133 South fourth 81it
naudaiBku j
14 Wall Btret
New Tork
' jimi . , 1 p ...1.111
INACTIVE PIIILA. STOCKS
Following are quotations for Inactive
stocks listed on the Philadelphia Stock Ex
change nnd In which there wcro no transac
tions today. The price given Is the last
previous close.
Keystone Tel pf . 04
Leh Val Tran . 274
lrfh Val Tr pf .. 41
Lit Pros 24
Little Schuylkill. 61
Mlnehlll 244
1 II T 20
Phlla Co cum pf. 30
Am Gas War . . 14
Amer Stores 33
Alliance Ina . . 204
Amer Mill 04
Amer stores pref 02
min j a 20
Ruff ft Susq t a . 50
Huff A Susq Pf .. 58
Cam Steel 116 .
Cam Iron 41J
Cona Trao N .. .71
Kevstone Tel.. . 11
Phla Co
W Jer ft Sea ..
Tork Rwjs , ..
York Rwys pref
GOVERNMENT RONDS
2s coupon. 1030 ...
3s, rea-latercd 1018
3s, coupon, 1918
4s, registered 102.1
4s, coupon, 1021
3s registered 1010
3a, coupon, 1016 ..
Rid
. 08
. 01)
0!)
101
in-.
81
. 85
80
47
11
33
Ask
07
Kill
Ion
100
Granu!a(cd Sugar Unchanged
NKW YORK, Oct. 25 Refined sUgatl
nro unchanged, with American, Natlonsl
and Pennsylvania companies quoting 8 35a.
Tho Amcrlcnn Company will accept som
business, but the, National and the Penru
Bjlvanla companies are not accepting bu.
ncss today. The Federal nnd the Warner
companies and Arbucklo Brothers contln...
withdrawn. Last sale in spot Cuban rai,.
6 90c, aw'
Standard Sanitary Pays Extra
PITTSBURGH, Oct 26. Tho Standard
Sanitary Manufacturing Company has de
clarcd an extra dividend of 1 per cent 01!
tho common stock, payable November 8 to
holders of record October 31. Also the ujuai
quarterly dividend of li per cent on the
preferred stock nnd lVa per cent on ths
common, paynblo the same dates
1
THE LEHIGH COAL AND NAVIGATION COMPANY
437 CHESTNUT STREET
Philadelphia, October 24, 1917,
To the Stockholders of
THE LEHIGH COAL AND NAVIGATION COMPANY:
At a Stated Meeting of tho Board of Managers held this date, the
lollowinrr Resolutions were adopted:
"WHEREAS, the Board of Managers believe it is the duty
of The Lehigh Coal and Navigation Company, to the utmost of
its ability, to assist the Federal Government in financing the
Country's war requirements, and with this end in view has de
termined that this Company shall purchase ?3,000,000 Second
Liberty Loan Bonds; and
WHEREAS, the purchase of said $3,000,000 bonds makes
it necessary for the Company to provide additional working capi
tal so as to avoid any curtailment of its efforts to increase the
output of anthracite coal or any interruption in the development
and enlargement of its mines and other properties;
NOW, THEREFORE, BE IT
Resolved, That the proper officers of the Company be and
they are hereby authorized and directed to subscribe for Three
Million Dollars ($3,000,000) Second Liberty Loan Bonds, and to
make payment therefor when and as required by the Federal
Government;
Resolved, That for tho purpose of providing- the working
capital necQssary to avoid any curtailment of tho Company's
efforts to increase its output of anthracite coal, or any interrup
i tion in the development and enlargement of its mines and other
properties, the Board of Managers hereby authorize an increase
of the Capital Stock from C31.753 shares, of the par valuo of $50
each, total $26,587,050, to 584,868 shares, of the par value of $50
each, total $29,243,400, and that the privilege be given to the
Stockholders of the Company to subscribe at par ($50 per share)
for Capital Stock, to the amount of Ten per cent. (10) of their
holdings, as registered on the books of the Company at 3 o'clock
P. M., October 31, 1917, upon the terms and conditions hereinafter
lecitcd.
Stock Allotment Warrants specifying tho amount of Stock to
which each Stockholder shall be entitled to subscribe, shall be
mailed by the Treasurer to each Stockholder, to the address to
which dividends are sent, on or about November 10, 1917. Said
Warrants shall be negotiable, but only upon proper execution of
the form of assignment endorsed thereon.
THE TERMS OF SUBSCRIPTION SHALL BE AS
1. All subscriptions shall be made between November 19
and November 30, 1917, both dates inclusive, and the Warrants
surrendered otherwise the privilege of subscribing shall be void
and the Warrants of no value.
2. All payments of subscription shall be made at the office
of the Treasurer of the Company.
3. Subscriptions for whole shares shall be payable in install
ments as follows:
$10.00 per share between November 19 and 30, 1917, both
dates inclusive.
$20.00 per share between December 24 and 29, 1917, both
dates inclusive.
520.00 per share between January 21 and 26, 1918, both
dates inclusive.
Negotiable Subscription Receipts will be issued to subscrib
ers when the first installment is paid, and deferred payments
will be endorsed thereon when an as the same are made. No
deferred installment will be received unless accompanied by the
original Receipt. j.
Upon payment of the final installment, on or before Janu
ary 26, 1918, the Negotiable Subscription Receipt will be ex
changed upon the surrender thereof for Stock Certificates, which
will be mailed or delivered to the tcgistercd holder of the Re
ceipt within two days thereafter
Subscribers shall have the privilege of anticipating the pay
ment ot deferred installments, and upon payment in full, Stock
Certificates will be issued within two days thereafter.
4. Subscriptions for fractions of shares shall be payable in
full at the time of subscribing therefor, (which must be be
tween November 19 and November 30, 1917, both dates inclus
ive), and Fractional Receipts will be issued for such payments.
No interest shall accrue on payments leorcsented by Frac
tional Receipts, nor shall such Receipts participate in dividends
until converted into Stock, which may be done between December
1, 1917 and December 31, 1917, upon the surrender thereof in
amounts aggregating one share or any multiple thereof.
After December 31, 1917, Fractional Receipts will not be
converted into Stock, but will be redeemed in cash, at the office
of the Treasurer, at the rate of $50 per whole share.
Fractional Receipts will pass by delivery, no power of trans
fer or assignment being required.
5. The right to subscribe shall not accrue to any Stock
holder unless the terms of subscription hereinabove recited are
fully complied with, and no subscription, or assignment of the
right to subscribe, will be recognized unless made upon the forms
provided by the Company.
6. All Stock issued in pursuance of this Resolution shall
participate in all dividends declared and payable subsequent to
November 30, 1917."
And you are hereby advised that in pursuance of said Resolution,
Stock Allotment Warrants will be mailed to Stockholders of record
October 31, 1917, on or about November 10th next.
The Warrants will have endorsed thereon two forms: (1) form to
be executed by the registered holder, if he elects to subscribe; (2) form of
assignment to be executed by the registered holder, if he elects to dis
pose of his subscription right.
All subscriptions and payments must be made at the times and placo
specified in the Resolution of the Board of Managers above set forth, and
all checks or drafts must be drawn to the order of The Lehigh Coal and
Navigation Company, for the exact amount of the subscription payments.
The Company will not buy or sell Stock Allotment Warrants or Sub
scription Receipts; the purchase or sale of same should be made through
a bank, trust company or broker. WARRINEK(
President.
THE offices of this Company will be
kept open on Thursday and Friday
evenings of this week until nine
o'clock for the sale of Liberty Bonds to
enable us to serve those who cannot pur
chase Bonds during the usual banking
hours.
The Real Estate Trust Company
' of Philadelphia
i .
jijsyaujut ueJtet&o. .
I
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n
HIM
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