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EVENING tiEDaER-Paili-APHIAT WflfttfESDAY SAP? EM BEE 16, ,19
THE FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABRQAD-MARKET REPORTS
iiiiAL RETURN OF 1 TRUST w RerliiiMjy QPENS mT i foreign tmpemalub m HAVENR. R. WIL Philadelphia markets
GENERAL RETURN OF
IN FINANCIAL MARTS
Those Who Protested Exist
ence of Stock Exchanges
Mow Loudest in Appeals
for Their Early Reopening.
It is a decided tribute to tlio .con
icivatlsm of American Investors Unit
there lins been locking recently that talk
of the existence of lioar-nnlilc conditions
In the llnnnclal mnrkcts which waB nn
pnront nlinost everywhere just after tho
news hail hcon Hashed that tho Block ox
changes wore ubout to discontinue busi
ness. Tho public Bonerally has como to
realUo that tho country's credit Is safo
in ttitt hands of those who dominate Its
flmincea and It Is disposed to tnko a
calmer and more hopeful tcellug of the
Contrast the feeling today with that of
three or six nionihs ngo In rcioreneo to
the need at ail 01 tno Now York or other
tock oxcliaimcs. There were those who,
(or yea is. nuu made It a conslslunt habit
to try and bniicf down every argument
In favor of exchange trading and who
were loud In their demands uint tho ex
changes bo abolished becauso of their go
called "high-handed methods" and their
absolute unnecesslty. Thcso same calam
nv liowlera oro today loudest In their ap
peals for an early reopening, so thut the
temporary lull In all lines of business, due
to tho war situation, may be supuisiMcd
by that enormous trade development
which every one expects will follow the
restoration of peace In Europe.
It Is to their credit that thcso snmo In
terests nro now going out of their way
to help In every way possible to spread
the doctrine of confidence that particular
attribute which, moro than anything else,
)j so badly needed at this time to jjlvo
strength to those at tho flnnnclal helm
who art persistent In their endeavors to
so shape tho situation as to best con
serve the Interests of the entire country.
London has appreciated the necessity
for this restoration of confidence by on
couraglng foreign Investment In American
securities of high grade. Now York, re
flecting the foreign sentiment, Is main
taining an equal amount of stable con
servatism, and Philadelphia likewise, as
well as the other big financial centres
of tho country, Is doing its share to
strengthen every weak spot that is to bo
There Is a brighter feeling everywhere,
Mnde 3ood Bhowlnir Despite the
Considering tho condition of tho money
market and business generally tho I'lilla
dclphla trust nn.1 paving itind companion
made n good showing In their report to
the Commissioner of Dunking for the call
of condition as of August 27, 1914.
An accurate comparison with a year ago
canont 'jc made, becauso tho call for the
npproxlmato year was made In Novem
ber last year, nnd there wore only two
cnlls compared with three thus far tills
yrnr. It is the belief thnt anothr rail
will Im issued before tho end ot the year,
probably In November.
The Commercial Mst nnd l'rlco Cur
rent, In Its legulnr tabulation ot the re
turns made, gives tho following totals
for tho principal Items: Capital, H,
'2!),ril3; surplus nnd undivided prollts, JS9,
162.3S5; deposits, $412,020,121; and loans and
WILL GET CLOSER
TO GENERAL PUBLIC
WAR OPENS GREAT
American Companies Look
for Big Business Because of
Stringency Abroad Gov
ernment Places $3,225,000
War Risk Policies.
Street Railway Men of
Country to Adopt a New
Platform of Principles.
Drastic Laws the Cause.
Recognizing the Importance of establish
ing cimllul relations With tho public, tho
Ainrrlcnn Electric Itnllwny Association,
nt Its annual convention, to bo held in
Atlantic City, October 12 to 16, will forum
Into ix declaration of principles embracing
what It believes to bo a statement of what
these relations should be. A committee
representing the strongest men In tho
electric railway field In this country has
been ut work whipping tho fermnl dec
laration Into shape, and tho report which
will bo presented to tho gathering was
finished at a meeting hero today.
I'ubllo relntlmiM Is the most Important
topic In the minds of publlo utility cor
poration managers mid operators. Ite
eently throughout the country there have
been put Into effect drastic mimsures gov
erning tho financing and operation of
utilities, especially the street railways,
and It Is the belief of the association that
there should bo properly presented to
the general public Information as to what
readjustments are and what will bo
Investors, confident that the situation, for ' their effect, especially upon that part of
whleli there novcr was a parallel, Is
slowly but surely adjusting Itself to
normal proportions, are coming Into the
market again, and both tho listed and
uiillbted stocks nnd bonds are display
ing an active Interest which is In every
way gratifying to bankers generally.
There Is a general wllllngnes to do busi
ness, and the expectation Is that It will
be only a short while before thcro shall
come a read'ustment that will work out
for the benellt of all concerned.
To what extent conditions Internation
ally have Improved Is reflected In tho
altitude now assumed by many leading
bankers who do not see the necessity lor
the creation of the $150 000 000 In gold
funJ. us wns recommended, to relievo the
foreign exchange situation. It was this
changed nnrltion en the part of tho
bankers that prom: led tho Hesorvo Board
to announce that, In vlow ot the state
ment lh.it New Yoik city had completed
arrnnsements for her maturing obliga
tions nnd for providing for tho necessary
gold remittances to Kurope, It felt that In
m.t:t iwt be necessary to cieate tho gold
fund at all.
The gross lneomo of the American
Smelting and ltefliilng Company Tor tho
six months ended June 3i, lull, way JiJTi'L',.
251 compared with ffl,67i,Gll In the snmo
period f the previous year. After total
deduction? of admlii'stratlon expenses,
intertst and prefeircd dividends, a bal
ance or 5! Mi.n!2 wus left, compared v.lta
i-.O&.V! in i:.i3, c,,Ulll to 3m pul. Clnt
earned on JW.dkhiw common stock this
scar against I.J1 ,er cent. In the corre
pomlliiK pi-rlod of the pievious year. The
surplus for tho .six months was 3W,(W2,
iMUi3t II.uiT.Nli in 1913.
it vus onniiutii-ed in Washington that
lu itate there hus been issued $2i5,(i)O,0W
fil.?"''0 '" r"vor of U Uankcr-V
irust Company of New York 1ms been
filed In Ilndlny. O.. by tho Ohio State
mm r,T , ot,k Subtrcasury gal..
II, fl"? ''tl0,n of ""' Pennsylvania rub
iL'i C O"lloii Is questioned by
Tilth Jf,''s7v(':""''11 I'l a statement filed
mhWi, l "ly "s ,0 whether tho com
mission am vmjm tho railroad to per-
neM .."'" r'!"a to l"llte wltl1 " "' build,
we a new union station nt .Scrantoii. fa.
ERIE R. R. MAY CREATE
NEW $300,000,000 MORTGAGE
Call Issued for Meeting Next Mouth
to Consider PJnu.
i ... .
me,( ,"". " rof'"Hi'K and Improve.
(j0 uiii . k" ut "l'l'ioxlmutely $3W,0,.
ii3 or at,Vi"",h,i,le,'eJ "' ,l B'",elaI '"
in t ', " NVw Yo,k "'tuber 13.
outbv dir .""" "I1, '""'B U Is Poinled
titles h i1? l'Ia""(,,l '" cover tho prop
10..1 l,ts "ml JranchUes of the mil.
ran ,!. ,,llm,!'l meeting ( the com
Fany mu J,e held on the samu day.
BIG COTTON ORDER
J' "M ''"liTKed toiav that Mont-
N.M to.., bales of cotton at Pt ...it..
o....?"ulu'- .""' "t"er Chlcag-j .u.inufu..-
.u "?. tt"" ' "- '-ess conceiiu li.iv.) ulne.l
as con., i.
movement to purchase
FR INSURANCE PUBLICITY
National Campaign of Education is
Started in Cincinnati.
- . i!"VNTI: Slit- -WUU a fun.)
uaibJi.n . 'e.-writei, u national
wri ,, " . ULil1- the ,,ublie in llfo In
Menlt., "'",',''" Uas started here today.
fc Ilw '. - " '"""I'ltion agreed upon
tuiCid ,lu,1,tl'", b- em. the amount
. ...fcj .Ul.ll.
the public which has money Invested In
the securities of public service corpora
tions. The association represents virtually
every Important electric railway on the
North American Continent and a very
large number In South America. An nt
tpiid.'incc of between four and llvo thou
sand railway men la expected at Atlantic
City, and In spite of tho depressed busi
ness conditions the exhibit of electric
railway appliances and apparatus will
cover more than 70.000 squnro feet of floor
hpuce. The association consists of a par
ent organization and four allied bodies
pover'ng tho engineering, accounting,
claims nnd transportation departments of
railways, so that during tho five days of
the meeting there will be flvo conventions
in continuous session nnd moro than 70
committees will report.
With a capital stock amounting to $t,
1161,500, a corporation is being formed to
provide most of the electrical service for
Yoik, Pa., and a considerable portion of
York County. The new company, known
as the JSdlson Light and Power Company,
will Include the Hdlsou Light and Power
Company, the Merchants' Klectrlc Light,
Heat and Power Coinpanv ; the Lower
Windsor Township Light, Heat and
Power Company; the Spring Grove Light,
Heat and Power Company; tho Jackson
Township Light, Heat and Power Com
pany, and tho Heidelberg Township
Light, Heat and Power Company.
Atlantic City lcsidtnts hnvo proposed
the construction ot a high-speed electric
rallttiiy along the western edge of In
side Thoioushfure from Loimport through
Margate and Veutnor Heights to lower
Chelsea and thence to a junction with the
main lino of the Pennsylvania Itallroml
mi the meadows, in a proposition which
thoy will submit to tint Pennsylvania
Railroad II will be poliited out thut tho
motlv.i power and tolling stock of tho
Vest Jersey mid Seaslioro Hittlruad could
bo applied to tho Longpoit extension.
llesldcnts of Klvorslde, Ttlvcrvlew nnd
Muhlenliirg Park, X. J., aro Interested in
a plan to provide electric railway service
between Rlvcraldo and Tuckcrton.
The Ohio i'ubllo millties Commission
has placed four men In Cleveland to
make u phjwlcul valuation of tho prop
erty of tho Cleveland Telephone Com
pany. This Is tho first big physical val
uation job undertaken by the commission
since the public utilities law wus amended
by the Legislature In !i:i, giving mi
tborlty to do this work. About J.J0.00O was
Tho lnsurnnce business has been ad
versely affected by tho European war, but
probably not to -such nn extent ns other
lines, insurance men sny that although
they notice some falling off, particularly
In fire Insurance, It has not been on any
largo scnte. Then, too, they declare, tho
war lias opened up greater possibilities
for the American Insurance man, because
customers have evidenced a disposition to
discriminate against foreign companies
particularly thoso ot France and Ger
many, on the ground that their policies
with them would not bo as safe as with
nn American company, for the reason
that all of the money tho foreign compan
ies have Is needed now at homo.
liisiirnnco men explain that this should
not bu the case, ns, under tho laws, for
eign companies doing business In this
country aro compelled to keep a certain
surplus lu the United States to meet their
obligations hero, nnd that anyone wish
ing to patronize a foreign compnny should
not hesitate In doing so for this reason.
Out then, all In all, there seems to bo a
disposition to fnvor American companies
when any business Is to ba done.
The frilling dtt lu the fire Insurance
business, It is pointed out, Is due primar
ily to tho fact that the war has cut down
exports and imports to a mini. num. and
consequently there Is no need for huge
insurance of warehouses where goods are
kept pending shipment. This falling off
has beca In part compensated by war risk
Insurance, which bus thus far balanced
the scales, but for how long Insurance
men will not offer u prediction.
Tho marine business on coastwise ship
ping nnd to ports In South America Is
running along about tho sam?, ns is tho
business to Knglund, although a. slight
filling off In the latter has been noted.
'The insurance business In Europe," said
nn Insuranco man today who returned re
cently, "Is at a standstill becauso of the
Taking this Into consideration, then,
there are great possibilities for tho
American Insurance man, both at homo
From Washington came tho announce
rncnt today that tho Treasurer of War
Itlsk Insurunco has already Issued war
Insurance on eleven vessels, eight of
which ply between this country nnd South
America and three engaged In European
trade. Tho total Insurance carried on
these vessels Is snld to be about ?3,i2r,f00.
The bureau also has pending war Insur
anco applications amounting to $3 000,000
to be carried by a fleet of eight vessels
engaged In tho European trade.
PORT OF PHILADELPHIA
STEAMSHIPS ATtlUVINR TODAV.
Train (N'or.), npo nreton via. Now York,
bi'Hiikt. W. J. OrniKlllclil.
Yltoll.i (N'or.), Stamford, Conn., ballast, W
Steamships to Arrive
Went Point t.onilon.
M. .Mariner Manchester
Steamships to Leavo
Name. Jor. Date.
Pne-tdyk Rotterdam .. .Sept. 17
Ifuverfor.l Liverpool Sept IB
Ancunu Naples Sept, 10
FREIGHTS AND CHARTERS
Plymouth (Hr.). Uulf to Prance, grain, S2.C00
quartern, "a. Oil., opt.
Ileiredale (llr.), (Jul to Martcllles, grain,
;io,i)0 quarter", .".i.. prompt.
I'Vani (Nor.), 1702 tun-, Philadelphia nnd
Brazil tr.idr, mm ruund trip. -la. I'-jd,. prompt.
Hero, 2I1S to. ..1 iNor.l, trauiMtlunttc trade,
oil" round trip, private terms, ."-'ppt.
Ito.iion (Nor.), 7:i1 tons, Halifax to Pnltcd
Kingdom, apple, prlvato terms. Sept.
Cotu-urd (Llr.). 1K1!.V tout. Savannah to
rutted Kingdom, or Continent, cotton, etc.,
Has, si,l., prompt.
Europa (Uau.l, Mil tuna, West India trade,
12 month". KitGO. Nov.
Plclnn iltnl.l. llaltlmore to west coast Italy,
coal, private terms.
N. v l.ngliiud Telopliune au.l Tclcuraph Com
punv, reifulur quarterly $1.7.', pualdu Sp.
Umber 30 to stock of recoid Scpumber 10.
1'ulillc Serileo l'orp.-"atlon of New Jcrki'j,
naular quaiterly of l'a wr cum., payal.l.
September W lo stock of record p'tqitcmbc. r 2.1
American Window Olass ('oti.p.un, n ,IM
dend of 7 ier c.ni. on the prcfcrrcl tu,K,
pa j able September 2i to stuck of ivconl pYj
tts.nl'cr 22. This makes 27" per out. paid HiuJ
far tilt oar.
rev. (1.. C, i'.)..2,r,t2.P27 Slll.flsl
Uperatlnir Income iliu.SKI ir..l.0Sf
lil'.UUU.. ftlll' t ll.'.il, ..l I'O'lUl'A
I'lnt week Seiitcmber tto.Xi l.sn
Krotu July 1 l.'.t.s&l l.o.J
IIAl.TIMOnK AND OHIO.
July operating reenui' IMPI.ii.ss s",'.',2
Ciporatlng income 2,.7ll nst.lilll
Oil, PRICES CUT AGAIN
The Imperial till t'ompniiv litis reduced
tho price of crude oil Je. a barrel to $1.41. I
.September 12, 11)11.
Iv;i'.;W.,. -."si.l fill '.XV
;'.V- r-s UN l.IVKS AXIl
, Hnar,l ,.f i sPtebr Hth. 1UH.
Jj-ri ,.ilI"":",,r! '" day .(
Y t'eut tsa'SS ,u,r-'-lv dividend of blx
i'rl ,i Vl,' r ?"' " t" tocHi.,Mer of
C S. NliWHAl.l.,
of PHILADELPHIA, PA.
Loans ami Investments. ,IS,7()(i..17.s ')ti
Duo from Hanks.. 1,18.3,300.94
Exchange tor Clearing
L'asli anil Uc'&crvf 1,()13,241.65
Clearing House Loai L'cr-
tifaatv. fit hand HSU.IIUUX)
Capital Stock $1,000,000.00
Surplus ami Net Profits.. l,J3D.y-'S.57
V. S. Honils liorrowea (U.
S. Deposits) 50.000.00
ilraritti. House Loan Cer
tificates outstanding . . . J5tl.000.00
W. P. SINNETT, Cashier.
September 12. I9H
Loans & lnvc-l!iieiits,$20,01 1,942.87
Both Imports' nnd Exports Toll Off in
WASHINGTON, Sept. 16.-tinports Into
the United States In August were lower
thnn nny month since November, 1011, ac
cording to n statement issued by the De
partment of Commerce today. Exports
reached the lowest point since August I,
1000. imports of merchandise were $129,
m,m, computed with $137,C3l,twS In Au
gust, 1013. For the eight montli3 Utded
with August, '1311, Impel ts amounted to
$l,2f9.'J!tt,M, ngnlnst $I,1B,K0,2M for a
slmllnr period In tho precdUtK year.
August exports amounted to $II0,H.)7,.I".
compared with $l&7,0U'.i,ti2v In August, tBl-l.
whllo for tho eight months ended August,
1914, exports nmounted lo M,811,.ll,707,
compared with I,315,1S2,157 for a similar
period in 1013.
SPEND $1,500,000 TO
Directors Meet Tomorrow lo
TO DISTANT STATES
In Last Ten Years Philadel
phia Builders Have Be
come Strong Competitors in
Never before In tho history of building
has the Philadelphia contractor been
such u strong competitor In the open
market Ten years ago It was almost like
performing a miracle to obtain work of
any size more than a few miles out of
town, and Philadelphia contractors re
garded It as a waste of timo and money
to submit bids on distant work. Today
tho Philadelphia firms will nut only esti
mate on work nnywhero In the Cfnlted
States, but have succeeded lit running
muny out-of-town contiacts. Not only oc
casionally but almost nny day In the
week on the estimating boards in tht
larger ofllces will be found muny lnrgi
out-of-town jobs. This eliangu of af
fairs is principally due to the following
P'lr.st. The local contractor, like tin.
Philadelphia lawyer, has gained a far
reaching reputation for skill ami effi
ciency. Second. The coinpletnoss of tho organ
isation of most of our largo euntrnctlnt
firms enables them to carry on the con
atrucll'Mi nf a. building 1000 miles from
Philadelphia with the same celerity and
exactness as though It was a stono throw
from their office door. .
As nn illustration of tho magnitude o
this out-of-town business, It was learned
after a visit to only tlircr of the leading
contractors, Cramp & Co., Irwlu & Leigh
ton, nnd J. K. & A. L. IVnnock, that
their combined work for the yr-ar nmount
ed to more than SIO.0iO.000, and was being
constructed In such distant places as.
Oklahoma, Cl.arlcstown, V. Va. ; Dayton
O.: New Haven, Allegheny City: Ilarrls
burg, Pa.; Atlanta, Gn.: Montreal, Can
ada: Cincinnati, O. ; Indianapolis, Intl.:
Ann Harbor, Mich.; Detroit, Mich.: Now
York City; Newark, N. J.; Buffalo, N. Y.
and mnny other largo cities throughout
tho United States.
Tho abovo firms by no means hnvo a
monopoly of this distant work. Many
of the Government postolllces throughout
the country nro being lon by our local
contractors, nnd the satisfaction they arc
giving in the lino class of building con
struction cannot help but stamp the Phil
adelphia contractors as lendprs In the
Indorse Project -Already
A contract for supplying electric power
to Hip Npw York, Now Haven and Hart
foul Itnlliond and tho Now York, West
chester and tloslon tlallwuy, made with
tho New York Kdlson Company, Is ex
pected to be concluded at a mooting of
tlio directors of tho New York, Now
Hnvi-ii and Hartford In Now York to
morrow. Tho plan is to havo tho IMIson Com
pany supply power to tho Now Haven
between U'oodlnwii nnd Now Ho.-hclle on
the main line and to the Harlem ItlVor
and Port Cluster Ilallroad between
Harlem lllver and New itochellc. Cur
rent will be supplied to the ontlro system
of the New Vork, Westchester and Huston
Tho electric- zone of the Now Haven
west of New Haven rccpjlrcs about 200.
(00,000 kllowntt bourn of electricity. It
Is estimated that tho cost of curetit pur
chased from tho Edison Company and
that geiiemtoil by t1P subsidiaries of
tho Now Haven will run botwecn 31.100,
000 mid 31.S0-j.0Jt). New Iluv.-n has alieady
spent approximately (K.'M.m on elec
trification. r'!?("''nl.!0!drrH ,"f "f'!,rl-v "" of 6 W
"f"s Morimza bonds of the Arkan-
pan. Oklahoma and W..,trr itallroad, on
m, i,1,.r.e,,n,",,",Uul, I,,llore3t WM defaulted
on duly 1, have jnln-d with the bond-holdets-
protective committee un,i depus
ted tlif r bonds with tho Heal Kstato
Trust Company, tlio depository of the
committee. The nominal timo limit for
depositing the bonds expires to.liiv. Mem
bers of the committee said, however, that
they expected to receive thr ninall re
.nalnder still outstanding.
The niinunl report of thn American
'tailways Company for the flscnl yeur
tiding June ). inn, shown n total In
"puif or the cnmiuiiiv fioni subsldlatv
companios ns S1,03C,.W1, compared witii
Vj3,I-!:' In the pievious year, an Increase
of .fli.PIO. After deductions of $112,832,
gainst ?ieS,''.-0 In the previous year for
taxes and mlgci'llancuus expenses, tho net
:iicoine was $."!:!,82S, compared with $324.02".
n 1013. The net Income irf equivalent to
'!7 per cent, earned on $5,7I3,i;o common
tock, after paying 7 per cent, on 2,0C0,
"00 cumulative preferred stock, compared
villi C.7 per cent, earned on thn same
amount of common stock in the fiscal
year ending June .In, 1013,
The next annual meeting of tho stock
holders of the Southern Hallway Coni
any, on October 13, will mark a new
ra In tho history of tho company, as It
will bo the first meeting at which the
'2,(ViO stockholders have had tho oppor
tunity to vote directly, the voting trust,
n existence Inco tho organization of
the company In 1-9 1. now being In procefri
According lo report, S. U Schoon
maker, who has been t-lected a director
of the American Locomotive Company,
will, at a meeting of tho directors in
the near future, be made chairman of
'he board. Tho election of Mr. Schoon
muker to the directorate will mean the
elimination of all factional differences.
with ample offerings
The market dull
the recent decline.
City beer, In Mis, smoked and air dried,
3i(iI32e. ; Western beef, In sets. Btnoked, 31
32c. i city beef, knuckles nnd lenders, Btnekcd
wdfllr dried, .12 W. tie, ; Western beef, knuckles
and tenders, smoked. !):! g Hie. ; beef hams,
4043c; pork, family. 2SM7c. : limns. H.
P. cured, looac, lBdl ifl'ie. i -lo., klnned,
loose, if.i,4lne. j do., smoked, 18(3 10c. i other
l.ama smoked, ilty cured, as to brand and
cured, lstRlOc. ; do., boiled, bnneles, liSfiJJUc.,
picnic tlioulders, B. P. cured, loose. J2ll2'tc;
do., smoked, 15i4VjC. ; bellies. In plekle, ac
cording to average, loose, lOfii lie. I l.redkfast
bacon, as to brand and aer"ne. rlly cured,
Tiiliir.; I.renkfast baron. Western cured,
22lr.'lf.; Inr.1, Western refined, tleree.; ll'.i
H i e. : do., do., do., tubs, 11 ' 1 1 rie. !
lard pure city, kettle rendered, In tierces,
il1ii!M2e.; lard, puro city, kettle retnlerrt'
In tube, lli12c.
nKriNErt SOOAn Quiet, but flrmlr htUr
RtRndard nrftmilated, 7.30flT.Me.i nr
K-ramilnted. M 7.2.-0J7,r,Oc. Jpored. T.8n
i.OOc. : confectioners' A. T.104J7.40e.i tstt
CIIRKSi: Trade alow nnd prices faVftre
Mi era. New York fulPcream, , hO'. WHI
in'ie.i do., An., fair to good, lSWyioe.l .,
part fklma. B3Uc.
MVn -The market quiet, llh fairly ilk
eral olTerlnrs nt former rates.
PowK I71t1lr.! old roosters, 1t12e.; aprlna;
elilekens, fln. large, 17MIHC.. do., medium
sles. 1 Mr flic.; ducks, old, lnflilc; do., Mnrlnc,
Uin.".e.; milnei.s, per pair, yonnir, weluhln
i Loiinda nii-1 over apiece, 0c. ; do., welitnlni
1 nound .p'e;e. Ma.; do., old, fiOc.; plKeoni..
I'i-ilt poiinda apiece, WTOc.; do., welihlnt
tier pair, 139180.
WHEAT STRONGER AS
MARKET HEARS LESr
OF EURAPEAN PEACE
Heavy Demand From Mil
lers at Liverpool Where
Prices Are Better Gen
eral Buying in Chicago Pit.
CHICAGO, Sept. lfi. There was re
newed confidence In tho buying side in
the wheat market today. Prices opened
firm, with December up 1?a cents, at $1.00.
rind May up 2 cents, at J1.17. Weak
longs were eliminated on the recent set
bncks anil the mnrket was believed t
bo on a far better basis than It was
seven days ago, when prices were 2PJ5
cents ubovo yesterday's low point. There
wus u largo export trade on the recent
A heavy demand for wheat from milt
ers was reported at Liverpool, servlnc
to rcduco lirltlsh stocks and rellovlnr
tho congestion In the United Kingdom
Tlio receipts in the Noitliwest wore again
heavy and stocks are accumulating there
The scene In the pit this morning was
wild, with commission houses In general
buying and offerlngB scattered and Inade
quate. Less was heard of peace talk and
the news from the other side was believed
to Indicate a prolongation ot the strug
gle. Prices at Liverpool were stronger.
Wliile supplies there are umple, the ac
knowledged large requirements of coun
tries other than Great Britain bud a
tendency to cause pronounced firmness
in the distant month at Liverpool. Tho
visible Rupply In Europe amounts to 63,
701,000 bushels, against 63,314,000 bushel
in the previous weeu and 70,500,000 bushels
a year ago. Tho weather In tho United
Kingdom Is more favorable, and natlv
wheat Is moving freely. An official report
places tho condtlon of wheat there at $1.04.
The Jb'i'cnch crop, which hnn all ben
gathered, hna turned out better than had
been expected, with tho quality as a.
whole fulr. Tho weather In Franco l
now seasonable. Reports from Grman
..lilciul circles show that the outturn of
wheat In thut country was below expec
tations. ReportM from Russia are con
llictlng. but it Is believed that the yield
will bo short and of Inferior quality. Ben
eficial rains have fallen In India, but
shippers there ate maintaining firm
prices and offerings nro light. In Aus
tralia the weather is dry and the crop
outlook unfavorable. From Argentina
weather and crop accounts ohow Im
provement. Tho receipts at Minneapolis and Duluth
today wore 14S1 cars, against 1232 cars e.
year ago: at Winnipeg, 1220 cars, against
-Rfi cars; at Chicago, 129 cars, against 16
Corn was stronger on light receipts and
a better inquiry from tho Kast, Decem
ber and May opened up at 72 and 74,
to 'i, respectively. Prices at Liverpool
were down 2'd. on liberal plato offerings
ami larger stocks. Tho receipts of corn
hero today were 10S cars.
Unts were strong on heavy speculative
buying. An enormous business was done.
All over-night offers wero accepted. Bal
timore Is now outdoing Chicago at many
Illinois points. December was up i at
the opening at 45. and May up -1i at 32"i.
The receipts of oats here today wero IPS
cars. The condition of oats In tho United
Kingdom Is officially placed at To.
September 12, 1914
IllCIIAltl) I.. AUSTIN, l-re-ldenl ,l()Ni:PII TA WMI, .in., ' IccT'reiddeiit
X. J. Wll.UIJIIMIUl.M, Vlvc-1'rcs. umi ( iisl.l.r
(HAS. II. ASIlTON, Acst. Cashier
T'ram'W If. Itrctrx, Chairman of the Hoard
Itirbard T Austin Under! Tnlaml I'rn.icU II. liceirs. .Ir.
Diinlt-I Hunch Mm. Nlinltl Kl.v Win, W. l'riiler, Jr.
(ieareu K. liartol Morris I.. lullllor (x'orsu U. Itn-vnzartcn
Itodmun !.'. (irKiom -Iclm (irlbl.el lure. ire 11. I'lurk
I. M.uinin Kliudet. (icorKC M.l'iidllen llorullo (.. I.bij.l
W. l'rcderlck Snjilcr tfusepli Hujne, ,lr.
Loans and Investments $30,915,150.19
Bonds to Secure Circulation 2,994,000.00
Clearing House Loan Certificates 190,000.00
Exchange for Clearing House 986,711.22
Due from Banks 7,211,598.10
Cash and Reserve 7,634,344.93
Surplus and Net Profits 5,037,114.31
Bills Payable 500,000.00
Deposits 40,21 1,490.13
Philadelphia, September 12, 1914.
Loans and Discounts -535,258,438.05
Customers' Liability tinder Letters of Credit 926,959.49
Due from Banks 7,486,494.71
Exchanges for Clearing Mouse 1,164,798.47
Clearing House Loan Certificates 190,000.00
Cash and Reserve 10,074,988.35
Surplus and Net Profits
Letters of Credit issued to customers
Deposits : 43,794,206.62
ACCOUNTS OP .MIJltrilANTS, COnPOHATlONS AND OTHKIIS SOLICITED
lOltf.Ki.V IJXt'HANGlJ IIOCOIIT AMI SUI.K. 1.KTTKIIS OV CHEDIT ISSUED.
I. I". MIANIJACKUll. I'reald-nt.
IAJIKS HAY, Vice-President. W. A. Ill I.KI.KY. Ait. Cishler.
1". 0, ItOtJIJKS. Vice-President. W. K. If A It DP. Aait. Chler.
It. d. CLANK, Ca:hir. C. r. SHAW. Jr., Ami. Cehlr.
I'ltAN'K T. I'ATTKtloON
ritAHl.ES I. rrtAiliN
WIl.UAM A. PICK
i:H-INHIIAM H Mollitl.-'
W U. NICHOLSON
BIONET V. TYLBrt. Chairman.
lTtANCIH 1 liOWK.N
'. -AA'- II I'THIKIJ
. W I'l.'KAIll)
!'. V. MIANUAi KI.l;
JAJiIEb 31. TVIUZOX
T. I . Ju PUNT
''.. V. CLARK
. II.1.MA" S OATE3
"VILLI AM d KRAITT
V UAN'K li. ROGEHS
Hue from Hanks.
Ui-ariiiK House Cer
tificates Clearing House K.v
Cash ami Reserve.. ..
Surpltis and Net Prof
its (Earned) 2,010,102.25
Clearing House Cer
Deposits .. 25.116.281.88
NEWTON W. CORSON.
Your Bonds Were Good
five or ten years ago, when you bought them; yet
they should be constantly watched and effects' of
changing conditions carefully noted.
uiipiios you wiin rrexti uewa us to tru.irli.ii'a. .-oiuuetitlnii.
ami untMi to act it tiolp you ibfnk tas
1 Philadelphia. September 12, 19H.
Loans am! Uiscoums ,S39,(j23,603.77
Clearincr House Loan Certificates un Hand. 2fW0.000.00
1 j Due from Banks ? 8,341,745.36
' ISxclmuges for Clearing 1 louse 1,203,554.99
J Cash and Reserve 12,345.834.09
' J , Customers' Liability under Letters of Credit. 2.098,415,00
Utions carefully noted. jj! LIABILITIES
still ; they grow better ur worse, as lime f j Capilnl SukU $, -QQ m0Q
A , o 1 1 l.irpl,us .antl Xcl Prortts Earned) 4.936! 130.64
vestor s Service i Circulation 1,842,597.50
uariuiiBs ami rkpunkec. to tuat uu umy liitclliyrentlr
yourgcU. v- .
Uly ilon t you register u rcnuest fur informntian regarding aili'
ur all of your holdings it custs nothing unless it helps uu materially
ami you are the sole judge of that, Call or write for leaflet "Vain
In use tiy 21 tianks and Trust Companies of this Gin .
H. EVAN TAYLOR, Inc.
702 Morris Huilding
1121 CHESTNUT STREET
Letters of Credit
Dpnntife I "dividual "... $33,1 43.433.63
ueposus. 13nnU 22.171.048.64
(3 EVAN i
I'l lC J.J
I Aitant Cashier.
ALVKGU l'. IIAltTtlSoN.
i.i:vi u niTB. '
liEORUB II rilAZIER,
Accounts of Mercantile
lEJ1 JA RUK.
ii.VHUT .1 KliSBR.
WH.UAM fc MADDO". IJAVID W. STBUTART.
Altnt CweliWr. AtiUU'H Cashier.
i!I.KH eHORTRUKJK, rnai.-n.ai. 01 tl. Board.
i'-t-rtiJ'X-1' HOHERTS. Jr., SAMI'EI, UK.
'-.RV'tOlS MolUliriEV. WEHRPSrjflinWP
KPKINU JiAM X wi&r THOMAS S. OATKS.
RAM.A1. Mi.UIAK. 1A H. WI.NO.
1 I 'ALE Itl.NSuN frAWUEI., M. VAUOI.AIN.
Firrns, Corporation. BinK3 and BenUera Invited
, s..ui!in una bow, betters ot credit lisued