rm?IN& ' LEDOBR-PHUjADELPHU', HONBAY, OCTOBER 20. 1017
i . , , . ' it ...,-.... - ,i i i ii
m-L
uJLii
MNANCIAL .NEWS AND COMMENT ITEMS OF INTEREST TO THE BUSINESS MAJ
s
m
ILLY. MOCK ft
BANKERS
INVESTMENT
SECURITIES
GOVERNMENT
"MUNICIPAL
RAILROAD
AND
PUDLIC SERVICE
CORPORATION
DONDS
306 CHESTNUT STREET
I'lllLADELITUA
MARKET MOVEMENTS ARE WIDE,
WITH INTEREST IN THE MARINES
FOUNDED 1863
The
Provident
life and Trust Company
of Philadelphia
Life insurance, written by a
responsible company, im
proves your credit.
Another reason ichy business
men should take out policies
in the Provident.
Prices Decline Early on Heavy'Sales and Other
Stocks Follow Same Course, but Gains
Occur in Afternoon
FOURTH AND CHESTNUT
- STREETS
War Tax
Analysis
For Individual
Partnntshlpeand
Corporations
An expert interpretation of the
Income Tax, the War
Income Tax ?nd the
War Excess Profits Tax
This analysis covers the many
perplexing problems confronting
those subject to taxation.
' booklet PE-141 will lw -upon
request
The National Gty
Company
1421 Chestnut St., Philadelphia
JCew Tort Chicago Se Pnarlico
Boston fittitmrtn
V
15he MAN
"" . 15he JOB
The first large task of Gen.
George W. Goetbals as head
of the
WRIGHT-MARTIN
AIRCRAFT
CORPORATION
Is to build 4,500 of the fa
mous Hlspano-Suiza air
craft motors for the United
States Government.
This contract for the best
paymaster tn the world
runs Into many millions.
Ask for our latest analytical
report on Wright-Martin.
164-T. U.
JONES & BAKER
STOCK IIHOKKRS
Widener Bldg., Philadelphia
Hell. Walnut 1010-1.
Keystone. Race 229U.
New York Hoslon
Chicago Pittsburgh
Direct Private Wtret
inVES i BAK1SK.
" .in
Pa.
Ame -
Adirttl
High Points in Today's Financial News
VMent fluctuations occurred in prices of stocks on Xcw York Uxchange.
Marine Issues led trading and declined, with most other stocks following same
course. Part of losses were recovered In afternoon. Curb shares were lower, due
to unfavorable war news from Italy. Corn higher and cotton loioer. Lire was
weak In foreign exchange market. Philadelphia bank statement showed a big
Increase in loans for the week due to the sale of the new Liberty Loan. Boston
Elevated Hallway directors passed the dividend due to be declared at today's
meeting. Par silver higher tn London and .Vcio York.
I New York Stock Sales
Net
High. Low. Clone, chge,
Alaska Gold M.. 8 3 3
Alaska Juneau ..3 3 34 V
Allls-Chalmers Co 21 .30 21 1
Am Beet Sugar.. 78 74 75 2
Am Can 42 40 1 Hi
do pref or 07 97
Am Car & Fdy Co. 68 04 65 2"i
uo pref 107 107 'V4 '.
larger
ahuulil causo
NEW YORK. Oct. 29.
Trading In the stock market Just now Is progressing without the display of
activity on the part of bear plungers. It is a matter of definite understanding
on the exchange floor that working on an aggressive scale by bear plungers
will not be permitted by tho Stock Kxchange authorities. There Is still the
natural short trading which is regarded as an Important factor In security mar
ket operations, but nothing like the concentrated attacks frequent In the preced
ing part of the year Is to be expected from now on.
Market movements In the leading Issues and In many specialties were wide
today, Including violent fluctuations at times. Most Interest was attached to the
dealings In the Marine stocks because of the general understanding that a. set
tlement of the S8 per cent accumulated dividends on Marino preferred is close at
hand. The general expectation Is that this accumu'atlon will bo settled partly
In cash and partly In securities, and all through tho day there was absorption of
offerings of this stock without regard to price. In the early trading heavy sales
by one broker forced the stock down to 100. then a loss of mora than 3 points
from Saturday's close, but In the afternoon It rose to above 106. The common
stock made a gain of more t'.an 2 points to above 31.
Atlantic, Gulf and West Indies moved in about the same way. a sliaarp de
cline In the forenoon being followed by u display of strength :n the last half of
the day. Steel industrials were forced to follow in line with Marine Issues
Instead of leading the market In Its movements. United States Steel common
sold down 37s to 103, with a rally of more than 1 point before the end of the day,
and Bethlehem Steel "li" dropped 3? to 82, followed by a moderate upturn in
the last hour.
Transactions on a large scale were made again today In the 3 per cent
Liberty Bonds, sales being at 99.94 and 99.96, the highest price touched by tho
Issue since the new financing was proposed. The 43 wero traded in as high as
100.02, but most sales were at 100.
Impressive Success of Liberty Loan
The impressive success of the Liberty Loan and with a wondcrfut harvest
ahead, with prices of most stocks selling far below their Intrinsic value, it
would seem as though frooner or later there will be a definite turn In financial
affairs for thn better. Of course. It Is not probable that mere win ue a Me.ii.
unonninHnt, imt i,o ,i,iiiim,u tif rnmnHpnt Indues nre there will be a
.bU.Ut.W.i, ... ... v-,.....w.... ". V...,-. ., r.--
array of buying orders and that there is nothing In view that
telling characteristic of that witnessed the middle of October.
Putting aside the taxation clauses, the yield of hlglvclas securities Is really
remarkable and there are many people who are entering the market, perhaps
for small lots, and putting their stock away until after the war when it Is
-expected all of the good issues will rebound to something near their relative
value.
An Important factor bearing Into the Immediate hltuatlon and which will
make Itself felt in the stock market eventually Is the steady and gradually
Increasing demand for coods bv the domestic consumer. The public Is getting
ready for the winter months and this together with an enormous demand for
tabrlcs, etc.. from the Government will keep all the textile Industries moving
at top speed for months. ,
When people spend money freely for clothes It Is n sign of good times and
although there is always that strain of conservatism noticed because of tho war.
absolute necessities have to be purchased and the purchasers are of a better
character owing to the increased per capita ratio of the Individual. Trade
reports agree that business with wholesale dealers and Jobbers Is of large
proportions and holiday buying Is receiving more attention n till of the large
cities. So the situation, as It stands, holds out for a very busy season In this
Industry with great expansion In lines that have heretofore been Just about
holding their own.
Plan to Order 1000 Locomotives
Equipment companies are Just now deeply concerned over the locomotive
order for the use of the United States Government In France. It Is understood
that the conference over th(s matter will be concluded very soon. An Idea
prevails that the number of engines ordered will be Increased from 1500 to 2000.
The orders have not yet been officially placed, but the Baldwin Locomotive
and American Locomotive companies will undoubtedly secure the major portion
of the contracts. There Is Just now much speculation as to whether railroads
which had orders with equipment companies before the Government entered
the field will get theirs filled. There Is a good chance that they will, although
this matter Is entirely up to the Council of National Defense.
It Is believed that In a case where a railroad Is badly In need of engines
and the Government could readily give preference to that case, the road will
get the benefit. This is the method being followed at present by locomotive
builders who make deliveries on all orders under Instruction from the Govern
ment and are fitting in private orders whenever the authorities give them
permission.
A review of the foreign exchange market Indicates no Improvement from
the dull conditions that have been prevailing last week. Price changes are
Insignificant and indications are they will continue to be quoted nominally
for borne time to come.
Am Int Corp 80
Am Hide & L ItHtf,
do pref 87
Am Linseed 23
Am Locomotlvo . . 57
Am Malt pf ...... 02
Am Smelting 86
do pref 104
Am Hum Tob .... BOH
Am Steel Kdry . . 02
Am Sugar 105
do pref 110
Am Tel & Tel .. .113
Am Tobacco ..'..18
Am Wool 44
do pref 03
Am Zlno & Lead . 14
do pref 4ft
Anaconda 63
Atchison 0.1 1.4
do pref 90
All Gulf & W I... 104
do pref 60
Dald Loco Co ... 63
do pref 08
Bait & Ohio 87
do pref 61
Batopllas Min ... 1
Beth Steel B .... 88
do pref t c 100
Brook Bap Tr.... 40
Burns Bros loo
Butte & Sup Cop. 20
Cal Petroleum ... 13
do pref 3714
Canadian Pacific. 144
Central Leather... 73
Cerro do Pasco .. 31
Chandler Motors. . 71
Chesa & Ohio 51
Chi Gt Western pf 23
Chi M & St P 45
Chi & Northwest. 00
Chi II I & Pac t c. 21
do" 6 p c pref t c 48
do 7 p c pref t o 86
Chill Copper left
88
12
55
22
sett
60
83
, Yt
44
38
34
80
04
31
01
67
31
82
00
08 Vi
in
23
23
17
43
33
80
ft
.117
72
27
20
107 100
03 03
INACTIVE NEW YORK STOCKS
Following are quotations for Inactive
New York stocks and In which there wero
no transactions today. The price given is
the last previous sale:
A n R k T ctfs..l02 Mackay Cos nref. 80
i i 9 J V eti pt.lM Manhattan beach 1
A B 8 F Pref. "5 Manhat El 103';
Adams Epress. .113 May Dept Stores. .-.0',
Advance nuinriy. - ri IT''1 pun I'l-iwi
Adv Rumely pi.
Alax Rubber
Allls-Chalm pref
m Ira BeC ....
Am Agr Chem.
Am AST nrin
2 Mex Petrol nref.. Ill
60 Mich Cent 119
77Ji Minn & St I, new. 11 ,
US Mo Kan & T pret utt
R.l1 Vnrrl. k. ? flnU.
f 08 MnH- i :v nf IIL
&m itt Sutrar Vl S.V. Mont Power .... 74
Am Cotton Oil... 3J Mont Power pref. 107
Am nxpreea '' Nat Acmo 30V4
Am lee prt... . J J Nat Hlacult pref. 114
Am Unseed pref. BO Nat uSOUt 73
Am Loco pref ?J Nat Cloak & Suit. tKH
Amer. Mali ..... J?H Nat cm & St pf.lOOH
Am Smelt jiret A. JJ-'tt Nat Enm Stp pt S4
Am Smelt II . , Nat Lead 40
Am Su,n,IfWJ'r" S5 Nat Lead pref. . .10(1
Am Tel ft Cahla.. N O Tex 4 Mex. 22
Am T T 8d vt . -J Nt RH Mfx t , 40
Am Tob pret new Nt r r Mex pref. 40
Am nni zx :mi jut .iiex an pr Mm
AMO 0.0 1st Pf. J; NY Dock lift
.1 r,n
Atl lllrm ft All.
Barrett Co . . .
Harrett Co pret.
Heth Steel pref .
Heth Steel rta . .
llrkn Un Gas...
Hrown Shoo .
tt...itf ......
Cal Packln Co.
IK
13
95
108
. 8(
Ci ft 80 1st pref JO
Pent Fdy So . ... ?T
N Y Air Hrake..l21
N Y C ft St L. .. 21
Norf s noutn 21
Norf ft West pref 82
North Amer .... 40(4
103 Nova Scotia Steel 08
71 unto Fuel 45
10U. hlo Oa rta 63
ST Pan-Am Pet oref too
New York Bond Sales
HlKh
034
02'4
IIM4
07
J7000. Amer Aur deti
15.Vimi Anslo-French fis
70(10 Am For Sec 3a.
100(1 Amer Tel fit 4s .
20500 Amer Tel r.s . .
11100 Amer Tel rvt 4H... OH
llROn Atchison aen 4a MJt
0000 Bait ft Ohio 5s M
3IMHI do 4s 0H
3000 do v 4H 81H
1000 liraden Copper Rs ... l2
311000 Bordeaux Ha HON
1000 Can Govt Ss 1021... H.H4
1000 do Rs 1020 02
0000 Cent leather 1t 5s. .fl.iS
lioon Chili Copper 7 10l'
MiOO Ches ft Ohio 4Ha... 70S
12000 do conv 3s "O
aono Chl ft Alton 34s 3S
Simon Chl II i Q Joint 4s. . 04
11000 Chl MftStl" an 4s ".'Js 8014
H0O0 Chl II 1 A P rid 4s.. 75
3300(1 Cltv of Paris 0s 01'.
aiotHi tan Kjtdn conv ,,.... "-,
I.ow
03'i
ni'I
oi'
83
00
MH
87i
SO
81
02
MS
034
112
3S
104
70S
70S
38
03S
801,
H7S
no
100s
Close
H3S
2'I
II 4 S
83
IIHS
00
8.M4
MK
804
81
02
SOS
034
02
WIS
lot
70S
80
SS
P3S
804
87S
no
100'
Pan-Am Pet prior
m ' -iAicr BUa., Philadelphia,
- - y0u mar send me your report 161.T.U.
I
I
X", i-rtv 80 ; . . . -1 Pr" rl os
Cent Fdy bo . ,.,, pcnisii, .
r-lnt 8 Am T.I t llMi P' Eaet.7... 1
CM ft Alton ' n I'ero Marquette .. 17S
Ch AltSS Pf.t 23S Per. Marn pref.. SBV4
rSi ot West " Plerce-Arrow .... 82
CM ft St P pref . 884 Plerce-Arrow pref 93
Chili "n : W pref.. 1 13 Pressed Steel Car &rt
Cluett-Peab'dv P.MJ2,, Pub Srv Corp.. 1131;
col ft 80 1st pref . JV4 Quicksilver .... 1
Col ft South .... 24 Quicksilver pref.. 114
Col ft S 2d pref. .,434 n.y stl Sprlnaa pf 05li
Con u '.';', neaoinr let prer, 8814
lieaamir .-ti Orel, ST
nep I ft s pref.. 984
I70OO con Uvio conv 11s niii-i nij i"",,'
1000 Cuban Am Suirar fls..looli 100 1004
1000 Cumberland Tel 5s.. 0.14 0S4 S4
iiiwi uni iiwya os mi
soon Den ft Rio Or 4s ... 074
20000 Detroit United 44s. 75
1000 Krle conv 4s Per H. 44S
InOA V.rla ranv 4a Her t).. 51!
8000 French Republic 54 s
30000 Interb Met 44
looo Inter n T ref r.s.. .
10000 Inter Mer Mar Bs...
1000 Inter Paper b
100 1 Japanese 44 s
5000 do new O 8 44a..
1000 do new 44 s
4000 I,acka Steel Rs 1050.
OfldO I.k Sh deb 4s 1028.
looo in vai or N Y 48
301 (WOO Liberty Ilond 3s
. 110
. R3S
. SIS
. 02
.100
. 884
. 774
. 88
. 03
. SM
. 80
00.0(1
87S
7',i
73
44S
52
Oil
634
841
02S
100
??
88
02
88
80
00.02
87S
7;
".,
44S
52
irn
534
SIS
2'i
183300 do 2d 4s 100.02 100
Con lnt Cal Mm- 74 ,,
Con Can .Pref. .-1024 n
Continental n
0 "?2..
fS -' 11IVI1TENDS
' V- .
t'HAKKUN NATIONAL, 1UNK
- cucstnui hi. tiesi ui iiroau
Philadelphia. Oct. 22, KIT.
Directors hv lula day declarJ u semi.
u.l divlilend ol fen per cent (10) frerof
O El. NoVember 1. 1917. to stockholders
Record t the eloae of bustneaa October 31.
ccka -IU . mall., WJL 1mrdt
isscir.
31U
Crucible Steel pf BOH
Cubs. Am Susar.170
Cuba Am 8u Pf 103
D I. ft W 14
Den ft HO
Detroit Edieon,..125
Eleo Stor.Bat... J84
General Cisar ... 3J4
Oen Clear pref.. J8
Goodrich B F ... 43
Goodrich II V p'-J52
Gulf "-""
iiartman Corp. .. ??
Haakell ft Barter an
Jtavana Elec i .... L
Hnmestake Mln..lo74
Illinois Cent
THIS aiktAKU NATIONAL U.I.NK
faliaUelpoui, uccuoer za. 1
IS IT.
lrectore bave tola aay- aeclar.d a dlvt.
Uiit uer real 18). parable NiiimL.,
.1, to aiocanoMjere o re
neat October 24. Checks
" CltARLEa 1
record at the close
win dw maueo.
M. AS1ITON.
Cashier.
HAMILTON TBI78T 1 031 PAN Y
i'wtietli atwl .Market streets
PhllaaelPUIa, txttwer 11, 1917
Tr Bed of 1)lryrtore nija ihla duy di.red
H tw eiivioepw 79 -.vw k narej on
m'lurrof KJ.no,
1" Hf.r .0,,NiP''U.
Dl wicaei vv...mvv
nt Paper pfsta. 80
i cnirai
zz: k; r.f
Kan City So pref D2
teoK ft u M.-J- "
I .1.. '.rrl- Mr V . lr
I.k Krle. ft IV oref 23
T.ee Ttub ft Tire,. IS
Lie; A AI OD.....f'--(
J.l! M T rret
1.1c fc M Tob rta
Savage Arma 014
naxon Jioior .... 7
St I. ft B 1v pref 89
80 P Hlco 6.;...2UT
Standard Mill.... 44
Standard Mill pf. ps
Stutx Motor .... 424
Sup Steel 1st rf.100
Texaa Co rta.... 104
Third Av 19
Tidewater Oil ...20.1
Tobacco Prod of. 034
T.8t Lft W....... 72
T Bt L ft W ctfa 84
T St I- ft W of. 30
Twin City R T.. 794
Underwd Type pf.lllS
United Alloy Stl. 40
Untd Dru 1st pf 50
Untd Drux 2d pf. 73
IVnlted Pap Brd.. 20
United Ry Inv... 74
II 8 Express,... 1
U 8 Ind Alco pf. 084
U 8 Rtalty Imp.. IRV
tt 8 Really Im pf 50
Va-Car Chem ., 31
Va-Car Chem nf 1114
a- mwm.a
103t west ld
ie win Aia
.100
10000 Lyons lis
1000 Marsla s
10000 Mo Kan ft T 1st 4s,.
2000 Met West of Ch Rs.
10000 Mo Tac W U Rs 1028.
740"0 Mo Pac sm 4s
1000 N Y C ft 6a
10000 do 4a
5001 N Y City 4a 1950...
looo ao e a ihou
sooo do 44 s inns
A 4Ul
100 do 44s May 1057. .101S 101S
90 80 S
s4 804
24 024
8RU 88V
87 87
r.ns 584
974 014
80 80
93S OSS
98 98
lots lots
Boon N Y NII4H 34 a 1034 R24
?J
2.
in lal rtfs si. 4U west rao ll it
rz.li.rrt J. 208 Wl lys-Orer pref
Max Motor 2d pf. 194 lyilaoo Co pf..,.lo;
1 pf
WlllyaOrer pref. 8311
Woolwortb ..,..120
"4
'
4000 do 6s
11000 Nor Pao 4s
7000 do Ken 3s
23000 Penns sen -t 44a
4000 Pub Serv N J 5s
8000 Pere Marquette Os. . .
14000 Rep Ir ft H 3s
looo Rio Gr ft W 1st 4s
5000 St L ft S F alt
40000 do In
40000 do Her A
9000 do 8r 11
10000 Stand Mill 5a
8000 Seaboard A 1
looo do sia es ....
1000 South Hell .' ...
8000 South Pac cv 4s,
9000 do cv 5s
3000 do iM 4s
80000 South Itwy cen 4s
12000 do 5a
1000 Texaa ft Pac 6a.
9ono it h nunoer oa
8.1
84
80S
92
84
R3
904
884
mu
4.1
5S
78
984
lard A L adj 5a.. 47
1-4
94S
80S
02S
84
614
so
81
2000 M B Government 4s... 10.1
'3
524
S4
831
H04
914
"4.
82 S
PA4
084
61
43
884
7.14
S??
7211
944
804
81
98
K4
80S
Granulated Sugar Unchanged
NEW YOItK, Oct !. neflned sugars
unchanged, with the American. Nitlonal
and Pennsylvania companies quotlnt; 8.38c.
The Federal and the Warner companies
and Aruucklo Brothent continue withdrawn.
at sales In pot Cuban raws. 8.0o.
nrtfi TT u Hl f Aa lOOl.
189000 U K of O II ft 1 6a.... 93A
4Anno do 54a 1918 9A4
700O do 64S 1919...... 93..
80000 do B4e new 1B19... 9n
11IHHI oo iyf a tvi....- 2
looo wa Klertrin 5s 97
lOOO Went Shore 4s...... 801
r.m.'
li,n-
100 i
P94
944
98 A
HA
92
100
884
774
8H
93
88
80
09.01
100
89 S
894
f.24
S8S
87
Ri
nS
80
II3S
98
lots
101 S
524
85
834
H0
91
84
82 S
904
S,
45
034
72'i
80
nt
93
89 4
80S
103S
l
Chlno Con Cop
Col Fuel & Iron.
Col CJas & Klcc.
Consol Ons
Cont Can
Corn Products . . .
do pref
Crucible Steel . . .
Cuba Cane Sugar.
do pref
Deere Co pref . . .
Del & Hudson
Denver & It G pf.
Dome Mines 71i
Distillers Secur... 37)i
Krle 8
do 1st pref 27
do 2d pref 10
Gaston Williams . 33"J,
General Electric ..134
General Motors . . OMi
do pret 76
Goodrich B F 40U
Gr North pref... 100
Gr Nor Ore subs. 28
Greene Con Cop.. SO1;
Gulf State Steel. . 04T
Int Agrlcul 10
do pref 38
Inspiration Cop... 4S:U
Interb-Cons Corp. 7 Vi
do pref 46
lnt Mer Marine . . 31
do nref 100
Inter Paper
Int Nickel
Kan City So
Kelly-Sprlngfleld.
Kennecott Cop . .
Lncka Steel
Lehigh Valley .
Louis & Nash. . .
Mackay Cos 75
Maxwell Motor ... 3i'x
do 1st pref 645i
Mex Petrol 801,.
Miami Con Cop. .. Sl1
M S P & S S M... 03
Mldvale 46
Mo Kan & Tex 4
Missouri Pacific. . 27t(.
do ctfs 47
Nat Con & Cable. . 24
Nat Enamel & S.40
Nevada Con Cop. 18
New York Cent.
N YiNMUII...
N Y Ont & West.
Norf & West . . .
Northern Pac . .
Ohio Gas
Ontario Silver .
Owens Bot
Pacific Mall
Tenn P. II
Peo Gas & C . . .
Philadelphia Co.
Pitts & West som.
Pitts Coal 401i
do pref
Pressed Stl Car pr.102
Pullman Pal Car.. 133 133
Ry Steel Spring
Ray Con Copper
Reading
Rep Iron & Steel
Royal Dutch . .
St L S F
St L& S F pref.
Seaboard Air Line. 10U
do pref 20V
Sears Roebuck ...152V4
Shattuck Ariz ... 2J
Sloss-Sheff Stl & I 40
Sinclair Oil 34
Southern Pacific.. 88
Southern R It. . .
do pref
Sup Steel
Studebaker ...,
Tenn Cop & cnem is
Texas & Pacific. 13
Texas Co 148
Tob Products.... 55
Transue Williams. 38
Undervv Type Co.. 02
Union Pacific 120
do pref .' 75
United Clg Stores. OS
do pref 105
United Drug 66
United Fruit 122
United Ry Invest. 7
U S Cast Ir v c J3"i
do pref 60
Unit Dyew 1st pf 51
U 8 Ind Alcohol. .116
tt s Rubber 58V4
do 1st pref 100 lOo
tt R Sm & Ref 51 51
do pref . . .
U S Steel
do pref
Utah Copper ...
Utah Sec Corp. .
Wabash
do pref A
do pref B . .
West Union Tel.
WefltlnKh Mfg
Worth P & M pf A 01
Wheel & L B..-. 10
do pref 2IV4
Wilson Co 55
White Motors ... 39
Willys Overland.. 22
Wis Central .... 30
88 1
13 IV
87 2
23 IV
86 27i
60 1
8ST 3
103V 103V Vt.
87 Vi 37 V 2
60 60 1
103 103 3
110 110 3
112 H2"4 Hi
184 184
43 43 ..
03 03
. 4 1
I I I
45
62 2
02 1VI
00
100 5
60
60 3
03
36 1
6171,
1
82 3
08 1
401i Wl
103 1
20
13 1
37
138 6V
70 IVi
31
70
30
22-H Vi
43 V 1
00
20 IVI
47 1"4
65 1
15
43
37 2i
83
88 2
04!i ..
20 114
01
64 Vi 3
20 2Vi
80 2
00
08 1
IS
7-li
36 I
16 2
25 1
18 SVi
33
130 4
87 6Vi
75 2 V
40 U
00 TS.
27 V 1
30
04 IVi
10
38
44Vi 1
7V4
46 4
30 4 Vi
102 1
22 . .
27 1
16
45 4-
33 1
70 1
57 Vi
117 1
75
31
64
83V
45
62
02
00
00
60
60
03
68
61
1
82
08
40
104
20
13
37
133
70
31
70
40
22
44
DOV.
20
47
55
16
48
36
33
88
04
28
01
64
20
80
09
07
15
7
33 V
16
24
18
33
128
86
75
40
08
27 V.
30
04
10
38
44
7U
43
20
100
22
27
10
43
32
70
57 U
117
75
31
64
83
SIVi
03
44
4
26
47
23
38
18
71
2614
20
Sttlea in Philadelphia
Net
Itlah. Low. Close. che.
22 Am Gas ...100 00 00 .
25 Eleo Storage 82 82 83 ...
60 Krle 18 13 lVi
200 do 1st pf. 25 25 25 1
848 Lk Sup Cp. 13 12 1M 1
580 Lehigh Nav. 67 66 66 IVi
138 Lehigh Val. 88 87 87
737Penn R R.. 80 60 80
8 Phil Co cum , ,
pref .... 30 36 36 4-
341 Phlla Klec . 27 26 20
868 P R T tr Cfs 26 2. 26
320 Reading ... 74 72 72 2
709 Ton Belmont 4f, 4 4 H
200 Ton Mining. 8VI BVi H
iss Union Trac. 41 41 41 V
182 U G Imp... 73 78 73
13700 U H Steel.. 106 103 103 2
200 WlllysOver. 21 2lVi 21 l1)
War Ir & St . . . . fo
10 W Jer & Sea 47 47 47
80 W Cramp... 78 78 78
,tQuotatlon given is Saturday's close.
Total sales. 18,372 shares, compared with 4385
hares on Paturdar.
BONDS , Net
.... , High. Low. Close, chie.
3200 Amer Gas &
Klec Os . . 80 80 80
4000 Eleo & Pcop
Tr 4s 74 71 74 Vi
08780 Lib Bonds
3 'is .... 00.06 00.76 09.76..
100 do 4s ... .100 100 100
1000 Lehigh Val
gen 4s... 82 82 82
4000 Phlla Klec
1st 6s ... 08 98 08 4-
4000 Reading gen
4s 88 88 88 ..
2000 Spanish-Am
I 6s 100 100 100 ..
Total sale, 3124,850, compared with 334,300
on Saturday,
Local Bid and Asked
EXTREME WEAKNESS RULES TRADING
ON PHILADELPHIA STOCK EXCHANGE
Steel Common Leads Define, Dropping 3 Points--Read.
ing Much Lower, While Pennsylvania Gains
Trifle P. R. T. Off
Extreme weakness ruled the local stock
market In today's trading, nearly all Issues
dealt in on the Philadelphia Exchange
recording some loss whenever the price
changed from Saturday's close. About the
only exceptions were Pennsylvania Rail
road, which advanced a fraction, and
Philadelphia Company cumulative Pre
ferred, which advanced hair a point. Penn
sylvania was the most active of the home
shares most of the day, but the change
In the price of the Philadelphia Company
preferred shares wbb made on a small, odd
lot transaction. The fact that the Penn
sylvania had declared Its quarterly divi
dend at the regular rate last week was
considered one of the reasons for Its hold
ing up while other rails and the majority
of industrials declined.
The new 4 per cent Liberty Bonds made
their nppearance on the board for the first
time today and sold at par as against a
high of 100.02 In New York. However, the
majority of the business In Wall street was
at 100 also. There was no momentum to
the trading In the 4s In this city, only one
small sale being recorded, but the 34s con
tinued to attract much Interest and the
price was unchanged most of the day at
09.76. , ,
It was to bo expected that the local
market would show weakness In the faco
of i-evere losses recorded In New York, par
ticularly since tho usual leader, United
States Steel common, was hit vr t.
This slock was dealt In heav Iv 'Z hat4
dropped as much as 3 pom , ? ".
It later recovered a part of the low r!
Transit certificates lost i to -r ?m
dropped a half to 78, Lake Sun.rU.'JCrh,l'
1 Point to 13 and Leh'gh vJ. df.CIIwl
half. United Gas Imnrovemeni .Vlw,lon
but Philadelphia Elect" leTd up faVrlS" '
losing less than a half. P ?lrly ".
I&.!,; BUCrierlda?nr,.,,drXfng,r2 -to
72U. Krle first PMfeFiX JJ V01"11
than a point and Lehigh Vatlev l W mor
Erie common was unchanged dec'H.
There has been placed on ih. ..
of the exchange $7100 adKt on.i T'lr ""
Telegraph and Telephone stock t"'cJn
tlonal American Gas and IE eetr'l. 11 aAiu
trust 6s. J2000 additional PnUaa.1nM1JaA'r,I
pany collateral trust 6s 1949 nPd ?M-ra'
duo 1951. iJi9 and ell.0
On the unlisted denarlmeni u.
been placed the Land THle and Tn...VhM
pany certificates of depos'tfr F .' C?ra
the deposit of $3,633,280 (141 ?o? Mln,t
additional capital stock of the Phllati
Electric Company (of New Jer.ev adelph,
the total ninount of Bald certlflca ;,ma.kln
posit listed at this date $4 38 13? f ?,?! .de"
shares), representing a like "mn( .WM
stock deposited up to the cIo,e of "L? f, ""
October 24, 1917. ot bu'nMi,
CORN PRICES HIGHER
WHEN SHORTS COVER
Todav
rtM Ask
American Stores J3
Hrlll (J (1) !
IJUff ft Susq t c 57
oo prererrea -j
Baturday
34
20
Ttaldwln no
Electric Storaae 314
General Asphalt 1J
do preferred T
Keystone Telephone... II
cio t r 61.
tjike Superior Corp 1 JS
t-ehlah Navlcatlon 65
Pennsylvania i
Phlla Klertrlc 204
Phlla Company 30
do 0 per rent pref... a.iji
Phlla Rap Tran to... 2S
neadlnir -
Tonopah Itelmont 4
Tonopnh Mlnlnc 5'e
Union Traction 41
Cnlte.l lias Impyt . . . . . 73
United States Steel. . .lo:;4
York Ilallwav 4
do preferred .'. .2
Win Cramp 4: Sons 77
50
o4
53
18
59
114
04
13
on
50
2IIS
304
35'.
20
72S
44
5S
42
73'i
10.1S
10
35
784
nm
8.1
15
57
48
02
52
IH
57
11
1,1 .
13S
87'i
80S
26S
804
35
20S
74S
4,'4
734
ions
94
33
77
Ask
34
20
"..
624
53
18
50
114
64
134
67 S
504
32
un
27
4D4"
73'i
inn'J
10
33
784
INACTIVE PIIILA. STOCKS
Following are quotation's for Inactive
stocks listed on the Philadelphia Stock Ex
change and In which there were no transac
tions today. The price given Is the last
previous close.
4
26
47
30
4
83
26
50
41
30
37
4 V
83
26
50
40
30
24V4
46
82
102
V
4
31
03
44 1
1
2
33 1
38 2
18
72 4-
26
20 4-
106 1
03 1
37 2
4
83 4-1
26 4-
80V ..
41
Am (la War ... 14
Amer Stores . . . 38S
Alllanre Ins 204
Amer Mill 4
Amer Stores pref 0'!
n s t o oo
Prill .1 fl 20
Puff ft Susq t c. 50
Cam Steel 116
Cam Iron 43S
Cons Trac N .... 71
Gen Asphalt 17
do pref 58
Kosion: Tel 11
Keystone Tel pf.. 64
l.eh Val Tran . . . 274
I.eh Val Tr pf... 41
Lit nro 24VI
Little Schuylkill. 61
Mlnehlll 64
PUT 26
Penna Salt 024
Phla Co 80
I'n Cos of N J.. 2084
Weet Coal 78
York Itwya 11
York Rwys pref . 3S
Undertone Is Helped by Unfa
vorable Weather for Curing
and Moving the Grain
PESSIMISM CREATEr.
ON COTTON EXCHANGE
Stop-Loss Orders Are Uncovered
and Trade Buying Is Less
in Evidence
RAILROAD EARNINGS
MlNNEArOI.ISeAND ST. LOUIS
1017 Increase
Third week October J233.8S2 "1211,137
From January 1 8,730,353 23,871
, mrrnoiT and mackinau.
Third week October 124,107 ' 12,010
MINNEAPOLIS, ST. PAUL AND SAULT
HTK. MARIK
Third week October 1720,080
From January 1 27.487.604
From January
MOnil.C AND OHIO
Tear ended June 30
Total operating revenue.ll2.R50. sort
Operating Income 2.754,950
Gross Income 3.812.000
15.335
410,418
ln1.828
170.243
028.518
GEORGIA SOUTHERN AND FLORIDA
Tear ended June 30
Surplua after charges. . 1441.732 1221.0
ILLINOIS CENTRAL
September gross J7.525.3H3
Net 1,702.028
Nino months' gross.... 64.232,007
Net 14,210.661
11.061.560
. 88.173
10.074,021
2,864.070
42
23
74
80
66
16
27
27
62
36
30
42
22
72
77
65
16
27
10
20
132
21
40
33tf
86
36
62
33
37
13
13
141
32
38
DO
30
24
46
82
102
133
43
22
72
78
1
-7i
2
4- V,
1
NEW YORK COFFEE MARKET
NEW YORK. Oct. 29. The market for
coffee futures opened unchanged, to a de
cline of 2 points today with trading on the
call quiet.
Open High
December 7.08 7.11
.March 7.31 7.83
May 7.50 7.51
July 7.83 7.70
September 7.81 7.83
Sat.
Low Close close
7 OH 7.11 7.11
7.30 7.35 7.32
7.47 7.51 7.52
7 R4 7.89 7.88
7.82 7.84 7.72
CHICAGO, Oct. 29.
Resting orders to buy and covering by
shorts turned the corn market upward to
day after It had developed heaviness fol
lowing a fairly strong start.
Early In the session the undertone was
helped by unfavorable weather for curing
and moving the grain, which offset a de
pressing effect on sentiment by the news
from Italy, although tho disaster was re
garded by many as bullish. Later a drop In
prices for the cash article, due to Increased
receipts of new grain here and at points
In the Southwest, Induced selling and
caused a recession.
Predictions of much cooler weather and
imRottleiiie.nl In the stock market also
served to create bearish sentiment. The
selling finally was overdone and the losses
were more than recovered.
Oajsalso rallied, after having been heavy.
Large local shorts covered and there was
good buying of May by commission houses.
No export call was In evidence. Large re
ceipts were predicted.
The visible supply In the United StatcB Is
16.624,000 bushels, against 16,204,000 bush
els In the previous week and 46.580.000
bushels last year. The market at Liverpool
was firm with a good demand. Shipments
from North America for the week were
2,820,000 bushels.
The visible supply of wheat In tfie United
States was 14,524,000 busnels, against
9.712,000. bushels In the previous week and
67,114,000 bushels tlie last year.
Dispatches from Kansas City said twenty
to' twenty-five cars of new corn were ex
ported there, and out of forty-clx cars re
ceived at St. Louis, forty were new. The
visible supply In the United States Is L
492.000 bushels agnlnst 1,626,000 bushels
In the previous week and 2,361,000 bushels
last year. The market at Liverpool was
steady with a good demand for spot. Ship
ments from North America for the week
were only 252,900 bushels.
The best on December corn was $1.19!
the bottom $1.17 H. and the close $1.18 ti,,
against $1.18 i at the end Saturday. The
high on May was $1.13 : the low $1.124,
and the close $1.13,ff 1.13, against
$1.12. Saturday's last price.
The D-st on ueccmuer tmio war, uo-Wv.,
the bottom 57 c, and the close 58 c,
against 58 Uc the final quotation of Sat
urday. The high on May was 60 c, the
low 59 c and the final 60c, compared with
69c, Saturday's last price.
Leading futures ranged aa fellows:
Corn (new delivery) 1.
December .. 1-184 1.10 Visfttlioft lllft
May ....... L13H L13S 1.12U 1.13SU.124
NEW YORK, October 29.
A feeling of pessimism was created on
the cotton exchange today by the defeat of
the Italians by the Austro-German forces.
The Soul, the West and Wall street and
stop-loss orders were Uncovered. Trait,
buying was less In evidence. In the after
noon, however, some support was furnlshri
on better advices from Rome and h.
were recoveries from the bottom.
The tenor of the war news from th
Italian front caused heavy selling at thi
opening of the market and on the oil
the tone was weak, with prices down II
to 31 points. The first sale of December
wag, at 27.10, a drop of 15 points, but
before the end of the call that option hid
sold down to 26.92, with a rally of only :
I'UllllS.
The market was steadier toward thi
middle of the morning on the weather newi
and the Commercial Appeal report, estl
mating frost damage nt 1,173,000 bales.
Later offerings Increased with Will
t-treet and commission house brokers re
newed sellers, with January breaking to
26.37c Into new low ground for the morn
ing. Some of the reports received from
Texas say that demand Is falling off and
the holders are showing more disposition to
sell spots.
Yesterday'a
close Open
October
December ... 27.28 27.10
January .... 20.07 20.42
March 20.32 2n.12
May 26.011 23.05
Spot . .
High Low
27 23
26.82
20.25
20,10
28.55
25.85
25.3.1
25.50
Ult
si'M
26.10
25.74
SMI
27.(3
V I -i WIT
'7 80S
100
OSS
US'
3
3
65
16 I
27 3
10 ..
20 V
132
21 4
40
34 1
88 1
26 1
62 4-
35 1
38 2
13
141 5
32 3
38 1
00 3
194
75
00 2
105
66 1
121 4-1
7 '
18 ..
30
81
112 114 1
87 67 1
100 1
81
.48 48 48
.106 103 103 3
.113 118 113
. 88 80 80 2
18 13 15
0
41
31
84
41
01
10
21
Bt
38
20
39
Supply of Leaf Tobacco Increases
WASHINGTON, Oct. 29. A preliminary
census report today shows that 1.154,
056,034 pounds of leaf tobacco were on hand
on October 1, 1917, compared with 1,033,
018,715 In 1916, and 1,205,762.948 in 1915,
and 1,266,788,903 on July 1. Of the stocks
held on October 1. 1917, 1,023,992,789
pounds were unstemmed and 130,063,245
were stemmed.
Extra by Buckeye Pipe Line Company
NEW YORK, Oct. 29 The Buckeye Pipe
Line Company has declared an extra divi
dend of $1.50 a share In addition to the
usual quarterly dividend of $2 a share.
Both are payable December 16, to stock of
record Noveinber 24.
ay
Oats-
October .
December
May ....
Lard
October
November
January
Rlbe
October
January
Pork
October .
January
Bid.
r.R'i
584
60
584
604
57.4
694
1584 58
160
604
,,24.80 24.85
.24.75 24.77
..22.40 22.40
.28.00
..22.25
22.23
24.80 24.80 J24.S7
22.30
28.25 28.20
22.17 22.10
24.77 24.72 t24.45
l;.Ja T--.u
2.05
t42.00 J42.08
;;i4i.03 41.20 40.80 41.00 40.85
tAsked. tNomlnal.
New Loan Figures Out Thursday
WASHINGTON. Oct. 29. Treasury offi
cials announced today that final figures of
the second Liberty Loan will be given out
November 1. A large number of individual
subscribers leads officials to feel confident
that -the total will be well above the $5,000,
000,000 mark.
SKND FOR OCR
MARKET FORECAST
Containing Latest Information On
RAILROAD STOCKS
Illinois Central Pere Marquette
Atchison, Topeka Missouri Tsclflo
and Hnnta Fe Rock Island
Wabash
INDUSTRIALS
United States Steel Western Union
Rethlehem Steel Distillers Securities
Republic Iron and Studebaker
Steel Wlllya-Overland
Lackawanna 8teel W'estlnghouse
Baldwin Locomotive Electrto
COPPERS
Utah Chile
Anaconda Ray Consolidated
Inspiration
CURB STOCKS
Jim Butler
Mall. WhHeraps
United Verde
Extension
Cons. Arizona.
Smelting
Magnate
Hecla Mining
Consolidated
Coppermlnes
Calumet and Jerome
Tonopah Belmont
Magma Copper
Sent Free on Request
Curtlss Aeroplane
Aetna Explosive
Carwen Steel
Tool
Suhmsrlns
Boat
Wright-Martin
Okhahoma Prod.
and Refining
Osage-Homlnir
Elk Bailn
Msrrltt Oil
Midwest Oil
HUGHES & DIER
Members
t nhtln. Rfnrle Krrhanot
1 CMcooo Board ol Trait
1435 WALNUT ST.. PHILADELPHIA
115 I1ROAWWAY. NEW YORK
WoolMorth Building. Lancaster
uUujt Jtin ' ": ' f "
XI r?-Li-rn frVPn. and 1
lICUi:V2UJl BROKERS i
- .TT. . tvi If r.nr.
6th 4. CHESTNUT ;.., - '
Members of Phlla. biock ..v....
' nrt Wire to New York
(iafreWreaiii
117 118
75
80
105
66
121
7
13
80
61
It Is Not Too Late
0
43
21
86
42 Vi
0 V
43
21 1
84 2
42
1
10 ..
21
S3 2
38
20 3
30 1
rri
OK
80
Total sales. 4.3trt,0OO, compared with 31,138,
000 on Hatordar.
, BAR SILVER
Today
New York (cents) 84i sM
Lcnaon. (since . 43 ' 42K
Ist 1017
Sat. Mon. High low
a Iniu
-ett'
71
Total sales. 375,400 ahares, compared with
810.900 eliarea on Hsturdar.
Liverpool Cotton
t.ivkhpoOL. OcL 29. There was only
a moderate demand for spots today, wlthJ
rjrlces uncnangea on mo uubih oi -u.iiu iur
middling. Sales, 4000 bales. There wero
no receipts- Futures were firm In the early
dealings. Spot prices weret American mid
dling, fair, 21.67dj good middling, 20.02d;
middling. 20.42d; low middling, 19.02d;
good ordinary, 18.97dj ordinary, 18.47d.
Boston Elevated Passes Dividend
BOSTON. OcL 29, Boston ElevaUd
Railway directors took no action on dirt
This Company will accept Subscriptions
to the Liberty Loan until Noon, Tuesday.
Don't fail to own a Bond.
Commercial Trust Company
City HeJl Square
MH ,!ena due- to be, declared toUyv
$1
i
st
-?-.
:;-
mtmmm