Mlia
FiMr
jfS"'"j
EVENING LEDGER PHILADELPHIA, THURSDAY, SEPTEMBER 17, 1914.
13
FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
lis COMES TODAY
OFTHE FIRST STOCK
'GHANGEREOPENING
Brokers in Sydney, Australia,
yffj Resume Next Mon
day Lbndoii Discussing
Resumption and INew York
Awaits Its Decision.
Tint news since tho beginning of the
ruropean .war of a resumption of stock
trading- nt dny of Hio Important centres
,(,fre,tlio Exchanges were closed enmo
tod 'fnl "Ulney, AuBlrnlln' u nn
nojncfd that the Stock Kxclmnge there
,111 be officially openca next Monday.
-rMt aiinuunccincnt naturally Increases
Hie feeling of lunfldence overywhero ap
parent that things nro on tho mend and
tho (Inanclnl world Is nearer a gen-
,. resumption of business today than
t ny time since tho end of July, when
1,, Exchanges closed.
in London today foreign Exchange
i,.vrs met for their first session slnco
It. War began. While them wna no
iulncs ot any material Importance
inniacteil, the session Indicated thnt
..... .i.i u boinc Klven tho Government
fn Ita effoi ts io expedite foreign exclmngo.
'.'other favorablo sign ii tho nnnounce-i-cnt
of repeated conferences being held
ta the Metropolis between representatives
of the Government wanna anu me i.onaon
flock Kxclmnge Committee, concerning
the reopening of the ejechunge.
.. . .- Ill ,..1... ... HrtllnH n .. .t...
KeW lOrjv rtlll limu iiu uuliuii yjii Lilt:
reopening proposition until after London
bw taken tho Initiative, and Philadel
phia will, of course, do nothing nlontr
this line until nftcr New York lias olll
dllly acted.
Washington brokers see such a gen
,l improvement In tho situation that
they have already had several meetings
to discuss the ndvlsablllty of reopening.
It was Anally decided, however, to tako
nc action until the New York situation
hu been cleared.
Brokers in wow t one say it is ex
tremely probable that tho reopening,
when It comes, will entirely confound
ll! prophets. Sloro than likely the ob
itaclcs which aro In the way of a re
luraptlon of business will appear ns for
midable as ever until the efforts being
made to overcome them shall havo been
luccessful, and the rolling away of tho
clouds will be brought about almost as
loddenly and unexpectedly as they nrose.
Public offcilng was mado today of the
tew 1100,000,000 S per ctnt. note loan
tetotlated last week. Just how much of
It will be alloted to Individual Investors,
U not known, since there Is no Indication
cf the amount tnkon by tho syndlcato of
13 Ken York banks and trust companies.
Tho bondi and notes aro bring offered at
;arawl ai'Ciued interest. They bear intor
eit at 6 ptr cent. a. year, payable March
ind September and arc Issued in coupon
ind registered forms In denominations of
W, HOW. MW and 110,000. They will ma
ture as follows: $07,000,000 6 per cent, cor-
rorate stock notes duo September 1,'1915;
tl1,0W,OM 6 per cent, revenue bonds duo
September 1, 191C; $23,000,000 fi per ccit,
revenue bonds duo Suptoinber 1, 1017.
When tho last payment was muile yes
terday afternoon by New York Iluanclal
Institutions, the figures showed that about
H.fflO.WO' had been paid by tho brinks and
trust companies in sterling exchange and
li,Q),0Cft In gold.
Somclpqulrles were received hero today
by Investment bankers from Investors
mloUs"to take part of tho note and bond
ottering! u Is not likely, however, thnt
there will ho much of the offering ab
sorbed In this section. Tho notes and
bonds, exempt from taxation In New
York are subject to tho four mills tax
In Pennsylvania, In tho caso of Indi
vidual Investors. This brings tho yield
down to about C.B per cent. The offerings
are, however, exempt from Federal in
come tax. It has been years sinco such
llh grade obligation, backed by the
eredlt of New York city, was offered on
nch an attractive basis, and ono of tho
chief reasons why investors hero may
not get Into the market as extensively
as they world like. Is that distribution
lll probably hep;ln in New York, where
already. It is understood, there has been
n oversubscription.
Locally, there, fnntinnen n f.ilrli trnn,!
"ding In stocks, although within the
few days a falling off In tuunactions
as been noted. Demand for high-grado
nds continues iietlvo under tho circum
JlMCfs. One largo linuso here sold $17,
"North of public utility securities tills
"cmuon, an or which represented an
JHfStmpnt III ,L Kill,-!.. IaKin n-nu ,..-,...-
, -'- -- - 'C"i ' ifiiu. lirr ("twF
wt.on in W'pqf virrintfi tt - n,w,,.,.i.
i.i -iitsui-.. i 'itk utiwiiftil
mm pood sales of another utility r-eeur-"",
.covering public sorvlco corporations
the Middle West,
"was told this afternoon of ono local
"niestor Id l'nfle.1 stn(n, QiaAl -..I... Dni.i
J.M0 north of these securities on a basis
''washnre with tho proceeds of the
we h !,oiiR,t dve.stufT.s and witliln two
") hdd cleaned up a prollt npproxi-
-....,15 ,.,.. .siiuttliiK off of Importi
l:iMlu,N- 'u'' to " "'. HS innu-
m? 1 Uominil for them which can
"rdly bo met
COMMON DIVIDEND PASSED
jCentral Coal and Coko Directors Will
Conserve Their Finances.
Dir --.... . . ,
Com, '"'""' "' ' entral Coal and Coko
iiiS y,. av P!lsseJ tho quarterly divl-it-v
.. .,'.r"r vf,nt- duo " h" common
dltid.!i . "m Tno regular nuarterly
itoek '' ,,er ce,,t- " " Preferred
t0lLta3.'ie''1"',, Payablo October 15.
A. !. recurd SePtembtT 30.
th, Jti of "le stockholders says
of'th. , Clused mainly on account
n unsatisfactory conditions existlng
U.d'nnl!!.er nurket. Prices of which
!iih m Pr ceri1- " account of a
"CS3!r,I,ueMon last yfar' a,ul th0
r- iUlon8 cause'l y tho Kuropean
tloa of iu,nt,rK(;ly cur,allc1 tho consump-
..pOTTON PRICES FIXED
t Sit"' be- ".-The members of
teived n.i ' 0,tn Kxch.mgo have re
n a n, Llct',al I-'Vfrpool has agreed
dli.!if"r"of 6M for January-Kobiuary
h M ut. i Uve ,0(lay- Tll Pr'o will
Una .,l!d ,or December at 9.60. Mar-
1"iaitev. t'lverpool next Monday,
lnl that ,"',IOns membera aro called for
Depvb : .
Direct UIV1UND ACTION
'I AmV.ir" .f '." Crucible. Steel Company
0,1 tbe retruurj, ' C,cl(i?a to defer ac""
'tn pre ?n. . 8J0Ck- Tho reaso Given
lull i .: '"' trade condition no i, r.
v me war.
Coram SILVER
-..c,I.cla.1 fcar sliver la boinu niii
U a ueoifnaav. B2u- wh,cl1 rP
V, prlno or compared with
r..vs were aown iidii nt 2d
fHOAD EARNINGS
BBACOAHIJ Aln ijKE.
"ojiflj, j ' ' .. IW7 o0 .I7I
. . o, cwv, uj ;uo,H
London bankers still
discuss the loan problem
Cannot Agree to Extension Without
Aid of Government,
LONDON, Sept IT. Throgmorton street
continued cheetful today, but trading In
securities was not brisk, Tho Btock Ex
change Committee and the bankers nro
experiencing difficulty In agreeing regard
ing the tiucstlon of outstanding loans.
The bankers are maintaining that it
would be Impossible to consent to nn
extension of all loans for n year without
a gunrnnteo by the Government.
ino purine showed a disposition to cx
crclsa more caution pending the receipt
of fresh news regarding the fighting.
Hates for bills were easy at 3 per tent,
for three months, In splto of the fact
that tho Bank of England rate rcmalndcd
unchanged.
The state of the British Treasury bill
Issue has made a great Impression. Tho
French Government Is preparing to place
yearly 5 per cent, treasury bills here
GRAIN PRICES UNDER
YESTERDAY'S CLOSE
AS MARKET OPENS
Traders Play for Reaction,
Believing Upturn Was Too
Sharp European Soil in
Shape for Planting.
CHICAGO, Sept. li.-On tho theory that
yesterduy's upturn in wheat wnB too
sharp, traders played for n. reaction to
day and tho market started one-quarter
lower nt 1.11'fe for Docomber nnd l.iD to
1.W& for May. Thero was rather free
selling by j" brokers. The commission
call at the recession was fair.
Tho receipts of wheat at Minneapolis
and Duluth today wero 1.C33 cars, against
990 cars a year ngo: nt Winnipeg 1269
cars against 1,049 cars; at Chicago 314
cars against 95 car3. It is estimated that
the area, of winter wheat In the surplus
States will exceed that of last year by
ten per cent.
Recent rains have placed the soil In fine
condition for preparations for the new
crop throughout Europe. Tho sowing
time of the belligerent countries is as
follows:
Germany, Hungary and Austria In Sep
tember and October, France In November
and January, South Russia In September
and November, and Great Britain In Oc
tober and December. The demand from
millers abroad continues large. The
weather in Argentina Is fine. Tho market
at Liverpool was Ilrm on a better general
Inquiry.
Trado in coin was light. December
opened off Uc, at 72&C, to 3;c., and
May unchanged at TSUc. to 74Tic There
was somo realizing. Tho country Is not
celling. The "price current" has received
reports indicating a total corn crop for
the United States this year of approxi
mately 2,800.000.000 bushels, against 2
598,000,000 bushels forecast In tho Sep
tember report of the Government. The
receipts of corn hero today wero 109 cars.
Prices In Argentina wero firmer. It Is
expected that surplus of that country
will bo disposed of quickly.
Oats was easier on realizing. The de
mand was not so urgent. Most of the
bulls ure waiting a further reaction bo
fore Increasing their lines. There wero
no sales by tho country to arrive. Ex
port business recently has been heavy.
Tho demand has come chieflv from the
continpnt, as tho British markets ap
parently are well supplied for the pres
ent. The receipts of oats hero today were
217 cars.
CHICAGO GRAIN PRICES
Quotations for Cereals and Provisions
and Fluctuations.
ClIICAnO, S?pt. IT.-Tho quotations for
Brain and provision! twlay wore:
I.cadlns futures ranged aa follows:
Yesterday's
Wheat Open. High. Low. closo.
Heptemhcr , 1.09
iLuinnilm 4 111' 1 14V . .4 . ...
May l.io l.io l.is l.isir
77' i 70 7-14
77H, 71 72i
75l 74H 741.
I'nrn fli,' liplKMn...
HoptrmW'r 7d
lcitmLci 72'j
May 7r',
(lnfp
September 47H 17H 47?i 475i
Di-cvmber M; BOt 50 SOU
May B3H KPJi C3 Mu
1,-inI
Krpromticr (140
October !.52 0.57 n.M D.47
Jammry 10.17 10.17 10.15 10.10
llll'
September 11,53
iH'toher Ill'
January 10.S2 MO.S1 U0.80 10.73
1'ork
September 1 17.85
January 20.00 20.00 t20.75 20 63
1IM. tAaksd.
DIVIDENDS DECTLABED
Houghton county Hlertrlo Light Company,
regular loml-annual 73 cenu on preferred and
ir.'ij cents on common, both ruyable Novem
ber 2 to mock o record October 13.
Klectrlo Storage Ilatlery Company, regular
quarterly 1 per cent, on common and prefer
red, jiayabla October I 10 stock of record
Boptembor 21.
American Oas and Klectrlo Company, regu.
lar quarterly S per cent, on common and Hi
per cent, on preferred. The common Is pay.
able Ottiiher 1 to stock of record .September
21, and tha preferred Is payable November 2
to stock of record October 21.
Id floss Consolidated Mines Company, reg
ular quarterly Wi per cent . payable October
2D to stock of record September 30.
Kolb Bakery Company, regular quarterly IM
per cent on preferred stock, payable October
1 10 stock of record September ID.
1'rocter Onmble Company, regular quar.
terly 2 per cent, on preferred stock, payabld
October 15 Io stock of record September 20,
Willi b Overland Company, regular quarterly
l'i per cent, on preferred stock, payable Oc
tober 1 to stock of record September '-!.
United Utilities Company, regular quarterly
l'l per cent, on preferred stock, pa) able Oc
tober 1 to stock of record September 10.
Consolidated Mining. Milling and Smelting
Company, regular quarterly 2 per cent., pay
tit Is October 1 to slock of record September W.
Standard Oil Cloth, ousrterlv
each on nreferred A and 11 nto..k& un,
terly of of 1 per cent, on common, payable
October 1.
H. per cent.
nl a quar-
Oermantown Passenger Itall.ay,
quarterly 11.31'.. payable October 6.
regular
llangor Hallway and Klectrlo Company, reg
ular quarterly 1 per cvnt. on preferred, pay
able October 1 to stock of record September 21.
American lWnkors' Safety Company, regulir
quarterly 114 per cent, on preferred, payablo
September 30 to stock of record September 1U.
A tl. Klrshbaum Company, regular quar
terly li pur tent, on preferred, paiable Octo
ber I to stock of record September 20.
United CI lobe Company declared a. dividend
of 1.50.
FOREIGN EXCHANGE
NEW YOHK, Sept. 17.-The foreign ex
change market opened weak, with offer
ings In excess of bids. Demand. (1-08
H6M, cables, M-W?4i marks. 85J,c; francs,
.09.
THREE-CENT FARE
DECISION IS VICTORY
FOR UTILITIES MEN
U. S. Court Ruling Declar
ing It Confiscatory Ends
One of Most Remarkable
Traction Fights Country
Ever Saw.
After n strenuous fight which lasted
many months nnd which was watched
with unusual Interest in all parts of tho
country, tho thtee-cent fare controvctsy
In Toledo, Ohio, bus nt inut been settled.
Juiltre Kllllts, In the United States Dis
trict Court of that city, has decided that
tho city ordinance enforcing this rate Is
confiscatory and ho has ordered a return
to tho old rates, ilvo cents for ench pas
senger except during the morning nnd
overling rush hours, when tho rate shall
remain nt three cents.
Decision In the case waB n victory for
public utility Interests. While tho fight
was on between the Toledo Hallway &
Light Company and tho city authorities,
thero dovelopcd 11 situation in Toledo
which has never tyid u parallel In this
country. The company, after March 17,
when tho ortllnunco becamo effective,
declined to accept tho three cents offered
by passengers who boarded Its cars, and
those who did not produce the five cents
which tno company declared to be Its
regular rate, wore permitted to ride free.
Thero was no acceptance of threo cents
for a ride except during the rush hours.
Tor five months tho company operated
its cars under this regulation and its
oIllcorH figured that the losses Incident to
this arrangement averaged J1.O0O a day.
Yot they would not rctlie from their
original position In tho matter and they
determined to fight It out to the end.
They declared tho principal of the lower
fare scheme to be all wrong and on tho
ground that tho securities of the company
wero being seriously impaired by tho low
rates, they fought every movo for en
forcement ot the ordinance.
Early In tho fight Henry 1 Dohcrty,
head of the company, offered to permit
the city authorities to tako over the car
system and operate It for a year to prove
that tho low rates of fare were unprofit
able. The city declined the offer, but It
submitted to tho voters a proposition to
have the municipality buy tho property
and operate It under a municipal owner
ship scheme. Tho voters, nt a special
election, agreed to this plan, but there
vns no provision for the creation of u
bond issue with which to purchase the
property.
Judge Kllllts laid upor tho city authori
ties the burden of proof to show that tho
company's revenue, under the three-cent
fare ordinance, would pay Its operating
expenses and leave a surplus of from
$300,000 to $100,000 a year. Such proof was
not produced, In his opinion.
Judge Kllllts said that the city should
have had, when It passed the three-cent
faro ordinance, knowledge that Its term
wero reasonable. Neither tho city nor a
court has tho right, he said, to fix an
arbitrary rato of fare without the knowl
edge that such rate will pay operating
expenses and leave a icasonable return
on the Investment. By this, he said, he
had no reference to bonds.
"Is it possible that the city Intends to
occupy tho position of dog In the manger
forever?" said Judgo Kllllts. "If tho
ordlnanco is unreasonable tho company
cannot bo held to Its terms by tho mere
fact that It continues to operate. We
must hnvo transportation. Then for tho
city to say that If the company continues
to furnish thnt transportation It accepts
terms which may bo unreasonable Is un
conscionable." The Huntingdon Development nnd Gas
Company, managed by U. AV Clark &
Co., of this city. Increased its output ot
gas from So.OOO.OOO cubic feet In July to
140,000,000 cubic feet in August. Tho com
pany has valuable concessions In West
A'lrglnla and Its securities havo recently
been In actlvo demand.
Stork of the Capital Traction Company,
Washington, D. C, has Bono to a 5 per
cent, basis. It has beon on a 6 per cent,
basis for several years. The cut In tho
dlvldond rate was authorized at tho meet
ing of tho board of directors and Is to
take effect with tho quarterly dividend
payment due October 1. It is due to de
creases In earnings.
PORT OF PHILADELPHIA
Sun nnd Tides v
Sun iles..., 5:12 a.m. Hun sits. ... 6. OS p.m.
I'JIlLADni.PIIIA.
High water. .11:30 a.m.lHIgh water p.m.
Low water.. 6:34 a.m. I,ow water.. 0:40 p.m.
IlDEnr ISLAND.
High water.. 8:2S a.m.lHIgh water.. 8.B7p.m.
I)w water. . 2:52 a.m,I.ow water. . 3.0J p.m.
nrtn.ucwATKit.
High water.. B:5l a.m.lHIgh water.. 8:12 p.m.
Low water. . 11.18 a.in.lLow water p.m.
Vessel3 Arriving'
Pchrs, Humarnck, Emma B. I,ord and Chllda
Harold, Nova Scotia laths.
Steamships to Leave
r.vssnNonn.
Name. Tor. Date.
Foestdk llotterdam ..Sept. 17
Haverford Liverpool .....Sept. 10
Ancona Nuples Sept. 19
PORT OF NEW YORK
Steamships to Arrive
DUK TODAY.
.,.Na.m.e From. Date,
J Irginla Bordeaux Sept, 0
Baltic Liverpool Sept. b
Athcnal ,.,.1'utras la Trieste
. .... Sept. 1
Thesealonlkl Gibraltar Sept. 4
Lusltanla Liverpool Sept. 10
Steamships to Leave
Name. For Pate. '
Anionla Glasgow Sept. 17
Manltou I.ondon Sept. 17
Klulaml ..Liverpool Sept. 10
Ancona , Naples Sopt. 10
louraliio llara Sept. 10
Potsdam , llotterdam Sept. 2J
Crutto ,, Naples Sept. 22
FREIGHTS AND CHARTERS
The steamship market Is displacing much
activity In the transatlantic trades. The
French Government lias closed contracts for
six eo3U to carry oats
STEAMSHIPS.
Irot iNor.), Baltimore to Bergen, grain.
lSWV..Q.ua''rs, about 4s. prompt
Holllngton (fir ). Baltimore 10 Bordeaux or
St. Nazalre, oats, 33.000 quarters, 2s. 3d.,
prompt. ..-..,
liaecony (Br.), Baltimore to Bordeaus. oats.
25.000 quartets. 2s. 3d., prompt.
Mohaeeltald (Hr . Baltimore to picked ports
United Kingdom, oats. 30,000 quarters, Is. tld..
option French-Atlantic ports, 2s Ihd.. prompt.
Maylands (Br.), sains.
Ventura do I.arrlnaga (Br), Stt.OOO quarters,
same.
Kgllvy (Br.). Baltimore or Newport News to
'.rTencii-siiiauiiu pens, outs, os.iw quurters.
2s 2l.d . prompt.
Krongtiorg (Uan.). Quit to Chrlstlanta, 24.000
quartirs. 4s. 3d., prompt.
I'ranlenborg (Pun ) Philadelphia to Copen
bagtn petroleum, 12.000 barrels, private terms,
Bags (Nor). 2207 tons, Baltimore to Itlver
1'late. coal, private terms, prompt
Sominerstad (Nor.), X.vi-J tons. Philadelphia to
CadU, coat, private terms, prompt
Harpagus (Hr ), 3072 tons. Norfolk to Medi
terranean, coal, private terms, prompt
Venlcro (Hal). 330S tons. Virginia to west
coast Haly. coal, private terms, prumpt.
Wettlands (Br). 2C01 ton. Baltimore to
Tamplco, coal and coke, private terras, prompt.
Mallnche (Br ) 1101 tons, same.
SCHOONERS.
Horatio I Baker. 720 tons. PhUadsJDfJls, to
Porto Blco. coal, private term.
Kaglf Wing, 1070 tons. l'hllsJelchla ta Bea
ton, coal, 70 cents.
MILLIONS SPENT BY
READING TO REMOVE
GRADE CROSSINGS
Ninth Street Elevations Com
pleted Holding Company
Surplus Equals 12.17 Per
Cent on Its $70,000,000
Common Stock.
The Philadelphia ami Heading Hallway
Company spoilt 1330,071 for tho elimination
of grade crossings In the fiscal yenr
which ended Juno SO, according to the
annual report of tho company, Just Is
sued, covering operations for the year. A
total of $131,510 was expended on account
of additional main tracks. Tho sum spent
for grade crossing elimination was nlmost
wholly In the elevation of tho tracks In
Ninth street and on tho Itlchmond
Branch.
Up to Juno 30, tho company had spent
15,402,663 on account of tho Ninth street
elevation and $1,161,(13 on account of
similar construction on tho Richmond
Brunch. These sums are excluslvo of
what was spent hy tho city under tho
agreement for the abolition of grade
crossings. Tho elevation ot the Ninth
street trncks is virtually completed. The
total amount spent by the company In
the year for additions nnd betterments
to tho property was ?2,024.7S3, a dnerenso
from tho previous liseal year of ?3Ci5,779.
This year Beparato reports nro Issued
by Uta threo Heading companies, tho
Reading Company, tho 1'hlludulphla nnd
Reading Railway Company and tho Phil
adelphia and Reading Coal and Iron
Company. Income account of tho Rend
ing Company shows a surplus for tho
yenr of $11,322,062, Including the nmount
received by the company In tho distribu
tion of the assets of the Temple Iron
Company, under a. decree of dissolution
by tho United States District Court. Tills
surplus compared with a surplus of the
previous year of $10,63.1,030, nnd Is equal
to 12.17 tier cent, earned on $70,000,000 com
mon stock after the dividends for the first
and second preferred stocks have been
deducted. Last year 17.57 per cent, was
earned on a net corporate Income of $15,
00!),874 for the three companies.
The annual report of the Philadelphia
and Reading Coal nnd Iron Company for
the fiscal yenr ending Juno 30, 1914, shows
gross receipts of $32,703,982. compared with
$10,083,063 in tho previous year. Net oper
ating prollt was $848,367, compared with
$3,786,918 In 1913. There was n balance of
$715,350 after the payment or fixed charges,
compared with $1,139,502 In 1913. The heavy
decrease In earnings was due principally
to tho falling off In the sales of anthra
cite The following tables show Income ac
counts of the Rending Company, the
holding corporation nnd tho Rending Ralll
way Company for 1913-14 nnd 1912-13:
HEADING COMPANY.
lflltt.14 inii
. .$ltl,ltl.HR $l.-,.!HI7,12l
11H.S.,0
Itecctpta .
i:pcnscs .
102.149
Sin.siii.tHts fin,.iK!.9iii
Interest, taxe, etc 5,l!H,ti0rt ,',,2."s..-!.u
Surplus for venr $11.."122.0IK $10,r.ti.!iio
Equal to 12.17 per cent, after deducting pro-
ferrefl llvlrtnrtn, compared with 17.BT percent,
on n net corporatn Income In liil.1 of $Slf,oon,874
for, three companies aftor deducting preferred
dividend.
READING HAlt.WAY COMPANY.
tim-M 1012-13
neclpts $47,12l.:i70 $.V),r,n2,717
Expenses ai.7nn.20S :w.MT.:o
lid 111(11 11,13 1IUII1 IHII . . .
vope rations 15,310,101
Outslda operations net.. 30l).ni!n
Net Income from ell
opfrntlons
Taxes
Operating Income..
Otner income
Ornss rorporntn Income..
Deductions from Income.
20.01 r..ri70
411,411
15,700,128
1,(11,(1
14,432.021
1.3S7.SI4
1R R1,40'l
8,3(3,RI
7.47(1.1121
2,021,78.1
2O.420.SOS
1,300,478
IP, 120,320
1,240,74S
20,307,074
S.270, 1X1.1
12.P0O.1C7I
2,391, MB
Additions nnd bcltcrmnnls 2,
Net corporate Income... $.40i,8:iS W,tfB.O07
Northwestern Pacific has placed an or
der with tho American locomotive Com
pany for nine locomotives.
Canadian Pacific Rnllwny will carry
out Its program of construction this year,
says Blr Kdmund Oslur, a director of the
company. Ho raid that tho company is
ahead with financing.
RECEIVERS FPP COPPER CO.
Reorgnnizntlon of $0,000,000 Con
cern May Follow Proceeding.
NI1V YORK, Sept. 17. -On the applica
tion of three Btnall creditors, tho Ohio
Coppor Company has been placed in the
hands of receivers. Under a Joint bond of
$20,000, M. .1. IIIrBch and Oeorge C. Austin
wcie named receivers In New York. For
the purpose of reorganizing tho company,
a bondholders' committee has already
been formed. Interest on tho bonds was
defaulted on September 1.
Tho lecrlverslilp wits a friendly one.
The mines of tho company are In Ring
ham, t'tnh. It Is stated that tho liabilities
are nbout $100,000 outside of tho mortgage
bonds, which amount to $1,760,000. The
capital stock of the company is $6,000,000.
FINANCIAL NOTES
A call for the condition of stole hanks
nnd trust companies In New York States,
as of September 21. was Issued today by
State Superintendent of Ranks Richards.
Tho passenger tralllc of the Interboro
Rnpld Transit Company, of New York, In
tho subwny during the year ending June
30 amounted to 310,413,103, an Increase of
12,941,593, nccordlng to tlgures complied by
the New York Public Service Commission,
ns Indicated by tho number of tickets
sold.
Tho bnnks lost to the Subtreasury yes
terday $930,000; slnco Friday $2,649,000.
A cable received in Now York from
I.ondon says that i:2,000.000 of Frencli
treasury notes have been placed there.
Tho result of yesterday's ballot by the
Now York Cotton Exchange Conference
was as follows: McFadden and Company,
100 bales: A. Norden and Company, ICO
bales and Weld and Company 100 ba!e3,
all sold at 9.90 cents.
The minimum rate of discount of the
Bank of Knglnnd remained nt 3 per cent,
today.
The annual meeting of the stockholders
of the Northern Pacillc Railroad will be
held In New York on October 13.
The annual meeting of the stoekholders
of tho Toledo, St. f,ouls and Western will
be held In Frankfort. Ind., on October 21.
Paul Sheldon, of Sheldon, Morgan & Co.,
42 Rroadwuj', has been elected a member
of tho Chicago Hoard of Trade.
PHILADELPHIA MARKETS
GRAIN AND FLOUR
WI!i:,T. necelpt. 13,6.17 bUJhelsj out
Ide ndvlces lowr, but Ihls market wa nom
inally uncliftniced, with little trading.
Car lot, In export elevator No 2 red, spot
and September. (1.0701.12; No 2 red WeMern,
tl 11(11.10; No. 1 Northern Duluth, f 1.2.1V
1.2R.
CORN. fterelpt, 701B bohels. . Trade
nulet with no Important clianre In price oir
lots for local trade, aa to location No. 2 yel
low 87(5S7Hc. steamer yellow, S(l'4R8,c.
OATS. Itecelptn. 48.110 l.imhels. TrleeB
Mradllj- held, but demand only moderate. No.
2 white. rvtHW.-fle. , standard white. MBftTir .
No :t white, .12'5h.V1c.
n.Ot'lt. Itecelpla, 170.1 barrel. 07.(120
lmrrela In ark. Mill limits uteadlly held, but
trade quiet. Winter clenr, 4..."p.1; dr..
Btrale-ht, W5J3.2S do,, pntent, ,140flrt; Kan
aa, utraijrht. Jute wicks, r..l(fl,1.2.1; do . Pat
ent, Jute -acks. f.1 iKifrri.no. aprlnR, flrst rlear,
KifJ.1 2.1, do., straight, $.1.250h.riO: do., patent,
l.l.noflO, favorite brands. $0 2.191. 7.1; city
mills, choice nnd fancy patent, $0.2."O 7B; fln.,
regular Erodes Winter, clear, M.7.ip.1; do.,
etralKht ,.1tt.1.IV): do., patent. .1.IW?1.
ItYi: rMMIIt. in light request, but cte&dy
nt fiVu.M per bbl.. in wood.
PROVISIONS
Little trading and the market without Im
portant change. . .
City beef, In eets. smoked and alr-drled, 31W
32c : IVettern beer. In nets xmoked, Slift.l2c.)
city beef, knuckles and tender, smoked and
air-dried. ;i2fl:He . IVejitern beef, knuckles and
lenders, smoked. 32&34e. . beef hams. $40114.1,
Mams, K. J". Hired, loose, 1.1i01(l4C.. On.,
skinned, loose, iriiJW lie. ; do., smoked, lRffl
l!c.; olhcr hams, smoked, city cured, aa to
brand nnd cured. 18Q1UC ; do., boiled, bone
less, 2R2nn ; plcnle idioulders, S. V. cured,
loose, mtl2lic; do., smoked. 14(?IHVic.;
bellies. In pickle, according to average, loose,
ICO 18c. ; breakfast bacon, as to brand and
aernge, city cured, 22024c; breakfast
bnron, Western cured. 22(324c. ; lard, Western
refined, tlerrcx. 11 ( 11 lie. ; do., do., do.,
tubs. ll'illliP.; lard pure city, kettle
rendered. In tlerecs, in.fi,12c. ; Inrd, pure
city, kettle rendered In tubs, Il;i312c.
SUGAR
Iterlned market firm, but quiet.
Slnndard grnnulated. 7..10W7..,.1c. ; One
nrMiiiilnted. 7.2.1(ij 7.00c. ; powdered. i.SSlit
i.Giir. ; confectioners' A. i.lfiiil.7. 10c. ; soft
grades, fl.l.12".or,c.
DAIRY PRODUCTS
lH'TTKIt. Tra(iB quiet, but offerings only
moderate and market steady Western, fresh,
solid -racked creamer, fancy specials, .lie :
rMcpUonnl lota higher; extra, 'MnxlUjc. ; ex
tra Orsts, 'lie. . firsts, SnUf-aOUjc. ; seconds,
.'.'yfliS'ic. ; ladle packed, 21fi2.1:.. as to qual
ity, nearby prints, fancy, .1.1c; do., averao
extra, :i:iq.14e.; do., firsts. .1012c. ; do., ee
unds, 27Ti20e. Special fanry brands of prints
Jnhblng at .104711c.
IXiCS. Demand good and market firm
under 8mr.il supplies. In free caso nearby
extras', 'tic. per dor. ; nearby firsts, JS.40 per
standard caso; noarby current receipts. "s7.wv
7 SO per i tandard cnae; Western extra firsts,
js.to tier casa; do., firsts, $7..101jr7.S0 per cae;
do., second!., lO.OOflC.fJO per case. Candled and
recrated fresh eggs were Jobbed out nt :i."rfj
17c. per dnx , ns to quality.
Clli:i:Si; Trade better and prlees firm.
New York full-cream, choice, ICUJiKlHc : do.,
dn.. fair to good, 15"4SflCc do., part skims,
13 14e.
POULTRY
IjIVI: Trado fair and the market firm.
PowIh, 17HSc. , old roosters. llill'Jc; spring
chickens. One. large, 17it1fc. . do., medium
sizes. lStfltk.'., ducks, old. 1.15114c. do.. Miring.
14fil"jc. , guineas, per pair, young, weighing
2 lbs. end over apiece, Kir , do., weighing 1 lb.
apiece. .Iflc. ; do., old. .10c.; pigeons, 114B1'
lbs. apiece, rxtiiin.
DltKSSni) POULTRY. Demand fair and
market firm, with supplies of choice stock well
under control.
FrrHli-kllled fowls, per lb , relocted heavy,
21K.C.: fancy. weighing 4tQr lbs. apiece,
20'ic : weighing 4 lbs nplece 20c: weighing
.T! lbs. apiece, HtM'-c.; weighing a lbs. and
under npiece. lik . old roosters, dry-picked,
l.t'-c; broiling chickens, nearby, weighing IS
4i2 1ns apiece. jiiTj-'ie. . orouing cmcKens,
$2.S0JI3l medium. $1.50 32. 80." apples, De)are.
per hamper, 305J-S0C.: lemon, per bo, 1881;
pineapples, per crate, Porto Rico, $1.5.iea,25;
Florida, $lt"r2,C0; cranberries, Oapa Cod, Karty
Black, per bbl., tl.t64JXl cranberries, Cape tSfci,
Enrlr Illaclt, per crate, $l,7fi2: ernnberrleijL
jersey, per rraie, aarK, (i.i.niz.i; ugni, (-. .
1.2.1: huckleberries, rer qt 4Se. nraetie'yi '
Virginia, per 20-lh. basket. 2!W.l0c: do.. cto.J
per crnte, ".Ic.Oll.rO; do., Delaware and J!rri
land, ver bunket, 2W7Sc: do,, flo.. per trate.
i.le.Hf 1.21; peache!, Pennsylvania, per basket,
Ir.rse nhlte or yellow, nnfiH-ie.i medium, airf
me.; peaeben, Jersey, wnlte, per 4-raKet, oo.
r7l: do., do., yellow, per "baket, 40c.iff1t
nearny, fair io good, liyaine. : cnicxens, west
ern. :uiW4 lbs. apiece inc. ; do., do . 2UJiX lb'
nplere, 10Tit7c: broiling chickens. Western, l'a
T"2 ll. apiece, 17fil"-. ; broiling chickens,
u'n.ii.m frtlr in cood. lrifflOc : Bouabs. per
dozen, while, weighing 11fri2 lbs per dozen,
M ir,?i4 so: white weighing PtilO ltis.. per
dozen. S-l'i.1.7.1; wliite. weighing S 11. per
dozen, 2 2.1fl2.R0 do., weighing 7 lbs. per
dozen S1.7..fi-J: do., weighing iMM'ilb. per
dozen! $12.15jl.50; dark and No. 2, (Mc.SjJl.lO.
FRESH FRUITS
Apples arrKIng quite freelj. but choice stock
In fair request nnd steady. Other fruits showed
little ehungc. Apples, per bbl.. tancy varieties,
t4frt! other varieties. f
$2fl.l; grapes. Sonthem I)elnware. per carrier,
401770r ; grapes, Cnnenrd. per crate, 40fl0o.
plums, per S-lb. basket. 20ff2.1e.! cnntnloupe, I
rnlorado, per crate, l(f?1.25; do., do., Oat.
40f7C3e : warermelnns, Jersey, per 100, l-lfflJ. ' ,
VEGETABLES ,
Potatoes steady, with demand absorbing the
moderate offerlngi. Other vegetable) In fair
request nnd steady. White potatoes, per bush,,
Tenna. choice, 7."M3!7fe., do., fair to good. 05
e.(e. ; white potatoes, Jersey, per b-wket, 40
(fftr.e.i sweet potatoes, Raetern Bhore, per '
bbl. No. 1, ft.iMlZ.n.li No. 2, 7RC.W1; sweat s
potatoes. N O., per bbh. No. 1. Jl.7Rr2: Ho.
2. 7.eall; sweets, Jersey, per bbl., No. 1.
2.no-r2.7n; Nn. 2, $1 5081 7.1; rwote, Jersey,
per basket, fiOOOOe. , onlona, Western and
Connecticut Valley, choice, per lOO-lb. bsg,
$t.2r: onions, medium, per lOO-lh. bag. $1;
eabtmge, domestic, per ton, $12814; celery.
N. Y., per buneh. 12SiT,Oc; musbooms, per
4lb. basket. fiOc.(fl1.0O.
CHICAGO LIVESTOCK
CKICAOO, Sept. 17.-HOO-3. Receipts, 14,
000. marVeUi ifKJlBc higher: mixed and
butchera. JN.5O?0.r1; good heavy, Jl.n.lttft.4.1:
rough beay, $S.2r.frS.I0: Ihrht, M.BO'ifO.r,.',;
pl-,s, P1.I1.1WS.75; bulk. $S,r.5'81.2.1. CATTLK.
Reeelpt, nnoO; markets Heady; beeves. 7.40
fill; cows and heifers, $4110 i.i; tv kers ami
feeders, $n.40B1.2S; Texans. 7.60f?K.Rr., .
calves. $9.r.0312.SO. SIIEKP rtecelpta, laoOO: '
marketi etoidy; native and Western, $.1,231
G.2S; lambs. $0.1530
NEW YORK BUTTER AND EGGS
NCW YORK Pept 17.-Rutter necelpt-i,
0121 packages; extras. 323 .124c. ; firsts. 2nMr
.11'c. Kggs Receipts to.lay, lO.POr. cases:
fresh gathered, extra, 211 ff :11c.; cxtrti flnsls, -274i2t'
.: refrlgorator nrsts to fancy. 24S?25c
BANK CLEARINGS
Dank clearings today romparo with corfe-
spondlng day last two years:
tfl!4 1013 1912
Phila. . .2:i.oo.7.io $27.2n,oia $25,nr,i,f),i.i -
Boston .. 20.715,217 22.105.2S2 27.180,058 .
New rork 185.O2-S.027 .110,704,754 337,-487,074 '
Centennial
National Bank
Philadelphia, Penna.'. T '.
At the close of business, ,.
September 12th. 1914. -
RESOURCES
Loans, Discounts and "
Investments $3,318,908.15 .
Due from Banks 220,375.71'' "
Exchanges for Clearing '' (
House d,J4y.U.-.
Clearing House Loan
Certificates 28S.000.00
Cash and Reserve 1,010,903.81
t
re, j.
$100,000,000
NEW YORK CITY 6 REVENUE BONDS AND
CORPORATE STOCK NOTES
u
Maturing as follows:
$57,000,000 6 Corporate Stock Notes due September 1, 1915
$18,000,000 6 Revenue Bonds due September 1, 1916
$25,000,000 6 Revenue Bonds due September 1, 1917
Price 100 and Accrued Interest
These three issues are direct obligations of the City of New York
Exempt from the Federal Income Tax
Exempt from all taxation in New York State except for State purposes
Interest at six per cent, per annum, payable semi-annually on
March 1st and September 1st
Principal and interest payable in gold coin of the United States of America of the
present standard of weight and fineness at the office of the
Comptroller of the City of New York
Coupon form hi denominations of $500. $t,000, $5,0Q0 and $10,000
Regitftnd fgrm in denominations of $500 and multiples thereof as desired
Coupon and registered forms interchangeable.
We are advised that these bonds and notes are available for the following purposes:
7. As part collateral for circulation, under the Aldrich-Freeland Act of May 3Q, J9Q,
2. As security under the ll'urknwn's Compensation Law of New York State.
3. As an investment for Savings Banks and Trustees in New York State and elsewhere.
A syndicate of banks and trust companies of New York City has purchased these bonds from the City
at par and accrued interest. A large part of the bonds having been withdrawn from sale by the subscribing
banks and trust companies, we offer the remainder, on their behalf, for public subscription at the cost price
Subscription books will be closed at U o'clock noon, Tuesday, September 22nd, 1914 or earlier in .
. n,n, ,, nlM , md ,, ,,, ,. ,.;;; tzZZZfiZ-tZ"" """"
Applications for bonds should h occojnpanUd by a remittance in Km York funds of $50 tor each $t nnn a ; ,- ,
The balance mil be payable at the offices of the uUdmigned. Monday. September 28th, h only IportZn o'T tmd ' J"'
be allotted, the balance of the deposit wW fc mli(i td the mount r)rnair,ing to be paid, ' """""" " '"
s P. MORGAN & GO.
New York, September 17th, 1914.
KUHN, LOED CO.
i
i.BJ
i
$4,908,538.47
LIABILITIES :
Capital $300,000.00 ,
Surplus & Net Profits... 606,191.65. . -
Circulation 195,300.00
Deposits 3,807,046.82
$4,908,538.47
EDWARD M. MALPASS,
Cashier:. tUn,
. '-,
M
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