davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
RETREAT OF WAR-ORDER STOCKS
IMPORTANT FEATURE ON THE crrn,
Prevailing Low Prices Fail to Attract Outside A.,
and Movements Are Without Influence
on Other Issues 't-sf
NEW YOpH a.

hnnort.nt fsaturs n, The ,raa,,u - A. NE" YORK E
OF order stocks comparative
submarine Boat Aetna
attention outside small of
ana the movements without
More activity shown the Masn.
prominent feature advancing
ing based wholly the final statements which
broadenod on1.
Midwest Refining to m coun" maa
FpAe WIN 4.
United Motors strong again, advancing 22h toa
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
BONDS
NEW YORK COFFEE MARKET

NEW YORK, Sept. 26.-The market %
coffee futures opened unchanged to an q.
vance of l point. Trading on the call ~
quiet, sales amounting to 1850 bags rl
May being the only month traded in
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
CHICAGO BUTTER AND Eggs

CHICAGO Sept. 20.--EG0S-R Receipts IL 774
cases, Firsts, "a q aec; ordinary nrste. a6f0
s6ik G; misceilanaous, cases returned. afq 8Gh q;
cheeks. q 9 atel nlier.a +2ei cartons. 4ao
Hu1fNh kefc,ptP t.t Voe bounds. N4trRa.
s1t11dt 01 t0 |14|.8 $50 111 nI6o11 1I<|
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
SECURITIES AT AUCTION
The following securities were sold at auc
ton today by Barnes Lofiand:

ton today by Barnes & Lofiand;
/ shr. Farmers and Mechanics National
Rank. par 500. O................... 14d
shr. First National Bank, Philadel-
phia, Pa. par 500. 221
shr. Chelten Trust Co: par 500. -. 149
shrs. Commercial Trust Co. par 800. AIS
~ shrs. Continental-Eduitable Trust Co.. =
asbTs par rFiideIity iidISIit Trust Co; par sioo.. SO
X shrs Philadelphia Trust Co. par 800 S25
2 shrs, Real Estate Trust Co. preferred; -
sbIs par FpisiiSSeiphs iiSS wafe6oasinG; and iOO
20 shrs. Philadelphia Life Insurance Co;
80 shrs' Rarp rpsiGsdeiphia Life Insurance. Co.; -
a. sbTs pst Huntington and Broad TOP Noun
tain Railroad and Coal Co. pre-
shrs, smith, Kline French Co. COM
mon; par 800. O.................... 95
~ Shrs. United Gas and Electric Cor
pOratiOn hrst preferred. par 800. so
40 shfs Philadelphia Bourse preferred;
par &2a ..ss.....s....... s....... 20
BONDS
ssoO oirardville Gas Co, per cent
w. FIRST mortgage. Coupons May and
November, Due 1898. ........4,. 50
5000 MontEomery Transit Co, per cent.
coupons June and December. Due
oooo Nagteonsfs agte Transit Co. per- cent. %
IIrai and refundInE mortgage,
Coupons June and December. due
"a, e.'''.asa.|d 'fa taoselidi,,d W,i,i IS. y
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
PRICES DECLINE IN NEW YORK
WITH TURNOVER OF STOCKS SMALL
Jewish Brokers Observe Holiday and Street Suf-
fers From Absenteeism-Mov Variable
Throughout Day
Hioh Points in Today's Financial News

New York E@chage and prices tooet J0s %
irregular Cotton OWer Foreign exchange
Philadelphia earnings statement for August ana
corresponding periods of last year. Bar V
LonCer IN etV York London.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
INACTIVE PHILA. STOCKS

Following are quotations for inactive
stocks listed on the Philadelphia Stock Ok
change and in which there wero nc trans
actions Yesterday The price given is the
la st previous sale.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
INACTIVE NEW YORK STOCKS

Following are quotations for inactive
>yeuy York stocks and in which there were
no transactions yesterday, The price given
is the last previous sale.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
RANK CLEARINGs

Bank elearinEs today compared with aorre-
spending day last two years;
Phiiadeiphia s51 6O4 1886 S46,sI7 24G SOS 4s4 461
Boston 80. 37442. .aa3 81. 6s2077 2i. ESQ, 400
New York 5a2 e9i l5i 6s2. ss7 2s3 4T3. .264. $50
sfl'To5f e. TSgi, 1907 taS egi ,bsasSs ,5sdsSs
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26

PHILADELPHIA-Call per cent time,
B95% per cent Commercial paper. three
10 four months. hQ515 per cent six
months. 5lsG5& per cent.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26

Total sales, $50, 400 shares. compared with
SsI 900 shares yesterday thus far this week
I,4fOOOO sharesi same period last week
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26

Total sales. 1851 shares, compared with
~, ,S4S shares yesterdays thus far this week,
2S299 shares; same period last week. 36,Ol1
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-26
SPECIAL NOTICES

DIVIDENDS
OFFICE OF THE G. H. GEIsT COMPANY
LAND TITLE BUILDING
PHILADELPHIA. pa
The Directors Of IndlanapoIls Water Ws,,Ls
AorurIien Company have this day declared q
regular gemiannuai dividend OF three and ens
half eSyt) per cent $3.50 per shared on the
Preferred Stock OF said COMPANY navabiee
October 4. 1917. 70 holders of Preferred Stock
Checks will be mailed.
OFFICE on THE g. a. GEIsT COMPANY
LAND TITLE BUILDING
EIIlIaAOELEHIA. PA.
Tho Directors OF Roanoks Gas Lifkt Cemnan,.
have THE day declared regular quarterly dlvi-
I|uI 0f and 1ua-hnf (l1.) Der cent (af "a
nlT ahaTal on the Preferred Stock Of said COM
nnnF PAYABLE October 4, 1911. 10 holdera of
ul@4 this day, Checks VIII be nailed
g. III WEAK. Secretary.
New-York tribune., 1917-07-06
Dividends

Hartman National Bank.-Semi-annual
dividend of per cent payable July 10 TO
stockholders Of record July 8.
Brooklyn City Railroad. Quarterly divi-
dcnd of 2ie per cent. payable July Is 10
stockholders of record July ..
United Drug Regular quarterly dividend
OF 3. per cent on the first preferred stock,
payable August to stockholders of record
july Is.
Austin. Nichols. Regular quarterly divi-
dend of "a. per cent on the preferred stock.
payable August TO stockholders OF record
july 81.
WHY'S Overland. Regular quarterly divi-
dcnd of IS cents per share on the common
stock. payable August | 10 stockholders OF
record July 20.
Lindsay Light Regular quarterly dividend
o. | ;. per cent on the preferred. per cent
,on the common and an extra dividend OF II
per cent on the common stock. all payable
August 81 10 stockholders OF record August l.
Brown Shoe Regular quarterly dividend
Of Si.75 per share on the preferred stock.
payable August ! to stockholders Of record
July n.
Federal Sugar Refining. Regular quarter
Is dividend Of = per cent on the preferred
stock. payable August TO stockholders Of
record July 80.
New-York tribune., 1917-07-06
Americans Likely
To Drop Railroad
Project in China
Political Disturbances Make
1t Difficult for Promoters
to Carry Out Contracts

Washington, July 5. - The Stems.
Carey project for the construction OF
four or five systems OF railroads IN
China seems likely to be abandoned
for the present, in view OF the I'M
possibility OF conducting business with
IN. Chinese nation, it was stated to-
day.
Only one Of the projected lines, that
known as the Chu-Kin Railroad, Wnlcn
would run from Human Province TO
Canton Province, actually has been
surveyed. There is now and will be
for a considerable time, in the opinion
of observers of the Chinese troubles
the greatest doubt as 10 the Legality
of contracts entered into with any
mower claiming to be the rightful gov
ernment of China. and the situation
must remain chaotic until there IS an
appearance of permanency IN when
ever system, monarchy OF repuoiic'
survives the expected civil war.
That Japan may intervene to sustain
the monarchy as against the repuolc,
under the pretext of restoring and as
suring the maintenance of order IN
China and of peace in the Far East,
and exercise a species Of control over
the foreign engagements OF the Cnl-
nese government for a period OF time
was regarded as distinct possibility
New-York tribune., 1917-07-06
Thursday, July 5, 1917

The declining tendency of prices
on the Stock Exchange is commonly
escribed to short selling by protes-
sional operators who depress prices
at every opportunity. While there is
no doubt that fundamental business
conditions are undergoing a great
change, it is by no means certain
that intrinsic values of securities
will suffer by reason Of the readjust-
ment. Possibly that will happen in
some instances; in others there may
be an enhancement. No one can say
for sure what the result will be
until the process is completed. Who
can tell, for instance, what will hap
pen in the case of the motor manu-
facturers? 1t is true that the ten
dency to economic may result IN
great curtailment of profits; on the
other hand, all their manufacturing
facilities may be taxed to capacity
few months hence. Not a few of the
leading economists and financial au-
thorities predict great imitation as
result of vast expenditures Tor
war; indeed, many of them believe
that initiation is essential to the
financing of the great adventure. Re
gardless of the merits of that con-
tention, might not the demand for
automobiles be greatly increased!
Before initiation had proceeded very
far in England the British govern
ment faced a serious problem arls-
ing out of an enormous expansion IN
the demand for automobiles, which
were imported in such quantities as
to utilize much cargo space needed
for the transportation of war ma
terials and food. 1t is not intended
to suggest that such an increase IN
the demand for pleasure cars would
be desirable, or that it is likely to
take place in this country. That
would be a good thing for the auto
mobile makers, but a bad thing for
the country, which needs all avail
able labor for the production OF
necessaries. Nevertheless, it is pos
sibility. The point is that investors
are waiting to see what will happen,
and meanwhile some professional
traders are selling stocks for fall.
Whether their judgment proves right
in the long run does not change the
fact that such selling is unpatriotic.
The man who depresses security
prices to make a profit is not only
bear on stocks, he is bear on his
country.
New-York tribune., 1917-07-06
Money and Credit

Banks were moro liberal in their Of
ferings in the call money market yes
terday. and the rate dropped as low as
2h per cent during the day. The rul-
ing rate was, however, 312 per cent.
This compared with Az per cent on
Monday and is the lowest level for call
money since the rise to 6 per cent a
fortnight ago.
In the market for time loans against
brokers' Stock Exchange collateral
there was a further easing of rates as
a result of the increased supply OF
funds. and the rate for sixty-day ma
turtles. based on a mixture of railway
and industrial collateral, was lowered
70 4 per cent bid, compared with Az
per cent on Tuesday. Some business
was transacted in five months maturi-
ties on a Az per cent basis. Rates on
fixed date loans based on industrial
collateral alone were 4 to u per cent
above the average rate of mixed col
lateral maturities.
Ruling rates of money yesterday
compared with a year ago, were as FOL
lows:
New-York tribune., 1917-07-06
Many Farmers Are
Applying for Loans
Associations Formed Under
New Act Ask for Nearly
S12,OOO,OOO

Washington, July 5.-A total of SILL
66l ,9O5 in first mortgage loans to farm
ers at 5 per cent interest had been
asked by the 23O farm loan associa-
tions chartered by the Federal Loan
Board up TO July 1. The loans are now
being made through the twelve Federal
land banks. Nearly sl00,OOO,OOO more
has been applied for by the twelve
banks, but not yet approved.
The average amount asked by each
association was slightly in excess OF
10000. and the average number OF
farmers in each of the 23O assocla-
tions chartered was eighteen, making
the average individual loan about ST.
500. Most of the loans so far made
to the associations run for thirty-slX
wears. and are retired on the partial
payment plan by semi-annual pay
ments, a per cent annual payment by
the borrower retiring both the princl-
pal and interest.
Farm Loan Board commissioners ex-
pressed qualification to-day that the
business was being equally distributed
throughout the country. A large vol
ume of the loans is in Indiana, Illinois,
Nebraska, Kansas, Minnesota and Okla
homa. Texas leads in the amount OF
loans, having more than Sl,24O,OOO:
Oklahoma is next. with S1.140,O0O, and
California is third, with S956,000.
New-York tribune., 1917-07-06
The Dollar in Foreign Exchange

Strength Of Russian rubles and
weakness of Paris francs furnished the
principal features of dull market in
foreign exchange yesterday. Ruoles
recovered for time to 22.75 cents,
compared with 21.S0 on Tuesday, but
closed lower, at 22.20 cents. Francs
declined on light dealings to rate OF
5.792, to the dollar. compared with
5.75ai on Tuesday. There was no eX-
planation for the sudden decline other
than a slight increase in the volume
Of offerings Spanish pesetas were firm
in the face of further gold exports 20
Spain. Sterling rates were steady.
Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus-
pended all dealings in German and
Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Wax
New-York tribune., 1917-07-06

AS the strike Of copper miners
progresses the situation assumes a
serious aspect. The monthly produc-
ton of the companies affected has
been cut down about one-half, though
a few of the companies affected by
the strike are still producing some
metal. But there is need Of every
pound which the mines can be made
to Weld. AS the manufacture Of muni-
tions for the government increases in
volume the demand for copper will
also increase. Also, the British and
our other allies depend on this
country for a large part of their sup
plies. It was reported yesterday
that the British government is about
to place an order covering its re-
ouirements for the remainder of the
wear at % cents a pound. Meanwhile
the demand from private consumers
continues on an enormous scale, not
only in the United States, but IN
other countries. "The Ironmonger,
a leading English trade journal,
wants to know when manufacturers
will be allowed more copper for car
rying on of private industry. Ac-
cording to this journal,
"There is plenty of copper in the
United States, and the space required
for so much of it as would set most
of our private engineering trade on
its feet again would make no prac-
tical difference to the Atlantic trans
port problem. Efforts are being
made to secure 10 the cotton trade a
suficiency Of its natural aliment; and
one-tenth or perhaps one-twentieth
Of the shipping space required for
cotton would solve the copper diff
fculty.
"There is little room for doubt that
enough copper is now being produced
TO keep going all the metal and me-
chanical industries outside the Cen
tral Empires, besides satisfying the
war requirements Of the Allies. and
il that surmise is correct the time
has come 70 press this fact upon
those in authority. Much wealth is
being lost through the holding up OF
such a great part Of our engineering
industry. and this at time when the
nation should be earning and saving
every penny il can make, for the ap-
parent prosperity the industrial ma
tions are enjoying is mostly an illu-
sion. We arc living on our hump,
like the camel, and our hump is get
ting small. Hard times are in store
for the world, and every measure
that tends 10 the restrictions OF trade
will aggravate that hardship.
"The plea for more copper is only
one Of many that might be put for
ward in the metal trade. The supply
OF lead also calls for serious consid-
GRAFTON by experts. and in a com
paratiyely short time there may be
need 20 plead the cause Of consumers
OF foundry iron Man does not live
by war alone. The country has 10
live through the war and will have
New-York tribune., 1917-07-06
Finance Economics
WALL STREET OFFICE;
Mills Building, l5 Broad St Hanover 66H

to live when peace returns, and 1t
can live only by productive industries
and by commerce"
This was written before the strike
began. There is, as "The Iron
monger" says, plenty Of copper in
the United States. But that fortu-
nate condition will not obtain for
long if the strike should continue for
any considerable time.
A compilation of the May earnings
of seventy-two large railroads made
by the Interstate Commerce Commits
sion indicates that the recent de-
cision in the rate case was, in gen
eral way, in keeping with the operat-
ing records of these lines. Gross
revenue per mile for all the roads
amounted to 81 ,493 in May, against
81 ,307 in 1916; net revenue per mile,
S466, against $457 in May, 1916. In
the Eastern districts, where the
Commerce Commission allowed a
substantial increase in rates, revenue
per mile in May totalled $2,722,
against $2,435 in the corresponding
month of last year; net, S756,
against 1929. In the Western dis
trict net revenue per mile was $404,
against 1858 in May last year. In
the Southern district net revenue
Ter mile was 1859, compared with
1916 in May, 1916.
New-York tribune., 1917-07-06
Russian Securities
Higher on War News
Exchange Value of the kuble
Also Shows Improve
ment

The success of the Russians IN their
offensive against Germany on the East
front was reflected yesterday in sharp
rise in the value Of Russian govern
ment external bonds and Russian ex-
change. The Russian external OF per
cent bonds, which sold at TIA on
Tuesday and closed at y, rose to -,
an advance of 5 points. on dealings OF
$4,000. The external 6i9s sold at 81"
compared with a low of s2is Tuesday
The exchange value of the Russian
ruble. which has been declining stead,
ily for weeks, underwent substantial
improvement for a time, recovering 70
22.75 cents, compared with a low record
Of 2l.sO cents. Later in the day part
of the rally was lost, and the closing
quotation was 22.20 cents. The nor
nal exchange value of the ruble is 5l.2
cents.
New-York tribune., 1917-07-06
New York

Stock Exchange Listings.-The fol-
lowing new securities have been ad-
mitted to the list of the New York
Stock Exchange:
Bush Terminal Company. sl34,600
common stock; Kelsey Wheel Com
pany, 5000, 100 of per cent cumula-
tive preferred stock and S8,3S6,300
common stock. and $4,000, 900 common
stock. fifty per cent paid. of the Ameri-
can International Corporation.
New IncorporatiOns.-In the month of
June new companies. with a capital Of
100000 or over, involving S423 ,224 900,
were incorporated, according TO statis-
tics compiled by "The Journal of Com
merce." Total interpretations in the
same month last year were s327,87 :
600. and two years ago amounted to
S230.859.000.
Shipping and shipbuilding stock su-
thorization in June established a new
high mark. twenty-nine new companies,
with an authorized capital stock of
SS4,025,000, being formed, which COM
pares with S47,490,000 for May. From
January | to June 30 new shipping and
shipbuiding capital stock authorized
totalled S2O7, 1885, 900. which was nearly
three times the amount for the year
1916. and more than five times that in
1915.
Stock Exchange to Present hag.-H.
G.. S. Noble, president of the Stock En-
change, has appointed r. T. H. Halsey,
Robert Gibson and II. +. Montgomery
as p committee with power to adopt a
design for flag TO be presented with
g stand of colors to the Stock Exchange
section OF the American ambulance
serving in Albania.
New-York tribune., 1917-07-06
Relevant Facts

Saxon Motor COmpany.-A creditors
committee is making an attempt to pro-
vide funds to tide the corporation over
financial difficulties, which have resulted
from purchases of an oversupply OF
raw materials and a heavy drop IN the
demand for Saxon cars. Inc commit
tee consists of w. c. Rands, president
Of the Motor Products Corporation; A.
II. Zimmerman, president OF the Con-
tinental Motors Corporation; Z. W.
Dickerson of the Timken-Detroit Axle
Company: Ralph Van Vechten, vice
nresident of the Continental and Com
mercial National Bank of Chicago, and
William j. Grey, vice president OF the
First and Old Detroit National Bank.
These members, who represent the
principal creditors, it is said, hope TO
raise s950,0O0 for the company's more
urgent requirements. The actual total
OF creditors obligations has been esti-
mated at between s2,000,000 and $1,000
600. Local bankers stated yesterday
that the problem of raising funds for
the company was in the hands of De-
troit and Chicago interests.
New York Central.-An increase of
s2,941, ,152 in gross operating revenues
of all lines of the New York Central
Railroad for May was changed into a
loss of 81 1895 in net income after
taxes as result of greatly increased
costs of operation. The company's
statement issued yesterday showed
total earnings from all lines amounting
TO S33, 3,407 $40, against 30,466,526 for
the CORES sponding month year ago,
while the net amounted to SS,lOl, ,l75,
against s9,99O,526 year ago.
Gross operating incomes Of the New
York Central Railroad proper in May
to,alled Sl8,4l0,402, an increase OF ST.
ll2.40O over that month in 1916, while
the net income after expenses and
taxes decreased 1882, ,s22, to S4,2l4,47S.
New York Railways.-Gross earnings
for the month of May were sl46,234
under those in May year ago. total
operating revenues amounting TO 81
O45.SO2. Net after taxes declined SAL
6l7, to $685., ,0l6, and net income after
interest charges on underlying and
first real estate and refunding per
cent bonds, rentals, etc, was S26,l6A a
loss of s108,262. The company carried
2O.844,2s6 passengers during the month,
or 3,095,394 less than in May, 1916.
Motor Shares Tumble Badly.-Under
the leadership Of Studebaker, the motor
shares showed renewed weakness on
the Stock Exchange yesterday. Chandler
dropped 10 points to 67, but recovered
at the close to 1875, net decline OF
36s points for the day. Studebaker
touch d a new low for the year of ga
and closed at 56, off So. Saxon, at
yesterdays low Of 151s, was of 35
points from the high of the year. Max
we'll, common, sold to AN, compared
with last weeks high of 49h and the
years high price of 6lA.
Cerro de Pasco.-Copper production
for June totaled 5.032,000 pounds
This compares with 4,670,000 pounds
produced in May and 5,936,0o0 in April.
New-York tribune., 1917-07-06

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling at. say. s4.75it. The intrinsic
parity is s4.s6ss per pound. Thus, you
say either that pounds are at dis
count or that dollars are at pre-
MUM. which is owing to the fact that
in England the demand for dollars
with which TO settle accounts IN this
country is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune., 1917-07-06
News Digest
Foreign

Provincial Exchanges in England
Actiye.-London July 5.-The present
paucity in business on the Stock
Exchange is attributed to inves
tors in industrial centres deal
ing on provincial exchanges. where
increased activity is reported. The tone
was good here to-day on the war news:
Gilt-cdged securities, home rails and
rubber stocks received the most sup
port. and Russian and Mexican issues
had a good tone. The feature in the
miscellaneous section was Cuban Ports.
Argentine rails were weak and Ameri-
can securities idle.
Paris Bourse.-Paris, July 5.-Prices
were irregular on the Bourse to-day.
Three per cent rentes. 60 francs % CEN
times for cash. Exchange on London,
81 francs 18 centimes. Five per cent
loan, So francs 80 centimes.
New-York tribune., 1917-07-06

Money Flowing Eastward.-Chicago'
Julv 5.-Until crop moving needs re-
verse the trend, money, according 70
Arthur Reynolds, of the Continenta,,,
and Commercial National Bank, VIII
continue TO flow from the West to tne
East. 10 meet the governments a,s-
bursements for war supplies. MI
Reynolds says;
'iEven the sales of the crops OF tne
agricultural states will not equalize
the movement Of money as between
the East and the West and VIII pre-.
vent too great an accumulation OF
deposits in the one and decline. IN
the other. a remedy capable Of a
more constant application must be
found. The facts are that the govern
ment can buy many articles little
cheaper in the New England and the
Atlantic states than here. because there
labor is cheaper and in some instances
manufacturing is more highly de-
veloped.
ain the banking situation. however.
there is present every element OF
strength. and the farmer, manufactures
and merchant may safely make their