EVENING LEDaER-lHILAlELPHIA, THURSDAY, OCTOBER 25, 1917
flQSSIP OF THE STREETPHILADELPHIA COMMERCIAL MARKETS GRAIN AND COTTO&
li
i,i
; LIBERTY BOND BOOMERS HAVE HIGH
i vrMTnn t ' T"V TM a vww -sei
.JLiUrJUS UF JKJdJAUHiJNli MAXIMUM
Enthusiasts Even Predict $5,000,000,000 Mark Will
Be Exceeded Others More Conservative.
Gossip of the Street
rrUIEnE Is a good deal of guessing ns to the amount the minimum of the $3,000,
J. 000,000 of Liberty 4s will bo oversubscribed. A few enthusiasts are hardy enough
to euBSe-1 nt 'h'8 8lnB0 of the campaign a total of not less than the maximum of
t 000,000.000, and some predict beyond that amount.
The unknown quantity seems to be the attitude of the farming class, particularly
In the West and Middle West. Son.e reports, apparently from authentic sources,
My the farmers out West aro buying Liberty Honda by the bale. A New York broker
ut returned from tho Middle West after several wcekB' tour is particularly opti
mistic of the result. He says the West and the whole country are going after this
loan with a different spirit and energy than they showed In connection with the first
loan. On tho other hand, a prominent hardware merchant from one of the largest
tretern cities said he understood that tho farming element was not responding and
tras holding its crops and ginln In anticipation of still higher prices.
And so It goes, with one statement contradicting another and no way of arriving
at the real truth till tho final results are published at tho close of the campaign. In
tnany quarters the present loan Is spoken of as a $5,000,000,000 Issue, but as a rule
those who refer to It In this way have In mind, In addition to the $3,000,000,000 called
for $2,000,000,000 to cancel or take up tho 31,, per cents Issued In June. Many
ef these latter have found a permanent resting place In the strong boxes of the
wealthy and In various-endowment and other funds of Institutions and lnsuraneo
companies on account of their tax-free clause, and It Is nlso surprising how many
re still being retained by the orlglnil purchasers In small lots, partly from sentiment
tnd In some instances from a well-grounded belief that thoy will be selling at a good
premium In a few years from now.
For these reasons It Is generally believed that the proportion of 3 Vis which will
fee actually exchanged for 4s will bo very small.
Last month tho Secrctury of the Treasury said that If subscriptions totaling
15,000,000,000 should be filled $4,000,000,000 (Instead of $3,000,000,000) would be -allotted
to cash subscribers. There Is not n single worker In tho campaign who does not hopo
for such a magnificent result.
Ctirio8ity Aroused Over Cotton Story
Thjte Is considerable curiosity, not to say amusement. In some quarters over
the announcement that tho United States Government Is going to seize, among other
commodities, 1,000,000 bales of Gei man-owned cotton. Those who are posted on the
cotton situation would like to know how or where It has been possible to secrete such
t bulk successfully. Part of the story which goes with these 1,000.000 bales Is that
the total value of the commodities which are to bo seized would amount to about
$200,000,000. As the other commodities supposed to bo scattered all over the
country, consist of copper, nickel, steel, rubber, etc., and us 1,000,000 bales of cotton
t present prices would be worth anywhere around $140,000,000, It would seem that
the amount In cotton Is out of all proportion to tho others. Some havo suggested
that perhaps 1,000,000 pounds Instead of bales might be nearer the mark. The fact
that 10,000,000 pounds of sugar has been discovered In a Buffalo warehouse camou
flaged as flour might give a cluo to this cotton, which may, after nil, amount to
1000,000 bales and be camouflaged somewhere ns baled hay or alfalfu.
Little Interest in Coming Railroad Hearing
Contrary to expectations, the announcement of the Interstate Commerce Com
mission that the 15 per cent rato Increase case was still open and the setting of nn
early date for a hearing for the eastern railroads had little or no effect on the market.
In fact, several of the rails sold off. In some of the brokers' offices this was partly
attributed to tho report of tho Bureau of Statistics made to the Interstate Commerce
Commission, showing a falling off In net earnings for AugUBt, 1917, as compared with
HIS and also for the eight months ending August 31.
In both instances the news was received without enthusiasm. Some brokers who
make a specialty of high-class rails said that they had little hope of the commission
flvlng a fauirable decision, notwithstanding the convincing figures of the statistical
tureau. They asserted that equally strong figures and arguments were presented
at the former hearing without lesults which they had anticipated. This time, they
lay, they are going to wait and see first.
Proposed Sale of Mexican Silver Abandoned
The proposed sale of 8,000,000 sllcr Mexican pesos to the United States Govern
ment which was heralded a few days ago has fallen through for the reason that
illver was falling so rapidly In tho market that the parties trying to put through the
deal could not agree on prices.
It Is said that Mexico Is nrranglng to demonetize silver and go on a gold basis,
and this accounts for tho large silver sales recently by the Mexican Government.
The peso Is worth fifty cents in Mexico and sixty-two cents in tho United States
n account of Its content of the metal at present prices.
Mexico has placed an embargo on the exportation of silver currency, but It is
laid that extensive smuggling operations nre going on.
President's Mediators End Copper Strike
The success of the mediation commission appointed by President Wilson to take
tip and straighten out labor difficulties where important production was cut' off has
Just been announced in a telegram to Wellington from the committee headed by
Secretary of Labor AVllson.
The result of the commission's activities comes from the Arizona copper districts,
Where upward of 5000 miners had gone out on strike. This district Is probably the
most Important copper center in the country, the regular monthly output amounting
to about 31.000,000 pounds. Tho strike has been on since early In July, with the
result that tho production from that district has been cut approximately 60,000,000
pounds.
The commission formulated a plan which was followed in working out a solution
f the difficulty. The plan Is as follows:
The establishment of a workers' committee for each mlne Independent of the
Influence of the companies.
The re-employment of those on strike except those guilty of seditious state
ments against the United States and those holding membership In organizations
refusing to recognize contract obligations.
Assurance of the impartial working of the' settlement scheme through the
appointment of a United States arbitrator acceptable to both sides.
This machinery provided for the settlement of difficulties arising between the
mine owners and workers during the period of the war at least will supplant the
eld system of strikes and lockouts, the telegram stated.
The commission Is now about to begin work to settle the difficulties in the
Cilfton-Morencl-Metcalf copper district with every hope of success.
Cities Service Directors Increase Stock Dividends
The board of directors of Cities Service Company on October 17 declared not
only the regular cash and stock dividends of 1V4 per cent (6 per cent per annum) on
the common stock, payable January 1. 1918, to stockholders of record December 15,
1W, but also the February 1 dividend. At this date the stockholders will receive
stock dividend of per cent (9 per cent per annum), thereby Increasing the dls.
kursemonts In the form of stock by 3 per cent per annum, and as well the 1M per
cent cash dividend. The regular 1 per cent cash dividend on the preferred was. of
course, likewise declared.
On May 25, 1916, President Doherty, In a letter to the stockholders, stated that
"the directors of the company considered the question of a dividend policy for the
common stock which should govern the company In the future, to be announced at
this time." Moreover, that "it was decided that after the stockholders had approved
the Increase In the capital stock the 2 per cent dividend payable in common stock
which the company was expected to pay in 1915 would be declared and made payable
en SentemW 1 f hnMor of record August 15: that the 4H Pr cent stock dividend
hlch It was expected to pay in 1916, would be paid on December 1 to holders of
record Knwmw iK- thnt th nrlclnal ulan of paying a 6 per cent stock dividend
.In 17 would be adhered to, and that stock dividends would be Increased 3 per cent
wehyear thereafter so long as the company's Increasing eawmiBo w.D iu
Warrant such action." , ,, .
In accord with this announced dividend policy the stock dividend on the common
lock has been Increased as above advised.
Car Shortage and Just What It Means
When Fairfax Harrison, chairman of the Railroad War Board, announced that
Uk car shortage on October 1 was 70.380. he created a great deal of discussion ill
M. explanation that he referred to this figure as the excess of unfl lie do de for
height cars from shippers over and above the idle cars at different points was
, WbltaW. i ,urther explanation he added: "This is tho figure which has been com
nonly but Inaccurately referred to as car shortage." ,,,.,,
w .u .v. i ...,!.. of th ,r.ressIon "car Bhortage' has been defined,
t U .t,e any further controversy on the subject. As .Harrison puts It "car
nonage" la merely a net figure and Is arnveu m i - --
ordered cars from the actual number of Idle cars.
r
Decrease In Cotton Ginned
ABHINaTON, Oct. 25. The Bureau of
CtMus placed tho amount of cotton ginned
k the growth of the crop of 1017 to
CUbT 18 at 5,571.621 bales", against
W0I.UI In 1916 and 6,708,700 In 1915.'
h number of round bales included this
l 110.6S2, compared with 186,880 In
JIM and 54,788 In 1915. The number of
PiLfi,? ,n ! and 40.488 in 1915. The
iy wuuon of Sea Island cotton for 1917
JJ.f'Met li Florida. 20.8,51 i Georgia, 2i
t,Ml Smith r...i. n. i i ft. ..
y- "tatlatlcs of the quantity of cotton
'TV""! seawn prior to Bepiemoer
' MW.IOO bl.
West Perm Railway's Earnings Jump
PITTSBURGH, Oct. 25. The West Penn
.Railways Company reports September gross
of $672.51)1. s against 545,12,4 In the same
month 'last year, and net of $808,446,
against $271,454, and for nine months
gross of $6,663,526. as against $4,581,573
In the same period of 1916, and net of
$2,567,655, as against $2,405,688. The
West Penn Power Company's September
gross was $828,947 and net $101,413 and
for nine months the gross was $2,861,500
and the net $950,998, the latter beiiur de
crease of $1.T$ over the same nine
months of last year. The balance, for nine
mh. ? IUM. decreaao of $6,$TT.
PHILADELPHIA
MARKETS
GRAIN AND FLOUR
WHEAT necelpts, 20,1118 bushels. The msr
i.w, t'"d' Quotation s Car loin. In ex-
V. '."ior lunvernment standard inspecuonr
rft.'v-'ll No. 2 soft red. 12.22. So. 3 red.
J-.-l. No. a Bnft r..t 1'J tn- Vn 1 reil. 12.17i
". 4 Soft r,l !' 11
'IiI,k .t.aa. FlntlVtly
Mr.?"'''!" rfd- (Mixed whmt. 2c off.) No. 5
liSfMf' r'd or ""d "Homple" "!
i .?J nn. .u"'lr merits, but In no i t sbote
Jc tinder No. 4.
i.F?,rn",crln" e tight, but there little
J?i " I1' values were larueb nominal Quo
tailoni. Car luta tor local trade, a to location
.""". No- - ellov. 12 1202 15. wenterll
iML.? fllo' nominal, western No 4 jellow.
niVJ' V""" No n icllow, nominal. , .
.Jij elpt. S4.50H bunheln The market
vHzl nrm du,! ,n (" Increaerd utrenRth of the
DXZ'j Juotlon. No s while. iMUJdfl'tc.
Mandard while u.-.H, Gncie. No 3 white. (IKi
in iS?iKn ncelrt. 2.-S0 bbli.. and 812, IS1 lbs.
;?,i!2 T"lnxs were llsht and the market
I.li flrm .wltn "nd demand for both spot
in tj.j. rfl."niprnenl. Quotations, per '" '?"
fcanV.. "inier siraixni. new-, ,l"...i'ii m.uu,
lin ??.r,l'.f.r' "'"' IHB ld.3.1. do. Patent. .
!'" TlitTU 2.1, eprlnc. (Trst clear spot. tll
iii'.i.."J,r.ln- flr"1 "" "" nlUI WPmcn'-
lllirifl ftfl anr Ha .- .1 t .il .' 7 f.
CORN MAKES GAIN
WHEN SHORTS COVER
Firmness in Cash Article and
Unsettled Wenthcr Help to
Strengthen Market
nrlnr patent, new, mill shipment, till T50
;i.'.r,prln,t- fevorlte brands, llir.012 2S
V.!mln.- eholce and fancy patent. $11. BOW
iT.r? t.clti'..rn,ll- regular grades, winter
'i.W...'1? -' tn nil patent $1" ROWliiTS,
..i. PIJCll Sold lowl and ruled a shade
t7r,r.nVe luole $ 7.1W1H2.1. mill shipment,
-........ 1. spot, as to nuallty
PROVISIONS
ml!.ll'te VB" "- flr Joblilnn demand and the
rnarket ruled firm. Quotations city beef. In sets,
smokert and nlr-drlcd, 33c: western beef. In sls.
I22r'!l' 33ci c"y beet, BmirUles and tenders,
srnokei and alr-drlrd, 31c: western beef
ynucdes and tenders, smoaed. 31c. beeC hams
f4,.'. r"JH' !".m.ll'- $lSSs hams. a. J eured.
loose. 271, (IC2l,c. do skinned, loose 2727Hr;
.i)'.. ked. 2?ff2St4c. other hams, smoked,
city cured, ns to brand and average ist WMHc:
til? J mo,ed, western cured. 2H KlSIHic; do.
SSL" 5- ,,0nele 42c: picnic shoulders. S. P.
cured loose, 21c, do. smoke, 2.V-, bellies. In
Pi-.t: erordln to aerne. luse. 83': break
last bacon as to brand nnd avernee city cured.
4e: breakfast bacon, western cured. 40c: lard,
5v." " "fined, tierces 2Hc: do. do. do. tubs
Sn.' j'0' Pure city kettle rendered. In tierces.
-c, do. pure city kettle rendered. In tubs, 20c.
REFINED SUGARS
The mark. -irt -m .... .. ..... i. e a n tnr
extra tine t-ranulated.
DAIRY PRODUCTS
HtlTTKIt The market ruled Arm with de
mand falri Hctlve and ofterln.-. lleht. Quota
tions Wesieni. solid-packed creamery. Janiy
specials, 4(Ji,c, extra. 4t'i fTISc. extra flrats.
H'rf P"""- 4314c ,iernae extra. 4lH?47c. llrsts
440 4.1c seconds 42t43c. special brands of
Prints Jobblna- nt .11 b ,14c
n.ii " ,sr" I''no new-laid exes were scarce and.
nrm under a fnlr demand but there were free
otTerlnKa of unattractive stock, wlilih was dull
nnu weak Quotations follow Kree nses, near
ny nrsts. $12 (Ht per standnrd case, current re
ceipts, $12 311 per caee: seconds, till p.ltril 2.1
Sr.rn,ti western, exlrri llrsts $12,0(1 per case,
firsts $12 30 per case, seconds $10 li.iy 11 2,
P'f, ra,e. fancy selected ckks wero Jobbing at
"If'-'lc.per doxen
i ill. hiil. Was quiet and unchanged. Quo
;,R.'lon;: New York, fiill-iream. fancy. June.
lite. do. do, fresh-made. best. 24c; do. do,
........ - J23'c. do. do, fair to sood,
22j 23c.
POULTRY
UVK Sold slowly and ruled weik. Kollow
!.n,r..Bjre l" nuotatlons fowls, as to duality.
.'iiC23c roasters lhWllic: sprlne ihlikens not
I.ehorns. arcordlnc to quality. 2ti21c, White
lahorns. ltU?21c. ducks, I',kln. 21B22r. do.
Indian ltunner. 10W2ni, do. sprlnB, 2223c,
turke, 2IW2ilc- KUlneaa jounc. per pair,
wels-hlnir 1'4 tft2 lbs apiece, Iwcfftl. smaller
sizes, u5rfcOc. do. old. per pair, t'.ilir ttr.r . plu
eons. old, per pair. 24W2Hc; do, joung, per
pair 2111 22.-.
l)KKSSi;i Trnde was slow and prices of
fowls declined 4 Quotation were as fol
lows Fowls 12 to box milk-fed. drv-pickmi.
fano selrit.d. 2X'nc do. weinhlnt- 4V His
apiece. 28c: do, welcfhlnB 4 lbs. apiece, 27'i
do, welKhlnK SS lbs apleie, 27c, do weUhfnK
3 lbs nplece 2.1(!f2lic, fowls, Iced. In bills,
fancy drv-plcked. welshing 4la lbs and over
apiece, 27V4c. WelKhlnK 4 lbs nplece, 2H4 (1 27c:
smaller sixes. 2Jt24c. old roosters, dry-picked,
'2c bro lers. weluhlnc 1 s ffl 2 lbs apiece.
Jersey, fancy, 333(lc, Vlrslnla. fancy. 3iifp
3.4c other n. arii), 2sW3ic per lb., western,
2HW30c. roastlne chickens, western, weighing
4 His and oer apiece 2.iGt2'lo, cblckens. wt st
em, weighing 3V4 lbs. apiece, 23B24c. do.
weighing 2'x ftif3 lbs nplece, 22c. turkejs. fresn
kllled. old. per lb . nearbv. 3 3.'lc. western,
best. 800320. western, spr'ng. ii ed, 32W31C.
turkess, common. 23if2."c spring ducks. Long
Island. 2Hc. rennslanla and Delaware, 2,15f
27c guineas, sprltlK, weighing 34 W t lbs per
pair. 1 K, smaller sizes, llftl (1.1, squabs,
white, welshing 11W12 lbs per doz.. t.l hum
11.2.1. do, weighing St? It) lbs per doz . $:.
-r, SO, do. weighing h lbs. per doz. t J 4 Ml:
do. weighing 7 lbs per doz. $3 2.1ST3 75, do,
welshlnjr IH4 lbs per doz . $2 7HT2.HH: do.
dark $l.3f2 .10. do. small and No. 2. 7.1c
$1.(13.
FRESH FRUITS
Ornpes and plums were quiet nnd easier.
Other fruits of line quality were In fair request
and generally steadv ljuntattons Apples, per
bid Jonathan. $.nii 1I..K1. King. $.lil. Twenty
ounce. $4d. Wealthy, $3? II. Ilubbardslon. $3
.1: Greening $30.1 LT,. lluchess, 34 r,0, Ilald
wln. $3r. 2.1, Crab. Infill, Alexander. HSfa.
Home Iteauty. 14 .1(1 til. Slaymen Wlnesap. 14
6,1.7.1. (Irlmes' Oolden. I.1W7 Northwest Green
ing. ts5. Mtarke. I3BS tlnno. $3ft 1 .10. York
Imperial, I3B4 7.1, Hen UaMs. I3W4. Hummer
Aambo. 2.atl9f.1. Apples, western, per box
Jonathan II 7.1 2 7.1. Winter Ilanana. $1.73
J3. Apples, nearby, per hamper. .lOrWM 50. do,
do. ner .laishel basket. 2.1cQfl 2.1 Crab
apples per ' -bushel bssket $1 750U Quinces.
New York, per bbl., $rH7 Lemons, per Imix.
$2 3(lWll. flananas, per hunch. $13002 7.1.
Oranges. California, per box. I25T 1 .10 Pine
apples. Porto Hlco. per crate, 13.2.1 Grapes,
New York, per R-lb basket, l"Mno do, do, per
lr.-lb. basket 30T7(k. do. Callfornln. Tokay,
per crate. IUBI 71 do. do. Malagas, per irate,
1W1 Ml, do. do. Muscatel, per crate. Ill "'"
do. do. Cornlchon per crate. $1 7.1V2 2.1.
lrnnes. Ww York. Der 4-ouurt basket. 205r30c
IMum New York per 4-quart basket Damson.
2,1it3.1c. Green Gage, 30Q3,1c. plums, California
Gross, per crate. $1 2.1?2 Cantaloupes, Colo,
rado,, per flat crate, white rinds. $1.2.101 11.1
Peaches. New York, per bushel-basket 7.1c
$1 7.1. do do. per 14-ili-quart basket. S.HpOOc,
do, do, California, per box onoiT$l Pears, New
York, per bushel-basket Hartlett. II.. 1002,
Seckel, $24, pears. New- York, per bbl Uart
)ett.l4Wn. Seckel ItliiS, pears New York, per
ken. Seckel. 13 nn44 30, pears California. Ilarl
let, per box. 1203.30. Cranberries, Jersey, per
crate. $293 23. do. do. per bbl $011.
VEGETABLES
Potatoes were quiet and barely steady. Cab
bage of fine quality was scarce and firmer
Other vegetables were quiet at revised figures.
Quotations IVhlto potatoes. Jersey, per S
bushel basket No. 1, 0Oc$l 10 No. 2. 0fi
80c, white potatoes, Jersey, per 130-lb bag,
Giants, $4, white potatoes, per bushel Pennsyl
vania fancy, l.(l01.8; Nev York. II no
1.7.1, New Jersey. 11000103, sweet potatoes,
Jersey, per ' -bushel basket No 1 7(lfP8.1c:
No. 2, 33tPR0oi celery. New York, per bunch,
20r,0c; lettuce. New York, per box 50c II 30;
cucumbers, New York, per bushel. 112 2.1:
cauliflower. Long Island, per box. 12 flOifi!3,
cauliflower New York, per box. $2 2,1tf3, water
cress. New York, per 100 bunches II 3002,
eggplant. Florida, per box. 12 7,1T3 2.1. cabbage.
New York, per ton. I3.104.1r: cabbage IlanUh,
seed, per ton, $4.lf30, onions, Jersey, per
hamper. $1 3002, onions. -Orange County. New
York, per hamper, $1,3002; onions, New York,
Massachusetts Ohio and Indiana per 100-lb.
bag No. 1, 3.7A4.dO: No 2 1203. onions,
California, per 100-lb. bag. I4 04.SU.
CLOSING LIVE STOCK PRICES
CHICAGO, Oct. 21 HOGS Receipts. 15.000
head: tomorrow, 18 000 head nest steady,
others weak. Hulk. 114.8.1010 40. light.
114. 2.1W lfl.43, mixed, I14.I1.10IH 75, heavy.
$14 11001(175: rough. 114. 00014. fiS
CATTLE rterejpts, 111.000 head. Steadv, 17.
SHEEP Receipts. 12.000 head Steady,
$12 7.1. Lambs. $17.7.
KANSAS CITY, Oct. 2.1. CATTLE Receipts,
70"O head. Active, hither.
HOOS Receipts. OO00 head. Steadv
SHEEP. Receipts, 7000 head. Steady to 10c
lower. '
SOUTH OMAHA. Oct. 2.1. HOOS Receipts,
2200 head Five to 10c higher,
CATTLB Receipts, 8200 head. 8teady.
SHKHr Receipts, 10.500 head. Killers
steady. Feeders steady to stronc.
NEW YORK BUTTER AND EGGS
NEW YORK. Oct. 25. RUTTKR Recfclpta.
7107 tubs. Market firmer. High score. 4.IV1
40Vic. extra, 4f45'4c; firsts. 43044Hc: State
dairy. 4444Wc: Imitation, 30040c.
EGGS Receipts, W07tl cases, .Market steady.
Storage firsts, 83c; seconds, 88084Hc, whits
eggs, 08072c; other quotations unchanged.
CHAIN nm.T IVTATHKIt F011F.CA8T
CHICAGO, Oct. 23 Illinois Rain tonight
nnd Friday; warmer tonlxhti colder Friday In
'. nnd extreme north.
.Missouri I'nsettled tonight and Friday.
CJjobahly rain 1 warmer tonight fasti colder
Wisconsin Vnsettled tonight and rrldar.
probably rain or snowt colder Friday west.
.Minnesota Hnln or Know tonlthtl colder
nest rentrali Friday unsettled, probably
snow or ruin nnd colder east.
lonn I'naettled tonight nnd Friday, prob
nbl niln east, rnln west and rentrali warm
er extreme east nnd colder extreme west to
night. , North Dakota Unsettled tonliht nnd Frl
dar. South Dakota Unsettled tonlcht and prob
nbly snowt rain extreme rasti Friday partly
clntidr.
Nebraska Unsettled tonight tilth ralni
snow east, colder east nnd rentrali Friday
portly cloudy, warmer west.
Kansas Lnsettlcd nnd colder tonight with
rain or snow ensti Friday fair, colder ex
treme east, warmer west.
Mnntnmi Partly rloitrir tonight and Friday,
prohabl rain west nt DUIde.
Miomlng Generally fnlr tonight and Fri
day, except rnln r snow Friday extreme
northwest.
CHICAGO. Oct 25.
Firmness In the cash articles and pre
dictions of unsettled conditions tonlcht or
tomorrow In tho helt were tho fnctors that
mittlo corn futures strong today. There
were occnslonn setbacks, under realizing;
sales, but the bearp were nt n disadvantage
nnd showed no slcns of BRgresslveness.
Many shorts In December were driven to
coer, as wet weather would further post
pons the time of delivery of the new Brain
now so urgently needed. There also was
roxerlnpr In Jnnuary nnd May ns xxell as a
demand for fresh Investment Stocks nre
small and the movement Is too llRht to en
courase belief In nny accumulation for
some time, especially ns cars nre scarce.
A leading; authority said that husking; of
the new crop In the more northerly sections
has Imrdly been begun, ns husking prices
are lilKli nnd labor Is scarce. The tone nt
Liverpool xva steady. The American offers
small. Shipments from Argentina for the
week were estimated nt 800,000 bushels,
against 3,851.000 bushels last year.
The high on December was $1.20, the low
$1 10S. and the close tV.194, against
.! at me enu yesterday; tno best on
Mny waH $1 1414, the bottom $1.114 and
the final $1 13', fr 1.174, compared with
$1 11,. yesterday's Inst price.
There was more llfo In tho market for
oats, which ueie strohg, because of a per
Rlstent call for export and limited receipts
from the Interior to this market. The
forcc.tst discouraged belief In nny Increase
In arrivals The cash article Is command
ing good prices nnd farmers are offering
sparingly. The mnrket at Liverpool wns
steadier, with export offers lighter. Vo
shipments were expected from Argentina
for the week.
The top on December wns B0BsC. tho bot
tom D8c. and tho close 598 5? SDe, com
pared with r8'ic. the final quotations yes
terday: the best on May was C0-c, the low
60',ic, nnd the close 60Jt GOV against
60 lie Uie final quotations of yesterday.
Lending futures ranee,! as ritn..
I'nMI I.,,.,, :1nll. .. B.. , .
-. .,,,,. ucuirij,
On, n
Dec... 1 17
Jnn.. ! IMS
Max.. 1.12
O.lls
Dec... nn
JIay.. llO',i
Ixrd
Oct
Nov.. 23 NO
Jan . 21 11.1
Ribs
Oct . t27.0.1
Jan.. 21.2.1
I'ork
Oct.. t42 00
Jan . T3H oil
Hid. tAsked,
High
1 20
1.17'i
1 His
r,n
24 01
21.72
Low
1 Ill's
l.l.'l
1 ll
lil)
Close
i.m
1 in",
I MS
nos
1105,
Vest
close
1 Ill's
1 13N
1.I1S
t.is'4
2.1 11.1
21.112
$24 K. t23.no
.24.0.-, 123 S2
17
t27..1D
21 37
30.4.1 3S.SU'
tNomlnal.
T42 Oil
i1 nu 1-.
27 70
21.17
42.00
38.70
GOVERNMENT'S LOCAL
MARKET REPORTS
LOCAL MINING STOCKS
TONOPAH ST0CK8
Rid Ask
Jim Butltr 77 .go
MaeNamara S .2.1
Midway 1.. OP .11
Mlxpuh Extension ''".' -08
Montana .. -V-U -15
North Star ...on,, H"7 .0;
Rescue Kula Kl lft
West End ....! iKu 7-
Atlanta OJH .OOH
Dlue Dull 1 01 .)!
Ilooth ,.... 04 .0.1
Dlampndeld B D U2 .03
Daisy , 02 ,08
Kewanas 7 Og .10
Oro , 01 ,02
Sand Kan ....... .. 01 .02
Sliver Tick 14 .is
MISCELLANEOUH
Arliona United , 20 .25
Nevada Wonder 1.70 J, so
Tscop Mln 28 ,27
This duili report srnt out Vy the
Bureau of Markets af the United States
Derailment 0 Agrteulture, Philadelphia
branch, with headquarters at ,1on..u:,
.xitmncc Exchange Building. Bell Telephone,
Lombard 717.
(Wliolesale prices on large lots to Jobbers,
based on sales at the various railroad depots.)
FRUITS
Arri.HS per bbl. (40-4.1 quarter pecks), Tenn
sxlvnnla nnd Virginia, Delirious. A" grnde,
im-lnrli, $0. N'ey- York llaldwln, "A" grnde,
2'i-lnch. 14 2.103: Maiden lllush, "A" grade.
2Vs -Inch. best. $.1 noiffn, poorer. $4.fl; R"
grade. J'; -Inch and 21j-lnch. 1.103. .'.0; Dela
ware, Staman IVlnesap, $.1ift.1..1ii; Marxland,
(lano, "A" urade 2' -Inch, good color, $44.23;
"ll" grade $3W3 1.1.
CIlAIIArrLHS. nearby, per -bushel basket
(0 quarter perks) $I.754?2.
CANTALOt'PKS. per crate. California (S-8
melons), white rinds. $1.2.1M.M.
CIlANHKnniES. New Jersey, per 32-q.t. crate.
$2 2.113
(IRAI'RS, New Tork. per 3-lb basket. Con
cords 4c: per 1.1-lh. basket, t'oncords, B000c;
per 15-lb. basket. Niagaras. AOc
I'EAIIS. New York, per bushel (14-15 quarter
pecks). Ilartletts. $l.M)01.r.O.
niACIIKS. , New York, per bushel (14-18
qunrter pecks). Elbertas, 7Bc$l.
PLUMH. New York, per 4-qt. basket, red,
1214 Wl.le
Ql'INCKS. New York, per bhl. (40-45 quarter
ptcks). firsts. $iltf?M2.1, seconds, $4eT4 7B.
n STRAIVIIKHIlIEa, California, per pint. 100
VEOBTAnLES
HEANS, nearhs. per i -bushel basket (9-10
quarter necks), lima, II. 2.101. 7R. l
IIEKTH. nearby, per bunch. 22ttc.
'.'IU,A9,'t New iiVk.V ton' domestic. 138
4S: Danish eeed. I424T4H.
CAnnoTS. nearby, per barrel (83-40 quarter
pecks). $2 ,108.
ittSlilfW1- I"n I,,,nd' p,r box 4-
CHLKHT. New York, per bunch. 15B60c.
laa?f-.irJ't?llT' P" '?-bU,,a b"M
i.BrnJiib, per nox wo uozrn neads), Sltre2
iLi - i A?'. ' - -'iv
ONIO.Vfl.
NEW LIBERTY BONDS
APPEAR ON CURB
Initial Trading Proves Interest
ing Feature of Session Oils
Continue i Good Demand
NHW YOTtK, Oct. :s.
An Interesting feature of the trading on
the Curb was tho Initial dealing In the new
Liberty Donds, nbout $200,000 selling at
par. The Curb committee hns ruled that
sales of these bonds cannot he made before
October 29 unless the seller Is In actual
possession of tho securities.
Another feature was the quiet Inquiry for
Triangle Kllm, which recently hns been In
supply nt n low range. The chief Inter
ests concerned In the management of tho
company hnve not been actlvo In the mar
ket, but pending developments are said to
be nn Incentive for new accumulation. The
stock was quoted during tho greater part
of the day at 1 bid, representing this de
mand. Oil stocks continued In good demand, but
with price movements generally confined
within narrow limits Merrltt rose from
32 4 to 33, Midwest sold at 139, Klk Hasln
nt 8s. Northwest nt 8Kc. Osage at 8, Okla
homa Producing nt 8 and Metropolitan
Petroleum at 16-16 to 13-1C.
Mining stocks were quiet, with lrrcgulnr
chnngos. Hmma Consolidated was steady,
selling at 11-16; Calumet nnd Jerome sold
nt I, and 1H, Hlg Ledge at li nnd 1T4
and Jerome Verde at 1U and 1 3-16.
Aetna Kxplosives was traded In at BVi tn
BH. Submarine sold at IS; and 15T and
Lake Torpedo was steady, with sales nt 4H
nnd 41,
INIIUSTllIALS
Yes. close.
Ask (Sale)
84
8
10
.1
.1
21
as
H
77
HO
33
1)
n
10
.10
3H
'$Vi
70
no
35
3
.1;
12
KO
Hid
Air Reduction 81
Aetna Hxploglics f. li
Amer Brit Mfg li
Amer Marconi 294
Amer Writing Paper ... 2
Canadian Car Co 17
Cnn Car & Kdy pf 17
Charcoal Iron 7
Chevrolet Motors 75
Cramp 7.1
Curtlss Aeroplane 31
Carwen Tool 8
Carbon .Steel 70
Kmerson Phonograph ... S
Federal Pyo .1
Hendco Mfg 20
Inter-Lube Chem 84
Knthodlon Hronzc pf . . . 1
Lnke Torp llnat I
Lehigh Coal Sales l
Limn Loco .(
Maxim Munitions Oi
Mnrlln Arms 0.1
N Y Shipbuilding 32
No Amer Pap Pulp 2
Otis Klovntnr IH
Peerless Motor 10
Poole Kng 70
Kedden Truck LI
Sirlppi Hooth IX
S S Kresge w I n
Standard Motors K
Steel Alloys (I 7
Submarine LI 1"
St Joseph Lend loll I M
Todd Shipbuilding 7() 80
Triangle Film 1 I '-ft
United Profit Sharing... U
F S Stcnmshtp 34 4
I'nltcd Motors 2" '-"li
United Sugar 30 3.1
World's Film -Im Vt
Wright-Martin Air i "
Zinc Concent 1
STANDAltl) OIL
Illinois 200 S"
Ohio 3 30
Prairie Plpo 250 2.1.1
S O Cal 22H 23,1
S O N J 510 54B
S O N Y 240 253
INDIMMINHHNT OIL STOCKS
Darnett Oil & Oas li llh
Cosden & Co 8
Klk Uasln "W
Federal Oil , 3
Inter Petrol 12 Vi
Houston Oil IB
84
6,i
34
10
DO
II
8tt
Merrltt Oil
Midwest Hef
Met Petrol
Ohio Fuel
Oklahoma Hef .
Osage Hominy . .
Itlce Oil
Sapulpa Hef
Sequoyah
.Sinclair
United West Oil
. 32
.137
. i
. 14
. 7
. 8
. V,
. or
. 15
8 V
3
13
20
33
130
18
8
V
10
1
81.
3
13IM,
3SH
137
74
'7T4
8
ft
ion
1
.17
'A
MINING STOCKS
BAR SILVER
I Last 1617
f-Ltwden (ptac.Lifl, i i2H tft Mil
1 1 , -" .. " ' '
TCr?i V.7"rf,,nW.n?4., ?.:",: "!?- ": Ohio
PAHSNH'S, nearby, per i -bushel basket (0
quarter pecks). 00c.
rniTERS. nearby, per -bushel basket (8.
10 dozen). 2.1W.10C
POTATOKS. nearby, per s -bushel bssket (R3
pounds) firsts, tltffl.10; seconds, tingTROc, hU)c
per bushel, Pennsylvania. $1.7001.80: New
York, $l.iinn5: New Jersev. 180-pound sack.
Giants 13 75183.81.
PUMPKINS, nearby, per i -bushel basket,
rlWBKT POTATOfiS, Eastern Bhore of Vlr
lnla per barrel (85-40 quarter pecks). $3.2.1
if"S 50 for firsts: seconds, $22 .10 nearby, per
4. bushel basket (8-0 qusrter pecks), llrsts. jel
low. 70ROc: red. 75M.1c; seconds. SSBBOc.
SPINACH, nearby, per barrel (40 quarter
pecks) I1W1.75.
TOMATOH.S. nearbv, jnerS -bushel basket (7
10 quarter peckst. 25cW$l 2.1.
Tt'RNIPH nearbv. per S-bushel basket,
white and yellow, BOSflSe.
WATKIICKBBH, New tork and Pennsylva
nU per bunch. l42c.
SQPABH. nearby, per -bushel basket (20
30 squash). 7300c.
SOLD AT AUCTION YESTERDAY
ORANClliB. California, per box", medium size
(14-1K dozen). $803.00; small size (20-27 dozen).
$1.1100.1.15. .
ArPLKS. Northwestern, oer box (80-188 a p.
?' ..J.2alh?n,' $.1 B5!?! Winter Ilsnana.
$1 702 8.1; Grimes' Oolden. $1 12.8.1 -
OflAPES. California, per 24.pound crate. To-
kajs. $I.031 40: Malscss. I1.20O1.50.
DIVIDENDS DECLARED
Pressed Steel Car Company regular quarterly
of $1.73 a share on common and $1,73 on pre
ferred. Common Is payable December D. to
stock of record November 14, preferred Novem
ber 20. to stock of record November B..
Lehbrh Coal and Navigation Company resu
lar quarterly of S per rent, payable November
30, to stock of record October 81.
Norfolk and Western Railway Company rec
ular. quarterly of 11. per cent on common,
payable December 10, to stock of record No-
eNevada 'Wonder Mlnlnr Company, a dividend
of 10 per cent, payable November 31, to stock
of record October 81.
Standard Oil of Indiana rerular quarterly
of a per cent nnd usual extra of 3 per cent,
both payable November 80, to stock of record
November o.
Washlnrton-Vlrglnla Hallway Company, stmt
annual of Jti per cent on preferred, payable
November 1 ae reslatered Octobsr 24. Ooolu
close October 24 reopen November 1.
Commercial Trust Company, rerular quarterly
of 4 per cent, payable Notembtr 1 to itock
holders of record October 81. ""
Third National Hank recular semiannual of
n per rent, payable November 8, to stock of
record October 81.
Hersner A Kneel Orswlns Company, regular
semiannual of 4 per cent on preferred, paya
ble November. 1. Hooks close today.
Consolidated Oas Company recular quarterly
of 14 per cent, payable December 13, to holder
"of record November 0.
Oreene-Cananea Copper Company usual dlvl
dend ot $2 a share for the quarter, payable No
vember 28, to stock of record November B.
East llroad Top Railroad and Coal Company
dividend of S per cent on preferred snd 3 per
cent on common, payable November 1.
Diamond Match Company retulsr quarterly
of 3 per rent, payable December IB. to stock
of record November 80.
Alaska Standard 5 15
Atlanta 7 0
Big Ledge 1 H4
lllsbee Copper (a pros) . . 14
Uutto Copper & Zinc... 8Vi 8
Butte New York 1
Calumet & Jerome 1 111
Consolidated Arizona ... i-y4 1
Emma Consolidated ft i
First National 2 2
C.oldfleld Merger 3 5
Coldfleld Consolidated... 38 43
Goldfleld Florence 11 16
Goldfleld Kewanns 7 0
Orcen Monster & )1
Hecla Mining 51 8
Howe Sound "4V4 4
Independence Lead 63 67
Jerome Verde lft 1
Jumbo Extension 17 19
Magnate Copper 4 V
McKlnley-Darragh .15 50
Magma Copper 42 44
Mother Lode 33 35
Mines Co of America. ... lyi 1
Nevada Hills 11 16
Nevada Wonder 1-14 2
Niplssing ? 8Vi 8
Ohio Copper T
nny Hercules 3 3V4
San Toy 11 14
Stewatt Vi ft
Tonopah Extension 174 2J4
United Verde 32 33
West End Con 68 72
White OakB 3
White Caps 1 114
Yerlngton 16 18
1ION1IS
Bethlehem 5s D7ii 08
Cosden Oil 6b 82 86
Cosden & Co 6s 82 86
Cudahy Bs 04 07
Erie Bs -4) 04 08
New Liberty Loan 4s.. 100
HUBsian C!ot BV-ie 61 63
do 6Hs 71 7
Southern Hallway Bs ... 07H 084
Sinclair Oil 6s 02
Todd Shipbuilding 6s ..loo 102
Western Paclflo Bs 00- 100
8V4
lW
14
Hi
U
2
39
BT4
lft
13
ii
60
34
A
16
GOVERNMENT'S BV2 PER CENT LIBERTY
BONDS ATTRACT MOST INTEREST HERf
Business in Stocks Is Limited on Local Exchange, Witijif
Most Price Changes Small York Railways
Gross Larger for September
Dividends for Standard Milling
NEW YOP.K, Oct. 26. Standard Milling
Company has declared the regular quarterly
dlvrjfcnd of 1H per cent on the preferred
stocfll payable November 30 to stock of
record November 19. The company also
declared a dividend of 8 per cent on the
common stock, payable one-half In cash and
one-half In stock, from earnings for the.
fiscal year ended August 31, 1817, In fout
quarterly Installments. The first payment
of 1 per cent cash and 1 per cent stock
will be made November'30, to stock of rec
ord November 18 : the second, February 28
1818, to stock of record February 18, 1818;
the third, May 31. to stock of record May
21, and the fourth on August 31, to stock
of record August 21, This Is the same as
declared a year ago.
The Government's 3 per cent Liberty
Bonds occupied nearly all attention In the
trndlng on the Philadelphia Stock Ex
change today, and with few exceptfons.
price changes In the small turnover of
stocks were uninteresting, 'The first Liberty
Bonds were dealt In heavily early in the
day and were fairly active following mid
day, with tho price a little higher nt 99.82.
The largest gain made by the stocks
was registered on an odd-lot transaction
In Westmoreland Coal, which sold at 78, or
2 points above the last previous sale. Cramp
certificates were strong, advancing 1 point
on a small turnover, nnd United States
Steel common was higher most of the day,
selling more than a point over yesterday's
cloilng quotation, but closed M a point
lower. Improvement wns also shown by
Lake Superior Corporation early, but the
close was off a quarter.
Rnllroad shares followed the course
taken by them In New York and were gen
erally lower. Lehigh Valley dropped ;,
Pennsylvania was down S to U above par,
and Heading was off 4. Union Paclflo was
off more than a point. Itapld Transit trust
certificates were slow In coming out and
wero unchanged throughout the session.
Union Traction was off and Phlladelr!
Traction waj unchanged.
United Gas Improvement wag off a HttR
Tonopah Belmont and Electric SUratja
Battery were off a trifle, and Philadelphia
Electric was unchanged. Lehigh Navig
tlon showed quite a little momentum utrUM
earl sold oft 4 points to E. but In Om
later trading recovered to 67 V4, losing a
point, ot tne gain before the close.
Earnings of the York Hallways Company
continue to hold up well. The statement
for September and ten months which came-,
out today showed substantial gains In trrs
gross In both periods and a good gain In
me nei ior me ten months. However, la
creased operating expenses resulted In ttf
net for the month being below that cf lSl'cs
Gross earnings for September totaled ttly
621, an Increase of J6164 ; the net earnlne-
were 142,051, a decrease of 11939, and tlra
net income was 17,HI, a drop of 122Bi
For the ten-month period the gross to
taled 1859,008, a gain of $74,769; the net
earnings were 8446,183, an Increase ot 123,
21E, and the net Income was 8186,124, or
$23,117 greater than during the correspond
ing period of the previous year.'
9si "
LONDON STOCK MARKET
Business the Smallest for Months, With
Prices Irregular Americans Idle
LONDON, Oct. 25. There was little life
to tho stock exchange markets today, busi
ness being the smallest for months.
Changes In prices were Irregular. Wire
service was poor, being Interrupted by a
gale.
The gilt-edged section wavered. In
fluenced partly by the weekly figures on the
losses' of ships from submarines or mines.
An exception wis the 5 per cent loan, which
was good. Pates for money were easier
owing to largo maturities of treasury bills.
Tho American groop was Idle. Canadians
held well. Home lines were dull. Argen
tine rails were unsettled, annual reports
of the roads Indicating the urgent necessity
of an Increaso In rates, which has not been
conceded ns yet by the Government. The
foreign department was slow. Some min
ing and rubber loaues were In favor.
COTTON PRICES DOWN
IN NERVOUS MARKET
Sharp Break Comes With News
of Teuton Successes on the
Italian Front
COTTON TIKLT WKATTIKR CONDITIONS
. NB1V YORK. Oet. ti. It was raurh colder
In the vastern sertlnn of the rotten l.elt this
mornlnc and killing frosta
.The
Here reported In
ronomnr tern-
Alabama, and tleorsla.
peratures were recorded! Mrwon, Chatta-
nooga. ana .-NeenTine. 54t Atlanta, Monte-emery,
Illrrolnitham snd ItnoiTllte. Sl Ashe
J.tlle and, Aususta. S81 Wllmlnften. 44)'i
Italelsh. Memphis. Vlrkshurs and Mnblle, 4Jt'
Navannah. 44) Utile Itoek, 4i Charleston f
nnd Jacksonville, 4R IVnsarela, Fort Smith, i
Iel Rio and KhreTrport, AOi Tampa and New
Orleans. Ai Oklahoma Cltr. Ml Nan Antonlp.
6SI Corpus Chrlstl and OalTeaUn, 72.
NEW YORK COFFEE MARKET
NEW YOIIK. Oct 25 Tho coffee market
was barely steady, with prices hardly hold
ing their own, but at best the market was
a narrow one, with no aggressiveness, shown
on either side. The question of tonnage
la attracting considerable attention In
Brazil and shippers there have advanced
their prices.
Steamer freight room Is Becoming scarce
nnd sailing vessels are being chartered, one
sailer now leading In llrnzll with coffee
for the United States Stocks here, how
ever, nre ample for some time to come
nnd the local trade does not seem Inclined
to follow the advance.
Yest.
Open High Low Close itose
Noember 7 0S 7 or, 7.04 7.H.1
December 7.12 7.111 7. IS 7.13 7.13
January 7 .'t 7.23 7.a 7.2a
March 7 31 7.411 7.3S 7.34 7.35
May 7.83 7.0.4 7.34 7.3 1 7.S3
July 7 00 7 75 7.73 7.70 7.71
September 7.03 7.00 7.83 7.87
RAILROAD EARNINGS
HUFFALO. ROCHESTER AND riTTSllunflH
1817. Increase.
Third week October. .. . J83S.731 4S,B.10
Month DOS, 4113 187,800
MISSOURI, KANSAS AND TJIXAS
Third week October .. tBdl.7s3 131.024
From January 1. .
33.4m.SH9
S,3.T.,.-,7
ATCHISON
September gross J14.021.7fl0 11.232.011)
Net S,n,13,4Sll S30 4n
Ninth months' sross. . .120,afli,740 lM04,.',x:.'
Net 37.623,444 2.420.734
CHICAGO. INDIANAPOLIS AND LOUlHVII.Ln
Third week October.
From January 1 . . .
1180.421
! asa pan
WESTERN MARYLAND
Third week October 1205.522
From January 1 10.707.007
CANADIAN PACIFIC
Third week October 13.42P.O0O
Decrease.
120.331
778.1100
M.701
1,203.738
S407.000
nI 1
tat 8
NEW YORK. Oct. St.
There was a sharp break in the cotton
market today, which was helped by cables!
telling of Teuton successes on the Italian i!
front. A good deal ot nervousness was JruM
evidence and offerings of long stuff were "
free. Some commission houses declared "
that there nppcared to be less confidence,
on th hull kIcIa I
It was estimated that notices for between--25.Q00
nnd 30,000 bales were Issued at New
Orleans, which were taken by a firm that
Is a large exporter to Manchester.
Killing frosts In some of the eastern
States were offset as factors by larger gin
nlng figures than were generally expected
nnd the tone of the market was comparas
tlvely easy nt the start. ,
December again sold at Its high record of
28 cents, but declined to 27.04, before the'
end of the .all, showing an advance of
four points, whllo other months were
twenty points lower. ,
Liverpool spot houses and some of the
local operators were buyers, tilth a good,
supply coming from prominent commission
hnliaea Walt atrAat nw.A xr.. n..... ...
-......, ,.,. ....wt mm ,,ch ui.vaua ill- ,4
terests. frn 1
Thq cotton receipts at 'the ports for lh JL i
day are estimated at 44,000 bales, compared I
with 31,040 bales a week ago and CS,43'4 J
uaicn ii year ago.
Yest. i lose Open. Hlah Low
511.13 511.13 20.10
5S.10 5S.12 '57.31
57.33 57.83 50.70
rt.UK xr.OS 20742 '" a
0.83 50.03 50.38 2.4H
October.. .
December .
January.. .
March. . .
Jtay
Spot
51" 31
S7.na
57 31
57.10
5U.03
50.110
20.10
27.6.6,
-0,07
2Q.0S Jw-7
Liverpool Cotton
LIVERPOOL, Oct. 25. There was a bet
ter demand for spot cottrn today, wt,h
prices firm nnd 10 points higher, on the!3;
basis of 20.62d for middling. The saleJJ
were 3000 bales. The reclpts were 14,0001
bales. Including 670p bales American. Spot
prices were! American middling, fair.
21.77d; good middling, 21.12d; mlddllmrtfit
20.62d; low middling, 20.12d; good ordinary, -$i
19.17d; ordinary, 18.67d.
r
Nine P. M.
"I"1 HIS office will remain open to-
night and Friday until 9 P. M.
for the sale of Liberty Bonds.
Commercial Trust . Company
City Hall Square
r
oat
Utnw
rrS
New Store for Reld & Fort
With the discontinuance of the Reld A
Fort store at 1114 Chestnut street today,
the firm moves to a more commodious and
finer store at 1204 Chestnut street, adjoint
Ing the handsome new building of the Ben
enclafSavlngs Fund Society. This Is the old
Schmoele store, which has now been entirely
remade. This makes the third of the Reld
I & Fort stores.
INVESTORS!
TAX EXEMPTION'
Do you realize that if an individual worth
$1 30,000, or less, invests his entire capital in
LIBERTY LOAN 4 BONDS
his income will be exempt from taxation?
$130,000 at 4 yields $5200
The income on $5000 Liberty Loan 4 Bonds,
or $200, will be exempt from all taxes.
The income on $125,000 Libe.rty Loan 4
, Bonds, or $5000, will be exempt from the old-Normal
Income Tax and the additional Normal Income Tax.
imposed by the War Revenue Act, and is not subject
to the Income Surtax.
i
LIBERTY LOAN COMMITTEE
LINCOLN BUILDING
PHILADELPHIA
'K
-.?l
5
ir.ASici