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EVENING PUBLIC LEDGER PHILADELPHIA, WEDNESDAY,' 'AUGUST 23, 191&
"i-
, ..
J- -t.
NEWS OF THE FINANCIAL WORLD NEW YORK AND PHILADELPHIA STOCK PRICES
e Flow company
Tft Gold ffotai
Sept. I Dim m shown ttlow
Company established 1869;
Net current atsets mors than three
Hmes funded debt;
AVersea Income, list Km years
'and eleven months, aTauaoie lor
MJnterest. mot thin 3H times
p.itjretent lequiremenu.
due Sept. 1. int. at markvt
to yield about 1ii
dot Sept. 1, 1)11. at market
' -to yield anoui iHVc
uCtrcutar on rrancat for PE 119
tlAttnmm Information taken from offlelal
L - sources, lint not gusrsateed
vV
TheNationalCity
Company
, Ctrrtitimient Ofictt in so Cititi
iJBL:i. J.I.I.;. 1421 Ckeilnat Si.
'jj Telephone S55 Locust
r-Shrt Term notf-ArctptancM
NEW YORK MARKET BECOMES
STRONG, ACTIVE AND BROADER
Many Additional Groups Join Upward Movement.
Good News From French Battlefront Credited
With Improvement in Trading
High Points in Today's Financial News
There tens gcneial improvement in the Sew York stock market.
Broadcnlnp tendency was most important feature. Good tear news uns
credited with improvement. Activity anil sttenpth of l.ehlph Valley Hail
road's new (j per cent bonds, ichich were first offered today, attracted most
interest amonn Curb traders. Corn declined. Cotton tens In cputar. Vor
cipn exchanpe continued dull, but steady, liar silver remained unehanped.
Unrockoil
w , ,. ...
tyf? imponam noiaings m
:,r ' Wyoming described.
1' ?'.!i DAjal4Hn HiftliallI
!Marketing arrange-
pf mpntc for nrnrlurt
feL ,.4u cnMjnj n;i
i Interests.
' iThe nborc Tits. nurtlnn nnd
' oil other Imnortnnt Hut a ncriM
i mrr to n thomimh annbU oT
fthe Mock U phen In our report
i' Jont compiled, w hlrfi 11 III
utnd nt our requit ulthnut
y J1 obllCAtlon.
CHp tftf ad. or mention GO-IS
Schjwt&Deehy
tfher Con.. Sleek Ks. of N". T.
Ml Wideeer Bldf.. Pailed.lphie, Pa.
ft,) Rell.Wal 4080: Rer.. Hiiro 4080
" , N. V. Office. 30 llrnnd HI.
'. j PRIVATE WinKS
L ..Berk op our Army and Nnvy
h , Bur War Saving btump
New Yorll, Aur. 28.
The most Important feature of the stock market In today's trndinK
wag Its broadening tendency, many additional proups of stocks becom
ing active and Joining the upward movement that has been In progress
for about a week.
Stocks like t'nlted States Rubber, Atlantic, Gulf nnd West Indies
and the copper issues, that had been neglected for a long time, were In
good demand nnd made substantial gains, nnd nt the sumo time the
issues which had been piomlne.nt through the upward movement made
additional gains, with United States Steel common advancing more than
1 point and selling above UG. again establishing n new high recoid for
the year.
The trading conditions 1n the market were of the strongest chnracter,
the supply of stocks decreasing when higher levels were reached, while
at the snme time there was Increased uneasiness In the bear ranks, and
covering of shorts at times caused violent advances.
This display of strength nt the higher levels could be attributed only
to the favorable news from Fiance as other factors were of n disappoint
ing character, with the money situation continuing stringent, and in
ordinal times the lack of banking drcommodation which has become so
pronounced would be a disturbing influence, especially after udvances
such as h-we occurred In the last six days.
Steel common was paitlcularly influenced by the fact that It hells
ex dividend of ilt per cent on Friday morning, nnd few of the shorts
cared to have that amount added to the differences already existing.
General Motors was n conspicuous exception to the general display
of strength, falling more than 11 points to 143, a loss of more than 18
points in the last two days.
Bonds were steady, with the Liberty Issues showing Irregular changes,
the 3V4s ranging from 102 to 101 96. The second Liberty 4s sold at 93.9:'
to 93.96, and the 4'4s were traded in at 94.74 to 94.92.
NEW YORK STOCK SALES
BarnettOil&Gas
SOLD lt(ITl:i.
4oronT
Morton R. Alexander
Pbila. Stock Exchange oldtr.
7 Ullllum St.. X. Y. Tlly
Clrk6
Cum
auckERj-casi:
I S CUXSTXUT STS.. . K. Car.
libera at Philadelphia nU New
York Stock Kxcbansee.
WNMVI'lee4'Na
ipi
Kf V.-vX - COAJi 200.000 TOXS
Keam biz?b. naru turn yne, jocaiea iu
be. from Pottevtlle. Ph.. directly on P
Fl. it it, . oiupi't (vMnii ry luuuinK
i tone per day. Will eell the output to
nneible coal aeaier rapaDie oi nnanti
or will frlve part Intrreet to private
lurnieninc capitni. win stana
iMtt lnyi.wtlgntlon F 447. Led. On.
SPKriAI. MEKTIX48S
NOT1CK OF SPECIAL MEKTIXIi
Fureuant to n resolution of jour Hoard
llieh
Adv rtumely 17 '
do pr 4H
Alask.i Gld II 3'i
Alaska Juneau i
Allis-l'lial Co SSiu
Am Beel riugar 70
Am Can 47 H
do pr . 934
Am C & Fdy Co HOW
Am Cotton Oil. 13
Am Hide & I. '.'on
do pref . 93
Am Int Corp .1,1
Am Ice Sec pf .10 ',4
Am I.lnseed 42Vfe
do pref
Am Loco mVi
Am Smelting 7H"i
Am Shlpb'g Co I30K
Am Sum Tot) 157
Am Steel Fdry 79'4
Am Sugar . . 1104
Am Sugar pr 110
Am Tel & Tel . 98
.Am Wool . B8H4
A Writ Pap pr 39'K
A Zinc & Lead 18
Am Zinc & L pf 30'
I Anaconda . . K
i AtchNon . . 8(1
Atl Uulf & IV 1. 1 n i
Bald Loco Co 93 Vk
Balto & C) . 36
Barrett Co 91-T4
do pref . . 101
Ratopllus Mng I'i
Beth Steel B 83
do 8 pc pref 104
i Brklyn Hap Tr 38T
I Booth Fish Co 20Vj
I Burns Bros I4H'S
Butto C & 2 Co 1 1 im
iirunsuicK ii'Nt
f'Dlrectore adopted today, notice Is hereby Butte Ti Sun C 27A
rten of aepeilal mtln ;ir. th mo.k- ,..,, T.rr,.iAllm ntL
o:aera of xne renn national uann to oe --; -, ;.,' "
ekl at the office of wild hank, Mari-'t do pref .(
eeYenvn evreeie, rni aaeipnia on rri- i v uuauiaii i ; i,
k" September 27, 1918. at 10:30 o'clock Central Leather 70V4
rtlM forenoon, for the folloulnir Dumosee' n .,A in-UL
tl)iTo authorize an Increase In the capital Prrn do Pvco t4 W
CH. or me Danx irom j.wu.uuu to h.toi,-. :, s,, in.,,
) by the Issue of 1300,000. or 3000 shares l nJ rt est-
atock. do pref . . 33
EsI. To authorize the Issue of such new Chi M & St P. . 30 V4
HOOK, irameiy. ouuu snares ai noc ipis ao pret nll'
ui i2oo per snare at sum a time ana ' fii & Xorihu 01
an such terms and conditions as m.y be .i n n .- .. ....
eteAnlned by the rioard of Directors. i !' ' ' "V "- -"..
r,v. To take auch other action as" may ooftpepr vt
iropeny come oerore sam meeting in re
atlon to the proposed Increase of the cap-
ai acocK ana me uisposition tnereor.
9r oraer oi me uoara nr Directors.
M. Q. BAKEIt.
Ctt. Cashier.
KP
tuvhikxdh
nviricv nv
l if- THK C. II. tiKIST t'OMPAXY
r; ' lv-u llli.r. llljll.lll.Mi
l-L.i Philadelphia. Pa . August 27. 1018.
B- uireciors oi x reeiwri l,an lompany
'this day declared a regular quarterly
no ot one nm one-nail per rent ISl.dO
are) on the orererred stork nr th
any outstanding oavshle Anni.t a.
'tO holders Of Said Stock nr mr-nrH at
' close of business this date. Checks Fed M & S pref 42
C R 1&.V 7 pc pf 79
C C C & St L pr 07
Chllo Copper 10
Chlno Cn Cop. 3U"i
Col Fuel & Iroi 48U
Col Gas & Klec 3BVi
Consul Gas ... 90
Corn Prod . . . 44 ',,
Crucible Steel. HM4
Cuba Cane Sug 30?4
do pref 81
n L & W. .183
Dome Mines. . K",,,
Olstlllers Secur oi4
Krie 13
do 1st pref . 32
: be mailed.
U. WEAK.
Secretary.
PtRFfTORV OF ArCOlTXTAXTS
, .;-i Certified Public Arrountants
&&
Gaston-Wms .. tOYt
i Gen Cigar Co. . so
, i. en r.iec to . . nu
I Gen Motors . . 130
' do pref . . .80
1 rimr.ht, Htlnlncr U4A
"WR?NF.KEURPWN&CO, ' "Xn'rthn . fTJ-VC
S": "t1.?!'1"?.1. ".yOO. ,1 n, Vnh e.liZ
RAOX & DISPUTED ACCOUNTS . Greene-Can Cop 43
l "if States Stl 81
UOAI. ADVKRTISFAIKXTS I Hnmeaka B . Vk
KSXATK OF DELLV A. STKWAttT. ' I" Central ... 90
aleeeasea Letters tiiMn.ni.,. . Int Agrlcul pf 62
above estate bavins been granted to the Inspiration Cop 53
raimea. an pm-soii. inaeDiea to the Bald . Interb-Cons Cp 6
ftie ar requested to make payment, and
viiijf ciKiuia- iv prtaeni in same,
out delay, to
fetf JftAKT MABtlL. INOItKIS STEWART.
J tWW wfc ' " . O 4 C V All 1 ,
"i. . --u-u no niuaeiuhia.
iiumay.
Int Harv X J 13814
l Int Harv Com 85
1
17
401
3 VS.
ITh
33
0
47
93
H5'.
42
20
92 V,
34
0 ',
42
78 ",
'17
7J'(,
ISOAi
12.4
78!4
109
110
97
S8W
38S,
1714
30
B7
81)
104
IN Of,
flB
IPS?,
100
1
83 ",
ll)l
:im-h
23a4
147
1in
ll-)4
27
I9'!4
fli
1A8
09
103
34
7
25
49
79',
94
23
07
78.,
07
io'X,
SB'S.
47
30
9U
43
09
30t
80
183
8
SO"!.
15
32
41
29
49
142
80
82
92
KV,
43
80
47
14
90
62
32
128
65
Close
17
48
3
1
33
10
47
113
83
12
MU,
Vt
:.ia4
30
421',
18".,.
h:m
78 M.
130
123
10
110
110
97
.-.8
38
17
50
US',
8H
104
94
55
92 a,
100
1
8.VU
104
38
20
II8,
11
11
27
20
03
108
0
103
34
8
23
50
70
III
20
07
79
A7
10
39
47
36
90
43
I.'.)
30
81
183 .
8
39
15
32
41
29
49
145
142
80
82
2
3X
43
81
17
74
96
62
53
6
128
03
Net
ihce
2
-t-
2
1
1
4-
-t- V
r
1
1
",
I
1
-"
',
4-' 1
1
1
4-
12
1
1
t
4-2
Illah
Int Jler Marine 28
I.OW
.104' 102
3B
29
18
85),
no
19
35
29
18
83
(ill
19
do pref
Int Paper
Int Nickel .
Kan ICty So.
Lacka Steel
Lehjgh Valley
l.efn S. The
Lie & M T nf 10! 10
Loose-W Bis 20 20
I.orllIard I rts 13
Max Mtr 1st pf 51
do '.'d pref. 20
Mex Petrol . 101
.Mlnml Con Cop 28
Miilvale Steel
.Mo Kan &. T
MIoMiurl Pau
do pief . . .
Vat Con & Cat
Nat Knam A: S
.Wvnda Cn Cop
X O Tex & 11
X f Air Bke
X V Central
V V X H tc 11
North Pac
Ohio Gas
Ont Sliver . .
Owens Bottle
Pacific Mall .
do rts.
53
5
21
37
10
52
20
21
129
74
13
III
38
9
70
32
2
37
20
100
28
53
5
24
16
32
20
19
127
73
43
90
37
9
08
32
2
93
44
44
Net
' iMose chRc
28 4-
103 4-
36
29 ,
18 4-
85 -r
0(1 4-
19 4
102 4-
20 4-1
15
37
20 .
101 4- ,',
28 4-
33
3 ..
24
31
18
32 1
20
21 4 1
121 4-
II 4-
43
90
38 ",
9
09
32
2
93
44
44 -r '-i
27
32 ..
36
38
71
-1
4-1
Pan-Am Pet pf 93
Pcnn It U . 44
Per Gas & C. . 44
Phlla Co .. 27
P C C A. St L, 32 .12
Pitts & West.. 36 30
Plerce-Artow. 38 38
Pressed Stl Car 71 70
Pullman 1'al C.I 11 111 111 4
Ily Stl Sniing 10 60 09 .
Hay Con Copper 24
Heading 91
Itep Iron A: Stl 94
SI0s-ShefT s&I 02
32
88
24
04
43
43
19
33
l-'T
24
90
93
1
32
81
23
04
42
43
19
33
15
24
90 a,
93
Hl
32
87
23
04
43
43
19
33
4-
13 4-
Sinclair Oil
South Pac . . .
South Hvvy
do pref
Studcbaker. . . .
Sup Steel
Tenn C&Ch w 1
Tenn Copper .
Texas A: Pile
Texas Co 155 153 134 4-1
Third Ave n 11 19 18 19 -r
Tobacco Prod 72 71 71",
TolStL&Wcpf 0',i 0 0 -t 4
Union Pac 128 127 127
t'nlted C Strs 101 103 103
Cnlted Fruit ..130 130 130
United It lnv. 8 8
I' S C I P F 15 13
do nref . 41 4 4
lT S In Aloohol.128 128
C S llu liber
V IS Steel . .
SELLING IS GENERAL
IN THE CORN MARKET
Ouly Demand Is Covering of
Shorts, Who Tnke Large
Profits Oats Ease Off
ClilcnK". Aug. 28.
About the only topic nf discussion In
the corn market today was the Gov
ernment's action In reducing the amounts
of substitute to be purchased with wheat
flo'ir and as a result sentiment was
more generally bearish than heretofore.
Selling was general after the first few
minutes nf business and, while there
were signs of resistance from time to
time, prices declined steadily About
the only demand was covering of shorts
who took large profits on some of the
lines put out only a short time ago. The
weakness In the cash market: generally
favorable weather and Indications of an
Increased movement from the interior
also aided the bears, so that the market
was weak during practically the entire
session.
August slnrted at the high nt ?1.56;
the low was $1.03", and the last i 551,,
a loss of l',c. September opened nt
Jl 55",. The high was $1.66?, : the low
fl 63", and the final $1 54- j 1.54 Ta.
compared with $1.66 yesterdnv. Oc
tober sold up to $15, at the start
The top va $1 68t,; the bottom $1 55j
and the final $1 56 ) 1.56,, agalnt
$1 iS
Oats showed stubbornness, but eased
nIT with corn limning Into stop loss or
ders on the way down Trade was of
moderate volume, with buying by houses
with prominent Uastcrn connections on
the decline
September opened nt 70 Sc. The high
Has 70c; the low 6!l',c and the close
70. WTO'ic. against 70c yesterday.
The first sale In October was nt 72 c
flic ton was 72Vic; the bottom 72'.
nnd the final 72ff71Tc, compared with
TIsC
l.eadina futures rnnaed as follows:
Corn (new delivery) Yes'day a
Open High Low Close close
Sent ... LBS1". 1 50 l.R3i 134 l.BR'i
Oct . 1.57'4 1 58V4 1 nr l.tsni i..
Oats .. .. .,
Sept Id" '"' " I" "
Oct 72'i 72Mi it's l' -"
Lard
20 72
JI1.80
si. mi 20 70 20 no tan 70
n Hll 20 07 20 90 20 77
"1 113 24 17 24.03 24 45
24 S7 24 70 24.87 24 70
t3 1-. 43 HI 43 15 143 00
43 .-.0 13 45 43 50 t43.33
Sepl
Oct
Ribs
.epl 24 50
Oct 21 70
Pork
pt 13 HI
n... 43 .'.II
Ilia TASIteu i.M.nmiHi.
COTTON ENDS HIGHER,
DUE TO SMALL SUPPLY;
Only Limited Demand Re
quired to Force Advances.
Ortoher Reaches 350
GENERAL ASPHALT COMMON
BECOMES ACTIVE AND STRONG
Advances 2XA Points and Becomes Local Market Leader.
Philadelphia Company Cumulative Preferred
Declines Steel Common Is Firm
The renewed activity and strength of General Asphalt common was
the outstanding feature In what was otherwise a dull and generally unln
trrestlng local stock mnrket today. That Issue wan the only one of the
home list showing activity, and befoie the end of the first hour It had ad
vanced 2 points, with a later rally of more, carrying Its price up to 33.
No special teason was found for the Increased demand, hut it was
thought by some leading traders that yesterday's drop was the result of
absence fiom the market of those Who have been nctlvely Interested In As
phalt and that the lower level reached on the reaction did not represent the
actual position of the stock. The preferred shares did little, but held steady
nnd unchanged.
Price changes for the remainder of the local Issues were mixed. .Phila
delphia Company cumulative preferred yielded 1 points on a small turn
over. Lake Superior declined n small fraction .Philadelphia Traction lost Vi
and Union Traction i, while United Gas Improvement lost 1. Lehigh Navi
gation advanced a little nnd Pennsylvania closed unchanged. Amerlcnh Gas
nnd Klectrlc Storage Battery were unchanged, and Philadelphia Electric
gained n trifle.
Steel common was fairly active during the first .hour and advanced ?,,
but from that time until near the close It was slow, Ibut held steady.
Philadelphia Klectrlc first 6s were Inactive, but lost 3'A per cent on' a
small sale. Liberty Loan bonds were quiet.
e
Announcement was made thlJt the Issue of $15,000,000 Lehigh Valley
rtnllroad ten-car 6 per cent collateral trust gold bonds, offered by Drexel
& Co., of this city, and the First National Bank of Nevl York, had been over
subscribed before 11 o'clock. The price was 97 and lnteiest to yield aboiTt
6.35 per cent.
The United States Treasury has announced a new Issue of $500,000,000
Treasury loan certificates. The certificates will be dated September 3 and
will mature January 2, 1919. They trill bear 4 per cent Interest and will
be In all respects similar to the four pteceding Issues of loan certifljates put
out in anticipation of the fourth Liberty Loan. The Philadelphia Beserve
Bank will accept subscriptions to the new Issue at any time.
NEW YORK COFFEE MARKET
New York, Aug. 28. The coffee mar
ket opened unchanged to a decline of
six points, the September position being
weak, while the later months were rela
tively steady. Karly notices were about
16,000.
Test.
Open Hlah Low Close close
8.40 8.40 8.43
August 8.47
wepiemner ,,,, s.-i.t . .
December 8,75 8 81
March II. mi ii.ot
Mav 9.18 9,24
Jul) 9,41 9.43
8 80
9.07
9.20
9.42
8.40
8.81
9.08
0 23
9.42
8.48
8 81
9.08
9.22
9.4Q
Extra by Niagara Falls Power
Xew York. Aug. 28. The Niagara
Falls Power Company declared an extra
dividend of $3 per share In addition to
the usual quarterly dividend of $2 a
share, payable October 1 to stock of
record September 14.
GOVERNMENT BONDS
2s registered 1930
2s coupon 1 930 . .
8s registered 1918
8s coupon 1918
4s registered 1925 wv
4s coupon 1925 '..
8s registered 1946
3s coupon 1046 .,
Panama 2s registered 1938..,.
Panama 2s registered 1938
Panama 8s registered 1961
Panama 8s coupon ..,... .m. ..
Hid .
98
kat'4
inc.' I
sa
8
85
83
No Change in Sugar Market ,
Xew York, Aug. 28. Conditions gov
erning the sugar market remained un
changed, refiners reporting a moderate
demand and ample supplies. Prices re
main at 7.D0c. less 2 per cent for cash,
for nne granulated and at 6. 055c for 96
centrifugals. No purchases of ravvj
were reported by the International Com
mittee yesterday.
Philadelphia Stocks
Net
Close chue.
50
53 ..
33 4-2
01
18 18
69 69
44 44
31 31 1
24 24T 4-
69 69
37 37
63 03 1
113 113
Xew York, Aug 28
The cotton niaiket continued Its ad
vance today, October at one time selling
nt 3ri'c per pound The highest prices
were made following what was generally
lonsldeird as an unfavorable Govern
ment weekly weather report and a
bullish prlvale condition leport
Offerings during the greater part of
the ses-slnn were rather small and It re
quired onl a limited demand to put
pi Ices up
Considerable significance whs attached
lo pilvnte leports from New Orleans
that Japanese Interests were puivhabers
theie and It was noted that houses with
connections in that city bought In the
local maike t
Seveial das ago prices here broke
sliaiply as a result of liquidation of
long headings by Japanese Interests and
it was the opinion that these lines prob
nblj weie being leplaced now.
Y.sterda's
close ODen HlKh Low Close
31.45 34.30 35.011 3.1.93 33.25
33 8(1 33.70 34 93 33 35 34.11(1
a.t.113 33 45 34. Hi 33 'J5 31.34
33.0(1 33.15 34.76 33 25 34.47
33 95 33 78 '. Ill 33 45 34 Ml
3t 45
33
106
9
39
do pref
t'tah Copper
Va Car Chein
do pref .
Wabash
do nref A
West Maryland 15
Weht Union Tel 83
West Mfg . . 44
Worth P k M 69
do pr A .. 90
White .Motors . 46'..
Willys-Over .. 19
8
15
44
128
64 63 63 1
. 116 115 115
110 1111 110
84 8-J 84
33
You
9
39
13
83
43
68
00
40
10
4 1
4- Vt
1
55
106
9 ..
39
15
85
43
69
90
40
19
1
Tntnl sales, 398,400 shares, compared wllh
409,800 siinres jesterday) thus far thl week,
1.230.300 sUires; same period last week,
376,800 shares.
BAR SILVER
Last mil
Today Tes Wed Hlsh Iiw
X r (cents) 1 Olt. 1 om 99s 1011, S-,l,
l.'don (pence) 404 49', 4S2 49'i 424
Oc'nh. r
January .
March
Vlay
tiecemher
September
Financial Briefs
The Wet Philadelphia Title
Ti ust Company lias beVti
and
formally ad-
i. .Hied !i member of the Federal Reserve
Bank vl Philadelphia. The company has
.. .initni of SaOo.iion and a surplus of
550(1.000, and il Is the twentieth State
bank In this leserve district to be ad
mitted to memoer.siiip. it also maKes
the fifth of the --even trust companies
which are members of the Philadelphia
Clearing Houi-e to enter the reserve sys
I em
The Fedeiai Iteserve Bank Is notify
ing depositories of the withdrawal on
.-. ...,. ah , 9 RD ..A,, nnnl tt (i va.
oeiuriiiMi-i 1.. " ,i I-' - "1 ...1- . G-
mainlng balances of the August fi Issue
of Treasuiy certificates after deduct
ing lilt' psijnicniM uur uiiimiiiiw i no
withdrawal tomorrow will aggregate
$13,652,000
RMLROAD EARNINGS
PKXXSYIA'ANIA RAILROAD
t.lnes Kast 1911. Increase
July rtosb $37,830,001 112,088,784
Halance afler tax,. 10.112,187 3,094.221
Xet operating Income 9.232,1137 3,491,131
Seven mos gross .180.204.631 25,(20,478
Balance alter ta.. 7.443 793 23.780.340
.Net operating Income 3.01 7. 9S7 23,708,0S1
Decrease
Mich I.nw
4 1 Am Gas . 30 50
7 Klec Stor 53 53
530 Gen Asph 33 33
48 do pref. 07 67
ion Lake Sup
Corp 18
12 Leh Nav 69
130 Penn II It 14
209 Phlla Co
cum pf 31
10 Phlla Klec 24
13 Ph Tract 69
180 Un Tract 38
31 V G I . . 0(1
1042 U S Steel 110
Total sales, 29,0 shares, compared with
3121 shares .veeterdnM thus far this week.
12,308 shares same period last week, 13,039
shares.
S300 Am Gas&
Klec 5s 19
1000 Klec & Pe
Tr 4s
100 Lib Bonds
2d 4s. . 93.50 93.30 93.50 .
1000 do 41,4s. 94.12 04.12 94.72 .08
1000 Phlla Klec
1st 5s. 9I"4 91 91 3
iniai sales, ?wra, .uijiimrru iin l,OMU
sesterdayt thus far tills week, 839,3301 same
period last week. 8100,100.
miMl1 Xt
High Low Clo-e chge
19 19 79
61) 69 69 1
Local Bid and Ashed
Amer Btores
Drill J o
Uuff & Susfi t c . .
do pref
Baldwin Loco . . .
Electric Htnrnge . .
General Asphalt
"lo pref
Kej stone Tel .
do pref ....
t.ako Run Corp
l.chlgh Xuv
Lehigh Vol ....
1'enna U It .
Phtla Klectrlc
Phlla Co .
do 5 p c pref
do 0 p c pref ,
P II T t c . .
Heading
Tonopah B-l
Tonopah Mln
Union Traction
HOI
U 8 Steel
York Rwy ...
do pref
Wm Cramp & Sons
Today
Bid Ask
20 30
2,1 25
57
. 8
9t'i
5.1',
324
III
04
17
Yesterday
Hid Ask
18t,
III!
594
44
24 4
204
.ii
20",
90
S's
2N,
374
04 .
115
74
304
80
11(1
5(1
94
51',
.134
(SI4
7
49
1S
r,94
(ill
14',
2t
274
32
27
90 N,
3
3S
05
115',
94
.12
82
20
2.1
57
48
94',
53'i
32
804
04
47
1S'
119
5T4
14
244
204
24
31
20',
90
2',
2
374
!5,
115'i
74
.104
794
30
no
50
04J
54
33
074
7
19
1
004
0(1
14'1
24 ,
274
25
.124
27
91
3
2',
as
on',
1154
94
32
814
NEW YORK BUTTER AND EGGS
New York. Aug 28. tTUTTEn Receipts
10 208 head Market Arm. Klrsls 45f7l
404 c, seconds 424 444 c. others un
changed F.OGS Receipts 18. SOI cratesi Market
steadx Quotation- unchanged.
IMIINffllllililMlfllM
Does It Pay
To Allow Cash Discount?
Your profit is
in your turn
over. Let us
be Hanker for
your Custom
ers and carry
them for you
nnd at their
expense.
mnmammmmmtmmmmmMmmmKmmm
Extracts from "The Timberman:"
"Tlie Primary object is to secure prompt
x- return op sales in order that we may use
this capital to produce more business.
It is more profitable for a manufactirrer
to pay 29r for 45 days' unexpired time
(which is 16 pcr'annum) than it is to.
carry an Account for 60 days without
discount.
Oh Accounts discounted in IS days, the
capital turn-over is 24 times a year. Ac
counts running 60 days, the turn-over is
only 6 times a year, therefore, it takes 4
times more capital to do the same vol
ume of business on 60 day Accounts
than it does on 15 day Accounts.
Under our present method of extending
credit the manufacturer or his banker is
furnishing a large part o.f the capital for
the Dealer. The hypothecation of in
voices shifts the burden from the manu
facturer to the banker,"
Couldn't you make more selling .profits if
your Accounts were discounted either by
your customers or by us, than by waiting
30, 60 or 90 days for your money? What is
the difference whether we discount your
Accounts or whether your customers dis
count them?
As you get the cash and your customers pay
off the Banker, you are not over-trading by
selling either your Accounts or Acceptances.
iiiiiiiiniwiiiiiiiWiiM
Commercial Credit -Company
Cash Capita $2,250,000 Surplus $450,000
BALTIMORE
Represented at
PHILADELPHIA, 312 Stock Exchange Bldt.s
Phone Locust 9191 '
XEW YORK
CHICAGO
CINCINNATI
BOSTON
iiufflinratjun untrniiinnTtinumini un tnnnnmitni
II'IBK
y
mjf W'thelr attorney
JFMCOB SNARE.
KCt Walnut St..
Philadelphia
I
gpVLTVESTOCK QUOTATIONS 1
o. Aug. 28. HOGS Recelnts. 9000
Strong, mostly 10c hlaher than v-s.
.y's average: left over. 5IIS-J hnri Ton
! bulk. S18W19.8S: butchers heavr J HIM
I.SOt medium light. I19.5oei9.90t packing
avy. tii.siivisbii: meoium mixea. 117 110
jtS.Sot light. J10.20B20; plsi. 1018.5u.
I.I..9 Wll.O.
TLE Receipts. 12.000 head. Steailv
atianc.
wnsr-Receipts. 22.000 head. Blow, 25c
mt.H Feedlntr sheep steady.
V
IBUVk. Aug. .28. HOflS Receipts,
ad. Active. Heavies, I20.25;o.50.
arnera. I-1.20W21 30; light orkers,
l; pigs 120020 25,
ahii I.A1I1IM Receipts 1100
ady. Top sheep. S12.59; top lambs.
HES Receipts. 100 head. Steady.
"Oaialia. A.iar "8 linne ..... L
itu..,, at-.. ..... -.. j.. ..'r ' '
in." w.u,.. icy. .luut. Italia.,
ri.4o,
LB Receipts. 8100 head.
ty-Receipts. 25.000 head. Cars. 502.
IS'
f!ltr. Atir. o.l r-ATTir.te w
AlUI l....... O......... . ,.
Receipts. 11.000 head: So to 10c
-Receipts. 6000 bead. Steady.
UNITED STATES
GOVERNMENT
rale. "V. Y.. Ausr 58. ATTI.ll
625 head. Steady. Calves re.
'head. Steady. 17tt0
-Recelnts. 1200 head. Strong.
Hi.-.an.ii8u: mixed. I20 80I2I:
.io:il ntnt or. ere. i-jo.-'ior;
120.2320,50; roughs. I1T.50
jlNri rjlfns Ttinta ana
ady to strong. Lambs. I1O01T.83!
Htnsea.
Mas; Aid. Plant. Hi! by War
(MtIob. Aug. 38. Extension of
arOomrnodattonH through redis-
' ta Industries shut down or cur-
i of the war. has been w-
i bcrd.rby Clialrman Baruoh.
mmntmtmgfl.
LIBERTY LOAN 3,4AND 454 BONDS
DENOMINATIONS $50, $100, $500, $1000, $5000, and $10,000
4 CERTIFICATES OF INDEBTEDNESS
4 CERTIFICATES OF INDEBTEDNESS TAX SERIES
THE RIGHT TO CONVERT INTO LIBERTY LOAN 4'4 BONDS EXPIRES
NOVEMBER 9TH, 1918. WE WILL ARRANGE, WITHOUT
CHARGE, FOR THE CONVERSION.
FULL INFORMATION REGARDING THE CONVERSION PRIVILEGES AND TAX
FEATURES OF THE LIBERTY LOAN BOND ISSUES WILL
BE FURNISHED UPON REQUEST.
MONTGOMERY & CO.
133 SOUTH 4TH STREET
PHILADELPHIA
14 WALL STREET
NEW YORK
GOVERNMENT SECURITIES DEPARTMENT.
TELEPHONES! BELL, LOMBARD 4320; KEYSTONE, MAIN 2384
v . -, . - ,tk ;. . , .:..!
m
aisv.', . wAj , ' v.:1 ii 1 1 ii mu .W.ii rir -'' iW'f-.. u .aaBJ
.J,
JA ..jr ,rf
Total Issue $15,000,000
Lehigh Valley Railroad Company
Ten-Year Six Per Cent Collateral Trust Gold Bonds
Dated August 31, 1918 Due September ,1, 1928
Interest March 1 and September 1
Coupon Bonds of $1000 denomination with privilege of registration as to principal only
Registered Bonds without coupons in amounts of $1000, $5000, $10,000 or $25,000
Coupon Bonds and Registered Bonds without coupons interchangeable
Application will be made to list the bonds on the New York and Philadelphia Stock Exchanges
BANKERS' TRUST COMPANY, NEW YORK, TRUSTEE
Redeemable at 103 and interest, at the option of the Company in amounts of "$500,000, or any multiple
thereof, on September 1, 1923, and on March 1 and September 1 of any year thereafter, on thirty days' notice,
as set forth in the Collateral Trust Agreement securing the issue.
The Company will assume the payment of the Pennsylvania State Tax, and also agrees to pay any Federal
income tax which it may lawfully pay, to an amount not exceeding two per cent. (2).
i ,
This issue in addition to being a direct obligation of the Lehigh Valley Railroad Company, will be secured
by a pledge with the Trustee under a collateral trust agreement, of the following collateral:
$4,000,000 Lehigh-Buffalo Terminal Railway Corporation First Mortgage 4V2
Bonds, due November 1st, 1966 (guaranteed as to principal and intere'st by the
Lehigh Valley Railroad Company).
$2,600,000 Consolidated Real Estate Company Mortgage 4 Bonds, due February
1st, 1956 (guaranteed as to principal and interest by the Lehigh Valley Railroad
Company).
$17,400,000 Lehigh Valley Railroad Company General Consolidated Mortgage Gold
Bonds, due May 1st, 2003; $12,000,000 of said bonds bearing interest at the
rate of 5; $1,000,000 bearing interest at 4V2; $4,400,000 bearing interest
at 4.
The Trust Agreement will provide that the Company may withdraw the bonds originally pledged and
substitute others therefor under conditions properly protective of the bonds of this issue.
The Lehigh Valley Railroad Company has outstanding stock (par value $50) amounting to $60,608,000
upon which it has paid dividends since 1911 at the rate of 10 per annum.
The United States Railroad Administration has informed the Company that the Director General will inter
pose no objection to the issue and sale of these bonds.
All legalities connected with this issue are subj ect to the approval of Messrs. Morgan, Lewis and Bockius.
Subscriptions for the above bonds if when and as issued will be received by the undersigned, who reserve
the right to allot the bonds and to close the books without notice.
The undersigned will be prepared to receive payment for subscriptions to the bonds on September 3d and
will issue therefor their temporary certificates in bearer form pending the preparation of the definitive bonds.
Price 97V2 and interest from September 1st, yielding about 6.35.
The above issue having been sold, this advertisement appears as. a matter of record.
DREXEL & CO. ' FIRST NATIONAL BANK
Philadelphia ' New York
The Information and statistic contained in this circular bars ben obtained from sources vra deem reliable and, whlla .not
guaranteed, are accepted! by us as accurate. t
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