w.wjv'
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atf
13'VEklKG. PUBLIC 'LLjERli-PHICADEIiPHlAV MONDAYrErfMilBW "liCfHfc
I
-M
rt
-r
-.t
,(.
55s .
k-ir
Kii
K32i
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ET
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l
UBERTY
LOAN
HISTORY
The United State entered the
war April Oth. 1017.
The 1st t.lbertv 1-oan vmn an
nounced Slav Bd. The rampalell
heean May IRth The Issue wJ
for $2,006,000 000 at 3V4Ji and
rarrled a romeralon pmlleRc
There were 4 'A million aubacrlb
era who euWribed to oer
$3,000 00U.00O Allotment J2.00O,.
000.000.
The second loan, bearlne 1'.
Intereat. with a comrralon rrlM
leire. opened Oct 1st 1li. closed
Oct. 27th. Nina million people
subscribed nmreBatlnir ''
n!2 linn Of this amount $3 oOS -"(III,
130 was allotted.
The third loin hcarlnc I'. '..
with no conversion prUllese
2-"cd prll i.th. 1018 and closed
Mav 4lh The amount aaled
1 000 OOn OOO Sc enteen million
subscribers took 14 .7 01 BuO.
all of which was allotted
The fourth loan will heln Pept
JSth and clos Oct 10th mount
not et decided. Trobably five or
alx billions
It s a milter of personal dul
and conscience for eers one or
us to see that this loin Is made
a huee success There can bo
and must be no s'aikcrs
Frazier 6- Ga
HANKERS
Broad & Sansqm Sts., Phila.
211 K. German St- Dalto.
THE MYSTERY
OF A MINE
1 T has not been the
privilege of many
to visit a Gold, Silver
or Coppir mine.
Very few understand
how mines are made,
though they may
know that millions
of dollars' wcrth of
highly essential met
als are taken from
American mines
every year.
A CROSS SECTION
OF A MINE
Showing shafts, levels,
drifts, etc., is one of the
many very interesting
features of a free vest
pocket booklet, "The
Making of a Mine," which
we are now distributing.
A very timely publication.
Send for Xo. T. U.-092 today.
JONES & BAKER
VFXURITIKS
WWener Bldj., Philadelphia
'.heats Bell, TTilnut l90;Ke7', Rice 229a
Xew Terk Fittiburib
Chlcaf Direct Frivctl Wires Battel
Are Yonr Stocks Down
What Should You Do
lh RRsnr to IliN iiiellon d-
limlw la ret I v nit that (.forks TOII
I lies mar l coo a onem
lmrt.
Mhlrli nm nfTfttH bv temporary
rftnJltions. On the other, ..an,
they may be the kind which ul
tras keep on ?nnr lower, nhr
not Join (he lance namner of
inAnerninkfnc Interior who ire
taking: nd rant ate of
Schmidt & Decry Service?
Our staff nf Inrstttor trained
and experiences fltida th aolu
tlon to just euch problems.
Fend this with the name of anr
tteeurlty (Htork Kxrhanee or Curb)
which mav be dUturblnr ou. and
we will fend jou a tneclal anabsM
without rharte or obligation.
SoLWT&DeEHY
ymner Cone BtneU Ja. ef N. T.
128 Wideitr S!dr PiiUdelplia. Pa.
l'h.: lied. Mai. 4080: Rare 4080
ft. 1. Office. 3d llruta
rrtiVATB writes
nark Up Our trmj anil arr
11. n n. n.
Barnett OiltvGas
BOUGHT HOLD QUOTKU
CMH
Morton R. Alexander
Phila. Stock Exchange Bldr.
ft William Ht.. N. V. Cltr
T.EO I. NOTICES
NEW YORK STOCK TRANSACTIONS
REFLECT CURB ON SPECULATION
Liquidation of Concentrated Holdings of "Specialties
Most Prominent Feature Large Supply of Leaders
Is Quickly Absorbed and Advances Follow Declines
CURB TRADING QUIET; !
PRICE CHANGES FEW
NEWS OF THE FINANCIAL WORLDNEW YORK AND PHILADELPHIA STOCK PRICES
1 v
LOCAL STOCK TRADING SMALL,
WITH PRICE CHANGES TRIFLEG
High Points in Today's Financial Nctvs
Aciu York stock tiacllup icflcctcd 1 cstricttons placed on speculation.
Liquidation of specialties tias piomlncnt feature, idiancrs follovvd (
rllncs, a large supply of leaders hetnj easily absorbed. Prtcc chavncs iicrc
mi note In quiet Curb market, r.riatlc changes ociurrctl in uialn tians
Heltons Cotton icas Irregular. Vorclpn exchange rontlnuid dull. Loans
dcciuiSKd a, id deposits and iecrics incicated In the J'hllndr'1 phla ticehly
haul stulcmi.iit. liar siher was unchanged
Sew Aorli, Sept. 1G.
I'oi n good part ot the da 1 trading the stock market was Influenced
bv the restrictions imposed on speculation bj the money committee, and
the most Important movements ueic caused by liquidation of concen
trated holdings of specialties, some of which were pressed on the market
at declines langing ftom - to mote than fi points.
This liquidation was assumed to tomplete the houc-cleanlng efforts
decided on by the stock exchange authorities working in harmon with
the money committee and the fact that some large accounts were closed
out without acutelv disturbing the general list was icgardcd as evidence
of decided strength in the secutity market apart from the operations of
pool manipulators
The suppb of stocks like United States Steel common at times was
in laige amounts, coming Lhieflj from western souiccs, but no trouble
was experienced in absorbing the Mippl. and, after the early declines,
upturns occurred which carried somo issues above Saturdaj's final
figures. With this liquidation having run its couise theie is little in
ight that c.in be rogaided as an obstacle to another sustained advance.
As fai as speculative lines ate concerned the Street Is nlrcadv in .1
srld out condition, with a good-sired short interest again ticatcd, and
ft" ..l!cr trading todav could be traced not to a decreased demand, but 'o
a desire on tho part of outsldo bu crs to, seek tho stocks at baigain
r r.ccs
The heaviest loss in the forenoon trading was in Amciican Sumatri
'aol.icco which dropped more than 6 points, but this lo"-s was almost
oil-et b.v an advance of 4 points In Texas Compan.v. Mexican Petroleum
showed stiength all through the da, and there was peislstcnl bujlng of
Mmlne preferred, those stocks advancing with the foiccd idling of the
ceni cntrated holdings ot other slocks.
United States Steel sold off moie than 1 point in the carlv Hading,
but had a good rallv late in the da
t'.ovcrnment bonds were in increased suppb, the 3'-,s nnglns fiom
111O lb to 100 02, the ts from 3S to 95 90, and the 4'4s fiom 9G 10 to 96 16
Wnr Orders Inactive at Re
cently Established Levels.
Independent Oils Firmer
New Aork. Sept. 16.
TtadltiK on the curb was quiet and
price changes were generally natrovv,
the widest movement during the fore
noon being in Houston Oil, which, after
opening up 2 points at 80, had a QUICK
drop to 78. ....
Chevrolet again ranged from 11 1 10
IIS, but a better tone was shown In
United Motors, which tallied to '21.
War orders were inactive with a,
little trading at around leccntly estab
lished levels Aetna U-Nploslvcs so'd at
10", to 10 and Wright-Martin ranged
from 7ri to T Burns Brothers Ice was
stead, selling at 35'i to 3D.
lloanoke Ore continued In good de
mind from strong sources and was
actively traded In at I', to I 'a during
the first half of the day. Interest was
attached to the continued supply of
Oosden which sold down to u-, a new
low for this movement United .States
Steamship sold at 6: Xottli American
I'ulp sold at 2 4 and S's
Trading In other issues was small
and without material change I" prices
A little firmer 'tone developed In the
late trading which was most pronounced
hi the Independent oil stocks
NEW YORK BOND SALES
J136000 Anglo-Pr 6s . S4"
18000 Am For Sec 63 9T"
2000 Armour U 4Hg 83
1000 Atch gen As.. 80'fe
2000 Bait & O 3ijs 88
1000 do Ss 78U
2000 do cv Uk, 77
2000 Beth SlI Ss "36 81 4
6000 Bordeaux 6s . 97
2000 Ch & O cv Ss 79
1000 Chi &. Xvv 3tH 68
bOOOChl B & Q Is 91
2000CIII & v rf 4s f8'i
lBOOOCIty J'arls 6s 95
10000 Ills Sec C "is. 8
14000 Dom Can '31. 93
2U0U do 19JI . ,, 9u;
' ' rle ire" Is. .. 5.!-
Low inn.
94'J 94i
97 Ji
83 ft
80 3
88
78'a
77
811
97
79i
68
93 ft
68 t
94?,
86 V,
94
9S'
971
83
80s
88
784
77
81 i
97
79i
68
93'i
68i
9S
RfiV,
a4,
9BL
53",
INDUSTRIALS
Bid
10
Tat ln
.sl. (sIe)
.1
3'a
60
.10
80
7i
115
llU
B
'.
".0
40
90
'4
120
X2
38i
8
rjo
4'4
4
NEW YORK STOCK SALES
lli;h
Alaska Cold M !14
Alaska Juneau Kx
Allis-Chalmeis IB'
mcr Can 45
Am Cai & Fdv 84
Am Cotton Oil It
Am II &. I. pf
Am Ice Sec . .
m Int Corp .
Am I.lnsced pf
m toco
Vm Smelting
Am Sum Tob
do pref
. 'a
51'.
4--
11.1
.160
. 34',
81
Am Tel &. Tel
. Am Tobacco .
m Wr Pap pr
1 Anaconda . . .
tthlson nr
I Ati air & w i.ioo".
I Bald Loco Co. 89 "t
I B S. O . . . . .14
I BirrcU Co 93
do prof . I00'
I BS"tl pr 8pc csh 101
Beth Steel B . Hl'
I do 8 pc pf 10l!,
1 Burna Brcs . 144
Butte & S Cop S!
1 Cal Petroleum 19
do pref 61i
Canadian Pac IBB
Central Lthi 66"4
Cerro dc Pasco .13nt
Chi M S. Pt P. I'l
Chi P, I 1 1' to JJ'v
do i p l pf 69
CP.IiP 7 pc pf :
Chile Copper.. 16
Chino Con Cop 4
I Col Gas & Kl 3ti
Col . South .. S0V4
'Corn Products 41?
Crucible btcol. 65Mi
Cuba Cano Su 29?
do pref .... SOU
lie) &. UudBou.1011)
Dome Mines.. . 9H
Distil Secur.. . B3
Erie Gen Lien. 33
Urle 13
Ki le 1st pref . 304
. Gen Jlotors . .118
I Grandbj Mill. 8J1,
Gt North pf . . 90in
do Ore subs. 301.
I Greene-Can Cp 11",
Gulf Sts htl . 7S
Illinois Cential OS
Int Agricul 16
I do pref so'i
Inspna l op S3'
Int-Cons Corp
do pref 29
Int liar X J pf 105
Int MM.. .. 26i
do pref . . I0l
Int Nickel . 39!.
Kelly Sprlngtlld 47
Kennecott Cop. 33
Lack Steel . hi
L i: & W pref . 20
Lehigh Vallev .19",
Loose-W Bis Co 27
I on
Sn
1
2014
44i
83i
10'4
61
:
107i
82 M
96 '4
160
34'.
6"i
81
I00U
88
.13U
2
100
101
80i
103
I434
;"
19
Net (
rns
' 1
K33 ESTATB OF ELLA FLORENCE
'"S" AN MlKh. drprawd letters ten
mentary 0-1 tho above cntate havlns bT
Erantl to tho underilsntd, hII iwreuna In
debted to the aald aetate are rrqucatl to
make pament. nnd thoo having- claltnx to
present the earn without deU. at thr oftVe
of the corporation eiecutor 10!) Chestnut
t . I'Jillaleluhla.
the pryivmnvT Liru avd Tnrii
CO..NT Or PIIIUVDBLPHIA,
ASA S -VV ISO. l'realdcnt
CLARA AUOUSTA VAN DYKE
Kxeculor
i3Sr ESTATE OP SR.MI C. DLWEV
'xy ileruea J.euera lestamenUrs on
08
SS1,
48
23",
!
76
I34
40
34 U
30 tii
4 Hi
644
24
79T4
1014
0'4
31 Mi
S3
I3i;
S0a,
113
H2 i
9Ql-i
.10",
4I4
78
06
I
10'4
331,
29
111
24
9Ta
29 Vt
4814
33
80 Vi
20
89
27
1 l
9ii
4t''2
7
41 -Ml,
"J v I- S '
27 3
li4 U
1'. J-
r. ;
7B'a '4
1084 "-i
8J14 314
981, ',
160
34'. 1
6J'4 H
81
IflOli U
88 '
3l "
9 J 1 V4
100
101 3
801, iy,
104 14
144 4- 4
23
19
0J
1 .17 i4 I
(,S'i -
SSI, -4 ',
I8T
2Sk '4
6a4 -r S,
76-1 'a
1B4 .
40
341 4 4
3014
4114
6414
29 i
191. ".
I07"4 '4
9V.
32
384 '4
ISli l,i
30-J4 Vt
11314 Vs
82"4 - )
OOVi l3
30i
444 14
7 4H
9
1 H4
SOU i4
53 U - Ja
Ta
20 V4
105 t
2i - Vt
100!a - 1
291-., 1- 1,4
414 l'i
33 14
o 14 Mi
20 4-1
B9i ,
27 2
11114 11M4
86'a 66
lllull Low
Alanhat Kiev . 96 96
Max Mot 2d pf 20H 202
Me Petrol . 103" 100
Miami Cn Cop 28 2H
.Mldvalc Steel . 82N 31 -Minn
dL fetL nw 9 014
Missouri Plflc. 23' 23'n
do pief . . 381-j 314
Nat lliwm . St 51i-j 31
N'cv Can Cop J0 SO11.
N V Air Brake 120 110'
N V Cent . .. 7314 7.1
N Y N II A. II 40U 3914
"or . West pr o 70
North Pac . . 8;'. 8;i
Nova Scotia Stl 61 61
Ohio Gas .. 3?' .17",
Ontailo Slhei 8& i,
Owens Bot 38 38
Pacific Mall JI 14 3I,4
Penna II It 13' 13',
Pco Gas & C .11 4.1
Pere Mirnuette 12 14 124
Pierce Oil 13', I3U
PltlH & West pf 78 78
Pierce Ai row.. .1 38
Pitts Coal . . 48-, 48
Pr Steel car . s4 4
Pull Pal Car .111",
B.V Steel Spr. 67
Bay Ccn Cop 24 1, 21
Beading . 88 87 1 4
P.ep Ir . Steel 90V, 89 '4
Itoval Dutch. 82,4 70
do lis . 19 I7N
Saxon Motois A
Seaboaid A L x, 8
Shattuck Aii7 15 1.1
Sinclair Oil 31 1 30ij
Sou Pac . 854 a n
Sou n It 26U 2fli4
do pref . 7'4 87 14
Studebaker . 46 47
Teas Co 138'4 133
Tob Prod . 5 6.1
Union Pacific .124 123
do pref .... 70 60
ln Cigar Stores 00 98 ,
l' S Ind Aim .11.1 113
C S Ilubbtr... 60 60
f S Steel 109
C S Steel nr...lll 111
Utah Copper.. 83V4 8314
Utah Sec Corp. .11 11
Va Car Chcm . 32 SI",
Wabash ON
Wells-Kaigo 17 64 61
West Un Tel H2 82 1,
West Mfg 13", LP,,
Wilson Co 30V4 3i4
White Motcis 14 !!
Wllljs-Ovd 20 19
do ptcf . a: 8!
Net
thse
1
t loe
96
20
1111
:8 -
.1114
9 2
23 Vi Vi
36 -1-1
31
20 .
118
73
.19 . .
1(1
87 1
64 . ..
31
38 Vt
31
13',
11
12 4- 14
13
78
38 -t-
18 1
a 14 14
'i
-I 31
24
8? a,
M!
8!
19
6
81,
II
31
85-',
26
flIU l'i
4SV4 V4
158 -I .IV2
61
12.1 4-
70
83
114 1
60
81
10
2
47
14
40
20
12
4
18
14
Aetna Explosives .
m Brit Mfg
Am Marconi
Am Wilting Papci .
Air Reduction ....
Canadian Car Co...
Can Car &. Kdy pief
Charcoal Iron .. ..
Chevrolet Motors ..
Cramn 78
Curtlss Aeroplane .. 32 V
Carwen Tool
Carbon Steel 113
llmerson Phonograph I
Tederal Dve
Ilcndco Mfg 1
Lake Torpedo Boat . . 4
Lehigh Coal Sales . . 81
Lima Loco 41
Maim Munitions . . .
Marlln Arms . .
N Y Shipbuilding . .
Not Amer Pap Pulp.
Otis Elevator . .
Peerless Motor . .
Poole Kng
Iledden Truck . .
Scrlpps-Booth
Standard Motors . . .
Steel Allojs ..
Submai inc
s't Josenh Lead . . .
Todd Shipbuilding .
Triangle Film . . .
United Profit Sharing
U S steamship ...
United Motors . .
World's Film . . .
Wiight-Martln Air .. 1 "
Zinc Concent I -
STADRl Oil.
Illinois 143 149
Ohio 290
Prairie Pipe 750
S O California 209
S O New Jersey 193
S O New York .. ..230
INDEPENDENT Oil
Barnett Oil & Gas. ..
Cotdcn Oil
Elk Basin
Federal Oil .
Inter Petrol
Houston Oil .
Merrltt Oil . .
Midwest Refining . .
Met Petrol
Ohio Fuel
Oklahoma Bet
Sapulpa Bet
Sequovah
Sinclair .
VIlM.Nf.
Atlanta
Big Ledge .
Butte New Yoik .
Con Ariz . . .
C F S & Jerome.
Firt National .
Goldfleld Merger .
Goldfleld Cons . . .
Goldflejd Tlorence .
Goldliclu Kon anas.
Green Monster . . .
Hecla .Mining . .
Howe Sound .
Independence Lead. . . 2
Jerome Verde
Jim Butler 30
10
34
24000 French R 5iss.l00i, 100,', 100
jvv AkU e .11 HI OS -O ZU SO
1000 Iowa Cent 4s. 4S!!, 45-u 4R5,
lOOOIntcrb M 4ils49:i 43.1; 49.1;
lOOOInterbltT rf lis 78-j 7C 78
"000 Inter Mer M 6s 98 08 08 "
."000 Inter Agr Ss.. 73 73 73
2000Japancso 4'is 87I4 a7'i 874
11000 Leh Val ret tis 98ft 98 98
28000 Lvons 6s 97 7 97
949000 Lib Bond 3V4ii.100.16 100.08 100.08
180000 do 4a 88.00 03.82 81.00
5000 do lat 4 .. 96.70 86.70 08.70
1137000 do 4. . 86.40 96.10 06.10
t-ii'ww 110 zu f'in US.Ot
1000 On 1st 4Vl 87.10
29000 Maisclllcs 6s. . 97
jutm aiiiiviile 03 . . 8714
4000 Mo Pac gen Is f7
2000 -Montana P Ss 88 "
7000 N Y C & II 6s 931
2000 .V Y Dock 4s.. 67 "
1000 N Y F.wv Ss.. 194
3000 .V Y Tgen 4Ls S4
2000 .V O T A. M Ss 49ft
2000 Ore Sh L 4s.. 81ft
1000 Pa ten et 4Ua XBS.
S000 do 41 s 1921 97ft
9
S7ft
C7
87 ft
13ij
7
84j
19ft
81ft
2SS?
5000 Reading gn 4s 814 81!I
S000 St LiS V In Sa SI r.i
9000 do ser A 4s. ES3t 38"!
3000 So Pac ev Ss. 89ft 89
2000 do cv Is.. . 78" 78i
4 000 do rfd 1s 77 " 77'"
98.02 88.0
96.70 96.80
97
!
11 v-
S7ft
931.
67
19f4
84V?
40 ft
81ft
86 ft
971,
8li
SI
S8ft
89 ft
78 ft
77
lllih Law Inn,
1000 South Ry Bs . 97ft 97ft 97ft
7000 Third A adj Ss 31 30 30
3000 U 8 Rubber 5s 80 ft 80 ft 80 ft
9000US Steel sf Bs 98 98 98
1BO0O Union Pac 6s. 101ft 101ft 101ft
85000 U K'of O B & A .,,
I BVJs 1919.. 99ft 99 99ft
101000 do Sis new '19 99ft 99ft 99
2BO0O do Bis 1921 90ft 96 96ft
Philadelphia Stock
lllsh
13 Am Gas . 3111
4 B &" S pf 48
23d Lit Sup C 17ft
SLch Val.. .1914
1 Mldvalc 324
180Penn RR 44
173 PlillaKlcc 24!1
120 P R T t c 27
25 Reading.. 87
320 Ton Bel.. 3i'
30 Ton Mln. 2
1l5Un Tract 3714
128 V C, I... 64
670 V S Steel 109"i losni 108"
1.0 r
SI
48
17
38 V4
32 Vi
44
S4?i
87
214
37 V4
64
Net
chee.
'A
'.A
Vi
Close
31
48
17 VA
38 V4
2 ft
44
24 ..
S7
87 ..
1'' '
JV4
37 V4 V4
B4 4-
S W Cramp 81
81
noMis
High lMW
81(10(1 l.r-h Val
Ch w I. 08ft
2000 Leh V C
ann 6s. 116
1100 Lib Bonds
4fts .. 08
1100 do 2d
4fts .. 93.30
1000 Penu gen
4fts .. 86
1000 PhtU Co
cons Bs
stamped 76
2000 Thila F.lec
1st Bs. 91
2000 do 1st 5s
stp ... 9.7
2000 Span-Am
linn 6s 00
96
116
93.40
86
91
81
Close
08 ft
116 x
96
93.40
88 '4
76
91
93
1
Net
(lice.
i.4
99 99i
s!H
-"
Tonopah Belmont Opens 'Lale and Makes Small Ack"
vance Steel Off After Gain See Rejection
y of Peace Proposals
-M
Trading was unusually small on. the Philadelphia Stock Exchange today; j
and, with the exception of United States Steel common, price changes were Jj
narrow and generally uninteresting.
The Austrian peace proposal nas the subject of much discussion In the? '
financial district, but the prevailing opinion was that neither this country
nor any of her allies would show any Inclination to concede to the desires j,
from tho Teuton camp, uhlch ncre thought to have been spoken for Gcr J,
many. There were some, however, who thought that this proposal ivas only'
a forerunner ot another, written to pavo-the way for an offer something; In y
llne with what the Allies would demand. , '
The offer made to Belgium of a separate peace received virtually no'. I
conslcieiaiion In the Street, the belief being geneial that that little, suffering t"t
people woum noiu on until tnc taet tnreaa naa occn arawn in tno oag wnicn
was Leing woven about the Huns, and would be the last to lay down arms,
taken tip only to protect their neutral rights, but which saved Franco from
moro extreme devastation at tho hands of the German hordes.
Before midday the only stock to show any momentum w 01 thy of men
tion ivas Steel, which advanced early, but reacted In the afternoon. And
within an hour of closing time the only other Issue that had attracted any'
Interest of consequence was Tonopah-Belmont. Thai stock, which declined
last week to a new low of 115-16, due to the passing of dividend action.
wa3 In better demand and advanced a fraction above Saturday's closing price i
of 3. On the other hand, Tonopah Mining lo3t a little on a trifling turnover.
"4MN,
On the sixth offering of Tieasury certificates for which subscriptions ,
open tomorrow the quota for the Philadelphia Federal Beserve District hai J
been placed at $42,360,000, which compares with $35,300,000 on the last issue.
This is due to the Increase of the total offerings from $500,000,000 to $600,-
000.000.
90
11
7
S2
16
60
1
28
11
1
17
14ij
01
11
300
238
214
.103
233
:v4
18V4
27V4
Vi
110
285
251
214
500
231
hi OCRS
3
.1
1
131,4
78
19
106
1
12
6
6
3
3ft
131
8(1
20
108
tl'
17
17,
13J4
19
18
"ll'f
108 IO8I4 I
111
83 V4 -r
II
l
61
K2'i
34 .
30 t
44 '
20
H7
4- .
Kx dividend meruan locomotive com
mon, 1' per tent do preferred, fU per
cent. American Tobacco preferred I1! per
cent, American Woolen common 11 21 do
preferred. Jt 73 Ilethlehem Sleel common
. J2 30 do common IS. $2 10, do rum pre
ferred M per cent, do old preferred 1
percent, Blectrlc Storage Patten' common. 1
per cent, do preferred 1 per cent: Central
Leather preferred 1 f per cent: crucible
ateel preferred. 1 per cent: Cuban-American
Surar common 2V3 per cent: do pre
ferred 184 per cent, tlulf Htatea Steel com
mon. 2'a per cent, rtaihva Bteel Sprlmc
common, IV percent VV hlte Motors. 11,
.. 13
STOCKS
4
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1
1
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8ft
3
Jumbo extension
McKlnley Darragh...
Magma Copper
Mother Lode
Mines Co of America.
Nevada Hills
Nev ada Wonder ....
Niplsslng
Ohio Coppei
Ray Hercules
San Toj
Stew at t
Tonopah Extension .
United Verde . . , .
West I'nd Con ....
White Caps
Yerington
8
40
28
32
1
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8
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36 V4
93
14
Bethlehem Bs
Cosden OH 6s
Cosden & Co Cs
Cudahy Bs
Russian Govt Sfts...
Russian Govt 6fts...
Southern Railway Ss,
Sinclair on bs
BONDS
98 ft
80
80
97 ft
34
37
98
SO
Todd Shlpbldg 6s.... 100
1
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1
23
4
4
414
3
4
33
10
43
31
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89
th. .Iwn- efltate hzilln&T heett T-ran,..l .
the underaizned all peraona Indebted to the '
laid eeiato are rcnueoira to miKe payment,
and thoae having cl ilmi to preaent tho amo,
without delay, at the office of the corpora
tion execute nsrheatnuttPhiladelphU
THE rnOVIDRNT "LIFE AND TRUST
COM PANT OF PHILADELPHIA.
t AS. S. 1VINO. Prealdent.
Uxecutora
l-3? ESTATE OF JOSEPH AfinDROOK.
,;t j w deceased Letters teaSamentary on
wi-jri'ine awn "ll.s. T.iia ukh sr-niw 10 me
it-Jr tnderatlned. all persona Indebted to tha aald
-.-, eatate are requeitea lonn.Kt palment. and
Ja theaa having: clalma to present the aame.
,T(wiibout delay, at the office of the Executor.
r 4 Cheatnut at . I'nuaaripnia
tS THE 1'kuvjub.si i.ire and TRUST
w
1SSJ J
'Sl
1 J-'s ' i
COMPANY Or nillDKLPHIA
ASA S. WINQ.
President.
I.EHAL ADVERTISEMENT
,-fc.w Half HAZLEIIDRST, dereaaed letters
(V , testamentary on the above eatata havlns
; bean rranted to tha underalamed. all peraona
inaeDiea 10 Wl" b.u rnj aro rrgucxra 10
VT;Ji make pavment. and thoae havinc claim to
.Trreent the aame. without delay, at th
JM-. Me thai linrieralmed. 400 Cheatnu .at
f ,? ., .-. -:- . -.--,
IS j," n11adeii
.V '
& 'o -j
(-.
aefnhla.
THE PItOVIDBNT T.IFH AND TRUST
COMPANT or PHILADELPHIA.
ASA S. WINO. President.
.JC1
it
Situation
Wanted
I moat
Kr 4JENEKAL MANAGES of FACTOllT.
directing both men and women: P'm',1nnI
fincient meihoaa ana t-qu,.
ictlon: 40 jeara old. Broa ep-;r.-.coverln
OOlea. Factory., Purchaa-
Baies. i-reaen- ouiihom :v..
Prefer esaentlfl Industry. Will-
(lewar to learn.
HOLDERS
OF
UNITED
STATES
LIBERTY
GOVERNMENT
LOAN
4 BONDS
HAVE THE RIGHT TO CONVERT INTO ' ;
LIBERTY LOAN
4K BONDS
THIS RIGHT EXPIRES NOVEMBER 9,1918
WE WILL ARRANGE, WITHOUT CHARGE, FOR THE CONVERSION, OR
WILL DELIVER TO INDIVIDUAL HOLDERS 4.49b BONDS IN
WE
$50, $100, $500 AND $1000 DENOMINATIONS,
IN EXCHANGE FOR 4 BONDS OF LIKE MATURITY AND DENOMINATION.
FULL
INFORMATION REGARDING THE CONVERSION PRIVILEGES AND TAX
FEATURES OF THE LIBERTY LOAN BOND ISSUES WILL
BE FURNISHED UPON REQUEST.
MONTGOMERY & CO.-
1S3 SOUTH 4TH STREET
PHILADELPHIA
14 WALL STREET '
NEW .YORK
GOVERNMENT SECURITIES DEPARTMENT.
TELEPHONES: BELL, LOMBARD 4320 ; KEYSTONE, MAIN 234
$33,400,000
(Total Issue)
Interborough Rapid Transit Company
THREE YEAR SECURED CONVERTIBLE 7 GOLD NOTES
Dated September 1, 1918
Due September 1, 1921
Interest payable March 1 and September 1 in New York City
Coupon Notes in denominations of $lfi00, $500 and $100
i Notes registerable as to principal
Convertible at the option of the holder, into Interborough Rapid Transit Company First and Refunding
Mortgage 5 Bonds at 87 with adjustment of interest.
Redeemable as a lohole or in part, at the option of the Company, at 103 if prior to September 1, 1919;
at 102 if thereafter and prior to September 1, 1920; and at 101 if thereafter and
, prior to maturity, accrued interest also being payable in any case.
Interest payable without deduction for 2ft of the Federal Income Taxes, which the Company may
be required or permitted to pay at the source.
Approved by Public Service Commission,, First District, State of New York.
From a letter of Theodore P. Shouts, Esq., President of the Company, stating the particulars in regard
to the Notes, we summarize the following,:
The $33,400,000 Notes are to be secured by pledge under a collateral indenture, with Bankers
Trust Company, Trustee, of .$52,187,000 Interborough Rapid Transit Company First and Refunding -Mortgage
5 Bonds (the bonds being thus pledged at a price of 64).
Except for work to cost abend $6,000,000 which is to be deferred until after the war, the pro
ceeds of this Note issue will be sufficient to complete the Company's contribution to the cost of the
Interborough new rapid transit system, ivhile the City has yet to provide about $40,000,000 to
complete its contribution.
During the ten-year period 1907-1917, m which the older subway was operated as a complete
unit, and under normal conditions, the Company's gross revenue increased frofti $22,902,579 to
$39,866,146 or 74 "n and the net income available for interest on its bonds increased from $4,483,110 '
to $12,514,996 or 179. This experience o the past would justify the expectation of continuing
expansion of traffic and earnings of the enlarged system, although a period of transition is to be
anticipated during which the dense traffic currents shift from the old-established routes to the
nciv ones
Under its contracts with the City, the, Company is entitled to take, on the basis of this Note
issue, out of the revenues of the Interborough rapid transit system, an annual sum which, with
other corporate income, will provide $17,207,572, as compared with $11,973,100 required for
' interest on 'all bonds and notes outstanding in the hands of the public and sinking funds on all
bonds exclusive pf the pledged bonds. It is estimated by independent engineers that, with the
present rate of 'fare, the total net income available to the Compaxy will be $12,440,000 in 1919,
increasing to $17,480,000 in 1922, as compared with $11,520,000 required for estimated interest and
sinking fund charges payable out of income in 1919. This estimate of earnings is based on a five
ecnCfarc. and the engineers state that in making the estimates, fidl allowance has been made for
the unfavorable conditions brought about by the war.
During the last three years the earnings of the Interborough Rapid Transit Company available
for interest and sinking fund charges, as compared with the interest and sinking fund chargeable
against the Company's earnings, have been as folloios:
Y . , Income Available Bond Interest and
Year " Gross Earnings for Charges on Shilling Fund Balance
June d0, ' Company's Bonds Payable out of Income
1916 ' $35,891,528 $11,756,956 $3,048,630 $8,713,326
1917 39,866,146 .12,457,873 ,3,572,515 8,885,358
1918 40,497,728 '9,428,756 4,765,998 4,662,758
The earnings for 1918 are exclusive of $2,508,508, on account of the partial operation of new lines
for which the Company is entitled to be reimbursed, with interest, out of future revenues. The
above earnings (except for a small period of 1918) have been derived entirely from the operation
of the elevated lines and the older subway system, the latter representing an investment by the
Company of approximately $48,000,000 and by the City of approximately $59,500,000. These
'earnings include substantially no income from the enlarged rapid transit facilities built during the
last five years, for the construction and equipment of which the Company has provided approxi
mately $130,000,000 of additional funds, while the City has provided more than $60,000,000 and
will, it is estimated, pivvide approximately $100,000,000 upon the completion o'fjhe Interborough
subways. v
The increased cost of operation during 1918 reflects conditions which are common to similar
enterprises throughout the country, as a consequence of the war, and in view thereof the Company
lias made an application for an increase in fare, which is now pending before the public author
ities'. The granting of this necessary increase would enable the City to obtain sooner a return upon
its investment in the nexo Interborough' subways.
THE ABOVE lOTES ARE OFFERED, SUBJECT TO ISSUE AS PLANNED, FOR
SUBSCRIPTION AT 98ya AND INTEREST TO YIELD ABOUT 7y2 PER CENT,
Subscription books will be opened at the office of- J. P. Morgan Co., at 10 o'clock, A. M Wednesday,
September 11, 1918. The right is reserved to reject any and all applications, and also, in any case, to award
a smaller amount than applied for. The amount due on allotments will be payable at the office of J. P.
Morgan & Co., in New York funds, the date of payment to be given in the notices of allotment. Temporary
notes will be delivered pending the engraving of definitive' notes.
FIRST NATIONAL BANK, New York
LEE, HIGGINSON & CO.
Dated September 11, 1918.
. P. MORGAN & CO,
HARRIS, FORBES & CO.
HALSEY, STUART & CO.
NATIONAL CITY COMPANY, New York
KISSEL, KINNICUTT& CO.
"Passed by the Capital laauei Committee at not Incompatible with tha national lnterast,
but without approval of Jeraljtr. valM.tjr. worth or security. Opinion No. A1M1.'1
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