.- ""
EVENING LEDGEB-PHILADELPHIA, WEDNESDAY, OCTOBER 31, 1WT-
,
ft
' '
It
Jt
4
tcV
;
W, ask
I
r.U jPMMtYLVAttlA
TAX, FREE RAILS
-mtBaHCNY VALUCV RAILWAY
GENERAL MORTOAOB
4 BONDS
194J
LEHIGH VALLEY RAILROAD
GENERAL CONSOLIDATED
RBQI8TERED
4t BONDS
2003
PENNSYLVANIA RAILROAD
O.ENERAL MORTOAQE
BONDS ,
1865
REILLY. BROCK & CO.
BANKERS
MS CHESTNUT ST.
rmi.ADEt.rniA
1 FINANCIAL NEWS NEW YORK AND PHILADELPHIA STOCK MARKET QU9TATI0
SEVERE LOSSES ARE RECORDED
BY STOCKS IN NEW YORK MARKET
NEW YORK STOCK SALES
Italian Military Situation and Steel Corporation's
Earnings Cause Heavy Selling Upturns
' by Many Issues in Afternoon
High Points in Today's Financial News
Violent fluctuations occurred Ui Xcw York stock market. Upturns were re
corded tn cftcrnoon following sharp breaks In the morning. Steel earnings
statement for quarter ended September 30 and Italian military news were blamed,
l'cnnsglvanta itallroad iharcs dropped to i9 on l'liUadclphta exchange, the ltwcs
price inte 1893. Cotton and grain were lower. Foreign exchange dull. Phila
delphia bank clearings during October tccrc the largest of the year. Local share
trading was the largest this month since last April. Bar silver was lower In Xcio
York and London.
. 10(114 loavi 100V4 1
November
Investment
Suggestions
Our current general circu
lar contains a carefully se
lected and well diversified
list - of high-grade bonds
available at attractive prices.
This circular and our com
parison of January and cur
rent bond prices will be of
Interest to you If you are
contemplating an investment.
nil for November c.rrul.ir'ntvl
Price Comparison I'IS-1 la
The National City
. Company
1421 Chestnut St., Philadelphia
New York Chicago San Krancisco
flolton ' Pituburgh
THE
HAViLANDARMSTRONG
COMPANY
STOCKS
BONDS
I Ala WALNUT ST.
PHILADELPHIA
NEWYORK-O0STON
INTERSTATE ,
OIL ft REFITS COMPANY
33 PRODUCING WELLS
REGULAR qUADTCRLY CIY10EKD3
tM?eMATIOH UPON REQUEST
HE QVOTKr Mr. Lorkwond Tlarr In the
ttp.zmn of iv THi.nx-
"The oil Industry is .! , i rolllns In
Riches Wnlluwinr in Wealth and mired
In Money."
BARNETT OIL & GAS CO.
Is out f t.io lendlns Ptd m. id.-nt (divi
dend) paying nil companies.
1'aia E3t In IHtldrmU l,l Year
Active dally m.irket oi t r .. w York
Curb nt tumu.nl j.mmJ)
100 over and aliove par.
Detailed Information ""
E. H. Clarke
Morton R. Alexander
(Resident Pnrtner)
Stock Eirhange lMs.. Phlla.. l'a.
I'hone 1140 i'riie
27 W1U. am SI.. N York
nivinnNDs
ril.UtKJ.lN NATIONAL HANK
Chestnut ft. rt of llrimd
, . Phllad lphla. Oct. 22. 11)17.
Th.P.,.r.cJ,or5 h?v? thl" du' '"eclar.d a wmi.
annual dividend of ten per rent (10) free of
l. parable Nsrember I. 1017. to stockno.deis
of record at the close of business October 31
Check will be mailed,
J. WM. HAHDT.
- Cashier.
TI1K CIIIAKB NATIONAL J1ANK
Philadelphia. October 23. 1017.
The Directors have this day declared a dlvl-
?'Jlt,'t,',.ht ?r.-'?i ""V Pyable November
1st. 1817 to stockholders of record at the (.loan
of business October 24. Checks will be mailed
CHARLES 11. ASIITUN.
i . Oastiier
THE I-JIlLAnELl'IIIA NATIONAL n.NK
. Philadelphia. October 31. 1017.
. The Directors have this day di-clared a divi
dend of 8 per rent 18) for the last six months.
Jyable Novemer 1 to stnckroldcrs of record at
the close of business this date.
Checks will be mailed.
HORACE FORTESCUE.
. Cashier.
NEW YORK, Oct. 31.
Violent fluctuations marked the trailing on the Stock Exchange floor again
today, with severe losses all through tho list during the forenoon, followed by a
brisk upturn after midday on which some stocks moved to above yesteVdny's
final prices. Incentives for hurried selling were found In tho Italian military
situation and tho unfavorable showing mado In tho United States Steel report
for tho quarter ending September 30, which was published after tho close yes
terday. 0
On this movement -many Issues, including Bethlehem Steel "B," Marino
preferred, Canadian Tactile and a number of specialties recorded losses rnnglng
from 3 to more than 4 points, with the telling of United States Steel common at
times on an extremely largo scale. The "buying was equally vigorous when the
market -allied In the afternoon, when Marino preferred was directly Influenced
by reports that tho plan for settling the accumulation of tho 8S per cent preferred
dividends would be Issued today. Marino preferred, which hud sold as low as
97V4. mado a quick upturn of G points and was followed on tho rally by tho
leudlng steel shares and by the copper stocks and many specialties.
The railroad stocks, nfter being under piessuro during tho first half of the
day, also showed a stronger tone In the later trading. A feature In today's deal
ings was tho decline of 1V4 in Pennsylvania to 48i, which brought that stock
down to a new low record for many years.
According to those concerned in the trading, while there was a good deal of
liquidation on the forenoon decline, largo lines of shorts were also put out, and
when the market turned those who had taken tlleWir side made urgent efforts
to cover their short contracts.
Bonds were hc4y. the Liberty 34s, which sold eaily In the day at 99.9G,
dropping In the afternoon to 99.82. Large sales of tho Liberty 4s were made ut 100.
Lack of Funds Closed Montreal Exchange
Primarily, tho temporary suspension of trading on the Montreal Stock
Exchange and the subsequent decision of the gocrnors of that body to
lestrlct business to a list of minimum quotations was predicated on the inability
of the Stock Exchange houses to obtain funds with which to conduct business.
This, howe-er. may be corrected by the dc sion of the Treasury Department
and Federal Reserve Board to permit the export of gold to Canada during the
next few months.
Ctnad'.in I alances In this country' are large but under the terms of the
export" embargo It was Impossible to touch them. One of tho results was the
depreciation at Montreal of the dollar, which soW days ago amounted to
more than three-quntters of 1 per rent. This, however, was attributable also
to tho heavy salo in this market of grain bills, which Is a normal symptom
at this season of the year The situ-u.on Is thus, perhaps, less acute than
Wall street at first Imagined, altho.igh the Inference that It was associated
with tho Italian collapse and the fear of Sweden's participation In tho war on
the side of the Teutonic allies created genuine concern.
It Is not unlikely that Sweden's Intentions have been exaggerated, as they
have been closely associated with the movement of exchange on Stockholm
against this country. The premium on Swedish exchango now amounts to 55
per cent a most unusual phenomenon. But Sweden Is n creditor nation In
her relations with us, and with shipments of gold to Europe out of the ques
tion. It is obvious that this factor must bo included in any reckoning. What
Is more, tho fact that the pound sterling has been allowed to depreciate vio
lently on the netKi-nl exchanges has permitted of a triangular operation that
has resulted In a delectation of the dollar at those centers and a consequent
premium on bank balances in neutral Euiope.
United Siale3 to Take Third of Earnings
An Interest ng ri r.irolrt'ou of war ta.es has i.een mado by a Stock Exchange
houe. The figures are f necessity Inaccurate et they furnish a fair Idea of
what to expert in il,e way of inroads n earn.ngs It is estimated that the
earnings tills jear of forij-fHe industrials whose pre-war profit's averaged
around 9.4 per cent will be appioximntely 33 per cent, and that of this amount
the Government w.ll lake appi iw tely one-third. It Is llguied that seven steel
companies will s-how a baianco after 4tho war tax equal to $,!3 a share; six
equipment companies. $19; seven copper pioducers $1J. and twenty-five mis
cellaneous Immortals. $11 a share. The heaic t taxes will fall on the iron
and sieel and copper ompanies, the average amount of tho earnings of steel
cunipanle3 to be paid out m taxes belnn estimated at 41 per cent and of tho
copper concerns 3C per cent. Bethlehem and Lackawanna Steel each will pay
53 per cent.
llesumption of liquidation of the motor shares is predicated on the dis
crimination against pleasuio cars by the priority board at Washington In the
matter of shipments over the railroads. There also is good reason to believe
that the manufactuiers ot pleasure vehicles will find It dllilcult to secure the
grades of steel they are In most urgent need of, theso being used extensively
In the production of shells. Apparently tho Government has placed tho pleasure
auto in the list of nonessentials. Truckmakers will be abundantly supplied
with materials and their shipments over the railroads will be expedited; assist
ance also will be rendered those producers of plcasuro cars who have engaged
to some extent or other in tho war-ordfjr field. But the output of the majority
of the motors Is strictly of the pleasure type.
do prcf
Am Int Corp, ... 87
Am Hide & Lea.. 14
do pref 03V1
Am Linseed nyt
do prcf 88V4
Am Locomotlvo . . 88
do prcf ot
Am Malt 1SV4
do pref Blii
Am Smelting .... 82 y.
Am Sum Tob .... 80
Am Steel IMy ... 87
Am Sugar 103
Am Tel & Tel.... lis
Am Wool 43
do pref 02
Am Zinc & Lead. . 13
Anaconda fllVi
Atchison Dl'4
Atlantic Q & W I. 08 Vt.
do prcf (10
Daldwln Loco Co. 88 Vi
Balto & Ohio S3V4
Barrett Co 02 V4
Uatopllas Mining. 1
Beth Steel B 80
do prcf t c . . . 07a4
Brooklyn It T 8(),i
Burns Bros lor.
Butte-& Sup Cop.. 10
Cal Tetroleum. . . . 13
do pref 35 Vi
Canadian Pacific. .138
Cal Packing Co. . . 38
iCent Leather 00 V4
do pref 100 10O4 100
Ccrro de Pasco... 31V4 31 31V4 ..
Chandler Motors. . CO
Ches & Ohio 4V6
LOCAL STOCKS SALES LARGE
SPECIAL NOTICE
Notice Is hereby ulven that the Intenat nf
Emily Mitron In the candy business herttoforo
? inducted under the name of A. Maron at 11114
hestnut atreet. Philadelphia ha. been ml
to A. C. Maron. who will conduct eald business
!nA T5l?. ha1 fumed liability for all of the
Mid debts : of said bUJln.es. pud to whom Hll
Mis reruble In connection with nald business
Mould bo paid.
COliPANYUON AND FIDEUTY TRUST
Eaecutors'cf the will of Emily Maron. deceased.
SECURITIES AT AUCTION
The following securities were sold at auc
tion today by Barnes & Lofland:
STOCKS
1 shr. Commonwealth Title Insurance
and Trust Co.: par tiou 230
&Q shrs. Orcenwater Copper Mines and
Smelter Co.: par IS... Lot II
0 shrs. Hank of North America; par
1100 230
10 shrs. Hank of North America; par
$100 248
10 shrs. Textile National Hank: par 1100 110
10 shrs. Provident Life and Trust Co.;
.Pr 1100 . 430
23 shrs. Wast End Trust Co.: par 1100, . 10.1
3 shrs. Fire Association of Philadelphia;
. . "' w 310
1 shr. Fire Association of Philadelphia;
.. par 150 , ato
10 shrs. Independence Fire Insurance Se-
October Business Shows Increase Over
Summer Months
Following tlie summer dullness, the
local took market was more active In
Octot-pi-. t'i total sale of stocks being
12!i,3G9 fhaie-t. This Improvement, however,
did not rep-esent as much business as In
"tner years, the sale" for the month In
1010 having been 498,498 shares and in
1915 were 853,970.
Bond transactions were heavy In the
month Just closed, amounting to $2,400,100.
The increase was brought about to a con
siderable extent by dealings In the first
Liberty Loan Uftnds. Until October monthly
bond sales have not reached $2,000,000
Blnce last April. In October, 1D16, the
total was $1,720,000, and in October, 1915,
it was $2,414 330
eurltv Co. t iwr 172.
10 shrs. People's National Fire Insurance
GOVERNMENT BONDS
:s.
reulstered. 103) ..
..nnnnn. 11)30
:i reulstered. 1018....
3s, coupon. 101R... ....
4s, reelstered. lujo....
4s. coupon, 102.
Ss. reelstered. 1040
3s, coupon. 10411 .-:
Panama 2s. rrsjlsiered.
Panama 2s, reslstered,
l!)3d. .
1038...
. . 07
. . tinn
. . n
. . so
. .103
..105
. . 84
. . 88
. . 07
. . 07i
07
100
Kill
100
Co.! par $28 ..
1 sbrs, North "Pennsylva
Jet sbrs, North 'Pennsylvania R. R. Co. ;
ST shrs. United Uaa and Electric Corpora-
i tlon first pref erred; ,iar J100,
1 shr. Pennsylvania Academy of the
,. ?".'! r,Ui Pr 'I0 '
ft shrs, Camden County Mortgace and
Investment Co, common; par 110.
10 shrs. Camden County ilortraee
and investment Cj. preferred; par
$10 Lot
BONDS
fAMO Vontcomery Transit ,
Extrn of 5 Per Cent by Eastern Steel
vp.w YOI1K. Oct. 31. The Eastern Steel
i Comnany ha.i declared the regular quarterly
l"1 ' dividends of 1 per cent on the first and
aa I second preferred, payable December 15, to
' nu- nf record December 1. and 2V4 ner
I M r.r t, pnmmnn ntnrk. navable January
15 to stock of record January 2, and an
extra dividend on the common stock of
5 per cent, payable December 1 to stock
if record December 17,
Brtl MTHk
LOCAL MINING STOCKS
TONOPAH STOCKS.
Butler- ......i . ih
Naraars. , .28
- .,......,...,. .Int
n Kitension .OS
ns , 4
rnHtar "7
Eula li
Bnd ....i. ,. ,67
GOLDFIKLD STOCKS
f rr . . . .
28s 14 B n . .,..
,tt,....tv,.
.
'
MISCELLANEOUS
FSsAir "
.01
.03
."2
.02
.07
.0
it
o
..I.7U
.. .23
82
29
$300
SOU
Ask
.M)
.25
.10
.0
,18
.1)8
.18
.70
.08
.03
.IS
.01
,o
.02
.13
.25
l.MU
-28
AK SILVER
Tester- !.at
X 4 41
w asr m
s
MlT
llth Low
a Mf
. Tl
Cotton Buyers and Sellers
NEW YORK. Oct. 31. December Wat
kins, n, Hubbard, Keiffer, Hopkins, Dwlgh.,
Hyman, II. Johnston and Geran bid ; Hentz,
Wilson, Cone, P. Hardcorn, Hagedorn,
Sclilll, Newman and Traverse offered.
January Keiffer, It. Hubbard, Mitchell,
Rountree, Hyman, Brooks and Newman
bid; Schlll. Watklns, Hentz, W'esln, Itels
ensteln and Cone offered.
March Mitchell. Hentz, B, Hubbard,
Gobs, IUordan. Downs and P. Hardcorn
bid ; Fllnn, Wilson, W. Gumoens, Rountree,
Glfford and Hopkins, Dwlght offered.
May Wenman, Mitchell, Allen and
Brook bid; Keiffer. Peers, Riordan, W.
Gumoens.. Watklns offered.
July Freeman nr.d Schley bid; Wacna
man offered.
Refined Sugar Unchanged
NEW YORK. Oct 3li Refined uar was
firm, with the American and National Com
panies quoting; 8.36c The Federal and tho
Warner Companies and Arbuckle Brothers
continue withdrawn. Raw sug-arrr, 6.90a .
INACTIVE NEW YORK STOCKS
Following are quotations for Inactive
r.o tiansactlons today The price given Is
the last previous sale-
A n S r rtfs..l'i Mackay Cos nref 80
A B 8 A K rts P'-vi,. llannuttan llciicn 1
II H V n-ef. m il.K Motor 2d pf 1S'4
Vdnms Evpress 1JJ May Dept Stores. BOH
advance Rumely 12 Slay Dept bfrs pf. lot
ilv Rumely P t M'X ivtrui pief.. in
mix Rubber J' Mien Cent Hi)
Allls-Chalm pref J7S iu Knn 4 -e prer ,1
Am Ice Seo ... JJ M -m A Essx . SilS
Am Aer Chem. V, e t-, x , ltti
Am Aur Chem "f -'J Mont Power prcf. 107
111 Heet Suear pf H3 Xut Acmo 2Hi
Am Cotton Oil V-' NMt lllscult nref. 114
Am Express . '8 Nt Cloak & Suit 1IJI4
"" o ,Vr.e iril Nat Cll St P' 'Oil's
Am Smelt pref . . 103J Nut ,;nm b stn of K4
"ii" fi Nt nR 1"'lt 1" Pf 40
i iin Nt n n M or'. 4"
Am Susar vnt.-Un N, ,m S1 rt , 50i
v" X",n.rS ..' S-U N Y Pock ... 11H
m T T 3f '' ''-4 N Y C Bt L... 21
Am Tobacco ....1 J" Norf Poutn. . 2114
Am Tob pf new . 08 Norf 4 Wm ,
n Writ Pap of 30 NorUl Amer 4nl
Am Zinc fc L pref 45 uhlo Fuei 45
,i r tl 1st Pf J; Ohio Oa rts 08
Atso Oil ... ..... J'1! Pan-Am Pet pref 00
Atl rilrm A Ml. 13 i.,n.Am Pet pior
Atchison pref ... 8JJ4 pref rt 08
Raid Loco pref . OJtt P C C & St L. ... U2
Rait & Ohio pref .01 Phlla J 80
ItHrreit Co pr;f 108 Prssd 811 Car pf.102
llelh Steel pref .. 84 p,re Mara pre! . SH
Reth Steel rta ,.," Plerce-Arrow pref 03V
nrkn Un OU....1J3 rub Bv Corp. .112
fir?.wn. ShM ' inu Quicksilver 1
'rVi'jf'Si l'.Vnraf 80 ep I & 8 pref.. 08S
JT?' 3.. ,' pret SV Ry St Sprln2 of. OH
c.St fi Am Tel" llloH Savage Arms ... CO
CM ft Alton . .11 S""n Motor .... 7
CM Alton pf. 23H South PR Sue 185
Cluett-Pesb'dv pf.H0 . St L 8 F pref. 27
col So 1st pref. 554 St I,bjv pref 39
Col & South .... 24 . Stand Milling- ... 85
Col ft S 2d pref.. 42W Standard Mill pf. ss
Con O E L ft P. I"",, Sluts Motor .... 42V4
Con Int Cal Mln. 17". sUp Steel 1st Bf.100
Con Can pref ..1J2H Texas Co rts... 10V,
continental ins ... "- inira Ave lu
Crucible Steel Pf-.SJH Tldewster Oil ,.,203
Cuba Am auBar,i lonarco froa of
t-uoa Am nun yi.." -pi 1. vv..
ntr-i( Edison. ..125 T St I. ft w
l-ln Sloe Hat.. . f)Hi T St L. ft W rtl Xll
ntneral Ciirar . . 88Uj Transue-Wlms .. 38
Oen Clear pref. 88', Twtn ,-ltv j, T- 7Bu;
Gen Motors pref . . 74 Underwood Type, 00
Ooodrlch H K ... untd Cr Strs pf.118
Goodrich U I pf loo 1 niu DruB ut pf no
tjuif B oil isi pt.ioi rnid Dm 2d nf. 75
isrjman torp . oj united Dye Wood
Ivh'i .,?a.rri01 ..A" PEL 'All Si
iomesuk. Mln.-IUJH h"'?""?.?.; . tS
U 8 Ind Alco pf. 08V4
iteauy imp,, ioh
iper nf sta. 60H :. S '2'W J':;.u "V.
Iowa Central ...44 "? U"l J?
owa ueni prer,,iui ,,? : "V""" -
Ceok ft D n 4tt Wabash 8
Lk Erie ft W nref 2s Wist Md 2d of. 28 ,
Lie ft M Tob 200 JVest Pao R R... 17V,
Ui A al Tob rts West Union 83
Lons 1st ctfs pf. 40 Wheel ft L E pref 21
1-orlllsrd J- ....208 W llys-Over pref. 857,
Msx Motor 2d pf. 19Vi Wilson Co pref. ... 9
M Mi P ft SS11 pf.liT Wis Central .... 37
Mackay Co ..... 71 Woolworth 11854
lllnh
Alaska Gold M... s
Alaska Juneau .. 3
Allla-Chatmera Co. 10
Am Beet Sugar . . 72
Am Can , 30
do pref 00
Am Car & Fdy Co 0SV4
Net
Low Close che.
3 3V4 Vi
3V4 3
10 10
71 12 Itt
38 SO
08 90 1
02 3V4
88
13
60
21
80
84
07
12
80
80
03
88
100
112
41
02
13V1
88
00
00
00
83
B3
02
1
78
03
80
103
10
12
33
132
37
07V4
67 Vi
13 '
00
22
68 ..
85 1
07 1
12 IVi
01 (- V,
81
63 3
80 1
101 1
11.1
12
02
13
80 1
00 1
08
00
33 2
81 1
02 1
1
77 3
00 1
80
105 1
10
12
3.1 -f-
134
37
09
IMsh Low
Willys-Overland .. 20 10
Wilson Co 81 43
Net
Close che.
10
47 3Vi
Tutnl sales, 1,101,000 slinres, rompnred with
OflJ.VOO share jeslerilnyt thus far thl eek,
1,442,200 shares) same period last week, 1,241,
100 share.
JEx dividend Columbia Oas and. Electric, 1:
Southern Railway, preferred, 2 ( Central
Foundry Company., preferred. 1V4 1 Eastman
Kodak Company, 7V4 . extrai Slnrlalr Oil and
Rellnlne company, i' ; Kornm w
way, preierrea. 11 roars-iioeuucn,
Company. 2: preferred, 1U,
'estern Rail
Pullman
Sales in Philadelphia
Ull ...ZO.I
rod of. 03H
7H
W ctfs 8
n, irrv of M J.IIO
n liar of N J pf,lll4 H 5,
nt Nickel pref, . 1034 H S '.
nt Taper pf staenK 1. 5
Chi Gt Western... 7
do prcf 21
C M & St 1 40
do pref 88
Chi & N W 00
do pref . , .
C 11 I & P t c 20
do C p c pf t c. . 47
do 7 p c pf t c. . 51 Vi
Chill Copper 13
Clilno Con Copper. 42
Col Fuel & Iron.. 35
Col Gas & Llec . . 31
Consol Gas 87
Cont Can 00
Corn Products . . . 28
do pref 00
Crucible Steel 03
do pref 00
Cuba Cane Sugar 28
do pief 81 Vi
Decro Co pref 00
Del & Hudson 08
DL&W 102
Denver & R G prcf 13
Dome Mines 7
Distillers Securities 38
Krlo 10
do 1st pref 25
do 2d pref 18
Gapton-Wlma 33
Gen niectrical . ..130
Gen Motors 83
Goodrich B V 38
Granby Mining .. 70
Ot Northern pf . . . 08
Gt North Ore subs 20
Greene Con Cop.. 38
Gulf State Steel. . 00
Illlno's Central... 0H
Int Agrlcul 9Vi
do prcf 32
Inspiration Cop... 43
Interbnr-Cons Cor. 7
do pref 40
Int Mr Marine... 28
do pref 10'!
Tnt'rnl Paper .... 22
Tnrnl V'cltel ... 20
Kansas City So.. 17
do pmf 10
Kollv-Springfleld.. 44
Kennecott Cop ... 32
Ldck Steel 77
Lake Erie & West 10
Lehigh Valley .. 80
Lee Iliibbpr & Tire 15
Llg & M Tob Cc. .102
Louis & Nash ...117
ManVt El 101
Max Motor 30
do 1st pref 3
Mex Petrol 82 T
03
47
7
21
45
88
08
05 5
49
7
21 1
45
88
08
142 142 142 2
18
40
63
15
40
33
31
88
8!)
27
00
80
80
27
70
00
03
10
40 ...
83 1
13
40 1
33 1
31
87
89 3
27
00
01 1
89
28
70
00
00
192 102
13 13
Miami con Cop
Minn & St L new
M S P & S St M
Mldvnle
Mo Kan & Tex..
Missouri Pacific.
,'-
30
10
88
43
4
0
7
35
15
84
18
32
123 120
81 817
38
70
07
23
38
87
08
0
31
41
0
45
,20
07 Vi
21
25
15
40
43
32
75
10
55
15
10 J
115
101
28
02
80
30
9
84
42
4
24
44
80
22
01
30
41
1
1
2V4
1
1
High. Low.
10 Am Gas ... 00 09
10 Am Milling.. 0 0
40 Baldwin Loc 68 54
1 Cambria Stl.118 118
183 Klec Storago 61 80
100 Brio 18 18
Gen Asphalt
173 1ns Co N A. 25
300 Kenno Cop. , 32
800 Key Tel Co. 11
1150 Lk Sup Corp 12
818 'Lehigh Xnv 00
1133 do war w 1 0
301 Leh Valley.. 87
Lch V T pf
Mlnehlll
loo Miami Cop . 30
2 North Cent. 78
00 N y Central 71
2822 Penna R It. 80
Penna Salt. . .
2 Phlla Co
cum pref. 33
1318 Phlla Elec . 20
Phlla Trac
225 P R T tr tf. 25
lOORwys Gen.. 4
711 Reading ... 71
302 Tonopah Bel. 4
208Tonopah'Mln 5
33 Un Trac. . .. 40
270 U G 1 72
0780 V S Steel... 101
War I & S. ..
W Jer & S S
182 Wm Cramp. 70
lWest Coal.. 77
80 York Ry . . . 0
tQuotation given is yesterday's close.
-i.x umuenu.
Net
chge.
28
32 Vi
II
12
87
8
80
30
75
71
40
.13
23
28
4
69
4
8
40
71
09
78
77
9
Close.
00 ..
0 ..
84 3
113
81 Vh
18
17 ..
25 . . '
32
11 .. '
12 Vi
57 1
8 2
60
38 ?S
55 ..
30
75 1
71
40
92
1
Y
35
257i
72
28
4
70 1
4 ..
5A ..
40 1
71 1
100 2
to
48 ..
75 3
77 1
0
7
38
10 ..
2151 V6
18 2
32
3
Vh
38 1
70
97 2
20
38 1
87 5
98 Vi
0
32 2
42
7
ioTii',?' nI!, 20,303 share, compared with
l?Aili ,h"r" eterduyi thus fnr thl week,
80,017 Miure) Hume period lust week, 10,702
IIOMIS Net
. , .. Hlnb. Low Close, che,-.
S2000 Am G & K Cs 88 88 88
7000 City 4s 1937 08 08 08
3.100 1: & P Tr 4s 74 74 74
3000 Ky Tel 1st Gs 02 02 92 1
30j0 Lib Bond 3V4 09.80 00.74 90.71 .02
14000 Phil K 1st SS 08 O8V1 08
1000 Read gen 4s 87 87 87
4000 Un Ry In 6s 00 5 . 00 1
Total mile. 538,150, compared with $31,300
je cnliiji tlma fr thl, week, $101,100; same
liTloil uhl week, $480,230.
Local Bid and Asked
American Stores
Drill J u
lluit & Musi; t c
do pref
Raldwln
Kltctrlc Storneo ....
UciiLT.il Asphalt
do prcf
Kestono Teleuhono.
do t u
Lake Superior Curp..
i.euiKu ,-saieatiun. . .
Pennsylvania
I'liliadcltmla Electric.
11!
Today
Hid Auk
.Tl
57
4H
811
50
17
57
10 ;
nt
!rl4
liia,
nliaiklpiiia Company.
uo ii per cent pret..,
Philadelphia 11 T I c,
iieauinK ,
Ann J. rt' .unclean jteiinoni ....
27 ; Union 'Irucllon ,
iniiA J-5 United Oas Imp ,
'"... , United hiates Steel..;!
1 vz va lorn nwy
20
13
40
1
2
fin urnf
v craiMD & sons. . .
V.I",
30
34
2i;
UU'i
A
40
71V4
lUll"?
It
3.1
77
31
18
60
r.iiji
'-'Oil,
10
Bit
Il'i
III
1.1
r.s
Si!54
81
311
25
711
'
4IJ
71 a.
lu 10!
111
70
Yesterday
111a ask
33
13
57
is
nli
51
17
r.7
11
,ll
12
112
OllVi
211
3D
34
31
2U
fill
112
52
10
50
11V4
111
13
113
P
311
& Sji
4 4'8
,5'i BA
4(i 4 m.
72 i 7ii
iJJk 111--,
WW,
3.1
77
33
7H'.i
43 Vh
32
78
10
68
15 '
102
117
101
28
82
82
30
10
1,4 1
Vh
3
1
1
2
1
Vi
INACTIVE PI1ILA. STOCKS
Following are quotations for Inactive
stocks listed on the Philadelphia Stock Lx
chango and In which there were no transac
tions today. The price given is the last
previous close.
Am Oas War. . .
.lrtat- Win-...
Amur Mores pf '. '.
'iiiiuiicu ins , . . .
Amer Mill
11 t: S t c
llrill J O
lluit Ac buaq t c. .
Cum Iron
Cons 'Iruc N J..
do ctfs 48
Mont Power 70
Nat Con & Cable. 22
National Biscuit. . 01
Nat Enam & Stpd. 37
National Lead ... 44
do pref 101 101 101 1
Nevada Con Cop.. 18 17 17
N Y Air Brake... Ill 110 111
New York Cent ..71 70 70
N V X II & II 28 25 20 . .
N Y Ont & West 20 20 20
81 5
43
4
25
44 2
70 2
22
01 2
37 1
44
Norf & West ...
North Pacific
Vova Scotia Steel. 78
Ohio Gas 30
Ontario Silver ... 4
Owens Bot 82
PacldcMall 24
Penna It R 50
Peoria & East ... 4
Peo Oas & C.'.... 42
Pere Marquette . . 10
Pitts & West 24
do href 87
ritts Coal 44
do pref 81
Plerco-Arrow .... 33
Pressed Steel Car 85
Tullman Pal Car. .129
Quicksilver pref... 1
Ry Steel Springs. 40
Ray Con Copper.
Reading
do 1st pref....
do 2d pref
Rep Iron & Steel
Royal Dutch ....
StLSF
do nref w 1. . . .
Seaboard Air Line .10
do pref 10
Sears-Roebuck ... 146
Shattuck Ariz 20
Sloss-Sheft Stl & I 37
Sinclair Oil 31
Southern Pacific. . 86
Sup Steel 35
Southern R R 26
do pref . ., 57
Studebaker 37
Tenn Cop & Chem 12
Texas & Pacific.. 13
Texas Co 141
Tob Products,.... 61
Underwd Type pf.114
Union Pacific ...118
do pref 74
United Alloy Steel 40
United Clg Stores so
United Fruit ....117
United Ry Invest 6
U S C I Pipe & F 12
101 104 104
03 01 02 1
22
71
38
38
75
05
10
27
70
35
4
82
24
48
4
41
10
23
80
43
70
33
83
128
IVi
30
219i
1
78
36 .
4
8!
24 ..
40
4 1
42 1
18 1
23
88 ..
44
70 2
33
04 1
129 1
1 ..
39 1
22 Ri
68. 70
l'.-i Gin Asphalt pf. S8
3Jv, Iveystonu Tel pf. 114
UJ J.eu Vui rlran... 2?1,,
2uVa Lit liros 24U
11 Llttlo Schuylkill. 51
0 1 it T 21)
20 Phlla Co 30
SO Un cos ot N J.. 2IW14
43?i York Itwja pfd.. 33
71
New York Bond Sales
mm
. Dili
111?
osva
02-3
Dua
ba
bJla
bU74
J2000 Amer Aur deli 5a
B1UUU Ahulu-f lclli.li is ...
luui Am runuu tfec 3s..
Uuuu Am &lllt.iiu (K 1(1.1 3s
luuuu Aiimr le til 4s ...
lOuuu Amer 'lei ua
1U01J UO Ot 4-JS
iijuu Ariuuur cu tvas
LbUUU AlLtUHOn b'tU 4S....
JUUU AtlUU Cu l.!lltl 4h8..
1UUU 1JUU & Ullli Mi,
2uuu do 4s bo
44UUU Uo cv 41 bun
1UU0 iircjukijn it 1' 0a 1U18. utiti
6ouuu i.orui.uux us bol,
-'UUU Call Uovt bs 1U2U.... 112
buuU Uil 6s llMl t Vi
10UU Ceiil Leuliier 1st 5s.. li4',4
lluuu chill cupinr is 1UJ
luuu Cms Ac 0.110 cv 41as.. (.life
2buuu uo ionv us 'tuft
luuu Cm Ui Weai. -in uift
luuu cm cn biu. 4iss V2'.i
2UuOtl CHI 1 & Q JU1UL 48. . Ud74
UUUU Cnl M & bt 1' rid 4V4 8 7U
buuu cv 4vj s 73
bsuuu Col & ouuia 4ftg.... ', Ola
uuuu City ut l'aria La ill
-'iuuu con Uas tuuv us luuVj.luuu
OUVIU .UUUI1-A111U1 nUtf US..1UU luu
iuuu cm Hallways us as bn
Low
03
Ull
U4-4
bb
b214
Uu?s
Uui,
bb
bo
bU74
buv,
bO
b07
1)U',4
bUv
02
03
t4?
1U1
7JV4
7 v it
0171
l)J,
7U
75
7014
bBV,
Close
03
UlTi
04-t
bb
BJVi
u?
V5U
bb
bOli
bUj
8(114
bU
bu4
7rs
02
Vi
04'A
1U1
7JVl
1UT4
UlTJ
U-7
1)374
7U
73
1U14
bbVs
luuu
luu
an
2UUU Cerreuo u Pusto (ia..lU4Vj 1U414 lui'A
8UUU L)is becur curu 5s 75
IUUU Erie conv 4s ber 11... 44lj
aiuvu nuiicu ivepuuiiu UTsB uav.
Broken Rail Wrecks Train
ATLANTA, Oa., Oct, 31. Two coaches
and a Pullman on Train No. 4, Central of
Georgia Railroad, turned over near Co
lumbus early today. Injuring five passen
gers, one of them seriously. Traffic was
blocked several hours. The accident was
dua to a broken rait. .
80
do pref
U S Ind Alcohol
U S Rubber ...
do lBt pref . .
TJ S Smelt & Ref
U'S Steel ..,'...
do pref ..,..
Utah Copper . . .
Utah Sec Corp .
Va Car Chem . .
Va Iron C &C.
Wabash' pref A.
do pref B . , . .
Wells-Fartjo ...
West Maryland
Westlnghouse Mfg 41
Wheel ALE 10
White Motors .... 17
Worth Pump & M
do pref B
38 38
36 36
72 74 1
85 85 ..
16 10
27 27
10 10
10 10
142 141 5
10 10
37 37 2
29 30
81 84 1
34 34 1
25 26
66 87 1
36 .38 1
"V4 12
13 13
137 141
80 81
112 112 1
116 117 Vi
74 74
30 30
86 80
117 117 I
6 6
tt 1!
60 60
114 113 Ut
oiyt 0074 00
99 00
43 46 4
09 100 ..
112 US ,..
78 80
13 IS? 1
29 20
UOO Hud ft Man nu us
IUUU ill Steel duo 4Vsb...
2U00 Indiana Steel us....
27UUU inleru Met 41is....
Ubuuil Inter MeV Mar os...
3UUU Japanese 4 la 0
3UUU uo new 4V1 s . . . .
(UU0 Kan City So Ss....
auuu Lacka Steel 5s 1023.
7UUU do 6s 1U50
7U0O Lie ft M T 7s
bUOO Lortllard 7s
10U0 Louis & Nash 4s...
2885500 Liberty Uond 314s..
Ub3O0 do 2d 4s
3UUU0 Lyons Us
01000 Marseilles Us
4000 Met West pf Chi Ss.
10000 Mo Pao W L 5a 1023
20U0 do W L 5s 1820..
785U0 do era 4s
BUUU do Us
40UU Montana Power 5s, .
20U0 N O Tx ft Mex Os..
4UU0 Nat Tube 5s
18000 N Y C ft II 0s....
3000 do 4s
1000 N Y City 4s 1058...
BUUU do 4ts 19BU ....
oooo do 414 s isoa ....
2000 do 4Va 1UU4
2U0IIO do 4V4 1003
1000
10000
:
75
4414
U5T4
&4I4
84 74
DKVi
63 U
01 74
88
87'4
78'
07
UU
"IVi Ultt
ill 111
00.06 00.80 bU.Kl
,,1UU 1UU 1UO
87
B7U
87V4
01V4
8bh
63V4
loo
huh
37
OSVi
00
70
07U
101H 101V4 101V4
UiH VI U7
101S 101V4 101U
b474
. 84 i4
. DblS
. 5JV,
. VJ
. bb
. bb
. 70
. 07
. UUVi
11214
.11214
. bOK
Utt
. ss
. VlVi
. 88v4
. 80
.100
. uok
. 37
. SU
.
. 70
. 11311
07'i.
73
4414
0374
OlU
84 ',4
l)bl4
0314
02
bb
bb
78T4
07
DO
87V4
B7V4
luu
DOtt
37
M81;
90
711
034
07v;
do 4 14s May 1037.. 10114 101V4 10114
do 414s Nov 1037. ..10114 101 nil
....... 00H
; ifts.. int.
N"J OS 83
.100
. 46
.101
.113
. 80
. 13
29
. 60
41
t
81
18
8
. . 63
58
41
21
84
15
40
10
3
28
63
85
41 1
31
84 J
15 I
41
10
.1
S 2
S3 ..
1000 N Y Rwv 4s 81
78000 N Y Tel cen 4V4s 01
2000 Nor Pao 4s 83
5000 do cen as
lbouO Penna een ct
"UUU Publlo Service
1IKKI Iera Marauette 8a.. H:
8000 Heading een 4s .... 8711
1000 Hep ir ft Mt os .... S3
louuO Rwy Steel Spgs 5s . . 70
2000St L I M ft So een Es 04
30U0 St L ft 8 V alt ..... 61
2000 St L ft 8 F een Os., 02
OOUO do Ser A 58
13000 South lio cv 4s 80
45000 do cv 5s UU
12000 do rfd 4s 83
luuuu South Rwy een 4s.. 81
6000 do con Os 02
21)00 Texas Co 8s BO 14
83300 U 8 Rubber Os 84
5000 U S 8 ft R 6 101Vi
180UO U S Steel s t Os ...lOOli
1UU0 Union Pao rfd '4a... 701.
1000 Un King Ot II ft I Os 08&
213000 do Mi 1018 voii
47000 do 514 s 1010 .... 0414
138000 do Oris new 1818, 1)8 A
18000 do 014 s 1021 03
Total sal
riOO VMitrri
same period
01 01
83H 034
83 83
noli 00U
oiii DiH
83 83
82 82
O I 74 O t 74
4 B5V4 05V4
70t! 71)14
Vi 0414 Dili
,, 0j4 UI ,
g III fS&
70 7UVi
61)14 00
83 8314
60 00
01 02
11014 UOVi
70S 70J4
101 10114
100 100
1 70 70
VH 98,
084 08 A
04 II 04
08ll 08K
921 024
SHAHP DECLINES ARE EEC0RDED
IN TRADING ON LOCAL EXCHANGE
Pennsylvania Railroad Breaks to 49, Lehigh NavWiV j
xjcoco -i AU1IU.O cinci AWi.w.wxii vyonwcti L11U OaiTle
AmountSlight Recoveries Follow Drop
Prices broke sharply on tho Philadelphia
Stock Bxchqngo today, following tho weak
ness In New York, nnd many Issues were
at tho 'lowest level they have reached hern
In months and In'some cases years. One
of tho most disturbing features was tho de
cline of Pennsylvania Railroad to 49, a loss
of n point and a quarter from yesterday's
close, and the lowest price at Vhlch It has
sold Rlnco It dropped to 487i In 1895 when
It was on a 5 per cent per annum basis.
There was much discussion of the break
In tho Street, but no person seemed to bo
able to find a reason for It, nlthough It
was genornlly attributed to tho Inclina
tion shown by many holders to sell stocks
of any kind they might have had In their
possession,. Tho Issuo was, next to Steel
common, tho most actlvo Btock dealt In here,
and It recovered a part of tho loss before
the cIofo.
Severo losses were also recorded In other
rails, as -well as In other stocks, which
reflected tho heavy selling which followed
tho weakness In Steel on tho big board.
Reading went off moro than 2 points;
Northern Central, on a small sale, dropped
4 points j Lehigh Valley was rl. J
.... -iu iracuona. mji
,.,btcJL,..c.ommo.n.brok' b low . ,. .A
a iiuuiiB, out later advanced ..V1 s
Other Industrials were generally w v .
Baldwin Locomotive oft Tvl piif' M
ago Battery declining b ,JtaLte&"'J
Cramp. 2 points, United Gas irnL""1
anoint and Lake Superior cSffiSSSft)
Lehigh Coal and Navigation ..m '
tho dividend and rights tath, 'w S? H I
Htnclt n nlmnnl l.. i -.."'a..l' Per cent
dropped 2 points, hnd here w. ?. ?S'y J
cllnes In Rapid Transit r,7n.?.AmJ M
delphla Electric and Tonopah MlnTn"- "" ;
A recovery just before the cto ..-,
Rnmn nf tho Dlbs i,it.. . Cl0'e CstrM
tho'd'ay01'1 ha" f th "' 1
There was a decrease In the antv
coal Ehlpmcnts over tho Pennsyivani. b ', '
road lines cast of Krlo and PUburJ "'
the month ended September 30 but th?Af
coal shipments were larger than aurta, i5
corresponding month of last wTif1
shipments also decreased tv.- ,i ". ?
"" monta,
SHARP RECESSIONS
IN-COTTON PRICES
Early Firmness With Good Gains
Followed by Heavy Unload
ing, Causing Break
COTTON R4U.T VVBATHEU CONDITIONS
NEW YORK. Oct. 31. The follonlne tern
perutures were recorded In the cotton belt
Mi mornlnei rhntdinooen, 2flt rort.Sniltli,
28i Merldl'in, lllrinlncluim nnd KnoMlllr, 30
Abilene. Mrkhbiire, Alliintn nnd Itnlelch, 32
Murnn. Nitslitlllv nnil Aueitsla, 34 Slireieport,
.llemphls, Mobile, 1'rnMiroln, MonlBomery,
ThonmMllle nnd Wllmlnelon. 38t Sun Antonio,
Okliihomii nnd Del Rio, 38 .Snuiniinh unit
Jnck'.nmlllc 42: New Orleans nnd Charleston,
4l t'orpui Chrlitl mid (Inlvrston, 50 1 Taiiiim,
68.
NEW YORK, Oct. 31,
Further declines In securities' had a de
pressing effect on tho cotton market to
day, and an active and firm start, when
prices rose 23 to 31 points, was followed
bv heavy unloading causing sharp reces
sions. In tho early dealings Liverpool, tho
trade. Wall street nnd commission houses
worr- on the buvlng side, Influenced by cold
weather over tho entlro belt and reports of
continued strength among -holders of tho
spot article. Tho rise was short lived.
An advance of 27.20 for January, or 135
points ahove tho low level of Monday, met
realizing and Southern selling. This en
couraged a renewal of local pressure and
there was a quick break of nbout $2 a bale,
January selling off to $20.79. Prices then
steadied with trading becoming less actlvo
nnd about half tho loss was recovered on
covering.
Tho cold weather over tho entlro belt and
reports of continued strength among spot
holdon added to the bullish feeling In local
circles, but on tho advance there was some
good selling for southern account which,
nt the end of the first fifteen mlnues, had
forced prices off about 13 16 points from
Jh highest.
The market turned easier shortly after
tho opening. Tho advance to 27.20 for
January, or 135 points above the low level
n M mdav mi" -"a ng a"'' uthern
selling. This encouraged a renewal of
local pressure and there was a quick break
nf about $2 per bale, January selling off to
$20.79.
Yest'"-dai's
. we Open
December .. 27.55 27 80
January 2H.KS 27 lit
March 2(1.61 2(1 R2
May 2 45 28.75
Spot 28.55
HlKh Low Clno
27.00 27.21 27.211
27 2(1 t" 'it 2 i '
20.01 20 32 28 31
25.70 25 22 2(1 2.1
28.85
- Liverpool 0otton
LIVERPOOL, Oct. 31 Spot cotton was
quiet today on tho b'asls of 21.12d for mid
dling, an advnnco of 10 paints. Sales were
3000 bales. Receipts, 1000 bales, all Amer
ican. Futures were firm in tho early deal
ing. Spot prices were: American, middling,
fair. 22.57d; good middling; 21.92d; mid
dling. 21.42d; low middling. 20.92d ; .good
ordinary, 19.95d; ordinary, 19,47d.
CORN PRICES noww
WHEN BULLS UNLOAD
Depression in Securities at New
xorKanci jvavorable Weather
Tlake Market Heavy
m
GRAIN T1F.LT WBATIIKR TORKCABt
, CHICAGO. Oct. 31. Illinois wi".
Iowa. North and South Dakota. N.W?'
nnd Knnuns I'ii r tonlsht ami Ti,-i;Jt'n"k
dec .led chance In temwrutiir?? T'","i,,'
Montana (lenernlly fair tonltht and ti....
Wyoming Pair nnd slightly took, ton,tht
CHICAGO, Oct II.
Renewed depression In securities at New
York nnd moro favorable Weather In th
Northwest mado corn heavr today. Most
of tho commission houses were on the sell
Ing side. Local bulls unloaded and there
was considerable liquidation, which brought
about a good decline from last night's close.
On tho break there was some reinstate,
ment of long lines and covering, causlje
fair recoveries. Bears were not Inclined
to be too aggressive, In view of the absence
of accumulation at Important centers. The
nttttllrln nf thp fnml mlmlnl.i.niu. -- .
(peculation In foodstuffs continued to .exert 1
... IU-IIM.U V.-.LU1.1. uii uuiauio interests.
There was an Increase In tenders at
country stations for delivery ,ln December
and curing and husking were expected to be
accelerated by the Improved weather, which
led to predictions of enlarged receipts. The'
market at Liverpool was ilrm on a scarcity
of export offers and expectations of light
shipments from Argentina, with preference
to be glen to clearances of wheat and
meats from tliat country.
The high on December was JI.I874, the
low- $1 17 '4 and tho close 11.17, against
SI 1 R 3. nt tlm ntiil vnufnrdn,' Tl.. ... .
May was $1.14, tho bottom $1 12V4 and the J
fln.,l tl 1 1 1. tit 1 19 nnmnq-Ml ..1(1. 41 ,., ' i
in..., v -.-" tl 1' -.-", wiiiimitu Willi 41.1471, ;
.yesterday's last price. f,
u.-us rained on covering by large local
shorts, after having been weak; business
waj not active
The high on December was 587jc, the loir
.r8gc and tho close BSiSS'ic, against
58 (Sic at tho end yesterday. Top on Majr
was OOVsC, tho bottom 594c and the final
C059T4c, compared with GOVJc, yesterdaya
last price.
Leading futures ranged as follows!:
Open. High. Low. Close, cloaa.
Corn (new delivery)
December... 1.18 1.18 1.17W 11714 1.18
January 1.15 1.10 1.14H 1 16Vl l.lt
February.... 1.154
May 1.14 1.14 1.12V5 1.13H l.m
uais
October ".WJ 58JJ 5SiJ t584
1'eceiuucr. . . 'il "
May UU 00
Lara-
October
58j4 x.n
38 58VJ
co tooil
No ember
January .
Ribs
October .
January .
May ....
Pork
HAtnliAP
January
Hid.
..24.75
..24.75
..22 40
. .27.7.1
..22.10
.741.60
. ..41. UU
tAsked.
24.75 124.75 124.77
24.75 f24.77 24.72
22.37 27.12 '22.40
24.85
24.85
22.50
28.00 27.75 27.75 27.7J
22.22 22.10 "22.20 22.15
,. '22.00
41.00
41.20
(Nominal.
40.12
41.00
40.15 41.80
41.20 41.00
3 M
Funds for Offices and Enlisted Men
In the U. S. Army and Navy and with
Red Cross or Y. M. C. A.
The Safest Way
To oarry funds Is by Travolors Lettors of Cradlt
which wo Issuo freo of commission.
To sond funds Is by Mall or Cablo Transfer
which may bo made through us.
WE HAVE OUR OWN AMERICAN REPRESENTATIVE IN FRANCE
WITH HEADQUARTERS AT THE OFFICE OF
CREDIT COMMERCIAL DE FRANCE
20 RUE LAFAYETTE, PARIS
Brown Brothers & Co.
rbuivni and Chestnut Streets
PHILADELPHIA
i' 1
le. (4.020,0001 compared with 81.761..
dayi thus far this week, (M,278.0O0i
od last week. 114,008,000. -
Northern National Increases Dividend
Northern National Bank; directors today
Increased the dividend, from 8 to 10 per
cent per annum declaring a semiannual
dividend of S pec cent, payable November .
fN behalf of the Liberty Loan
Organization of the Third Fed
eral Reserve District, the Executive
Committee desires to express its
appreciatibn of the spirit of co
operation which ha9 been shown
throughout the district and which
alone made possible the brilliant
success achieved.
WALTER C JANNEY
4 LEWIS H. PARSONS
T. JOHNSON WARD
v JOHN H. MASON
" " ' JOSEPH WAY(NE..JR.
Executive Committee.
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