WLUjjJM
Hr; tyttljfint
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EVENING LEDaiJB-lPHILADELPHIA, WEDNESDAY, SEPTEMBER 16, 1914.
t(3fJcv5:s:w5s
18
TNANOAL AND COMMERCIAL SITUATION AT HOME AND ABRQAD-MARKET REPORTS
JliYPERMIT BOND
houses to solicit
larger business
inancial Situation So Much
Improved That Exchange
Vill Be Asked to Allow
Salesmen to Go On Street.
. nfh Improvement hna been noted
I ""' t few days In the Philadelphia
inindw mafKBin mi - i--.
..... nrMcntlnK bond houses dcalhifir
L imliited securities has nrranged for a
netth tomorrow ..
"..... f the Stock Exchans. dcnllne In
hut4 it8 nnd k8' nt WhIch Wl" b9
dlicuiMd the mauer 01 oguuuib um u,-
nin to solicit DUSincss umiui tciiuui i-
trlctiofi'
h been auch an active demand
.""!"..! .oMallv from Individual
C.itori, that the committee on unlisted
aTl ' " l-, I. nnuf nnnnrtllna
Pr,rn,t a more ceneral trading market
K?Tr ths oDlnlon Uiat tho situation
' . . ,.i,.tlt, atrnnrrltinnAil tinra.
miH DO maw" -- " .
, investors Invited to come Into the
k,t n a larger way, and Its bubbbs-
inirxei " c.,. ,tll l.n Hint
na &lemen bo allowed to canvass for
m trtilns. but only snan mey put
Wnuh sales of securities In which their
rirtleulsr houses are dlroctly Interosted.
Tb Idea Is not to permit mere trading
i yarA; but to encourage aircui iiiveoi
mU for cash only, so that there might
J, riten added relief to tho money etrln
ney through tho llauldatlon of bank
Sum by the brokers disposing of tho
.Purities. This new business would, of
rtina, lead to an lnllux of new capital,
Thleh tho banks are Just now In need of.
4 it tne same umo n. nuuiu i..,,..
rotors to pay on soino ui urar uwd
It Is the understanding that such Hales,
permitted, will be subjected, as to
.j,.. iho scrutiny of tho special com-
BltUe, and no transfers aro to bo made
Tlthout'tho committee's sanction. Should
,v smelt Exchange committee agree to
6. proposition, It Is expected similar
tales will be laid down for the aovorn-
iient of sales in usum kuuhu.
i. decided tribute to the con-
lervatlsm of American Investors that
fchere has been lacking recently that talk
t the existence of near-panic conditions
In th financial markets which was up
rirent almost everywhere Just after tho
. . . it t...-1 tt.nt tits tsteitf av
mwi nan oeen uusuuu mui i... ,...,.. -thinges
Were about to discontinue busl
n. The public generally has come to
mllze that tho country's credit Is safe
In the hands of those who dominate Its
(ninces and It la disposed to take a
ttlner and more hopeful feeling of the
general situation. ..... .
Contrast the feeling today with that or
three or six months ago In reference to
the need at all of the New York or other
lock exchanges. There were those who,
tor years, had made It a consistent habit
la try and batter down every argument
n favor of exchange trading and who
ere loud In their demands that tho ex
thjnjes be abolished because of their so
eilled "high-handed methods" and their
absolute unneecsslty. These samn calam
!X howlers arc today loudest In their ap
rtiit for an arly reopening, so that tho
Ismporary lull In all lines of business, due
to the war situation, may bu superseded
lr that enormous trade development
which every one expects will follow the
nstoratlon of peace In Kurope.
It Is to their credit that those same In-
terests are now going out of their wuy
to help In every way possible to Bprcad
Iho doctrine of confidence that particular
attribute which, nioro than anything else,
ll to badly needed at this time to glvo
Itrensth tn those nt the financial helm
ho are persistent in their endeavors to
lo ihpe tho situation as to best con-
Itrve the Interests of the entire country.
Lonlon has appreciated tho necessity
for this restoration of confidence by en
couraging foreign Investment In American
securities of high grade. New York, re
flecting the foreign sentiment. Is main
lilninr an equal amount of stable con-
ervatlm. and Philadelphia likewise, on
well as the other big financial centres
ef the country. Is doing lis sharo to
etrenglhen every weak spot that is to be
found.
Thers Is a brlKhtcr feellncr everywhere.
Investors, confident that the situation, for
hich there never wns a parallel, is
lowly but surely adjusting Itself to
normal proportions, am coming Into the
market again, and both tho listed nnd
inllited stocks and bonds are display
ing an active interest which Is in every
J7 gratifying to bankers generally.
There is a general wllllngnes tn do busl
Jms, and the expectation is that It will
only a short while before there shall
torn a readjustment that will work out
nr the benefit of all concerned.
To what extent conditions Internntlon
i u Improved Is reflected In the
attitude now assumed by many leading
(inkers who do not see the necessity for
creation of the EO,000,000 In gold
J'JM, as tva recommended, to relievo the
welgn exchange situation. It was this
nged position en tlie part of tho
tinkers that prompted the Iteserve Hoard
" nnoun'e that. In vlow of the Btate
nt that New York city had completed
rrengements for her maturing obllga
iioni and for providing for the necessary
5,ilfeml.lt.anca ,0 Uuropo. It felt that In
ftiai t 11 n'eea3arj' i0 c'en the go)d
TRUST COMPANY RETURNS
Made Good Showing Despite the
Market Stringency.
Considering the condition of the money
market and business generally the I'hlla-
delphin trust and saving fund companies
i.i!i,j u kuuu nnuwing in meir rcpurv iu
tho Commissioner of Banking for ths call
of condition as of August 27, 1914.
An accurate comparison with a year ago
canont be made, because the call for the
approximate year was made In Novem
ber last year, and there were only two
calls compared with three thus far this
year. It Is the belief that another call
will bo Issued before the end ot the year,
probably In November.
Tho Commercial List nnd Price Cur
rent, In Its regular tabulation of the re
turns made, gives the following totals
for the principal Items: Capital, Hi,
729,643; surplus and undivided profits, W,
1G2.3S3: deposits, 412,030,421; and loans and
Investments, $467,4S4,S83.
UTILITY MANAGERS
WILL GET CLOSER
TO GENERAL PUBLIC
WAR OPENS GREAT
POSSIBILITIES FOR
FIRE INSURANCE
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.
FINANCIAL NOTES
Centennial National Hank, of this city.
Phllart.i ... r "ucl1 Institutions in
"adelphla which has not taken out any
rtis.Cy c4rroncy r Clearing House
tori E ,L 0nIy 0"co ,n jal,k'B il
Cleanmr u7 "wa" lt nery to engage
reii . 1!,,e rl'lcates. Its cash and
bl. ii , "V"' r,os" ,Jf business Keptem-
tMnstjVutln'n"14 & C- '" Pre8l,Jent of
6ml'iH.r0".1'ome "' ,l10 American
lx win!"'' "'nnlnt C-onumny for the
ISS?..f!.,h? '"? r. Aft.
lau-. "' . l dmlnlstratlon
inV.: ..nq Prererred
r ,,; iTT eomnlt t.ick this
MrdlnVV. -i . vr Qenl- ,n " rorre
w.aing pariort ot th DrflVloui. .
Itccognlzlng tho Importance of establish
ing cordial relations with the public, the
Amcrtcnn Klectrlc Itallway Association,
at Its annual convention, to be held In
Atlantic City, October 12 to IS, will formu
late n, declaration of principles embracing
what It believes to be a statement of what
these relations should be. A committee
representing tho strongest mon In the
electric railway field In this country has
been at work whipping tho formal dec
laration Into shape, and tho roport which
will bo presented to the gathering was
Ilnlshed at a meeting here today.
Public relations Is the 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 flnnnclng nnd operation of
utilities, especially the street railways,
nnd It la the belief of the association that
there should bo properly presented to
the general public Information as to what
the readjustments are nnd what will be
their effect, especially upon that part of
the public which has money Invosted tn
the securities of public service corpora
tions. The association represents virtually
every Important electric railway on the
Xorth American Continent and a very
largo number In South America. An at
rcnd.'inca of between four and five thou
sand railway men Is expected at Atlantic
City, nnd in spite of the depressed busi
ness conditions the exhibit of electric
railway appliances and apparatus will
cover more thnn 70.000 square feet of floor
space. The association consists of a par
ent organization nnd four allied bodies
covering the engineering, accounting,
claims nnd transportation departments of
railways, so that during thu Ave days of
the meeting there will be five conventions
In continuous session and more than 70
committees will report.
With a capital stock amounting to $1.
361.C00. a corporation Is being formed to
provide most of the electrical service for
York, Pa., and a considerable portion of
York County. The new company, known
as tho LJdlson Ldght and Power Company,
will Include, the Kdlson Light nnd Powor
Company, tho Merchants' Kloctrlc Light,
Heat and Power Company; the Lower
Windsor Township Light. Heat and
Power Company; tho Spring Grove Light,
Heat and Power Company; the Jackson
Township Light, Heat nnd Power Com
pany, and tho Heidelberg Township
Light, Heat and Powor Company.
Atlantic City residents have proposed
th construction of a high-speed electric
railway along tho western edge of In
side Thoroughfaro from Lougport through
Margato and Ventnor Heights to lower
Chelsea and thence to a Junction with tho
main lino of tho Pennsylvania Railroad
on tho meadows. In a proposition which
they will submit to the Pennsylvania
nailroad it will bo pointed out that the
motive power nnd rolling stock of the
Yest Jersey and Seashore Railroad could
be applied to the Longport extension.
Residents of Riverside, Rlvervlcw nnd
Muhlenberg Park, N. J., are Interested in
a plan to provide electrla railway service
between Riverside and Tuckerton.
Tho Ohio Public Utilities Commission
has placed four men In Cleveland to
mako 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
since the public utilities law -was amended,
by tho Legislature In 1913, giving au
thority to do this work, About $10,000 was
appropriated.
The Insurance business has been ad
versely affected by tho European war, but
probably not to such an extent as other
lines. Insurance men say that although
they notice some falling off, particularly
In fire Insurance, It has not been on any
large scale. Then, too, they declare, tho
war has opened up greater possibilities
for the American lnauranco man, becauee
customers have evidenced a disposition to
discriminate Against foreign oompantes.
particularly those of France and Ger
many, on the ground that their policies
with them would not bt as safe as with
an American company, for the reason
that all of the money the foreign compan
ies have Is needed now at home.
Insurance men explain that this should
not be the case, as, under the laws, for
eign companies doing business In this
country are compelled to keep a certain
surplus In tlia United States to meet their
obligations here, and that anyone wish
ing to patronlzo n foreign compnny should
not hesitate In doing so for this reason.
But thon, all In all, there seems to be a
disposition to favor American companies
when any business Is to bo done.
The falling sff in the fire insurance
business, It Is pointed out, Is due primar
ily to the fact that tho war has cut down
exportn and Imports to a minimum, and
consequently there is no need for largo
Insurance of warehouses where irrmria nrn
kept pending shipment This falling oft
has been In part compensated by war risk
Insurance, which has thus far balanced
tho scales, but for how long Insurance
mon will not offer a prediction.
The marine business on coaBtwlo ship
ping and to ports In South America is
running along nbout tho same, ns is tho
business to England, although a slight
falling off In the latter has been noted.
'The insurance business In Europe." said
an Insurance man today who returned re
cently, "is nt a standstill because of the
war."
Taking this Into consideration, then,
there are great possibilities for the
American Insuranco man, both at home
and abroad.
From Washington came tho announce
ment today that the Treasurer of War
Risk Insuranco has already Issued war
Insuranco on eleven vessels, eight of
which ply between this country and South
America and three engnged In Europsan
trade. The total lnsuruncc carried on
these vessels Is said to be about $3,25,C00.
Tho bureau also has pending war Insur
ance applications amounting to J3.000.000
to be carried by a fleet of eight vessels
engaged In tho European trade.
FOREIGN TRADE SMALLER
Both Imports and Exports Tell Off in
AugUBt.
WAaHINQTON. Bept. 18.-Imports Into
tho United States 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,
109. Imports of merchandise were !.
889,496, compared with $137,661,(63 In Au
gust, 1913. For the eight months ended
with August, 1914, Imports amounted to
$1,269,9M,&9, ngnlnst $t,lG6,360,22S for a
similar period In the preceding year.
AugUBt exports amounted to $110,3.17,5(5.
compared with $187,909,020 In August, 1912,
while for the eight months ended August,
1914, exports amounted to $1,311,19,707,
compared with $1,616,182,157 for a similar
period in 1913,
LOCAL CONTRACTORS
EXTEND OPERATIONS
TO DISTANT STATES
SEE NO RELIEF IN FINES
c same
fter total
expenses,
dividends, a hal-
nit.1... .r
'"M jiwlw tawT"" WM "m
auhn,n.TCet ln w"hlneton that
...-' "lere has been rii.h -ss
ncy currency. ' ,uw
Wt c" m favor of the Bankers'
lMl0ffi,ny 0t New Yt"k " been
..nt
Company,
New York
""WO from t. or, Buh'reasury gained
, n!mjm ytaltriy
rv!c"(n-fm,thTpnny,van
" Jersey Cn?1?'".0'1 U tloned by
""loa can I "mr me com-
?;t thr ro.rt.'T1 '.he """ad to per-
i. 1? .u."'on ttlon at Scranton. Pa.
trtaMVLSr ye?" -ecretary
w- eu4 tda irrun i ac)nc ,a"-
X-i. lMay at "Is home at Seabrlght
DIVIDENDS DECLARED
New nneland TeIphon and Telegraph Com
pany, regular quarterly 11.75, payable fiep.
teniber SO to atock or record September 10.
Public Servlc Corporation of New Jeney,
regular quarterly of lVj pr cent., payable
Hepttmber 80 to atock of record September 88.
American Window Olaaa Company, a dlvl
rtend of T rer cent, on the preferred alocU.
payable September !(0 to atock of record Sep
tember 22. This makea 27 per cent, paid hua
far tlile year.
Grain Brokers Think Rebating "Will
Continue TJnder Present System.
The imposition of fines on officials of
tho Pennsylvania Railroad and Keystone
Warehouse and Elovator Company by
the United States Court on the charge
of rebating will not change conditions,
in the opinion of grain brokers expressed
today. It will not assist the groin men,
they declared, as long as the elevator
company was operated by Harvey C.
Miller, one of tho mon who was lined.
To remedy conditions it was suggested
that the Pennsylvania Hallroad tako over
the elevators and operate them under
tho Qlrai-d Point Storage Company, as It
now does with the Glrard Point and
Washington avenue elevators.
"What wo want now," one prominent
broker said, "is a. guarantee that all
grain brokers will have an equal oppor
tunity to make use of the elevators and
favoritism will not bo shown to any one
firm. If the Pennsylvania Railroad
would take over the elevators I fel wo
could get a square deal, but I doubt If It
will do so."
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 lt was almost llko
performing a miracle to obtain work of
any size moro than a few miles out of
town, and Philadelphia contractors re
garded It as a waste of time and money
to submit bids on distant work. Today
tho Philadelphia firms will not only esti
mate on work anywhere In tho United
States, hut have succeeded In running
many out-of-town contracts. Not only oc
casionally but almcmt any day In the
wuek on the estimating bonrds In the
larger ofTlces will be found many largo
out-of-town Jobs. This change of af
fairs lb principally duo to tho following
rensons:
First. Tho local contractor, like tho
Philadelphia lawyer, has gained u far
reaching reputation for skill and cfll-
clency.
Second. The complctness of the organ
ization of most of our large contracting
firms enables them to carry on the con
struction of a building 1000 milos from
Philadelphia with the same celerity and
exactness as though lt was a stone throw
from their office door.
As on illustration of the magnitude of
this out-of-town business, it was learned
after a visit to only three of the lending
contractors. Cramp & Co., Irwin & Leigh
ton, and J. E. & A. L. Pennock, that
their combined work for tho year amount
ed to moro than $10,000,000, and was being
constructed In such distant places as
Oklahoma, Charlestown, W. Va.; Dayton.
O.: New Haven. Allegheny City; Harris
burg, Pa.; Atlnnta. Ga.; Montreal, Can
ada; Cincinnati. O.: Indianapolis, Ind.;
Ann Harbor, Mich.; Detroit, Mich.; Now
York City; Newnrk, N. J.; Buffalo, N. Y..
and many other large cities throughout
the United Stntos.
The above firms by no means havo a
monopoly of this distant work. Many
of the Government postofflcea throughout
tho country are being done by our local
contractors, and the satisfaction they ore
giving In tho fine class of building con
struction cannot help but stamp the Phil
adelphia contractors aa leaders In tho
building world.
NEW HAVEN R. R.WILL
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 power
to tho Now York, New Haven and Hart
ford Railroad and the Now York, West
chester and Uoston Railway, made with
the New Vork Kdlson Company, Is ox
pected to bo concluded at a meeting of
the directors of the New York, Now
Haven nnd Hartford ln New York to
morrow. The plan Is to have the Kdlson Com
pany supply power to the New Haven
between Woodlawn nnd Now Roehellr- on
the main lino and to tho Harlem Itlvor
and Port Chester Railroad between
Harlem River nnd New Rochelle. Cur
rent will he supplied to tho entire system
of tho New York, Westchester and Uoston
Railway.
wm 0? W n0ne 0f U, Now "ilv!n
000 OM kiln?. ,.M?Ven rc,")lrM nbnut 200,
WO.OOO kilowatt hours of clectrleltv ft
Is estimated that the cost of cu e t'pu -chased
from the Kdls-m Company and
Sj1..;""" ' tho subsidiaries of
JS" Now Haven will run between $1 M0 -000
and Jl.S00.00t). Now Haven haB already
?rPtlcatron?rXlmately "W " 2
nenh0!deM f nParly ft "t the 6 per
' "?n,mor,'m'?0 1,omIs of thB Ark
whlM? inh?ma "'i'1 Astern Railroad, on
on I..K-0,1nla.nnu 'nteroBt wns defaulted
on juiy l, hav inln,i .t-m. n. i .
holders' protective committee ami depos
l., . ,. "uuus wiin tne Real
irusi company, the
committee.
PHILADELPHIA MARKETS
PORT OF PHILADELPHIA
STBAMHIUPS AimxVIKO TODAY.
rmm (Nnr.), Capo Breton via New York.
hll8t. W. J, UramMold.
Vltolla Nor.), HUmford, Conn., ballut, W.
J. arandfUld.
Steamships to Arrive
Nam.
W rolnt .
Mains
Carthaslnlin
fitainpalli . .
ZultWdyk ...
M. Mariner .
rrom.
. ,.1indon.
...London.
. . . Olasxow,
, ..Genoa.
. .. rtotterdam .
. ..Manchtftar
frown Urve Mining Company,
monthly 2 per cent., payable Oc
lo buick or remm Heptemlier ao,
recular
ctober IB
Kb ly-burlriKnelii Tire omoanv. ,, tin
quarterly H per tent, on first preferred,
ana Hi per cent, on second preferred.
Checks to be mailed today.
BERLIN BOURSE
Word was received hero today from
lierlln announcing that settlements on
tho Hourbe had been postponed from the
last of September to the end of October.
Interest on commitments was fixed at
6i per cent.
FOREIGN EXCHANGE
NKW YORK, Sept. J.-Forelgn ei.
change was dull and easier today, with
demand quoted at tl.SS and cables at
There were no quotations In Continental
exchange.
RAILROAD EARNINQ8
JEKSEY CENTim.
lull. Pecreaie.
July oper. tr. (U C. C.). .JJ.6U.o27 i.Jsu
Opera
rrsiiue ,,,.u...v (uv.ru. 10(11
CIEOHISU aCHTIIEnN AND FLORIDA.
TUOjKttl IM.8VJ
Flret wee
SeDtember
us .asa
Prora July 1 450,581
IIALTIMORR AND OHIO.
Julr operatlnr revenue 9.1l3.es
2,1
Operatic Income
tncreaae.
S.O0O.719
II. SID
H.S0O
UTS,
SSI.AI9
BAR SILVER
liar silver ln London today watt up 5-16J.
to 8Wid. In New York commercial bar
silver Jumped c to KJH cents.
OIL PRICES CUT AGAIN
The Ii"'"rlul Oil i-t-aiy has red j"ed
IP i ! 'u '. 'l n t"l 1(1 .) n
Steamships to Leave
Name. pvr. Date.
Boestdylc , Rotterdam ....Sept. IT
Haverford ., Liverpool Sept. 10
Ancona .....Naples Sept, 10
FREIGHTS AND CHARTERS
BTBAMSHIP8.
Kymouth (Dr.). Oulf to France, train, S2.000
quarters. 2a. Od., Sept.
Rerredale (Dr.), Oulf to Mareeillei, train.
80.00H quarter, a prompt,
Fram (Nor.). I7M tone. Philadelphia, and
Israeli trade, on round trip. 4. Tlifl., prompt.
Hero, 2418. tone (Nor.), traniatlantlo trade,
one round trip, private term. Sept.
lloiton (Nor.), T38 tone, Halifax to United
Kingdom, apples, private terms. Sept,
Concord (Jir.). 1S25 ton. fiavannah to
IJnlted Kingdom, or Continent, cotton, etc..
I8e Od.. prompt. '
Europa (Dan.). 8T0 tons. TVet India trade,
13 month. tSCCq, Nov.
Tlelr.o Utal.). naltlmor to wert eoat Italy,
coal, private term.
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.
Kstnto
denosltorv nf tVio
The nomlnnl tlnm'tlmi, r.,,.
depositing tho homlsi trnir n.ia.. t
Bern of tho commltteM said, however, that
they expected to receive the small re
mainder still outstandlnc
The annual report of the American
Railways Company for the fiscal year
endimr June 3U, Wit, shown a total In
come of the company from sutiMldlary
compnnles as Jl.0?.C,351, compiiml with
JW3.442 in the previous your, un Increase
of $42,919. After deductions of $442,.y!2.
against ?16S,50ti In the previous year for
taxes and miscellaneous expenses, the not
Ineomtj wns $."9.1,82S, compared with Jo'JI.936
In 1913. The net income In equivalent to
6.7 per cent, earned on J0.713.1W common
stock, after paylnpr 7 per cent, on $2.0"').
0 cumulative preferred stock, compared
with 6,7 per cent, earned on the same
amount of common stock in the fiscal
year ending June 30, 1913.
Tlie next annual meeting of tho stock
holders of the Southern Railway Com
pany, on October 13, will mark a new
era In the history of the company, as It
will bo the first meeting nt which tho
12,000 stockholders have had the oppor
tunity to vote directly, the voting trust,
In existence lnco tho organization of
the company In 1894. now being In procc.-n
of dissolution.
According to report, 3. L. Schoon
maker. who has been elected a director
of the American locomotive Compnny.
will, nt a meeting of the directors in
the near future, ho made chairman of
the board. The election of Mr. Schoon
mnker to tho directorate will mean the
elimination of all factional differences.
GRAIN AND FLOUR
WHEAT neeelpts. 88.B8B bunhels: market
Irong and advanced 2c. under bullish epeeu
latlrn In Ilia West. Export Inquiry fair.
Car loin. In export elovator No, 2 red. epot
and Hepiember. $1.07511.12; No. 2 red West
ern. ll.iyi.lCj No. 1 Northern Duluth,
1.Z311.2.
CORN- Receipts, BOOO hushelaj prices ad
vanced le. with moro demand and atrtmser
Woetern advances.
Car lota for local trade, ns tu location
No. 2 yelluw, 87g87Hc. j steamer yellow, BOH
13 87n.
OATH Itecelpt. 70,905 buehels; market
strong snd l'c. higher In sympathy with the
Weet.
No. 2 white, S3tjaG4c. j standard white,
KlWic.: No. .1 white. MHAS-lr.
I'l.OL'lt Receipts, 128 barrels: I,21B.817
pounds In eacke. The market dull nnd prices
largely nominal, hut undertone firmer In
eympathy with whent. Winter clear, $l.i3
B; do., straight, $nnir,M; do., patent. 5.40
iati Knorae, straight. Juts sack. $.'..10fl
R.2S do., patent. Jute sacks, $5.3011 B.BOi
spring, nrst clear. $BiB.2r, ; do., straight,
$.-..25raG.r.O; do., patent. t&.onftO: do., fav
orlte brand. 6.2r. 7ft : city mill, choice
and fancy patent. 2.,rtf).7ri i do., regular
grades - Winter, clear, $4.7Sfl; do., straight,
IfififB.CO: do., patent, IS.C0Q6.
ItVE ri.OL'R Quiet and steady at t&O
S.BU per 1)1)1., In wood.
PROVISIONS
The market wa dull with ample offering
at the recent decline.
City beef, In sets, emokel and air dried,
3lffja2c.i Western beef. In set, smoked, 3lrj
.12c. j city beef, knuckles and tenders, smoked
and air dried, n2R4c. ; Western beef, knuckles
and tenders, smoked, .120 rfituc. ; bef ham.
40iS43c. ; pork, family, 2."VS27c. ; hams, 8.
P. cured, loose, lBttfiinif.; do., skinned,
loose, lCHai(lc. i do., smoked. lSQIOc. ; other
hnme smoked, city cured, as to brand and
cured, lNiyitlcs do., boiled, boneless, 28KJ20C. ,
picnic shoulders, S. I. cured, lonhe, 12iat2Vie. :
do., smoked, 14(fjHWe.; bellies. In pickle, ac
cording to average, loose, lOifiiPc. ; breakfast
hncon. as to brand nnd average, city oured,
2i'W2tn.; breakfnet bacon. Western cured.
2212e.; lard. Western refined, tierces. 1H4
ll4c i do., do., do., tubs, lit, (J 11 s.
lard pure city, kettlo rendered, ln tierces.
1 !?! 2c. s lard, pure city, kettle rendered
In tubs, lift & 12c.
SUGAR
Refined, nulet. hut flrmlv held.
Standard granulaied, 7 .lOOT-BSe. ;
granulated, 7.2.",)iJ7.50o. ; powdered,
7.00c: confectioners' A. 7.13T17.40C.
grades, l).4.jtfi7.0rc.
DAIRY PRODUCTS
III'TTKIt Demand fairly active and
market llrm under light receipts. Western,
'resh, foll(l-pa kol creamery, fancy specials.
31c; exceptional lot higher; extra. H'-f't
flSVje. ; extra firsts. Hie. ; firsts. 2'-i5taO'-'jC. :
seconds, 27'j'i3)281jC. : ladl packed, 21((l2:ic.,
as to quality; nearby prints, fancy, 33c:
do., average extra. 3:ifi3le. ; do., firsts, SO
4(.'l2c. ; do., seconds. 27 M 29c. Special fancy
brands of prints Johblng nt ,'m5J41c.
ECrifl Desirable stock ln good request
nnd firm. Receipts only moderate. In free
cases, nearby extras. 31c. per dor. ; nearhy
firsts, $8.40 pr standard fjse: nearby cur
rent receipts. $7. ,1041 7 80 per standard case,
fine
'.35ffi
soft
Western extra firsts, 8.40 per ea;t de..
first, ,$7,50517.80 per MM! do., seeond, IB. 00
QO.PO per case. Candled and recrated frttn
egg were Jobbed out at 88 Q 87c, per do.,
as to quality. . ... ...
rilEKHB Trade stow and price favored
btivers. New York full-cream, eheacj, 10Vi
16V40.; do., do,, fair to good, lBVifllOc.! do.,
part skims, nil lie.
POULTRY
MVIJ Th market nulet, with fairly llb
eral offering at former rates.
Fowls, '771Re.; old roosters, 11012c; spring
ehlcken. fine, large, 17(fl8c,i do., medium
site, lBflilBe , duck, old, 13Bl4e ; do., spring,
14918c. ; guinea, per pair, young, weighing
2 pounds and over apiece, 80c. 1 do, weighing
1 pound ap'e-e. BOc. i do., old, fine. : pigeon.
l'.ilfl'i pound apiece, Cw70c ; do., weighing
per rnlr. IBfllSo.
UUEH8EII Fin heavy fowl firm. Chick
ens quiet and unchanged. Quotation:
. PYesh-ktlled fowl. Western, rer lb., selected.
heavy. 21 14c ; extra. 20t4o.i averae receipt,
4tt4H It, average, ISJllOo.i do., smaller six,
n'pin'c ;
old
19020c.
broiling cnlckens, nearby, weighing l',MJ2 ib.
piirc. ; ao., rAir 10 gooa. iu?
Western
dry picked. MUe.i
ning nm .mi
good, UUlflo.:
ilece.
chlnkens. W.,f,rii: AliT IKa. anlere. Qn.i
do., do., 2173 lbs. apiece, l517e.; broil
ing ciiUken. Western, weighing I'VBS
lbs., 17(3 18e. 1 do., fair to good. IBfttsc.i
quabs. per do., white, weighing llifjla lbs.
per do . 4 1B'!T4 T- white, weighing OfflO
lbs , per dn., Mfl.1 7B: white, weighing 8
lbs per do., $2 2532 60; do. do., 7 lbs. per
doz., $1.7532; do., do., OffOU. Ib, ptr dos.,
$1.2331.50; dark and No 2, Wc B$I.lO.
FRUIT
Apple tn fair request and ateidy. Other
fruit ahowed little chsnte.
Apples, per bhl., fancy. $2.r,03fl; medium.
$15OW2B0: Delaware, per hamper, 80C0.
letnnns, per hnx. $34; F'lneapple, per crate,
Porto Rlro. $1.23118.23: Florida. $1Q2.60
cranberries, Cape Cod, Early Hlack, per bbl.,
$4. Sua 5; per crate, 1 1.75 a 2: Jersey, per
crate, dark, $1.7.V2.23; light, tittt.lt,;
liucltlebcrrles, per qt,, -tSFc: peaches, Vlr
glnla, per 20-lb. basket, 251JB0e.S do., do.,
per crate, 7Bc.!8$l BO; do.. Delaware and
Maryland, per basket, 2SQ7fle. : do., do., per
crate, 78c i$$l 23; peaches. Pennsylvania, per
basket, large white or yellow, OO00c: m'
dlum. 35fi0c. ; Jersev. white, per H -basket,
4rie.ifjl; do., do., yellow, per S-basket. 40e,
W$l; pears, nearhy, per bbl., Jlnrtlett. No. 1,
$3r,0B: do.. No. 2, $2.738.23; Clapp's Ta
vorlte, No. 1, 8B0B: do., No. 2, 2.7r't
3.25, other varieties, $233; grapes. Soiltli
ern Delaware, per carrier, 400'TSe. : Con
cord, per crale, 403-600 : plums, per 8-lb.
basket, 201123c. : cantaloupes, Colorado, per
crate. llel.BO, do., do., flat, 4070e.; do..
Afarylantl, per crate, 23W00e. : "Watermelon.
Southern, per car, $BO100: do., Jersey, per
100. $815.
VEGETABLES
Potatoes firm and active. Other vegetable
generally steady. White potatoes, per buahel.
Pennsylvania choice, T.V07SC. ; do., fair t
Kood. ivltnse. ; white potatoes, Jersey, per bas
ket. 40ttfiOc : sweet potatoes, Eastern Shore.
per barrel, No 1. SI.7BQ2..1S: No. 2, 7Be.BJtl;
Mcets, Jersev, per barrel. No. 1, $1.7332;
No. 2. 75cffl: sweets, per barrel. No. 1.
2.-.04fi: No. 2, si.S0ttl.75j sweets, Jersey, per
basket. BOgoOo. : onions, W'eetem and Connectl
: it valley, rholee. per lOO.pounfl bag. $1 2S: do
medlum, per 100-pound bag, $1: cabbage, do
mestie, per ton, $12314; celery. New York,
per bunch. 12f)30c; mushrooms), per 4-pound
basket, CQe.iBtl.eO.
TRACTION HOLLERS
HAVE 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 Company, trustee. This makea a.
totnl of 18,000,000 of bonds Issued under
UiIh deed of trust.
"Durlntr tho year the Philadelphia
Rapid Transit Company has paid your
rental, and has largely added to the
rolling stock used In tho street railway
system, cs well aa to the equipment for
furnishing motive power."
CHICAGO GRAIN PRICES
Quotations for Cereala and Provisions
and I"luct nations,
CHlCAnO. 8pt. 18 Th quotations for
grain ana proviiion loaay wr:
Leading future:
wiiest
fieotember
tecembr 1.10
ily ,., 1.17
Com (new dllvry
September 78
l)eomber ......,, 72
May 7U
uais
Opn. lllh. Tiw.
t.OTVi lOIU l.OT
l li'H 1 I'll
. 71
11V,
72'
7B;
Rcptember ....... 48U 4TU
December ...,,. 40U BOJi
Hay 52 Vi CZ
jird'
flepttmbcr ,..
I'otol'er .J30
January 10 CO
llb-
Fcptember .......
October .....
January 10.85
Pork
September ....... .,
January 20.80
Bid.
1.1BH
7
Il4
7411
48W
49
88
OBB
X0.17
8. SO
16.00
10.63 io.es
to.'ei to.M
1oa.
10111
107S
1 14;
T6U
43!4
48U
BIS
0.3O
9 2T
0.82
11.64
1132
10 77
17.80
20.62
LIVE STOCK QUOTATIONS
CHICAGO. B.pL 18.
mi.,1 mftrkat. SOlOc.
CutcUer. 8.35IrU.4S, good.
rough bsvy, B 10.70; ll
i5.jVj bulk. JS.45-UU
raw and hlf'r. $t.6oa.60, 'tockr tnj
tee.ler. . J O-- Tejan. If-SOaaS,
calve $9.5041)12 25
siHEFP Ke 'r "ACOO rr-arket. le
t -e-n, l"3'''-,
11O0S. nelnla.
hliibtr, mixed and
. heavy. M.SUiujx.
llk-ht, SfWJV.15. pli.
10;
n!i, market.
CincAQO, Sept. 16. There wan re
newed confidence In the buylnc side In
tho wheat market today. Prices opened
firm, with December up 1 cents, at Jl.09,
and liny up 2H cents, at $1.17. Weak
longs were eliminated on the recent set
backs and the market was believed tn
be on a far better hasls than It was
seven days ago, when prices were 21i
cents above yesterday's low point. Theru
was a large export trade on the recent
setbacks.
A heavy demand for wheat from mill
ers was reported at Liverpool, servlnj?
to reduce British stocks and relieving
the congestion in the United Kingdom.
The receipts In tho Northwest were again
heavy and Blocks are accumulating there.
Tho scene in the pit this morning was
wild, with commission houses In general
buying' and offerings scattered and Inade
quate. Less was heard of peace talk nnd
the news from the other side was believed
to Indicate a prolongation of the strug
gle. Prices at Liverpool were stronger.
While supplies there are ample, the ac
knowledged large requirements of coun
tries other than Great Hrltaln hud a
tendency to cause pronounced firmness
ln the distant month at Liverpool. The
visible supply In Kurope amounts to C5,
701,000 bushels, against 63,34t.OOO bushels
ln the previous week and 70,500,000 bushels
a year ago. Tlie weather In tho United
Kingdom Is moro favorable, and native
wheat Is moving freely. An official report
places the condtton of wheat there at $1.04.
The French crop, which has alt bean
gathered, has turned out better than had
been expected, with the quality a a
whole fair. The weather In France is
now seasonable. Tteporu from (rorman
official circles show that the outturn of
wheat In that country was below expec
tations. Reports from Ruisla are con
Mating, but It Is believed that the yield
will be short and of Inferior quality. Hen-
enciai rains nave ranen in India, but
shippers there are maintaining firm
prices nnd offerings are light. In Aus
tralia the weather Is dry and the crop
uuuouk unia.vora.uis, rrom Argentina
weather and crop accounts show Im
provement. The receipts at Minneapolis and tfuluth
today war HSl cars, against 1232 cars a
year ago; at Winnipeg-. 1J20 cars, against
$S cars; at Chicago, C3 cars, agulnat IStJ
cars.
Corn was stronger on lltrht receipts and
a better Inquiry from the East. Decem
ber and May opened up i, at 72 and 744,
to H, respectively. Prices at Liverpool
were down 34d. on liberal plate offerings
and larger stocks. The receipts of corn
here today were X08 cars.
Oats were strong on htavy speculative
buying. An enormous business was done
All ovsr-nlght oltors wre accepted, nal
tlmor Is now outdoing Chicago at muy
Illinois points. December was up at
the opening at 49, and May un V at &tu
i The receipts of oats here todav wr. t'ax
cars The condition of oats in the I'mtcd ' e'lli ?V '"
K 'i-P -'H-laj .-v.ca at !-. in.. .
ERIE R. R. MAY CREATE
NEW $300,000,000 MORTGAGE
Call Issued for Meeting Next Month
to Consider Finn.
(Creation of a rcfutidiiiK and improve
ment mortKaKe of approximately $3iVlO,
tX will be considered at n special meet
ing of stockholder of the Krc ltallroad,
to be held in New Fork Ortnbor 13.
In the rail for the meotlnK It Is pointed
out by directors of the company that thu
mortgage is planned to cover the prop
erties, rights nnd franchises of the rail
road. The annual meeting of tho com
pany will be hold on tho same day.
COTTON A GOOD ASSET
Secretory of Treasury Will Approve
Investments at Market Vnlue.
WASHINGTON", Sept. 10. -Secretary of
Treasury McAdoo has announced that ln
approving tho assets of bonding com
panies doing1 business with Government
officials, he will upprovo as assets any
reasonable Investment In cotton at the
fair market value of the cotton.
Following upon this decUlon. It wns
said today, lt is expected that the bnnd
Intr and insurance companies probably
will mako substantial investment in cot
ton, and store tho produrt In order to
aid in nnanclng the crop of tho South.
WILL VOTE ON $100.000 LOAN
Norrlstown Council Sets Aside Veto
of Burgess.
NCmmSTOWN. Pa.. Sept. IC.-N'orrts-town
Town Council, by u veto of 25 to 4,
today passed over Ilurgens Saul's veto,
the ordinance submitting to o vote of tho
people In November a lUfltOTO loan for tho
establishment of u kewage disposal plant,
demanded by tho Stato Htalth Depart
ment. T
BUBTREASURY OPERATIONS
Statement of Philadelphia Subtreasury
operations Monday and Tuesday of this
week follows:
Stockholders of tho Philadelphia Rapid
Transit Compnny and tho t-'nlon Traction
Company held their annual meeting to
day. Tho report of operation of the Philadel
phia Rapid Transit Company for the
month of AuKust and for the first two
months of the fiscal year, issued today
after the meeting of tho directors, shows
that earning of tho company havo fallen
off for tho month of August and for the
two months, when compared wlUi the
same months of last year, while operation
expenses wero pared down In August ns
I well h.s for tho two montliH. Instead of
' a Mirplus In August the company had a
' deficit.
j Gross earnings of tho company In Au
I sru.ot wero $1.912.tt70, compared with Sl.-
970,03; ln tho fume month of 1313. a de
crease of 2.30 per cent.: AugUHt operating
expenses. $1,111,017, against tt.lG5.039; fixed
charges, JS05.7G4, against $799,954, leaving
a deficit for the month of J5S1I, compared
with a surplus lust year of $14,113, Gross
earnings for the two months wpre J3.5G1,
230. against $3,!6i,'i44 for tho same period
of tho previous year. Kxpenses wero $2.
2I5.71.1. compnred with $2.34";, iV); fixed
rliHrgu.i. J1.GIS.120. against Sl.i.37.845; defl
'lt. $2(ill, compared with a surplus of
500.509.
The annual report of tho Tnlon Trac
tion Company, which was presented at
the annual meeting today, for tho year
ending Juno 30, 1914. showed a balance of
$2t"31; amount re eived from tho Phila
delphia Rapid Transit Company for fixed
charges, $i,lM,0S2, rental account, $l,v'.
000; maintenance of organization. M.000;
interest on deposits. $443; interest on
Philadelphia Rapid Transit bonds. JI.S.W:
equipment Philadelphia Rapid Transit,
$1,500,000: total. $S.UM 53a.
Disbursements: Fixed charges paid.
fiU66,0S2: maintenance of organization.
$6063; dividends paid. tl.SOO.OUy; Philadel
phia Rapid Transit equipment trust. 3150,
000; total. $S.i:i.493; bulance. J30.H.
I'rceldent Jeremiah J. Sullivan pro
yented a rort at the annual meeting
of tho company In which he said:
"On June 1, 1911, our board granted
this company's consent to tho Immediate
certltlcHtlon and issue of $3,vo,oco more
of thu bonds itecurej by the deed of
trust of March 1. 1912. made by and bo
tween the Philadelphia Rapid Transit
Company, the Union Traction Company
CHICAGO GRAIN PKICES
leading futurrs ranKd ns follows:
Wheat y. clos. Open. High. I.ow. Clos.
September . l.WSn 1.074 1.WH4 1.0S 1 00
December ..'1.07S 1.1" 1.12 1.09 1.111
May I.MS 1.17 l.W 1.15H isaj
September .. 70'i ,' 7S 7(1 T-'i
December .. 71S '- 7'J 71 7HI
Hay s- 74S 74H 7r,h 74i- 74T-J
September . 4.M4 40H 47 4U4 4711
December . . 4t.4 40ii Mrt, 4li .VP.j
May, 31 f.2',5 Kl, 52H .ViVa
Pork
September .'17.M 17.W 17.SS 17. V, 17.'in'
January . . 20.C2 20.M) 20.10 20.65 S0.03
Lard
Feptembor . 0.20n Ition
iier.ibcr '0.27 !.:(0 P M 0.37 UT
Jritiuary 0.P2 10.CO 10.1S 10.00 10.10
nifrt
(pioinber .ll.Bn Jll.nT 11.37 11. as 11.. is
October 'll.ns 'U.X! 11.32 1112 112
Jttr.ii.io ...10.77 10. SS 10 '.12 10.M 10.73
Iltd. lAiked
READING COMPANY DIVIDENDS
Tho directors of the Reading Company
today declared the regular quarterly divi
dend of 2 per cent, on the common stock,
payahlo November 12 to stock of record
October 27. It was announced that th
regular quarterly dividend of 1 per cent,
on the second preferred stock will be paid
October s to tock of rccod Septem
he 22.
DEHIGH VALLEY DIVIDENDS
Directors of the Lehigh Valley Rail
road today declared the regular quitrterlj'
dividends of 2's per cent, on the common
and preferred .toi-ki, payable October
20 to stocholders nf record .September 26.
September 15, 1911.
The
Market Street
National Bank
of PHILADELPHIA, PA.
RESOURCES
Loans and Investments. .18.766,375 95
Due from Banks 1.183.306.94
Exchange f r r Clearing1
House 299.542.92
Cash and Reserve 1.613,241.65
Cleiiriiis House Loan Cer
tificates on hand 850,000.00
DIVWKNOS.
10 It
TUB PENNSYLVANIA COMPANY
J.NSntANTKS O.N l.It en AND
t.llAN'l INfl ANNIITIKS
,s-piembr 14th. 1914.
The DohM of Directors hu ehl day d.
rlHrert a revular nuartHi-lv illvldenrt nf Hit
I'er Cent. (JO. on prr -.liiire), i-lear of tax.
payable Ortnber 3th. 1011. to atockholderi nf
rernrtl nt the close, of T-uytne Hentember
24th. 1014. : S. XEini.tl I,.
Treasurer.
$12,712,467.47
LIABILITIES
Capital Stock $1,000,000.00
Surplus and Net Profits.. 1,330,928.57
Circulation 1,290.297.50
l S. Howls Borrowed (U.
S. Deposits) 50.000.00
Deposits 8,671,241.40
Clearing House Loan Cer
tificates outstanding . . . 350,000.00
812,712.407747
W. P. SINNETT. Cashier.
Caih rfOtvr1
kah riillt)liri.l
Currtno from Treasury Pe
rrtmnt . .
Currency aent Treasury Ue
rarlinrnt Oolrt rnlflct series er
1UO0 rsJeme4
Sept. IS
lOtS. 615
741.74t
380.000
30,f10
Repl. 1 1
fS32.T.l
t!D3,)lt
10S.0O0
tai.ooo
lo.r)
BUTTER AND EQQS
NEW YORK. Bept. 14Rutter, receipts
7W6 puckagen; extras, 3a32VjO.; firsts.
Kggs. receipts. 16,549 casw. Firsts gath
ered extras. SWiNc. ; extra firsts, rsgjvc. ,
refrljerator firsts to fancy. JtUSc.
BANK CLEARNGS
IVknk cUarli.gs tolay rompar nlth corre
sronlln aay last J wo ywr.. a
PblUdelsbU J1.-'.IT1 i 1TO.H4H r.47.;S
Boston .... 21 HIiB.im 2SS7.VS4 2T.IW.o75
1HH 1U1S I)o
Kt. I.O'll). . .?I- lMO.Wia HJ.SUl MJS ISBft.JOS
. . .sol. i
sssprrw; y; -''M,'MTwn,Trrr-r--nrsi
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 still ; they grow better or worse, as time
passes.
Investor's Service
."S?K!l?5-yi Vth fr"h news a" to fninehlses, competition,
decide how
yourself.
I trontlii
and when to act It helps you think for
Chicago
.278,585 S;1.7.S8.4M f2.5U7.tSl
AUCTION SALKS
J. JACOBS & CO.. Auctioneers
Phoo. Lorabara 4449 D. 613. 013, 017 S. 20.
MUCH St'inVARTZ. 2S4 Ofrrcintown .e
ati la ii- a irn'a ' tmg
V N s V. i II J i
. i ,i . -
Why don t ypu register a request for information regarding any
or all ot your holdings it costs nothing unless it helps you materially
and you are the sole judge of that. Call or write for leaflet "Vain
Kegrets.
In use by 21 Banks and Trust Companies of this City.
H. EVAN TAYLOR, Inc.
702 Morris Building
1421 CHESTNUT STREET
!
i AcvanVA
, ("(TAYLORlel
R-'trrnc
- xsmuBFjniemsxe-s.
Both JAua.
.-waase.)aws.
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