tmVl-v-i
JSVEIG fttoaEB-PHIJAPESlPHIA, WBPJEgPAY, SiapTBMBER 16, lOU
18
Iial an5o)mmercial situation at homeand R?!g
MtYPERMIT BOND
HOUSES TO SULiin
LARGER BUSINESS
Financial Situation So Much
Improved lhat nxcnange
ill Be Asked to Allow
Salesmen to Go On Street.
.. .oeh Improvement Ha been nolod
"" .... r.w dalfl In tins i'linnueip.i.a
"..I. markota that the special
lav"- "
iinr bond houses dealing
I"1". r. . m 1ms nrranncd for a
L"e "marrow .th the special com
" .. 7 . .ho Stock Exchange, dealing In
;S hut only shall they put
SfwX ISlM of securities In which their
"ffilSuL 01 e directly Interested,
affile not to permit mo, e trading
E
rr. :' . nd bdnd. t hicn win i.c
i ...d the matter of eendlnfr out sales
t ViollClt business under ccitaln ic-
"ilhis been such an active demand
'"".Vim. , especially fiom Individual
"f 'Vhl't the committee on unlisted
w .r.r. feels the tlmo Is now opportune
Hta more Beneral trading market.
i , ,. -ninion that, tne situation
11 .L materially sticngthoned were
Z ?ta?S InvUed to come Into the
l" J. In ft forger way, and Us sugges
Eto he Stock Bxchango will bo thaf
stt. ".".. h. nllnwed to canvass for
hmd """ ".". - ... i,ii ihv
TM lucn. B11(.UUraKe direct tnvest-
.... for cash only, so that the.e might
?nidded relief to the money strln
'through the liquidation of bank
S?M b.oke.s disposing of the
Sttlts This now business would, of
lead to an Influx of new capital,
?mS 'the banks are just now In need of.
i .t the samo time It would perpilt
& to ?M oft some of their heavy
Mtli the understanding that such sales.
I, srmlttea, will be mbjectcd. as to
rii the scrutiny of the special coin-
lttr and no tiansfeis aio to bo made
WhWt the committee's sanction. Shou d
i Stock nxchange committee ngreo to
ike-proposltlon, it I" expected similar
rules win be laid down for tho govern-
Z nt of sales In ll-Ucd securities.
It 1j a decided tribute to the con-
".H..A t American Investors that
SSStoi been lacking recently that talk
if the exlstcnco of near-panic conditions
?' St! -.nnl.l .nnrkcts which was np-
went lmost everywhere Just after the
'" : , i h...i.o.i (nil tho Mlnck ex-
KK tiero about to discontinue bust
Mi The public generally lias come to
realize that the coiintiy's credit Is safe
In he hands of those who dominate Its
and It Is disposed to take a
Ulmer and moic hopeful feeling of the
teneral situation
Contrast the feeling toda with that of
three or six months ago In inference to
the need at all of the Now York or other
.loci- exchanges. There were t lioic who
for years, had made It u consistent habit
to try and batter down cvny argument
In favor of exchange trading and who
tire-loud In their demands Hint the o:.
bhanges be abolished because of their fco
illed "high-handed methods" and their
kbsolute unncccsslty. These same calam
iit,niM nrn intlav loudest In their np-
tlili for an early reopening, so that the
tanporary lull In all lines of business, duo
to the war situation, may bo superseded
lr that enormous iraue uuuiuinm:iii
Wch every one expects ivlll follow the
jeitoratlon of peace In Kurope.
It Ji (o their credit that these same In
UkijV if now going out of their way
tohjfplA every way possible to spread
thUjjctrJne of confidence that particular
Ittrfbute which, moie than anything else,
ll u badly needed nt this tlmo to give
ItrertfltlJJo those nt tho financial helm
hoiWperalstcnt in tholr endeavors to
19 itiape. the situation as to best con
ert'tM Interests of tho entire country.
London has appreciated the necessity
for (Ms restoration of ronfidence by en
tourajlns foreign investment In American
lemritfes of high grade. Xow Yorki re
rectlnr the foreign Bentlnmnt, is main
taining an equal amount of stable cou
ervatlim, and Philadelphia likewise, as
11 as the other big llnanclal centres
e( tht country. Is doing Its share to
trentthen every weak spot that Is to bo
fount.
There Is a brighter feeling everywhere.
lnreitora, confident that tho situation, for
rJch there never -uas a parallel, Is
a'owljr but surel adjusting Itself to
tormal propoi lions, aro coming Into the
irl(et again, and both the listed anil
illited atocks and bonds are display
Inianacthe interest which Is In every
Jjf tratlfylng to bankets generally.
There is a general willlngnes to do busl
"", and the expectation la that It will
" only a short while before thero shall
' readlus,tment that will work out
iwthe benefit of all concerned.
To what extent conditions Internation
al j e '""'roved Is rclloctcd In the
tutude now assumed liv many loading
Makers Tho do not see the necessity lor
' WMtlon of the lCO,000,(iOO In gold
IJM, as uas recornmeiiilid, to relieve the
weljn exchange bltuatlon. It wua this
rised position hi the part of the
"Wera that prompted the Reserve Bo.nd
" "inounce that, in Mow of the Mate
nt that S"f Yoik Utv hail completed
rrintements for her maturing obllga
,',"' rti fr providing for the noeessarj
''a jemlttancea to i;utope. it felt that In
tiii at" 11 neceasary t0 tieate the gold
HNANCIAL NOTES
.C"'enn,lal .National Bank, of this city.
HiUiJ.i,tllcLrew suel Institutions In
em Phla nlcl1 llas "ot taken out any
ertl8.y c"rreney oi Clearing llouso
lorr itn nl ouce '" t,, bank-s his
Charin. vva' u necessary to ongago
ieier?.1 !l0u'e certificates. Its cash ami
UrliiM i . L.0'08" "f business Septem
B ,w1"'0l0-9M ' Hownnl Clark.
tatHutto"" & C ' IS "esltIet oC
tsMUnJi j'? ome of u"' -Vmerltan
SmoMh! nd "en"'ng Company for the
rlodT,r W,th 6-67l.6U In tho same
?ctbL ,ha P'ev'oui vear. After total
IHwtT La adminlBtiatlon expenses.
. r"' and nn.rpr,i .11..1.1 , .. ...
M la liVi W0S '.eU l,"mPa'e' with
'Walnii j? tonimiMi stock this
WUur n.H, .VLr telu- ln ",e tor'c-
.period of the previous vear. The
K91mon,hs waa m-2
'e.t.'.;"nu"ce'? ln Washington that
,atency currency"" 23.O.00O
T,wFcomng,en m "r f U'e Ba"ker"
"Ptionecompanj " ola,e
0 fiom ZV SulltaBUry gained
rri. h'tSi.vM ieatery and since.
8mic"?o0l tlhTPen"s-'nla Pub
"i JtV.lt V,ommlM'on 3 questioned by
3 'hat bodv . '" a, 8tatament filed
- a, w ni HiiiHr ino rrtm.
lui,
C411"! can Jl . . ""e,"er tie co
CahT" ,,taUo' t Scranton. Pa
?4te.11'' :rm.a" ars .ecreta
er-
bulld-
ecretary
V, t today at im home at Scabrlght
TRUST COMPANY RETURNS
Made Good Showing: Despite the
Market Stringency.
Considering tho condition of the money
market and business generally the Phila
delphia trust nnd saving fund companies
made a good showing ln their report to
the Commissioner of Banking for tha call
of condition as of August 27, 19H.
An accurate comparison with a year ago
canont bo made, because the call for the
approximate year was made In Novem
ber Inst year, and thore were only two
calls compared with three thus far this
year. It Is the belief that another call
will bo Issued before the end ol the year,
probably ln November.
The Commercial List and Price Cur
rent, In Its regular tabulation of the re
turns made, 'gives the following totals
for the principal Items! Capital, Wr
729,643; surplus nnd Undivided profits, $89,
162,386; deposits, )il2.0ZO.42l; and loans and
Investments, $457,-131,833.
UTILITY MANAGERS
WILL GET CLOSER .
TO GENERAL PUBLIC
Street Railway Men of
Country to Adopt a New
Platform of Principles.
Drastic Laws the Cause.
Recognizing the Importance of establish
ing cordial relations with tho public, the
American Electric Railway Association,
at Its annual convention, to be held In
Atlantic City, October 12 to J6, will formu
late a declaration of principles embracing
what It believes to bo a statement of what
these relations should be. A committee
representing tho strongest men In the
electric railway field In this country haB
been at -work whipping tho formal dec
laration Into shape, nnd the roport which
will bo presented to the gathering was
ilnislied nt a meeting hero today.
Public relations Is the most Impoitant
topic ln the minds ot public utility cor
poration managers nnd operators. Re
cently throughout tho country thero have
been put Into effect drastic measures gov-t-rnlng
the financing and operation of
utilities, especially the street railways,
and It Is tho belief of the association that
thcie should bo properly presented to
the geneial public Information ns to what
tho readjustments are and what will be
their erfect, especially upon that part of
tho publlr: which has money Invested in
the securities of public service corpora
tions. Tho association represents virtually
ivtry important electric railway on the
North American Continent nnd n very
Inise number In South America. An at
femhinco of betwoen four and five thou
sand railway men Is expected at Atlantic
Clt, and In spite of tho depressed busi
ness conditions the exhibit of electric
ialUsa appliances and apparatus will
cover more than 70,000 square feet of floor
space. The association consists of a par
ent otganlzatlon nnd four allied bodies
covering the engineering, accounting,
claims and, transportation departments of
railways, so that during the five days of
the meeting thero will bo five conventions
in continuous session and more than 70
committees will report.
Vitli a capital stock amounting to $1,
361,500, a corporation Is being formed to
provide most of the clectricnl service for
York. Pa., and a considerable portion of
York County. Tho new company, known
as the Kdison Light and Power Company,
will include tho Edison Light and Power
Company, the Merchants' Kloctrlc Light.
Heat and Power Company; the Lower
Windsor Township Light, Heat and
Power Company; the Spring Grove Light,
Heat and Power Company; the Jackson
Township Light, Heat and Power Com
pany, and. the Heidelberg Township
Light, Heat and Power Company.
Atlantic City residents have proposed
the construction of a high-speed electric
railway along the western edge of In
sldo Thoroughfare from Longport through
Margate and Ventnor Heights to lower
Chelsea and thence to a junction with the
main line of the Pennsylvania Railroad
on the meadows. In a proposition which
they will submit to the Pennsjlvanla
Rnilroad It will be pointed out thnt the
motive power and rolling stock of the
Vest Jersey and Seashore Railroad could
bo applied to tho Longport extension.
Residents of Riverside, Rlvervlew nnd
Muhlenberg Park. N. J., are interested In
n plan to provide electric railway service
between Riverside and Tuckerton.
Tho Ohio Public Utilities Commission
has placed four men In Cleveland to
make a physical valuation ot the prop
erty of tho Cleveland Telephone Com
pany This is the first big physical val
uation job undertaken by the commission
since the public utilities law was amended
by the Legislature In 1913, giving nu
thorit to do this work. About $50,000 was
appiopiiated.
DIVIDENDS DECLARED
New K'nsland Telephone and Telegraplt Com
pjny. regular quarterly 51 73, pamble Kp.
umber iici to stock of record September 16.
I'ubllo Servliei Corporation of New Jener,
iFKUlar quarterly of 1, per cent., payable
beptunber 30 to stock of record September S5.
American Window Glass Company, a divi
dend of 7 per cent, on the preferred stock,
iiauble September i"0 to itock of record a'ep.
tember 2a This makes 27 per cent, paid thus
far this sear.
Crown rteserva Mining' Compan. regular
monthly 2 per cent , payable OUuber 15
to smelt of record September 30.
Knlly-FprliiEfield Tire Company, regular
quarter!) I'j per lent, on tlrnt preferred
and li per cent on second preferred
Checks fi be mailed today.
WAR OPENS GREAT
POSSIBILITIES FOR
FIRE INSURANCE
Ame'rican Companies Look
for Big Business Because of
Stringency Abroad Gov
ernment Places $3,225,000
War Risk Policies.
The Insurance business has been ad
versely affected by tho European war, but
probably not to such an extent as other
line. Insurance men say that although
they notice some falling off, particularly
ln (lie Insurance, It has not been on any
large scale. Then, too, they declare, the
war has opened up greater possibilities
for tho Amcilcnn Insurance man, becatiso
customers have evidenced a disposition to
discriminate against foreign companies,
particularly those of Franco nnd Ger
many, on tho ground that their policies
With them would not he as safe as with
an American company, for tho reason
that all of the money the forolgn compan
ies have Is needed now at home.
Insuranco men explain thnt this should
not be the case, as, under tho laws, for
eign companies doing business In this
country aro compelled to keep a certain
surplus In the United States to meet their
obligations here, and that anyone wish
ing to patronize n foreign company should
not hesitate In doing so for this reason.
Hut then, all In nil, there seems to bo a
disposition to favor American companies
when any business Is to bo done.
The falling olt in tho fire Insurance
business, 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 Koods nre
kept pending shipment. This falling off
has boon In part compensated by war risk
Insuranco, which has thus far balanced
tho Bcales, but for how long Insuranco
men will not offer n prediction.
Tho marine business on coastwise ship
ping and to ports In South America Is
running nlong about tho same, as is tho
business to England, although a slight
fnlllng off In the latter has been noted.
'The Insurance business In Europe," snld
an Insurance man today who returned io
cently, "is nt a standstill because of the
war."
Taking this Into consideration, then,
there aro groat possibilities for the
American Insurance man, both at home
and abroad.
I'rom Washington came tho announce
ment today that tho Treasurer of War
Risk Insuranco has already Issued war
Insuranco on cloven essols. eight of
which ply between this country nnd Pouth
America and three engaged in European
trado. The total Insurnnce carried on
these vessels Is said to be about $3,22S,C00.
Tho bureau nlso has pending war Insur
anco applications amounting to $1,000,000
to be carried by n fleet of eight vessels
engaged In tho European trade.
SEE NO RELIEF IN FINES
Grain Brokers Thinls; Helmting Will
Continue Under Present System.
The Imposition of fines on officials of
the Pennsylvania Ttallrond and Keystone
Warehouse nnd Elevator Company by
the United States Court on tho charge
of re'oatlng will not change conditions.
In the opinion of grain brokers expressed
todry. It will not assist the grain men,
they declared, as long ns the elevator
company was operated by Harvey C.
Miller, one of the men who was lined.
To tcmcdy conditions It w.-s suggested
that the Pennsylvania Railroad take over
the elevators and operate them under
the Girard Tolnt Storage Company, as it
now does with the Olrard Point and
Washington avenuo elevators.
"What wo want now," one pi eminent
broker said, "Is a guarantee that all
grain brokers will have nu pqual oppoi
tunity to make use of the elevators and
favoiltlam will not bo shown to ai one
firm. If the Pennsylvania Railroad
would take over the elevators r feel we
could get a square deal, but I doubt if it
will do so."
PORT OF PHILADELPHIA
Sl'UAMSllIPd AJiniVIXG TODAY
frnni (Nor.). Cape Ilreton Ma New Yorl.,
ballast. W. J. OrandHeld.
Vltolla (Nor.). Stamford, Conn . ballast, W.
J. Grandfleld.
Steamships to Arrive
Name.
West Point
Maine ... .
OarthaKlnlan
dtampalln. .
Kulderdl,
11 Mariner
From
...london
. Ixindon
. HItsow.
. (lenoa.
. .. Itotlordam
.. ..Manchester
FOREIGN TRADE SMALLER
Both Imports nnd Exports Fell Off In
August.
WASHINGTON, Sept. 16 -Imports Into
tho United Stales In August were lower
than any month since November, 1011, ac
cording to a statement Issued by ths De
partment of Commerce today. Exports
reached tho lowest point since August 1,
19(0. Imports of merchandise were 129,
390,496, compared with J137.6St.55J In Au
gust, 1913, For the eight months ended
with August, 19H, Imports amounted to
$1,269,S92,S69, ngalnst 1.1B6,M0,228 for a
similar period ln the preceding year.
August exports amounted to $110,337,Mo,
compared with $187,909,020 In August, 1913,
while for tho eight months ended August,
1914, exports amounted to $1,311,319,707,
compared with $1,616,182,157 for a similar
period In 1913.
LOCAL CONTRACTORS
EXTEND OPERATIONS
TO DISTANT STATES
In Last Ten Years Philadel
phia Builders Have Be
come Strong Competitors in
Open Market
N'ever befoie In tho history of building
hns the Philadelphia contractor been
such a strong competitor In the open
market Ten years ago it was almost like
perf aiming a mlrnclo to obtain work of
any sle more than a few miles out of
town, and Philadelphia contractors re
garded It ns a- waste of time nnd money
to submit bids on distant work. Today
tho Philadelphia (inns will not only oBti
mnto on work anywhere In the United
States, but have succeeded ln running
many out-of-town contracts. Not only oc
casionally but almost any day In the
week on tho estimating boards In the
larger ofTlces will be found many large
out-of-town Jobs. This change of af
fairs la principally due to tho following
reasons'
Klrst. The local contiactor, like tho
Philadelphia Iawcr, has gained u far
reaching reputation for skill and cill
cloncy. Second. Tho coniplclncss of tho organ
ization of most ot our large contracting
firms enables them to carrv on tho con
stiucltori of a building 100O miles from
Philadelphia with the same celerity and
e.victnrss as though it was a stone throw
from their olilce door.
As an illustiatton of the magnitude of
this out-of-town business, it was learned
after a visit to only three of the leading
contrnctois. Crump & Co., Itwin At Leigh
ton, nnd .1. i:. & A. Ij. Pcnnock, that
their combined work for the year amount
ed to more than VO.OOO.OOO, and was being
constructed In such distant places as
Oklahoma, Chnrlcstown. W. Va. , Dayton,
O.: New Haven. Allegheny City; Ilnrrls
burg, Pa.: Atlanta, Gn. ; Montreal, Can
ada; Clnclnnntl, O. ; Indianapolis, 3ml.;
Ann Harbor, JTich.; Detroit, Mich.; Now
York City; Newark, N. J.; RulTnlo, N. V..
and many other large cities throughout
the United Stnte'
The above films by no means have a
monopoly of this distant work. Jinny
ot the Government postofTices throughout
tile country nre being done by our local
contractors, and tho satisfaction they are
giving in tho line class of building con
struction cannot help but stamp the Phil
adelphia contractors ns leaders In the
building world
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?
Steamships to Leave
Nainf
fioentd-.!.
Haerford
Ancoua . .
For.
notterdani
. I.Uerpoot
. Naplea
Date,
nppt. 17
.Sept. to
Hept. 1U
FREIGHTS AND CHARTERS
STUAMSHIPS
Kymouth (Ur.), Gulf to Pranie, srain, S'.'.Ctri
Quarters, ?3. Od , Sept.
Herredale (Ur ), Gulf to Marseilles, grain,
30.000 quarter. 3j.. prompt.
F'ram (Nor.). 1702 ton. Philadelphia and
Druill trade, one round trip. 4i Ttjd.. prompt
Hero, 241S tons (Nor.), trantatlantlo trade,
one round trip, private terms, fcept.
Hoiton (Noi), 73$ tons, Halifax to United
Kingdom, apples, prUate terms. Sept.
Concord (Dr.), IS-'o tons, riawnnali to
I'nlted Kingdom, or Continent, cotton, etc .
CSj 0 , prompt.
Kuropa (Dan I, S71 tons, WeH India trade,
IS months. 3CO0, Nov.
ricir.o (Ital ). Jlattlmor lo vest coast Hal),
coal, private terms.
CHICAGO GRAIN PRICES
BERLIN BOURSE
Woid was received here todav from i . ., - , , ,
ti.rn.. announcing that settlements on Quotations for Cereals and Provisions
the tiourae had been postponed from the
Inst of September to the end of October.
Intel est on commitments was fixed at
G'i per cent.
TOREIGN EXCHANGE
NEW YORK. Sept. 16.-Koreign ex.
change was dull and easier today, with
demand quoted at 11.93 and cables at
There were no quotations in Continental
Exchange.
RAILROAD EARNINGS
JERSEY CENTRA!.
tuU. Deireai.
July oper. rev. (U C. f ). .12,512. 0JT Hlii-J
Operating Income .. 7113,85.1 1M.UMJ
(SEQUOIA SOUTHERN AND ITC.ORIUA
First wee September I43.:1M JI.SIO
yr0m Julv 1 450.rat H.Suu
" DAITIMORE ACT OHIO.
July operating revenue.. . .JJ.HI1.CSS fSTs.'M'.!
Operating Income 2.00U.740 381.01!)
increase
BAR SILVER
Bar silver In I-ondon today nag up J-IEd
to "Jl'id. In New York commercial bar
sliver Jumped c to 531 tents
and Fluctuations.
for
'Hli'ViO sept It! The quotation
RiRln and provi'ions toqay were
Leading futures
Wheal Open Itish Urn .'lose
September . .
Iieiember
Lorn .new arii.v.7?,
upvn l. iuii ...nt i iur
1 Oil, I Oil, 1.07 l(Hi,
I in i io, i ii i I rip,
I 17 1 I7'i I lo' J MS
September
U3ceir,per
May
Oats
Beptemuer ..
lietemVer
Ma
lard
September October
Jaimarv ...
ltlbs
September .
October .
January
PorK
September .
January
Bid
7rt
72
74H
4fU'j
K1J
77',
72?;
7&S
7
II',
4H,
4U
5'i
SI3U
70 no
U. M
!0. 17
n.::a
low
7i,
71'i
71
4Vs
51S
0.211
;i 27
no."
10.83 10 0J
20.M 20 S3
. ii r
. ILJ2
10.85 10I7
17.N1
20 SO 21X02
OIL PRICES CUT AGAIN
The Imperial Oil t'ompanv has reduced
Uis srlt-e of audc oil - a barrel to 51.41
LIVE STOCK QUOTATIONS
flinCAGO, Sept iaHOOS Receipts.
"OOOO. markets, SO1 10c. higher, mited and
butcher. t3&81MS. aood, hea. S t'-90 -3,
rousC hvy S.10SS 7S. luttat. 7U0 ,,lWs.
MbS. bulk. JS sMJfl 1&.
i"ATTl.E.-Reelpts. i&tOO head uia.kJi
leidy to Oo lower bee, 7 40U iiy
.o nd heifer ll.Oa30.6O tcu-Uer. nJ
feeder .40a25 Teian !;.
,"" 9 6012 21
SHEEP Reieip s odiM a i-et- I
t , i ...,, We it o t"5' i
Ui' Cilr
CHICAGO. Sept. 16 Tlieie a re
newed confidence In the buying side in
the wheat market today. Prices opened
firm, with December up 18 cents, at 11.01.
nnd May up 2H cents, at 11 17 Weak
longa weie eliminated on tho teieut set
backs and the market was belieod t'
be on a. far better basis than it was
seven daja ago, when pi Ices wen II1
cents abovo jeaterday's low point. Thero
was n l.irse export trade on the rectnt
l setbacks.
A heavy demand for wheat fiom mill
ers was leported at Liverpool, seivlnp;
to i educe Tiritlsh atocks and lellevlns
the coneestlon In tho United Kingdom.
The receipts In tho Northwest were again
heavy and atocks are accumulating there
The scene In the pit this mot nine was
wild, with commission house.-, in general
bujlng; and offerings scattered and Inade
quate. Less was heard of peace talk and
the news fiom the other side was believed
to indicate a prolongation ot the atiug
ele. Prlce3 at Liverpool neie sttoucei.
While supplies thero are .lmple, the ac
knowledged lurgo i equipments of coun
tries other than Great Britain had a
tendency to cause pronounced firmness
In the distant month at Liverpool. The
visible supply In Europe amounts to C5,
70I.W0 busheH, ntrulnst 11.344,000 bushels
In the previous week and 70,000,000 bjshels
a year ngo. The weather In the United
Kingdom is more favorable and native
wheat Is moving fieeli An otllclal report
places tho condtion uf ulieut there at $1.04
The French crop, wluvli hns all been
gathered, hat turned out better than had
been expected, wlili the quality as a
whole fair. Tho weather In France Is
now seasonable iirpoiis from German
iilllclul circles know tli.it the outturn of
wheat in that countrj was below epe9
tntiuns. Ttcpoits from Russia ate con
flicting, but it is believed that the yield
will be stunt and of infeilor qunl!t. fieri
erlcial rains have fallen In India, but
shippers there are maintaining firm
prlc3 and offerings are light. In Au
trnlia the weather Is dry and the crop
outlook unfavorable From Argentina
weather and crop accounts show im
provement. The receipts at Minneapolis and Ouluth
today were 1481 cars., ngalnst 123J cars a
car ago; at Winnipeg. J220 cars, aguinst
iss cars; at Chicago. 12-J cars, against I6fi
tars.
Corn was stronger on lisht receipts and
a better inquiry from the EaM Decem
ber and May opened up at Ii nnd 7lj
to H. respeotlvely. Prices at Liverpool
were down Ild on liberal plnte offerings
and larger stocks The leceipts of corn
here toda were 105 cars.
Oats were strong on heavy speculative
buying. An enormous business was done
All over-night offers weie accepted Bal
timore Is now outdoing Chicago at many
Illinois point December was up 't at
the opening at 49. and Mav up 4 at 5t
The receipts of oats here todav weie 19 j
i.i'! rhccondltlonofoats.il ih" I'mied
Kioi'om is ullKiallj .daced at 9i
NEW HAVEN R.RJILL
SPEND $1,500,000 TO
ELECTRIFY LINES
Directors Meet Tomorrow to
Indorse Project - Have
Already Spent Nearly
$16,000,000 On New
Electrification.
A contract for supplying electric powet
lo tho Now York, New Haven and Hart
ford Itallroad and the New York, West
chester nnd Boston Hallway, made with
the New York Edison Company, Is ex
pocted to be concluded at a meeting of
the directors of the New York, New
Haven and Hartford In New York to
morrow. The plan Is to have the Kdison Com
pany supply power to the New Haven
between Woodlawn nnd Now Iloehclle on
the main line and to tho Harlem Klvcr
and Port Cheater Ilallroad between
Harlem Itlvr-r and New nochclle. Cur
rent will be supplied to tho entire system
of the New York, Westchester nnd Boston
Hallway,
The clectrln rotio of the New Haven
1 ,'cw 1'aven icciutrcs about 200.
000,000 kilowatt hours of electricity. It
Is estimated that the cost of curent pur
chased from the Kdison Company and
that generated by the subsldlnilcs of
"!? Now IJaven will iun between 11,100,
000 and Jl.o00.000. New Haven has nlrcndv
spent approximately US.000,000 on electrification.
The holders of nearly nil of the 6 per
cent, first mortgage bonds of the Arkan
sas, Oklahoma nnd Western Itallroad, on
which semiannual Interest was defaulted
on Julv 1, havo joined with the bond
holders protoctlvo committee and depos
ited their bonds with the Heal Kstate
Trust Company, the depository of the
committee. Tho nominal time limit foi
depositing the bonds expires today. Mem
bers of tho committee paid, however, that
they expected to receive the small re
mainder still outstanding.
The annual icport of thp American
Railways Company for tho flscnl year
ending June 30. 1!14, shown a total In
come of the company from subsidiary
companies as $1,036,301, compared with
$593,412 in the previous yenr, an increno
of $42,319. After deductions of $H:',J32.
ngalnst, $IG8,C0S In tho previous year for
taxes and miscellaneous expenses, the net
Income was $393,828, compared with $321,933
In 1113. The net Income ! equivalent to
0.7 per cent, earned on $'3,713,150 common
stock, nfter paying 7 per cent, on $2,0"O,
000 cumulative preferred stock, compared
with B.7 per cent, earned on the same
amount of common stock In the fiscal
year ending June 30, 1913.
Tho next nnnual meeting of the stock
holders of the Southern Railway Com
pany, on October 13, will mark a new
c'ra In tho history or the company, as It
will be the first meeting at which the
12.000 stockholders have had tho oppor
tunity to vote dlrectlv. the voting trust.
in evistencp inco the organization of
the company In ISO!, now being in proreM
of dissolution.
According- to leport, .". L. Schoon
maker. who has been elected n. diiector
of the American Locomotive Company,
will, nt a meeting of the directors In
the near future, be made chairman of
the board. The election of Mr. Schoon
mnker to tho directorate will mean the
climlnntion ot all factional differences.
ERIE R. R. MAY CREATE
NEW $300,000,000 MORTGAGE
Call Issued for Meeting Next Month
to Consider Plan.
Cieatlon of a refunding and impiovc
ment mortgage of approximated $3uii000.
000 will be considered at a special meet
ing of stockholder of the Krle Uallioad.
to be held In New York October 13.
In the call for the meeting it Is pointed
out by directors ot the compare that thu
moitgage Is planned to cover the piop
erties rights and franchise or the t nil
road. The annual meeting of tlio com
pany will be hold on the same da
COTTON A GOOD ASSET
Secretary of Treasury Will Approve
Investments at Market Value.
WASHINGTON. Sept IS -Secretaiy ot
Treasury McAdoo has announced th.it In
nppiovlng tho assets of bonding com
panies dolus business with tioveinment
ottlclalb. he will approve as assets anv
reasonable investment lu rotton at the
fnlr market value, of the cotton
Following upon this dnislon it was
nald today. It Is expected that the bond
ing and insurance companies piobably
will make substantial Investment m cot
ton, and stote tho product in order to
aid In financing the ciop ot the South.
PHILADELPHIA MARKETS
GRAIN AND FLOUR
llllHAT Receipt, 38.68B bushels, market
strong and advanced Vc. under bullish specu
latkn In tli West. Kxport Inquiry fair.
Car lot, In export ("levator Mi, ,2 red, t pot
nnd September. tl.0731-12; No 2 red West
ern. l lial.16, No. 1 Northern IJuluth.
COKN lUcolpls, C000 bushels; price nd
nnrfd lc. with more dmand ami stronger
Western advances.
far lots for lorsl Hade, as to location
No ii yellow, 87ftS7JSc s steamer yellow, HU'j
87e. , ,
OATS receipts, 70.095 bushels: market
strong and lWc higher In smpathy with tho
West, . . ,,
No. 2 white. fVM4'5i5-le : standard while
KlflKI'Sc.i No. .1 white, MiJUSle .,.-.
ri.OClt Receipts, 12BS barrels: I 21.,.B0i
pounds In sacks. The market dull nnd prices
largely nominal, but undertone nrmer In
sympathy with whal. Winter clear, '"'
15 i do., straight, flf!.25: do., patent. S5.40
tSdi Knneas, straight. Jute "at"v :V2,?
ti.sr,; do., patent, Juto sacks, f&.ilOfiin MM
spring. Orst clear, $B0n.2A; do., straight,
I3 26r8.BI: do., pafnt, $B BOgO. do., fnv
orlte brands. S0.20n75: city mills, rholcn
Atid fancy patent. tO.UBWfl 75, do., regular
grades Winter, clear, 4 "Odin, do, straight,
in(rr,0; do., patent, S r.orO
ItVIl fl.OOIt Quiet and steady at IS
S.0U per tibl., In wood.
PROVISIONS
The market was dull with ampin offerings
t the recent decline
City beef, In sets, smoked ami a", dried.
.1lgn2c , Western beef, in sets, smoked 31
32c ; city beef, knuckles and tendr smoked
and air dried, 32n4c . Western bef knmkles
and tenders, ernol.ed, .IJWQlHc . beef bnms.
4r.ia4.lc. , pork, family, J.1t27r : hsm, S.
P. cured, loose. IBViWlUV.c , dn . skinned,
loose. lBlifffl6e.; do. smoked. inc. other
hams smoked, city cured, as to brand and
cured, 18?I0c. J do., boiled. bone!es, 2S'ii2Hc. ,
picnic shoulders, fi. P. cured, loose. 12fff I2r. ,
do., Btnoked, 14fl I'jr. : bellies. In plrklo. ac
cording to average, loose, Kl18 . hreakra"
bacon, as lo brand and average, rliy cured,
22fl2lc, breakfast bacon. Western cured.
22ft24r., lard. Western reOned, tierces, II a
ll4e.: do., do., do, tubs. 11'iia 1 1 5c ,
lard mim city, kettle rendered. In tierce.
n;ni2c: lard, puro cllv, kettle rendered
In tubs, 11 "4 (3 12c.
SUGAR
Refined quiet, but firmly held
Standard granulated. 7 .'HMj , ,
granulated. 7.2S4I7.t0c : jioRdercd.
7.10c. , confectioners' A i.15i..I0c
grade", (1. I5TJ7.0V.
DAIRY PRODUCTS
lll'TTI'll Tlnmnnri fnlrl.' active
market firm under light receipts. Western
,,A.h Bnit,t.nalnrl ernnmerv. fnnrv eneclals,
!l4c. .xeeptlonal lots higher, extra "-,
32.c : estra firsts, :tlr flrts. 295ii,.nii. ;
seconds, 27'5(H28'jc. , ladle packed. 21Gi2.1c ,
ns to quality, nearhy prints, fancy. 3-x;. :
do. average extra. 3;fa."le , do n.nt".
ot'l'if do. seconds. 27ijT20r Special fancy
brands of prints Jobbing nt infr,41c
nutlS Desirable stock In good requeit
and firm. Receipt" nnlv moderate In free
cases, nearby extras He per d,. : nenrb'
'lrsts, S.S 10 per standard case nearby cur
rent receipts, S.7.r.lfii)7.h0 per standard c in
an to quality
i:ui,i;:rc.
buyers New
18'4c , do . O
part sklmsi
Western extra. flrt, M" per ,cs ; rtM
firsts, ,S7.B0ifI7 BO per-ran;! do., setirmds, fl w
on) per raso. . Candled and reerated fresh
eggs were Jobbed out at ajtJiaToy t"r' "'
u 4a nitallltr. t l S
WM'MWv
do., fair to W2'".,il'"l4uc'
l.nn-The market quiet, with fairly lib
eral ntrcrliigc at formrr vatrs ..",,,
Powls, '"Iflflc ; old roosters, lief tze : spring
rhlrken. One, large, 7jilS. do. medium jr
slses, lr.fllrkv. dliclm eft; IWMJJA'W!?"'" "
lllrlle , gulhenj., per pllr. yWlJg, -wefgHIn
- pounds nnd over apiece, Me . do , weighing
I pound an'ece, COc. , do,, old, COr ; plgeflns,
I'iSJlV. pounda apiece. Wc . do, -MRlilng
per mlr ir,4lKe . . .
DltHHI III) Kins heavy fowls firm Chick
ens quiet and unchanged Quotations
Fresh-killed fowls. Western, per lb selected,
henvv, ailie , extra, 2D'4o., nverago rece pts,
t'(f4li It". avernge.-i'!WtC(t do, fmalter tltest
HJAflii4,e.. old roosteW. drV p eke-1. 13'ie J -
oroiiiiig cniencns, nearly, vvcignjng , f .'"
oo , rair to goou, hm me
niece. lOT.?,.
chickens. Wo.tern. 8Wrl lb9.npcc. ,r
.ii i .
!Kfl.nill n piece IM
Vrnll
Ihs.
squat
pep
lbs.
ins
i. Vftern, weigning e ...!'
17IRc'f do. fair 'o guod. IBB 10c .
Jh IC'
per dn
per dolr
nhltej- weighing 1Jri)1
do? , t inif (.'), white weighing, nip
1o . -!5i't 7B: white, weighing
per cloy . t- 2.vn2 BO, rio . do , 7 lbs per
nue
7..'iim
soft
nnd
llnr , M 7BW2' do do. OfTOli lb per dol ,
$1 21T1 BO iiark and No .' mi "?! 1"
FRUIT
Apples In f.nr request aiW s'eadf pihef
flults shoned little hsnge
Apples per lihr.. frtnev, USO'iJl, nlodliiiil
1 iMifiSno, Delawarrtper liatpper, BOtrflnr I
te.nnns per Unr'SWI: I'lnenfiple, pei1 cra,
Porto itPo i 2fie,2rr. .Fiori-is, nifsrm
'raiiberrles Tape rod, Ilarlv Ilfiiek. per bbl ,
tli'DWB: pffr crale, Jli7SiK2( jersoy per
crate. dark. M.'ftftS 2.", IlglJt. l fl
Imckieberrlc. per ur, 1fflc ; peaches, Vir
ginia, per a.-tli ImsLet. JStiWIo,: do., do,
per crate, 7Bc Wt1.R0; do Delaware nnd
Mart land, per bnsket, 2."if7Bc ; cln . dn , per
frale. 7Bc WS1.2B: pen, be pennsvlvonia per
hasket, tnrgo while or vellow, ROiFilHir., me
dium, afiffBOc. : .lersev. while per S-bnskei,
jfkn tfltl- An tin vollntv rter 8. Imnket tl.( .
fi, peiirs. nearbv. per bbl. Hartlett. No. 1,
Con-
v-l i
,,'. ', iff 1 i .,. . I,',. ...,-.1".. ,,'-. a ..f..,,
rf?t. nanp nunrliv. ier bill . Hartlett
M WlfHSl do.. No a, 2 7BW3 2.": CtaprTe Fb
vorlle. No. 1. S.I.BOgB: do.. No a. vjiw
.1.-.. other carlotles. ?2W'I. grnp.s j. .uin-
em Delawnres. per carrier. WS," ,e :
coid. per crate, 4KJWe , plum. per
basket, 2nti2r,e . fantaloupes color in i ."
crate. $lfU.B0. do, Oo . Oats. -Huajn. .. 1
Marland, per crate. 2Bi?0nc. , Whtcrrnolons,
Southern, per car. $7,tblW. do., .loreev per
1W. t15. '
"VEGETABLES
Potatoes firm and active. Other ve.etahle
Rencrnllv steady White potatoes, 4cr bushel
Pennsylvania choice, 71i7.V do., fair to
c-ood irrfKike . white potafoe. Jerscs per bas
ke. WilCIf : sweet potatoes i:..stern Shore
per larrel, No 1, si.7B2..'15. No 2. 7.'.cl:
iweetM, Jersev. per barrel. No. 1. 1 o'n-
No 2 7.V(8$t sweets, ter barrel. No t
e20'ufl: No 2 SI BOl 7". sweets, Jersov p, r
basket aosfWie onlnn, Western and fonnertl
:at valley, choice, per 100-pound bag. $1 2."., do
medium, per 100-pound hag M: rabbnge do
mestic, ptr tun, $12fll4; celen, New Yorl ,
pec bunch 12Tinfie , mushrooms, per l-p.uni!
lnket, BOca?! RO.
TRACTION HOLDERS
HAYE ANNUAL MEET
Rapid Transit Earnings and Sur
plus Show Decreases for July
and August Union's Fixed
Charges More Than $6,000,-000.
of Philadelphia and the Commercial
Trust f'ompany, trustee. This rnak.'s a.
tot.il of $3,000,000 t bonds Issued under
tills deed of trust.
' During the year the Philadelphia,
fliipld Transit Company has paid otir
rental, and han largely ridded to tin
rolling stock used in the street railway
svstcni. ns well as to tho equipment for
furnishing motive power."
WILL VOTE ON S1 00.000 LOAN
Norrlstown Council Sets Aside Veto
of Burgess.
NOIXRISTOWN, Pa, Sept ln-Notus-town
Town Council, hy h vote of 23 to 4,
todav passed over lluteeas Paul's veto,
the ordinance submitting to a vote of the
peopl In November a JlOO.Ou) loan for the
establishment ot a savvaee disposal plant,
demanded by the ;3tate Health Depart
ment. SUBTREASURY OPERATIONS
Statement of Philadelphia. KuBtreasm
operations Jlondaj and Tuesday of this
week follows ,
Sept 15 Sepi It
...,,. r.eHeJ $U15.i51& 5:t2.7J
l-J.tl dUburtel , 71U.7H 60S HI
L;urrnc .rwin .,c.w, , 'ir
martmeilt
Currency eni Tramy l)
partinent ,
Hold crttrals series of
JOOO HiitnwJ
Slockiioldtrs of the Philadelphia Rapid
Transit Company nnd the t'nion Traction
Company held their annual meeting to
day. The report of opetatlon of the Philadel
phia Rapid Transit Company for the
month of August and for the first two
months of the fiscal year, issued todav
after the mcetlns of the directors, shows
that e.uninjrs of the company have fallen
on for the month ot Aurusi and for tho
two months, when compared with the
pame months of la.st year, while operation
expenses weio pared down In August ns
well us for the two months. Instejd of
i a surplus ln August the company had a
! deficit.
Gross earnlpgs ol the ompany in Au
gust were tl. 912.970, compared with $1,
!i70,OI2 in tho sumo month of 10U. a de
crease of 2.90 per cent : August operating
expenses, $1,111,017. against $1,1S5,Du9; fixed
charges, $S03.7til, ngalnst $703,931, leaving
a deficit for the month of Sc.SH, compared
with a surplus last yoar of $ll,ll. Gross
earnings for the two months weie $J.SiM.
2:M, against $J.S60,6H for thu same period
of tho previous ear i:penses were $2.
218,719. compared with $.'.3IS-1S9: fixed
charges, $1,S1S,123. against $1, 357.64,1; defi
cit. $2611. compared with a surplus of
$31,509.
The annual report of the Union Trac
tion Compan, which was presented nt
tho annual meeting todaj, for thu ear
ending June 30. 1914, showed a balance of
$2031; amount received ftont the Phila
delphia Rapid Transit Compato for rKeil
charges. $0,160,0.'; rental account. $1
000; maintenance of organization. .OOO.
Interest on deposits. $417; Interest on
Philadelphia Rapid Transit bonds, $2'-,o
equipment Philadelphia Rapid Tiansit
$1,EOO,000: total. JS.Ut.S.'S
Disbursements. fixed charges paid.
5u.lCG.05.': mulntenanco of organization,
$6063; dividends paid, Jl.iW.OXr. Philndl
pltla Rapid Transit equipment trust. $130,
000, total, $S.1J1.1M; balance. $J033
Ptesident Jeremiah J" Sullivan pio
sented a report at the annual meeting
of the com pan v in which he said:
"On June 1, 1911, vuut boatd granted
this companj's consent to tho Immediate
certification and U.sue of t.' cXw.Ow moro
of the bonds teemed. the dertil of
tiust of Marcli l, 191J, made by and be
tween Hie Philadelphia Rapid Transit
Companv, the I'nlun Ti action Company
ciiica;o (;kain i'ici:s
leading futures ranged as follons
V heat Ves. elos. Opn. High. Lm Clot.
.-eptomber . 1 04n 1.07' l.uOti 1 OS i (r.i
He. ember ..'I.07J, III) 1 12? I.tw I 1 1 4
Mav 1.14 1-17 1.10 l.l.Vj I lij
f.irn
Pfptemher .. 70t1 70 7 70 ' 77'1
December . 71' 72 72 71T 72U
May . . 71?. 744 75, 7P. 71',
Oats
September . I'.tf, 4r.r. 17, in j 4T .
December 4S !0i tO, 1'. -i ,
Slay . 51H 52'j KIK 52'. '. ,
l'orU.
Peptember .17.VI 17.S'i 17.SS 17 So 17 s.'n
January .. 20 02 20.1O 20.1O w.C", 20.U.',
Iard
.Seiit(mlor . t.20n f).40o
' intuber . 1..27 O 30 05 o .'17 iv).W7
Januarv ., -0.02 lo.C") 10.10 10.00 10.10
Itths - "
?'Ptfmber ll(r,n11.T 1107 II. SS "lt-.WV
itetobcr ."1!.: -1I'T3- U.'ia ill" 111"
January .,I0.7I lO.1; 101C, ln.Su 10.7.1
Hid. SAJceil
READING COMPANY DIVIDENDS
Tile directolft 6r tho Reacllhg Company
today declared the regular quartcily divi
dend of 2 por cent, on the common stock,
paynhlo November 12 to stock cr r.oid
October 27. It was announced that th
regulaV quarterly dividend of 1 per cent,
on the second preferred stock will be paid
October s to tock. of recoil Septem
ho 22.
LEHIGH VALLEY DIVIDENDS
Directors of the Lehigh Valley Rail
road today declared the regular ntiarterlv
dividends of 2- per cent, on the common
and proferrod stoeks, payable October
20 to stocholder.' "f record September J6
Septrml.er 1!
The
1911.
i)iii)Kvns.
THK l'KSN.TA M rf(VNV I (IK
IXifKlN('r.S IIV IIIKi AMI
(.KA.N'llNC. .NMIIIKs
September Itth, 10H
The Hoard of Directum hu this ilay ls
clarert a resului quanerl. dividend of hl
I'er Cent. (SO.00 per lmre, dear of last,
payable October 51 tl. 1914, to slocUholdern at
record at the ilua f tiuslnees Septsrnber
24tu. 1911. f S NEWHAIX
Treaurer.
Market Street
National Bank
of PHILADELPHIA. PA.
RESOURCES
Loan- and in fMnitnt-. 58."t(..tr5 r6
Due from Banks. . 1.183..WJ4
Exchange inr Clearinu
House J'J9..,fij
Cash and Reerc . . . 1,013 2416
Clearing Hotko loan Ccr
titioates t liand .. -$50,01X1 iK
S127127l(57.47
LIABILITIES
c pital Stock $1,000,001 Oft
Surplus and Net I'rotits . 1,.3;0.92S.??
Circulation
L'. S. Bonds Burrowed (I
S Deposit) .
Deposits
Clearing Hqu.ic Lean Cer
titicatrs ogtsuricjincr
1.200,207:0
50,000 1
8,o71,241 40
350,00000
',. , S1JJ.7V-V107.I7
W.- P, SINN"ETT.' Casliier.
SV fV-SVN
360 00JI
io Dun
131 UOu
ttlUW
BUTTER AND EGGS
KVt' YOUK, Bept. 15 Mutter, receipts
72M packages, extras. 32S33HC-. firsts.
2Sii831',aC.
Eggs tecelpts. 16.&19 cas l'irst gath
ered extras, S0fi32c, estra nrst. SSftSOc.;
refrlserutor firsts to fancy. itfiHSc.
BANK CLEABNGS
Di.k ilail!.gs tolay compdlo iitl ..out
,poa41n5 da $ ,w,r"iMta IWU
VhllaillrhU $21V),171 $JS.17l'.:t4 42I..474. ?:..
LSstoil .. , SISM.WT 26.375 Ml 27 1M,5t5
bOSl ' 1914 101 lc
Kt Louii . .i3 ta.rt02 18. sol son fonsjoa
Chlctio ...f51.278.6SS 53,7fc8.400 (2 (Wf.bSl
AUCTION SAI.KS
J. JACOBS & CO., Auctioneers
Pbon Lombard 4448 D. 513. 515. 617 3 2d
MIKi: SC'HV VRTZ. 24 Oroiini.n -Kllla
.Her l.a Ul .s & !n ft I , ut i
Ml- II PUM'iNPS W T HI- .
FRU -I I f 1SUI 'J V VI
'" sv-vwst t - -SBK$ilim'-T
Your Bonds Were Good
five or ten years ago, when you bought them: vet
thev should be constantly watched andeffects of
cnanging conditions caretuUy noted, , .. ..'. ' .
None stand still; they grow better or wolSe; as'time- 4
passes. ' 1 .'. ' -
Investor's Service j
supplies you with fresri news as to iriu;higs, coninwilioD. 1
earn ngs anil espynsee. so that you may intflU&tltitly i
decide how and ithan In a,-. it v,l., .. Vil.l, V;.t .
Why don't SOU register a rctUICst for illiorm.trjnn rrrantiiii! nm
or all of your holdingsit costs nothing unites ft fi'rjhs y(trjnafsffaH I
and you are the solr judge of that. Call or sv.tite far leaflet ."Vain
In ute by 21 Hanks and Trmt Campaims &, thitJjtLy.
II. EVAN TAYLOR, Inc.
702 Morris ISuilding
1421 CHESTNUT STREET
Regrets.'
tjMTAVLOBJBj
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f'erfrj
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0u'h Vho f J
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if . Alt
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