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EVENlM' LEDGBB-PHlbADBiPHIA, WEDNESDAY; SEPTEMBER 16,' 191
THE FINANCIAJtoD COMMERCIAL SITUATION AI HOME AND ABROAD-MARKET REPORTS
i . 1 . . - i i i i i
GENERAL RETURN OF
IN FINANCIAL MARTS
Those Who Protested Exist
ence of Stock Exchanges
Now Loudest in Appeals
for Their Early Reopening.
jt Is a decided tribute to the con
eervatlsm of American Investors that
there linn been lacking recently that talk
or the existences of near-ianle conditions
In the financial markets which was ap
parent almost overywhero Just after tho
news had been Hashed that the stock ex
changes were about to dlscontlnuo busi
ness. Tho public generally has como to
realize that tho country's credit Is safo
In the hands of thoso who dominate Its
finances and It Is disposed to tako a
calmer and moro hopeful feeling of tho
Contrast tho fecllns: today with that of
three or six months ngo In rcforonco to
tho need at alt of the Now York or othor
gtock exchanges. Thcro were thoso who,
lor years, had mado It a consistent habit
to tri and batter down every argument
In favor of exchango tiudlns and who
wero loud In tholr demands that tho ex
changes bo abolished becauso of tholr so
called "high-handed methods" and tholr
absoluto unnccesslty. These same calam
ity howlera aro today loudest In their ap
peals for an early reopening, so that tho
temporary lull In all lines of business, duo
to the war situation, may bo superseded
by that enormous trado development
which every one expects will follow tho
restoration of peace in Europe.
It Is to their credit that theso same In
terests aro now going out of their way
to help In every way possible to spread
the doctrine of confidence that particular
attrlbuto which, moro than anything else,
ts 60 badly needed nt this time to glvo
trength to thoso at the financial helm
who arc persistent in tholr endeavors to
to shape the situation as to best con
jorvo tho Interests of the entire country.
London has appreciated the necessity
for this restoration of confidence by en
couraging foreign Investment In American
iccurltles 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 tho other big financial centres
of the country, Is doing Us sharo to
strengthen every weak spot that Is to bo
There Is a brighter feeling everywhere.
Investors, confident that the situation, for
which there never was a parallel, Is
slowly but surely adjusting Itself to
normal proportions, arc coming Into the
market again, and both the listed and
unlisted stocks and bonds are display
In? an active Interest which Is In every
way gratifying to bankers generally.
There is a ccneral wllllngnes to do busi
ness, and tho expectation la that It will
be only a short while before thero shall
como a readjustment that will work out
for the benefit of all concerned.
To what extent conditions Internation
ally havo Improved Is reflected In tho
attitude now assumed by many leadjng
hankers who do not seo tho necessity Jor
tho creation of tho $150,000,000 In gold
fund, as was recommended, to relievo tho
foreign exchange situation. It was this
changed position en the part of tho
bankers that prompted the Iteservo Board
to announce that. In view of tho state
ment that Now York city had completed
arrangements for her maturing obliga
tions and for providing for the necessary
fold remittances to Europe, It felt that In
nilctht not be necessary to create the gold
fund at all.
The Rross Incomo of the American
6meltlng and H,efinlnB Company for tho
nix months ended June 30. 1911, was $S,7SZ,
251, compared with $G,671,GI1 in the samo
period of tho pruvious car. After total
deductions of administration expenses
interest and preferred dividends, u bal
ance of Jl.M6,G02 was left, compared with
U063.KU In 1913, equal to 3.91 per cent,
earned on J50.000.000 common stock this
year against 4.21 per cent. In the corre
sponding period of the previous year. Tho
surplus for tho six months was 936.C92,
against J1.017.S3 1 In 1913.
It was announced In Washington that
to date thero has been Issued $255,000,000
A mortgage In favor of tho Bankers'
Trust Company of Now York has been
filed In Fludlay. O., by the Ohio State
The Xew York Subtrcasury gained
JCo3,ott) from banks yesterday and since
Jurisdiction of tho Pennsylvania Pub
lic Service Commission i.s questioned by
the Jorsey Central In a statement filed
with that body as to whether the com
mission can compel tho railroad to per
mit other roads to unltu with It In build
ing a new union station nt Hcranton, Pa.
A If Caief, fop many years secretary
and treasurer of tho Missouri Pacific Ball
way; uied today at his homo at Seahrlsht,
Ten national banksTln this city report
Zg pl,t ln circulation only nhout $3,.
w.000 of the $8,000,000 emergency currency
stabim' llero' as ovldence ot "c'' caal1
ERIE R. R. MAY CREATE
NEW $300,000,000 MORTGAGE
Call Issued for Meeting Next Month
to Consider Plan
Creation of a refunding ami Improve
on m.rtb'UBB of approximately $300,000,
inl i considered ut u special nieet-
i"S or stockholders of the Hrlo Itallroad.
o De held In Now York October 13.
'n.the call for the meeting It Is pointed
out by directors of the company that tho
mortgage Is planned to cover the prop
"ties, rights and franchises of tho rail
road. The annual meeting of the com
pany will be held on the same day.
FOR INSURANCE PUBLICITY
National Campaign of Education Is
Started in Cincinnati.
Cincinnati, Sept 16Wlth a fund
made possible li the National Abiocla
"n of Uf0 Inderwriters. a national
campaign to educate tho public In life In
urance matters nut, started here today,
"embers of tho atioclation agioed upon
hn., of ce,lls for cac, 51W1 ot
Business written by them, the amount
tweeted to be placed In a general edu
ction and publicity fund.
BIG COTTON ORDER
It was innouruid to lav that Mont-
nier nr,, ro., vt ,., ,iave
ONleiej io.joo bale of cotlm, ut W unt
,in ''"'l ,,ul ,'hU-as.- "'inufa.-
TRUST COMPANY RETURNS
Made Good Showing Despite the
Considering tho condition of tho money
market and business generally tho Phila
delphia trust and saving fund compatilm
made a good showing In their report to
tho Commissioner of Banking for the call
of condition as of August 27, 1911,
An accurate comparison with a year as
canont be made, because tho call for tho
approximate year was mado In Novcm
liir last year, and thero wore only two
calls compared with three thus far this
yenr. It is the belief that another call
will bo Issued before tho end of the year,
probably ln November.
The Commercial List and Price Cur
rent, In Its regular tabulation of tho re
turns made, gives the following totals
for the principal Items! Capital, $41,
729,013; surplus and undivided profits, $$9,
162,385; deposits, $412,020,421; and loans and
WILL GET CLOSER
TO GENERAL PUBLIC
'3. ri'iucin j lu - !imi
in vcTT-nt to purihaso
Street Railway Men of
Country to Adopt a New
Platform of Principles.
Drastic Laws the Cause.
Ttccognlzlng the Importance of establish
ing cordial rotations with thq public, the
American Eloctrio Hallway Association,
at Mb annual convention, to be held ln
Atlantic City, October 12 to 16. will formu
late a declaration of principles embracing
what It boltoves to be a statement of what
these relations should bo. A commltteo
representing tho strongest men in tho
eloctrio railway field In this country has
been at work whipping tho formal dec
laration Into shape, and the report which
will bo presented to the gathering was
finished at n meeting hero today.
Public relatlonn is tho most important
topic in the minds of public utility cor
poration managers and operators. Re
cently throughout the country there have
been put Into effect drastic measures gov
erning the financing and operation of
utilities, especially tho street railways,
and It Is the belief of the association that
thero should bo properly presented to
the general public Information as to what
tho readjustments aro and whnt will bo
their effect, especially upon that part of
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 ln South America. An at
tendance of between four and five thou
sand railway men Is expected at Atlantic
City, and ln Bplto of tho depressed busi
ness conditions tho exhibit of electric
railway appliances and apparatus will
cover moro than 70,000 square feet of floor
space. The association consists of a par
ent organization and four allied bodlefl
covering the engineering, accounting,
claims and transportation departments of
railways, so that during tho five days of
tho meotlng thero will be five conventions
In continuous session and more than 70
committees will report.
With a capital stock amounting to $1,
3G1,G00, a corporation Is being formed to
provldo most of tho electrical service for
Ymk. Pa., and a considerable portion of
York County. Tho new company, known
us the Edison Light and Power Company,
will include tho Edison Light and Power
Company, the Merchants' Electric Light,
Heat and Power Company; the Lower
Windsor Township Light. Heat and
Power Company; tho Spring Grove Light,
Heat nnd Power Company; tho Jackson
Township Light, Heat and Power Com
pany, and tho Heidelberg Township
Light, Hoat and Power Company.
Atlantic City residents havo proposed
tho construction of a high-speed electric
railway along the wostern edge of In
side Thoroughfare from Longport through
Mnrgato and Ventnor Heights to lower
Chelsea and thenco to a Junction with the
main line of the Pennsylvania Railroad
on the meadows. In a proposition which
they will submit to tho Pennsylvania
Railroad It will be pointed out that the
motlvo powor and rolling stock of the
Yest Jersey and Seashore Railroad could
bo applied to the Longport extension.
Residents of Riverside, Rlvervlew and
Muhlenberg Park, N. J., are Interested In
a plan to provide electric railway service
between Rlversldo and Tuckerton.
The Ohio Public Utilities Commission
has placed four men ln Cleveland to
make a physical valuation of the prop
erty of tho Cleveland Telephone Com
pany. This Is the first big physical val
uation Job undertaken by the commission
slnco the publlo utilities law was amended
by tho Legislature In 1913, giving au
thority to do this work. About $50,000 was
New Knelnnil Tolephon ami Telegraph Com
pany. resular quarterly $1.75, payaols Sep.
tember 30 tu stock or record September 10.
Publlo Service Corporation of New Jersey,
regular quarterly of XV, per cent., payable
September 30 to stock of record September 26.
American Window Qiaos Company, a divi
dend of 7 per cent, on the preferred itock,
payable September 20 to atock, of record Sep
tember 23. This makes 27 per cent, paid thuj
far tills jvar.
Crown Iteservo Mlnlnt Company, recular
month 2 per rent , payable October IS
til murk of record September 80.
Kelly-Sprlnstleld Tire Company, recular
quarterly IHi per cent, on first preferred
and 1 per rent, on second preferred.
Checks to be mailed today.
Word was received here today from
Berlin announcing that settlements on
the Hourse had been postponed from the
last of September to the end of October.
Interest on commitments was fixed at
6?t per cent.
NEW YORK. Sept. 16. Foreign ex.
change was dull and easier today, with
demand quoted ut $1.93 and cables at
There were no quotations ln Continental
rev. (U C.) .J.-.B12.1CT flii.OSU
X Income iuujlj loo.usu
ui'eruiijia imum r .",
ti&WMUJA nui illiilin Ai r uomuA
first week September 143.353 H.'WO
Krom July I i.to.su Mi, SOU
IIAI.TIMORB AND OHIO.
July operating rewnue. . $l,itJ.iUVS $ST8,t3I
Ucer-itlnc Income 2.COO,70 381.010
liar silver In London today was up 6-16d.
to 2lld. In New York commercial bar
stiver jumped e to i3H cents.
WAR OPENS GREAT
OIL PRICES CUT AGAIN
'! Imperial Oil Company ha reduced
llio prl'-t.1 of crude oil !c a barrel V ILU.
merican Companies Look
for Big Business Because of
Stringency Abroad Gov
ernment Places $3,225,000
War Risk Policies.
The Insuranco business has been ad
versely affected by the European war, but
probably not to bucIi an extent iib other
lines. Insuranco men say that although
they notice some falling off, particularly
ln fire Insuranco, It has not been on any
largo scale. Then, too, they declare, tho
war has opened Up greater possibilities
for tho Amorlcan Insurance man, becauso
customers have evidenced a disposition to
discriminate against foreign companies,
particularly those of Franco and dor
many, on tho ground that their policies
with them would not bo as safo as with
an American company, for tho reason
that all of the money tho foreign compan
ies havo Is needed now at home.
Insurance men explain that this should
not be the caso, as, under the laws, for
eign companies doing business ln this
country are compelled to keep a certain
surplus In tho United States to moot their
obligations hero, and that anyone wish
ing to patronize a foreign company should
not hesltato In doing so for this reason.
But then, all In all, thcro seems to ho a
disposition to favor Amorlcan companies
when any business Is to bo done.
The falling off In tho flro Insuranco
buslnoss, It Is pointed out, is duo primar
ily to tho fact that tho war has cut down
exports and Imports to a minimum, nnd
consequently there Is no need for largo
Insuranco of warehouses where goods are
kept pending' shipment. This falling off
has been ln part compensated by war risk
Insurance, which has thus far balanced
tho scales, but for how long insuranco
men will not offer a prediction.
Tho marine business on coastwise ship
ping and to ports In South America Is
running along about tho same, ns is tho
buslnoss to England, although a slight
falllng'ioff In tho latter has been noted.
'The Insurance buslnoss ln Europe," said
an Insurance man today who returned re
cently, "Is at a standstill because of tho
Taking this Into consideration, then,
there are great possibilities for tho
Amorlcan Insurance man, both at homo
From Washington camo tho announce
ment today that tho Treasurer of War
Risk Insuranco has already Issued war
Insurance on eleven vessels, eight of
which ply between this country and South
America and three engaged In European
trade. The total Insurance carried on
these vessels Is said to be about $3,!23,C0O.
The bureau also has pending war Insur
anco applications amounting to $3,000,000
to he carried by a fleet of eight vessels
engaged ln tho European trade.
PORT OF PHILADELPHIA
STEAMSHIPS AIUIIVIKO TODAY.
Frnm (Nor.), Cape Irreton via Now Tork,
ballast. W. J. Grandflcld.
Vltolla (Nor.). Stamford. Conn., ballast, W.
Steamships to Arrive
West Point Tndnn.
M. Mariner Manchester
Steamships to Leave
Name. Tor. Date.
Soestdyk Rotterdam ....Sept. 17
Haverford Liverpool Sept. 10
Ancona Naplea Sept. 19
FREIGHTS AND CHARTERS
Eymouth (Br.). Oulf to France, grain, 32.000
quarters, 2. Od.. Sept.
Iterredale (lir.). Gulf to Marseilles, grain.
30.000 quarters, as., prompt.
FVam (Nor.). 1702 tons. Philadelphia and
Until trade, one round trip, 4s. .'d.. prompt.
Hero, 'JUS tons (Nor.), transatlantic trade,
one round trip, prlvato terms. Kept.
ISoston (Nor ), 738 tons, Halifax to United
Kingdom, apples, prUnte terms, Sopt.
Concord (llr.), 1823 tons, Savannah to
T'nlted Kingdom, or Continent, cotton, etc ,
2Ss. fld., prompt.
Europa (Dan.), S70 tons. Wast India trade,
12 months, $3000. Nov.
Ticlno (Ital.), Ilalttmora to west coast Italy,
coal, private terms.
CHICAGO GRAIN PRICES
Quotations for Cereals and Provisions
CHICAGO, Sept. IB The quotation for
train and provisions today were:
Wheat Open. Hlnh. Low, Close.
September 1.07H 1.07U 1.07 1.01,
December 1.10 1.10? 1.0H 1.07
May 1.17 1 ITS l.lSVi 111
Com (new delivery)
September 7rt 77Vi 7(1 70V,
December 72 72'$ 71', 71
May 7i 7&H 71V1 7H
September -tn'j 47't MVt 5
Deiember 'i W? ., 4
May Mtt S3', M1J r.K
September ....... HM
October .......... 0 30 n M n.SO 0 27
januarv 10.00 10.17 10.00 0.02
beptember ,. Jl.W
January 10.85 10P2 10S& '1077
!.S,,r.. ::::::: 20.80 . 20 . ill"
CONSIDER NEW SYSTEM OF
Builders and Architects In Session
Here Would Make Change,
The adoption by builders and architects
of a new system and method of writing
specifications was considered today at the
second session of a meeting of a Joint
committee from tho National Rullders"
Exchange and tho American Institute of
Architects. The meeting was held at tho
Rudders' Exchange, IS South Seventh
Twenty representatives, ten from each
body, are ln attendance. Frank Miles
Day, a leading architect of Philadelphia,
Is presiding It Is expected the committee
will end Its sessions tonight
It is the opinion of those attending the
meeting that the present method of writ
ing specifications contains many fuulu
which should be corrected. At yesterday's
session the Joint committee was not able
to come to a. satisfactory conclusion
as to what adjustments should be made,
The Joint committee Is as follows
Builders. H. W. West. Baltimore, chair
man; John Atkinson. F M Harris. Phil
adelphia; H- U Newman, Louisville: J
K Bartlett, I. H. Scates, John Tralnor,
Baltimore; C O. Norman, New York.
William B. Kim, Washington Archi
tects, Frank Miles Day. Philadelphia
chairman; F. W Jones. D. L. Tllton, New
York, E. A Crane. Walter Smedley, D
K Boyd, Milton B Mcdary. Jr Phila
delphia, wi'i'am a, NoUlmf. Baltimore,
iWlliara S. Barker, boston.
FOREIGN TRADE SMALLER
Both Imports and Exports Fell Off In
WASHINGTON, Sept. 10,-Imporls Into
tho United Stales In August were lower
than any month since November, 1011, ac
cording to a statement Issued by tho De
partment of Commerce today. ' Exports
reached the lowest point since August 1.
1009. Imports of merchandise wero 12V
300,190, compared with $l37,G5l.f.1 In Au
gust, 1913. For tho eight months ended
with August, 1914, Imports amounted to
$l,2fi9,i!9J,S0, nBnlnst $U56,M0,22S for a
similar period In the preceding yenr.
August i'xport. amounted to fll0,337,&l5,
compared with $187,900,020 In August, 1913,
while for tho eight months ended August,
19U, exports nmoiintcd to , $1,311,31(1,701,
compared with $1,515,182,167 for n- similar
period in 1913.
TO DISTANT STATES
In Last Ten Years Philadel
phia Builders Have Be
come Strong Competitors in
Open Market ,
Never before In tho history of building
has the Philadelphia contractor been
such a strong competitor In tho open
market Ten years ago It was almost llko
performing a mlraclo to ohtnln work of
any size moro than a few miles out of
town, and Philadelphia contractors re
garded It ns a waste ot tlmo and money
to submit bids on distant work. Today
the Philadelphia firms will not only esti
mate on work anywhere In tho United
States, but havo succeeded In running
many out-of-town contracts. Not only oc
casionally but almost any clay ln tho
week. on tho estimating boards In tho
larger olllces will be found many largo
out-of-town Jobs. This change of af
fairs Is principally duo to thu following
First. Tho local contractor, like tho
Philadelphia lawyer, has gulucd n. fnr
reachlng reputation for skill and elll
cleney. Second. The complotness of the organ
ization of most of our largo contracting
firms enables them to carry on tho con
struction of a building 1000 mllos from
Philadelphia with tho samo ccleilty and
exactness as though It was a stone throw
from their olllco door.
As an Illustration of the magnitude of
this out-of-town business. It was learned
after a visit to only thteo of tho leading
contractors. Cramp & Co., Irwin &. Leigh
ton, and .1. E. & A. L,. Pennock, that
their combined work for the year amount
ed to moro than $10,000,000, and was being
constructed In such distant places as
Oklahoma. Chnrlestown. W. Va. ; Dayton.
O.: New Haven, Allegheny City; Httrris
burg. Pa.; Atlanta, Ga. ; Montreal, Can
ada; Cincinnati, O.; Indianapolis, Ind.;
Ann Hnrhor, Mich.; Detroit, Mich.; New
York City; Newark, N. J.: Buffalo, N. Y
nnd ninny other large cities throughout
tho United States.
The above firms by no means havo a
monopoly of this distant work. Many
of the Government postolllccs throughout
the country nro being done by our local
contractors, and tho satisfaction they nro
giving In tho fine class of building con
struction ennnot help but stamp tho Phil
adelphia contractors as leaders In tho
WHEAT STRONGER AS
MARKET HEARS LESS
OF EUROPEAN PEACE
Heavy Demand From Mil
lers at Liverpool, Where
Prices Are Better Gen
eral Buying in Chicago Pit.
CHICAGO, Sept. 16. Thero was re
newed confidence In tho buying side In
tho wheat market today. Prices opened
firm, with December up l cento, at $1.09,
and May up 2), cents, nt $1.17. Weak
longs wero eliminated on the recent set
backs and tho market was believed to
be on a far better basis than It was
seven days ago, when pries wero 213i
cents abovo yesterday's low point. Thoru
was a large export trade on the recont
A heavy demand for wheat from mill
ers was reported at Liverpool, serving
to leduco British stocks and relieving
tho congestion In the United Kingdom.
Tho receipts In the Northwest woro again
heavy and stocks aro accumulating there.
Tho scene ln the pit tills morning was
wild, with commission housiis In general
buying nnd offerings scattered and Inade
quate. Lees was heard of peaco talk and
tho news from the other side was believed
to Indicate a prolongation of the strug
gle. Prlce3 at Liverpool wero (.trongor.
While supplies theie aro ample, tho ac
knowledged largo requliements of coun
tries other than ('re.u Britain had a
tendency to cause pronounced firmness
In tho distant month nt Liverpool. The
visible nip ply in Europe amounts to C5,
70I.CO) buibels. against 61.3H.0iM bushels
In tho previous week and 70.Wn.000 hilihel?
a year ago. The weather In tho United
Kingdom is moro favorable, nnd native
wheat Is moving freely. An olllclal report
places tho condtion of wheat there at $l.o.
The French crop, which has all been
gathered, has turned out bettor than had
been expected, with the quality as a
whole fair. The weather In France is
now seasonable Reports from Herman
olllclal circles show that tho outturn of
wheat In that country was below expec
tations. Report.-) from Russia nro con
flicting, but It is belUved that the jk-ld
will bo short and of Inferior 1 1 n a 1 1 1 . Ben
ellcial rains havo fallen In India, but
shippers there ure maintaining llrm
prices and offerings are light. In Aus
tralia tho weather Is dry und tho crop
outlook unfavorable. From Argentina
weather and crop accounts shov im
provement. The receipts at Minneapolis and "Duluth
today were HSl cars, against 12a; cars a
year ago. at Winnipeg. 1S cars, against
SS6 cars, at Chicago. K) cars, against li
Corn was stronger on light receipts and
a better Inquiry from the East Decem
ber and May opened up ; at 72 and 74
to i, respectively. Prices nt Liverpool
were down 2jd. on liberal plate offering
nnd larger stucks The receipts of corn
here today were 106 cars.
Oats were strong on heavy speculative
buying. An enormous buelnesg was done.
Ml over-night offers weie accepted. Bal
timore Is now outdoing ChUapo at many
Illinois points December was up i4 at
the opening, ut 19, and May up , at 52 m
Th receipts of oats here toda ri ri
cars. The condition of oats in p l m leu
Kingdom, Is ofliclally placed at t'J.
NEW HAVEN R. R. WIL
SPEND $1,500,000 TO
Directors Meet Tomorrow to
Indorse Project Have
Already Spent Nearly
$16,000,000 On New
A contiart for supplying electric power
to tho New York, New Haven and Hart
ford Itallroad and tho Now York, West
chester mid Boston, Hallway, made with
tho New York Kdlson Company, Is ex
pected to be concluded at a meeting of
tho directors of tho New York, Now
Haven and Hartford In New York to
morrow. Tin- plan Is to havo tho Edison Com
pany supply power to tho Now Ilnvm
between Woodlawn nmt Now Ttoahell.j on
the main lino and to tho Harlem Itlvcr
nnd Port Chester Itallroad hotween
Harlem Itlvcr nnd Now Itochnllc. ' Cur
rent will ho supplied to the entlro system
of tho New York, Westchester and Boston
Tho electric zone of the Now Haven
SS'(.PW 1,nv"'1 requires about 200.
000.000 kilowatt hours of electricity. It
Is estimated that the cost of enront pur
chased from the Krllson Company and
that generate,! by tlie subsidiaries of
rJjf .Hi', 5!XC" wl" ru" "'tween $1,400.
000 and $1,500,000. Xe,v HnvcM ag arcmIy
spent approximately JN.owvoo on elec
trification. The holders of nearly all of the 0 per
cent, nrst mortgage bonds of tho Arkan
sas, Oklahoma nnd Western Itallroad, on
which semiannual Interest was defaulted
on July i, have joined with the bond
hoIdoiH protective committee ami depos
ited their bond.H with the n-al Kstnte
Trust Company, the depository of tho
committer. The nominal time "limit for
depositing tho bands expires today. Mem
bers of the committee cald, however, that
they expected to receive the small re
mainder Ptlll outstanding.
Tho annual lepoit of the American
Railways Company for tho fiscal year
ending June 30, 1911, shown a total In
come of the company from subsidiary
companies as $1,016,361, compared with
$99S,-IU In the pievlous year, an Increase
of $12,919. After deductions of ?H2,.7i:,
against IIGS.OTt) In the previous yenr for
taxes and miscellaneous expenses, the net
Income will J591.S2S. compared with $5.M.!rVi
In 1913. The net Income U equivalent to
G.7 per cent, earned on Ji,713,150 common
stock, after paying 7 per cent, on $2,0,
000 cumulative preferred stock, compared
with 5.7 per cent, earned mi the same
amount uf common stock ln the fiscal
year ending June an, ion.
The next annual meeting of tho stock
holders of the Southern Railway Com
pany, on October 1", will mark a new
era in tho history of the company, as it
will be the lit sC meeting at which tho
12.000 stock 1'oldeis have had tho oppor
tunity to voto directly, the voting trust.
In existence -luco tho organization of
the company In 1S9I. now being in process
According to report. S. L. Pchoon
maker. who has been elected a director
nf the American Locomotive Compan),
will, at a mi .'ting of the directors
tii.. noiir future, bo mado chairman
tb imiiul The election of Mr Schoon-
mnber to tlm tlin ctorate will me.ui
ollminati"!' .ill factional .liffr ron es.
UNITED STATES HAS
CHANCE TO OBTAIN
TRADE OF RUSSIA
Minister of Foreign Affairs
Says America and England
Can Supplant Germany in
Supplying Czar's Country.
LONDON, Sept. 15.
The London Times correspondent nt
Petrograd quotes a statement mado to
him by M. iJasonoff, Minister of Foreign
Affairs, In which tho latter says the
present situation offers a great opportu
nity In ti-tdo and commerce with Bus
ula, which to England nnd America may
mean moro In decadea to como than it l
easy to realize.
"For years past Germany has been
btcadily and vigorously pushlns trade into
ull quarters of the Hussian empire. She
now sells us above iM.ouo.OO worth of
products yearly. Thto enormous market
for machinery, chemical and all eons
of manufactured products Is now sud
denlv cut off from avenues through which
?h"y have been suppled. Herein lies the
greatest cummorciul opportune for tug-
i.,.i .....l America lltol hd
"It is that country which foresee the
Munition commercially in Hueata that
will r-ap ttu. enormous benertu that taebe
mnikets now offer. It is not intfi l suf
ricient that merchant and manufacture! s
should ofter their a.iod here. Export
should bo sent here now even whll war
la still in progress. They should study
nnd examine the wants of our country so
that when peaca comu thoso ohannels
which for decadea have llowed deeply
with German pioducts may continue to
now with products from Emjlund and
For America Russia opens an oppor
tunlt for a commercial outlet Sieh na
can hardly bo over estimated- Wo have
on empire of 170.OO.tfU gouls awl the
$3lO.C00.Mu yearly that we have beon pav
lug tiermany ts tout a beginning of the
demand that will soon make Russia
among the most deBirobla and valuable
markets In the world. Railroad building
and new developments everywhere are
a prelude to An era of prosperity In thin
country such as never has bean Men
here before. I cannot too ompbatioally
express the hope that merchant abroad
will realize this wonderful opportunity and
LIVE STOCK QUOTATIONS
rillOACn. SDt IB HOflS Recftloti.
;e.(.. turku. .'lo. ilehr. wUs.l au.l
;hl. & TOAtt.M. u-
tulk. Si t:,ui i.i
TTI I" H.i r !.. Kil mirk
te.ll In I"' I "! '.-.if JT-H'UllH'
C"tt Ui'l reit. r M i' f'. 'A U .. !
O I. 5 Jl -UM N J 1H.1. 7 (J s
1 r 9&c4UI2-i
SHKEt Rm "COO, jt I
i-- ,ni VeM"D, i.t94V.t
liniOS, ?.'",, ft 3,
Thn market win dull with nmpl offerings
nt 'hn ferrnt decline.
nty beef. In et, mrked am! nlr drlecl.
HUn.V i Western heft. In sets, nmokeil, .list
.'!;.'( ; t.iy beef, knurklct flnil lender pmnkcl
ind nlr ilrled. .'ISM.IIc. ; WMrn beef. knwklM
niKl ten. lor, dmokeil. aSlOxiffllc. ; tef liaurj.
WMI.Ir, pork, family. JftdlSic s tinm. S.
I, cured, lo.ifp. ."KMtniu.; lo., rklnne.1,
lont, l.-piWlllc. ; lo.. smoked, lAr Wc . . other
hniin mnoked, city curid, ns in lirnml nnd
Mired, Ifcrrt llic. ; dn drilled, boneless. J'tOanc,
plimlr ImiiMers. K. I. cured, l(me. "' l.-'i1'-'.
do., Mnoked, liffilM-ir. ; dclllec. In pickle, nr
rarrllng In meriine, Inone, lilifjl"'.: bieokfnpii
Imron. n to brand and nVeriiRe. rlly Mired,
iKfflMc. breakfast bar on. Western -iired.
U'.'Wilr. inrd, Wentern refined, tlerce.ll'j
t lift r.; do., do., dn., lulu, 1 t'if 1 1 ir, ;
lnr.l pure city, ketllo rendered, In tierces.
llTJl-p.; Inrd, pure city, kettlo rendered
In tubi, ll'iC'U-e.
rtenned, rpilet. but firmly h'ld.
Standard irrnnulated, 7 .WO 7.fl!ie t flno
ftrnnul.tted, 7.2.T!J7."i0p. : powdered, 7,Jn'f8
7.fior.; cnnfeetlnnern' A. r.lS'ft 7.10c: fcoft
Krmles, 11. 1.".c7.0."c.
lU'TTHIt Demand fairly active nnd
mniket llrm under Unlit receipts. He-tern,
freih- snllil-pAckcfl creamery, fancy upeclaK
!Hp. ; exceptional Iota hlRher; extra. .IZfii
.T.'tic. i extra first, .'lie. llrats. 5!l4ta:iOt4e. J
seconds, 27'4 H2S V. ; ladle pnrkerl. 2 1 (ft B.'lc..
at to quality; nearby print1!, fancy, .1.1c;
do., aierneo extra. IKITi :He. ; do., firsts, an
rip:i2p.; do, seconds. U7l'jne. Hpeelal fancy
brands of prints jobbing t ftltrFf 1 1
IMlll.s Desirable stork In good requeit
nnd firm. Heielpis only inodeinie. In free
ruses, nearby extra", ill' "pet do.: nearby
flrsls, SH. Ill per standard ease! nrarby cur.
rent receipts, 57,r,nw7n per slandurd case;
Western extra (lrsls, $N,Jtl per .use, do,
firsts, t-'.Mlit'!.'!! per rnso; do., seronds. sn.tii
Bjiit'i) per rase. Candied nnd reunited fresh
ckkh uero Jobbed out nt .1."W.'I7i . per do ,
as tn puallty.
CIII1II2 Trade slow and prbes favored
Iniveis. New Yolk rull-r ream, i bob e, l'l1')
lCKji ; do., do, fnlr to Rood, l.Vi inc. ; do.,
pnrt klms. Hill 1c.
per hamper. SOSTfiOftf
lemons, per box fa4; rinenppie, per crars.
UarlV Dlaok, per bbl..
liur.kleberrles, per nt.. 47IHp. ; peaerns, A
clnln, per liii-lb. basket, 25r.Or.i do., i
per crate, 7.1c pxi r.Os dn . Delaware i
Maryland, per bnsket, 2S??7r.p ; ro., do.,
Si fi0ffi2ftri: Delaware.
Porto rtleo. M :.iR!I.M; Florida.
......Him! rntie Cml. Ha
ll.-iOWB, per rrate, Jl.75trP.2i Jersey., per
rrate, Hark, l 7.W2 SEi nam, ifi an!
liur.kleberrles, per nt.. 4fl)Bc. : peaches, Vlr
ernte, Tr.r Ff.l tiS: peaches, Pennsylvania, per
basket. Inrpe white or vellow, tlOWfOc: me
dium. a.'P ."Uf.; Jersey, while, tier S-hnsket,
Kir irj St ; rlo , rlo , yellow, per ,basket. IOp.
17 1- pears, nearbv. per bbl , Tlartlett, No. It
H3Rn?fi; lo . No. 2, X 2 7.1 Ut .1 2(1 ; Clapp's Fa
vorite. So. 1, f3.rinr.; rlo.. No. 2, f2.7tifff
.1.25 other wirlettes, Jffl. prnpes. Houth
ern Del.iwares. per carrier. 4p7"e.t Con'
cord, per rate. Iivffrvii plums, per S-lb.
basket, 2Y!i2.c , pnntnlnupe. r'olnrado. per
crate, . Jffl r.0; dn do. Ilnls, 4fVf?7nc. ; iio.,
Marvlnnrt. per crate. 2rjiI'(inc. ; Wntermelons.
Southern, per rur, AnOfflOn; do., Jersey, pet?
f.IVIT Tho market nulet. with fairly lib
eral otTerhiRs at roimei ihU s.
l"owl, J " IS-1. : old roosters. 111 12c; rprlns
chlekcnu. line, larpe, 17fitNc; 'In., medium
sizes, l.-illic. , dueks. old. KlfJllc. : ilo.. sprint;.
II Trifle. ; KUlneaK. per pair, younir. welshlnx
i pounds and over nplere. vOc ; do, welt-bins
1 pound np'e-e. . ni ; do. npi
l'iljl3 pounds apiece, (srti7uc
per pair, l.'tilhc.
W)c ; plReons,
do , welghlns
Applea In fnlr reo,uet and
fruit- showeel little hanue.
Appl". per bbl . fan' X2
URGE REHEARING OF
FREIGHT RATE CASE
Potatoes firm and netlve. Other vegetables)
peiiemlly steadv Whim potatoes, per bushel,
Pennsylvania cholre, 7lrt7V ; do, fnlr ti
kood. il"Sflr,e : while potatoes. Jersey. Per bas
ket, lOflfiOr : sweet pntntoes liastern Hhorc.
per Inrrel, No I Jl 7.ii2 IS No 2,
sttnefe. Jersev. i.er barrel. No 1.
7o. 'J. iV.'ifi: sweets, per barrel, ro i,
y.' "nrr:i; No 2. 1 Viti I 7", sweets, Jersey, per
basket. 'AWitfr onions, Weslrrn and Cnnnecil-
tit nlliy. rhoue. per Inn-pound ban $1 2,": do
medium, per inn-pound bap;, M, cahbane, do
mestic, pfr tnn. M'JflH. relerj., Ne.w York,
tier duneh, tinp ; mushronms, per l-pounj
baaket. ,".Oi .y no.
GRAIN AND FLOUR
U'HIIAT Iteeelpls, .1S.0S0 bushels: marks
Mroru; nnd ndHorrd 2 . under bullish spccu
Intlrti In 111" West llxport Inquiry fair.
Car lots In export renlor--No. 2 red. spot
nnd September. M.07SI1.1S, No. 2 red West
I1.2.W1.2S. fOIIS Hepelpts. r.fKIO bushets; princes ad
vnneed 1e. nlth more demand nnd stronger
far lois for local trade, as to location
No 2 yellow. I7fris7"jc. ; steamer yellow, SOU
OATS- -Uncelpts. TH.nn-. bushels; marketl
stt.n.i; nnd 1 Vsc higher In sympathy with th
Vo 2 white. MtiitT.-ilp. : standard white,
ft.'ii;i.vi'jr ; No. a white, r.u i, m t,:
ri.Ol'U tie, elpts, 12SS barrels: 1.2l.-..finT
priuiiils in arl.-. The market dull and price
lnrucl.N nemlnnl. but undertone firmer in
Hympiuhy Hh wheat. Winter clear. xi.7."i!ii
."; do., stralirht. . ."i.25 : do., patent. ..".. 4(1
Hn, Knnns, straight. Jute sacks, $,".innj
."i.2.".; do., pntent. Jute ack, .i..10tiZ.,..Vi;
sprlnp. first rlenr. $.".(rt." '.'.": ilo., stralnhu
5.1 25ffJ "i.M1. rb . pntent. ,'. liniff 11: do., fav
orite brands. M1.2.VH (I 7.1 : city mills, clinics
nnd faniy patent. .n,2"rll.7ri: do., regular
irmdes Winter, clear, Sl.T-'Wifl: do., strnlKbt,
5uff.i.flo: do., patent, ffl.mmil.
ItVi: I'l.tirit Quiet and steady nt SS5'
.".."iM per bbl.. tu wood.
Petition of 112 Companies
Sets Forth Great Decline in
Revenue and Addition to
Expenses as Need for In
crease. WAcriTXGTOX, .ept. ir,.ncpresenta
tlves of tho 112 Eastern railroad compa
nies hav Hied a formnl application for
n rehenrinf? of the 5 per cent, advance
freight rate case. The petition was
signed by Daniel Willard. president of the
13. and O. Itallroad, as chairman of tho
presides' committee, anrls ns follows:
"Your petitioners, 112 railroad compa
nies, comprlsli.fj the S3 railroad systems
ln oillclnl classification territory, parties
to tho nbovo-entltled proceeding, re
spectfully petition tho commission for
such a modification of the order of July
If. Mil, as will permit the carriers to
mako effective the ratos specified in tho
tarlffri which were by said order directed
to bo canceled. Slnco tho miner of the
icport nnd entry of the order by the com
mission in these casts, facts and circum
stances have arisen which, taken In con
nection with tho facts already before
our commi-lon. your petitioners believe
will justify the relief herein prayed for.
Tnee facts and cli'enmstonces are briefly
"First. During tlw month of October,
1!13, your petitionee published and Hied
with this commission the tariffs Involved
in these proceed 1 lies. At the time of the
fltinfT of tho tepurt of the commission
thero were nvuilable for the information
ot tho commifHlon tho annual reports of
j.ur petitioner." for the ear ending
June SO, ISn. as well as the mnnthlv re
ports of your netltlnners up tn nnd In
cluding Jlny, 1914. Since that time tin
complete Income accounts of our peti
tioners for the fiscal year willing June 30.
1911, have become avatlnrl
"Tho repoits r.f your petitioners for thn
year ending; June 30. 1914, us cnmpniid
with the j car ending .Tune 20, 19:3. show a
decrcane in total operatlns n venues ot
npprolmntely $44 i"n,', while dtirini; that
s..me period ip ratine expenses have in
croaeerl uhout 23.tO0,u'. After deductions
of taxes and deficit In outsld" operatnum
there was a decrease in operating incomu
of approximately $7'.7W),O00,not withstanding
nn increned property Investment. Thut
the tendency tonard a diminishing oper
ating income found by the commission In
Its report Is emphasized by the figures
covering the completo year to June SO.
1314, while the reports for July and euch
ligi're as arc available for August, 19H,
show a ciinttnuunce of this di-cllnlng ten
dency, notwithstanding the extraordinary
efforts that havo bcn mado to reducs
"Second. The unforeseen nuropeau wan
lias brought about an unparalleled de
miction of wraith and dislocation
it'illt throughout tho civilised world. It
Is .ertaln that the competition for canltal
lll be keener and Interest rates higher.
uir some years to come than In any cor
rrspondlne; p.jrlod within living memory.
Thr rmergencv thus resulting Is extremely
.sciioUH It s conservatively estimated
that the railroad companies or the I'nlterl
States have obligations maturing In tho
net 13 months amounting to well over
j,-iv cf.ffm, nnd It Is Imperative in thu
public Interest that these obligations shall
bo duly m-it. A large part of this sum
Is owed bv your petitioners, and they will
fuither need from lime to time In the
next few yoors large amounts of money
to provldo for improvements which wlil
be necessary In the public Interest to pre
xent serious deterioration In the standard
of transportation service. In order to
conipMo effectively for thin new capital
they must have it material increase ln
"Thiid. The commission In Its report
made certain tentative suggestions us to
measure which might bv. taken by tho
carriers to securo additional revenuSi,.
Your petitioners ure proceeding as TApilSly
hs possible to put Into effect tho Increased
freight rates tn fcntr.il Freight Asstfcla
tioti tenltorv. authorized by the report of
the commission, nnd nie giving earnest
attention tn the other recommendations
and 'jUKgemlcns of rhe commission with
respect to other rates and piactlces.
"It is believed, however, that tho addi
tional revenue which may be secured by
the adoption of imans other than a gen
eral advunco in freight rates cannot ba
obtained In the near future, and when
fwund 111 be Inadequate to meet tho
needs of the curriers for Increased rev
enue in the prewent situation.
"Wherefore your petitioners ask that
the eommieHlon mortify tho older afore
suid ha as to permit the carriers to makn
ffeetlve the rates specified in tho tariffs
which were, bv said order, directed to ba
canci led. except so far ns they have been,
or ma be superseded bv advances filed .
in accordance with the report of tho Com.
mis")on. and th it your petitioners may
have pitch other and such further relief
In the nrenii'i's ns to the commission may
TIIK l'i:NVl M COMPANY l"OI
1NM HANCi:. ON I It Ks AND
r-epiembi-r 14rh. 1014.
Th Hoard 'if Dlrei mrs til lhl day de
elareil a recu'.ir nuirierlv dlvi.ie.id of Sli
I'rr Cent. (9.(Hl per ohurei. . leiir of tax.
pndble October .1th, 1911. tn no, U holders uf
retord at 111 vlu- of billnesv W. nleniber
S4th. 1011. c. s m:wiii.l.
of PHILADELPHIA, PA.
Loans anl Imc-pin-nt. SVifi 375 9f
Hue from Banks 1,183,306.94
Exclrmue for Clearing
Cash and Reserve ... .. 1.613,241.65
Clearing House Loan Ccr
titicates un hand... 850,000 Ot)
Capital Stock $1,000,000.00
Surplus and Net Troths.. 1.350.928.57
IV S. Uon.U Borrowed (U.
B. Deposits ) 50,030.00
Clearing House Loan Cer
tificates outstanding . . . 350,000.00
SI 2,71 2,407.47
W. P. SINNETT. Cashier.
S-sy. v- x . '
buL. h.i . -S !& 13 ,
roub lioa). S tOu.S
su Sfta1 t-
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.
None stand stili; they grow better or worse, as time
supplies yon with fresh nswa a to frunehtaw, competition,
earn rigs nnd expenses, go that you way lntlllit9Btly
decide how and whti tu act tt b,rw you think for
Why dw't you register a request for information regarding any
or all of your Iioldings-it costs nothing unless it helps ou materially
and you are the sole judge of that. Call or write for leaflet "Vain
In use by 21 Banks and Trust Companies this City.
H. EVAN TAYLOR, Inc.
702 Morris Hulldinir
1421 CHESTNUT STREET