TjrTTB
qp7
EVENING LEDGEft-PHrLADELPHiA, THURSDAY, SEPTEMBER 17, 1014
13
FINANCIAL AND COMMERCIAL SITUATION AT JHOME AND ABROAD-MARKET REPORT' :
NEWS COMES TODAY
OFTHE FIRST STOCK
'CHANGE REOPENM
Brokers in Sydney, Australia,
Will Resume Next Mon
day London Discussing
Resumption and New York
Avaits Its Decision.
First news since tho beginning of the
E&ropean war of a. resumption of stock
tradliiK "' n"" of lho lmPoltnnt centres
here tho Dxelinngcs were closed camo
(oday from Sydney, Australia. It nit
nouncc.1 th.it tho Stock Exchange there
f lie olllilully opened next Monday.
This nlinmincomeni imturniiy increases
tho feeling of confidence overywliere ap
parent thit things nro on tho mend and
that the llmmclal world Is nearer a gen
eral resumption of business today than
it any time since tho end of July, when
tho Exchanges closed.
In London today foreign Exchange
linkers met for their first session slnco
the nr began. Whllo there wns no
business of any material Importance
transact"!, tin- session Indicated that
Irery nll Is being given tho Government
In lis efforts 10 expedite foreign exchange.
Another favorable sign Is the announce
ment of repeated conferences being held
In the Metiopolls between representatives
of the Government banks and tho London
Block Kxrliange Committee, concerning
the reopening of tho exchange.
Xew York will take no action on the
reopening proposition uniu auor i.onnon
has taken tho Initiative, and Philadel
phia will. oC course, do nothing nlonij
this lino until after New York has ofU
clally noted.
Washington brokers see such a gen
eral Improvement In the, situation that
they have ulrcady had soveral meetings
to discuss tho advisability 'of reopening.
It was finally decided, however, to take
nc action until tho New York situation
has been cleared.
Brokers In Now York say It Is ex
tremely probable that the reopening,
when It comes, will entirely confound
al! prophets. More than likely the ob
itacles which fire In the way of a rc
lumptlon of business will appear as for
midable as ever until tho efforts being
made to overcome them shall havo been
auccessful, and the rolling away of the
clouds will be brought about almost as
suddenly nnd unexpectedly as they arose.
Public offering was made today of the
new jioo.W-O.uw b per cent, nolo loan
tej?otlated hist week. Just how much of
It will be nlloted to Individual Investors,
li not known, since there Is no Indication
of the amount taken by tho syndlcato of
K7 New York banks and trust companies.
Tho bonds and notes aro being offered at
par nnd aciued Interest. They bear Intcr
eit at 6 pi r ront. a year, payable March
and September and aro issued In coupon
and registered forms In denominations of
J300, U0. J0 and 10.000. They wilt ma
ture as follows: $J7,O00,0O0 fi per cent, cor
porate stock notes duo September 1, 1913;
tH.CW,"00 6 per cent, revenue bonds duo
September 1, 1S10; $25,000,000 C per cent,
revenue bonds due September 1, 1917.
When the last payment wns mado yes
terday afternoon by New York lluanclal
Institutions, the figures showed that about
U.C0O.O0O had been paid by tho banks and
trust companies in sterling exchange and
18,CO,WO in gold.
Some Inquiries were received hero today
by lnestment bankers from Investors
anxious to take part of the note and bond
offering. It Is not likely, however, that
there will be much of tho offering ab
sorbed In this section. Tho, notes nnd
bonds, exempt from taxation In New
York are subject to the four, mills tax
In Pennsylvania, In the case of Indi
vidual Investors. This brines tho vleld
down to about 5.0 per cent. Tho offerings
are, however, exempt from Federal In
come tax. It has been years since such
high grade obligation, backed by tho
eredlt of New York city, wns offered on
such an attractive basis, and one of the
chle"f reasons why Investors hero mav
not get Into the market as extensively
as they would like, Is that distribution
'111 probablv begin in Now York, where
already it is understood, there has been
an oversubscription.
l-0calll. therfi nnntlnurjj n fnlH,. crrtrwl
tradlns: hi stnit.-e .ttiiimn.ii ,t.min 4t.A
last few days a falling off In transactions
haa been notod Demand for hlgh-grudu
bonds continues active under the circum
stances ont. ii,rBn houso hero sold $17.
W ortb of public utility securities this
afternoon, all of which represented nn
investment in n tilm-in Iquua n ' .s.r.
Mltlon in West A'lrginln. It put through
no good aalea of another utility secur
ity, covering public servlco corporations
In uV Middle West
It wu-, i ,i,i this afternoon of ono local
!""'" '" 1'nited States Steel who sold
WWMw.itl, of these securities on u bnsis
t i ,t !,. -with the proceeds of tho
"i he Louglit ilyr&tulTh and within two
) had .leaned up a profit approxi
mating jim.w shutting off of Imports
t ily.smir ,iuft to tho war, has influ
enceu a d.-nimid for them which can
Hardly t.o lCt
LONDON BANKERS STILL
DISCUSS THE LOAN PROBLEM
Cannot Agree to Extension Without
Aid of GpverWont.
LONDON, Sept 17. Throgmorton street
continued chectful today, but trading In
securities wns not brisk. The Stock Ex
change Committee nhd tho bankers nre
experiencing dlulcully In ngreolng regard
ing the question of outstanding loans.
Tho bankers are maintaining that It
would be Impossible to consent to nn
extension of nil loans for a year without
n guarnnteo by tho Government.
The public showed n disposition to ex
ercise more caution pending the! receipt
of fresh news regarding the fighting,
ltntes for bills were easy at 3 per cent,
for three months, In splto of tho fact
that the Dank of England rate rcmalnded
unchanged.
Tho State of the Hrltlsh Trenmirw hill
Issue has made a grcnt Impression. The
French Government Is preparing to place
yearly 5 per cent, treasury bills hero
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. 17, On tho theory that
yesterday's upturn In wheat was too
sharp, 'traders played for n reaction to
day and tho market started one-quarter
lower nt l.H',4 for December and 1.19 to
1.18',fc for May. There was rather free
selling by l ' brokers. Tho commission
call at tho recession was fair.
The receipts of wheat at Minneapolis
and Duluth today were 1,683 carB, against
930 cars a year ago; at Wlnnlpog 1260
cars against 1,049 cars; at Chicago 341
cars against 95 enrs. It Is estimated that
tho urea of winter wheat In the surplus
States will cxcceU that of lost year by
ten per cent.
Ileccnt rains have placed tho soil In fine
condition for preparations for the new
crop throughout Europe. The sowing
tlmo of 'the belligerent countries Is as
follows:
Gormany, Hungary and Austria in Sep
tember and October, Franco In November
and January, South Russia In Sopitcmber
and November, and Great Britain In Oc
tober and December. Tho demand from
millers abroad continues large. The
weather In Argentina Is fine. Tho market
at Liverpool was firm on a better general
inquiry.
Trade In corn was light. Decombor
opened off c, at 72V4c, to ?ic, and
May unchanged at 75Uc. to 747c. There
was some realizing. Tho country Is not
selling. Tho "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
EDS.OOO.OOO bushels forecast In tho Sep
tember report of the Government. The
receipts of corn hero today were 109 cars.
Trices In Argentina were 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 are waiting a. further reaction be
fore Increasing their lines. There were
no sales by tho country to arrive. Ex
port business recently has been heavy.
The demand has come chiefly from the
continent, as tho BritlBh markets ap
parently nre well supplied for tha nrps.
ent. The receipts of oats hero today were
THREE-CENT FARE
DECISION IS VICTORY
FOR UTILITIES MEN
U. S. Court Ruling Declar
ing It Confiscatory Ends
One of Most JRemarkable
Traction Fights Country
Ever Saw.
217 cars.
CHICAGO GRAIN PRICES
Quotations for Cereals and Provisions
and Fluctuations.
COMMON DIVIDEND PASSED
Ceutral Coal and Coke Directors Will
Conserve Their Finances.
Pm " -iium utu una -ane
denT ?Va,e nilssel the quarterly divl
.IWtat .r "ntn.w n.tl,e com.mo.n
Hm.; v "u "-Kui'ir quarterly
oil, ,)er cent or 1B Preferred
t if,!M,'"'clare'1' Payable October 15,
'"stock of recurd September SO.
the ..?item1nt of tl,e stockholders says
ofth. '. caused "alnly on nccount
la in! """"'factory conditions existing
hued.T, , . """". prices or which
l.,.:.".ae "1 30 per cent, on account nf n
ntonVoVVm!',,UC,'ou la8t yeur and ,ne
:ir hav- i S cause1 by the European
f" of lumber l:"a"e, tne consump-
CHICAGO, Sept. 17. Tho quotations
grain and jirovlilons today were:
leading futures ranged aa follows:
Yesterday's
vintai- ocn. High. Iow,
September
December 1.114
May 1. 10
Corn (new delivery)
Peptpniler 70
December 72'j
Sl.y ".,
Oats
September
December . . .
May
uira
September
October O.BL'
January 10.17
Itlbb
Bvptember
October
January 10 82 10.S1 '10.80
I'ork
beptember 1 17.83
January 20.00 20,00 t20.7B 20,63
IMd. t Asked.
7H
an;
53 Jl
l.UTi
1.10
77J
774
7S(,
'4m
1.11
1.18
70
71
711,
47H
SO
03
o.ar
10.17
0.33
10.13
for
close,
"1.00
1.1114
1.1S)I
77V1
74!.
17K
.'OS
3314
n.-to
0.17
10.10
11.63
11.12
10.75
COTTON PRICES FIXED
NEW Vnnir n.
ta N v i " epl- " Te members of
'Ivid h ottot, Exchang8 have re
Pon. ""c ha Liverpool has usreed
?. .V M ,or January-rebmary
fc M usurt ,eC"v,fi w,-"fl Prtw '
W ' ehSkl St WvPool nen Monday,
"t that t "nB memberB are calle(1 fr
DEFER DIVIDEND ACTION
b' ArnVri.., V, VUt,'l8 Steel Company
P th. ". dav.,,ecWea t0 eter action
bBhaiJrff"i",,1,y'll?nJ ' H4 per cent.
! h 1. e? 8iock- Tlla nsou given
f" of tho war contmiona as tlle "
BAR STIVER
riork IT 8lIVer ' beIn "uoteJ
r... 10rlt today at 62a4o.. whim. r..
5 p,X f c-' compared with
" ""-.-s were down '.id.,-at 2(d.
LnOAD GARNINCS
'"-ABOAnD Ain IJNB.
I01
E? mi . 101
f'ail, T t. ,S2?80
-,. w, ow. tvti
Decrease I
IJ7 811 I
SOd,eii
DIVIDENDS DECLARED
Houghton .County Electric Ught Company,
regular semi-annual 73 cents on preferred and
Ui'Vii cents on common, both ruyabla Novem
ber 2 to stock or record October 15.
Kleetrlo Storage nattery Company, regular
quarterly 1 per cent, on common and prefer
red, payable October 1 to stock of record
September 21.
American Oas and Electric Company, regu.
lar quarterly 2 per cent, on common and 1'4
per tent, on preferred. The common Is pay
able October 1 to stock of record September
SI. and tlio preferred Is payable November 2
to stock of record October 21.
a Hose Consolidated Mines Company, reg.
ular quarterly 2Vj per cent . payable October
20 to stock of record September 30.
Kolb nakery Company, regular quarterly 11
per cent on preferred stock, payabl October
1 to stock of record September 10.
I'rocter & Oamble Comrany, regular quar
terly 2 per cent, on preferred stock, paysblo
October IS to stock of record September ill.
"Vt'llUs Overland Company, regular quarterly
li per cent, on preferred stock, payable Oc
tober 1 to stock of record September 22.
United Utilities Company, regular quarterly
lsi per cent, on preferred stock, payable Oc
tober 1 to stock of record September 10.
Consolidated Mining, Milling and Bmsltlng
Company, regular quarterly 2 per cent., pay
atle October 1 to stock of record September VJ.
After a strenuous fight which lasted
many months and which was watched
with unusual Interest In all parts of tho
country, the thtce-cent fare controversy
In Toledo, Ohio, hns nt Inst been settled,
Judge Kllllts, In tho United States Dis
trict Coiir of that city, hns decided that
tho city ordinance enforcing this rnto Is
confiscatory nnd ho has ordered a return
to tho old rates, flvo cents for each pas
senger excopt during tho morning nnd
ovenlng rush hours, when tho ratu shall
remain at three cents.
Decision In tho enso waB a victory for
public utility Interests. Whllo tho fight
was on between tho Toledo Hallway &
LlKht Coninony and tho city authorities,
thero dovcloped a situation in 'Toledo
which haB never lpd a parallel In this
country. Tho company, after March 17,
when tho ordinance became effective,
declined to accept tho three cents offered
by passengers who boarded Its cars, nnd
thoso who did not produce the live cents
which tlio company declared to bo Its
regular rate, wero permitted to rldo free.
Thero was no acceptance of threo conts
for a ride oxcont during tho rush hours.
Kor five montns the compnny operated
its cars under this regulation and its
officers flgurod that the losses Incident to
this arrangement averaged $1,000 a day.
Yot they would not retire from their
original position In tho matter and they
determined to .fight It out to the end.
They declared the principal of tho lower
fare scheme to be all wrong and on tho
ground that tho securities of tho company
were being seriously Impaired by the low
rates, they fought every movo for en
forcement of the ordinance.
Early in tho fight Henry L. Dohcrty,
head of the company, offered to permit
th? city authorities to tnko over the car
system and operate It for a year to provu
thut the low rates of faro were unprofit
able. Tho city declined tho offer, but It
submitted to the voters a proposition to
have tho municipality buy tho property
nnd oporato it under a municipal owner
ship scheme. The voters, at a special
election, ngrecd to this plan, but thero
vmt no provision for tho creation of a
bond tssuo with which to purchase, the
property.
Judge Kllllts laid upoi the city authori
ties the burden of proof to show that the
company's revenue, under tho 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
havo had, when It passed the three-cent
fare ordinance, knowledge that Its tormn
were reasonable. Neither the city nor a
court has the right, he said, to fix an
arbitrary rate of fare without tho knowl
edge that such rate will pay operating
expenses and leave n reasonable return
on tho Investment. By this, he said, ho
had no reference to bonds.
"Is It possible that the city Intends to
occupy tho position of dog In tho manger
forever?" said Judge Kllllts. "If the
ordinance Is unreasonable the company
cntinot be held to Its terms by the mere
fact that it continues to operate. Wo
must have transportation. Then for tho
city to say that If tho company continues
to furnish that transportation It accepts
terms which may be unreasonable Is un
conscionable." i
The Huntingdon Development nnd Gas
Company, managed by 13. W. Clarlt &
Co., of this city. Increased its output ot
gas from 85,000.000 cubic feet In July to
110,000.000 cublo feet In August. Tho com
pnny hns valuable concessions in West
Virginia and Its securities havo recently
been In active demand.
Stock ot the Capital Traction Company,
Washington, D. C, has gone to a 6 per
cent, basis. It has been on a 6 per cent,
basis for several years. The cut In the
dividend rate was authorized at tho meet
ing of tho board of directors and is to
take effect with tho quarterly dividend
payment duo October 1. It Is due to de
creases in earnings.
PORT OF PHILADELPHIA
Sun nnd Tides
0:42 a.m.lKun sets...
I'HIUADBU'HIA.
High water. .11:.10 a.m.llllgh water.
u:.n a.m.UDw water,
IlCEDr ISLAND.
8:28 a.m.lHlgli water.
2:52a.m,lLow water.
DHEAICWATEIU
5:B1 a.m. Ullt-h water.
Low water.. 11:18 a.m. Low wator.
Vessels Arriving
Schrs. Humarock. Emma S, Lord and Chllde
Harold, Nova Scotia laths.
Sun rises,.
Low water. .
High water.
Low water.
High water..
8.0S p.m.
. ...p.m.
0:13 p.m.
8,07 P.m.
8. 03 p.m.
:i:
p.m.
p.m.
manaara mi uioin, quarterly l per cent.
Dn rreierrca a ana il stocxa and
lerly of i of 1 per cent, on common.
nuarti
each on preferred A and H s
October 1
Germsntown Paisen,
quarterly (1.31U, paya!
iocks and a quar-
payable
ger Hallway,
Liu October 6,
regular
Ilangor Kallway and Electrto Company, reg
ular quarterly lYt per cent, on prefurrel, ray
Lble October 1 to slock of record September 21.
American Hankers' Safety Company, regular
quarterly 1 per cent on preferred, payablo
September SO to stock of record Bvptember 1U.
A il. Klrshtaum Company, regular quar
terly l?i pr cent, on preferred, payable Octo
ber I to mock of record September 20.
United Globe Company declared a dividend
of $3.30.
FOREIQN EXCHANGE
NEW VOItK. Sept. 17The foreign ex,
change market opened weak, with offer"
Inns In excess of bids. Demand, $1,969
l'6i cable, ftftiX; marks, J57,c.; francs.
103.
Steamships to leave
PASSENGEn.
Name. Tor. Date.
Eoestdyk Itotterdam .... Hept. IT
Haverford Liverpool Hept, 18
Ancona Naples . ... ....Sept. IB
PORT OF NEW YORK
Steamships to Arriv
DUE TODAY.
.r,Na.m.e . From. Date.
Virginia Uordeaux Sept. 8
lialtlu ....Liverpool Sept. S
Athena! 1'tttraa via Trieste
The-isalonlkl Gibraltar Sep!;
iLusltanla. Liverpool Sept. 10
Steamships to Leave
Name. For. Date.
Ansonia Glasgow Sept. 17
1'anltou Ixinuon Sept. 17
Finland ,, .Liverpool Sept. 10
Ancona Naples Sept, lu
Touralne. .Havre Sept 10
Potsdam Itotterdam Pept. 22
Cretlc , 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 essels to carry oats
STEAMSHIPS.
.J1?' 'Nor). Ualtlmoro to Bergen, grain.
18.0WI quarters about 4s.. prompt. '"
Ilolllngtpn (llr ). Ualilmore to Bordeaux or
St. Naialro, oats, 33,000 quarters, 2s. Si.
prompt. '
Gascwny (Br.). Baltimore to Bordeaux, oats.
26,000 quarters. 2s. 8d., prompt.
Mohaestleld (Br). Baltimore to picked ports
United Kingdom, oats. 30,000 quarters. Is. lid.,
option French-Atlantic ports, 2s IWd., prompt.
Ma lands (Br.), same'
Ventura da Larrlnaga (Br), 36,000 quarters,
same
Ogllvy (Br.), Baltimore or Newport News to
Vreiich-Atluntlc ports, cats. aS.H0 quarters.
2s 2d . prompt.
Knngborg (I'an.). Gulf to Chrlstlanla, 21,000
quarters. Is. 3d., prompt.
L'ranlenborg (Dan ) Philadelphia to Copen.
tiagin pctrwleum, 12.000 barrels, private terras,
prompt.
Hags (Nor.). 2207 tons, Baltimore to Itlv.r
Plate, coal, private terms, prompt.
Sommerstad (Nor.). 2.v tons. Philadelphia to
Cadiz, coal, private terms, prompt
Harpagus 'llr.). MTi tons, Norfolk to Msdl.
terraiiun, coal, private terms, prompt.
Venlero Ital ). 3308 tons. Virginia to west
coast Italy, coal, private terms, prompt.
Westlands (Br), 2Ol tons, Baltimore to
Tamplco. coal and roko. private terms, prompt.
Mallncho (Br), 1MW tons, same. ,""'"
SCHOONEH8. Horatio L. Baker, 720 tons. Philadelphia ta
Porfi lllco. coal, private terms,
Eagle Wing. 107$ tons. PbJIUsJtata U Boa
ton, coal. TO 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 and Heading Railway
Company spent $350,071 for tho elimination
of grade crossings In tho fiscal year
which ended Juno 30, nccordlng to the
annual report of the company, just Is
sued, covering operations for tho year. A
total of $131,618 wns expended on accutint
of additional main tracks. The sum spent
for grade crossing elimination whs almost
wholly In tho elevation of the tracks lit
N'lnth street nnd on tho Richmond
Branch.
Up to Juno SO, tho company had spent
$5,1G2,663 on account of tho Ninth street
elevation and $1,161,445 on account of
similar construction on tho Richmond
Branch. These sums nre exclusive of
what was spent by the city under the
ngroemont for the abolition of grade
crossings. Tho elevation of the Ninth
street tracks Is virtually completed. The
total amount spent by tho compnny lu
tho year for additions nnd betterments
to the property was $2,024,783, a decrease
from the previous fiscal year of $366,779.
This year separate reports aro Issued
by Uta three Reading companies, tho
Reading Company, the Philadelphia and
Reading Railway Company and the Phil
adelphia and Reading Coal and Iron
Company. Income nccount of tho Read
ing Company shows a surplus for tho
yenr of $11,322,062, Including the umount
received by tho company In the distribu
tion of tho nsscts of the Temple Iron
Company, under a decree of dissolution
by tho United States District Court. This
surplus compared with a surplus of the
previous year of $10,633,930, and Is equal
to 12.17 per cent, earned on $70,000,000 com
mon stock after the dividends for tho first
and second preferred stocks have been
deducted. Last year 17.57 per cent, was
earned on n net corporate Income of $15,
009.874 for tho three companies.
Tho annual report of the Philadelphia
and Reading Coal and Iron Company for
tho fiscal year ending June 30, 1914, shows
gross receipts of $32,703,982, compared with
$40,983,063 In the previous year. Net oper
ating profit wns $548,367. compared with
$3,786,318 in 1913. Thero was a balanco of
$715,390 after the payment of llxed charges,
compared with $1,139,593 In 1913. The heavy
decrease In earnings was duo principally
to tho falling off In the sales of anthra
cite. The following tables show Income ac
counts of the Reading Company, the
holding corporation nnd the Reading Hall
way Company for 1913-14 and 1912-13:
HEADING COMPANY.
1013-14
Receipts
Expenses
Interest, taxei, etc.
inii-1
.$10,M!U1R $15.!i07.l2l
102.110
ioi.s.-.o
$M.Rtn.!lS $1.1.Ml2,2ill
. 5,494,000 3.231..TH
SurplU9 for vcar $11.S22.02 SlO.m.'l.tno
Equal to is.it per cent, niter deducting pre
ferred dividends, compared with 17.S7 percent,
on a net corporate Income In 1013 of $fft,00!),874
for three companies after deducting preferred
dividend'.
-1EAD1NO RAILWAY COMPANY.
int.t.U 1012-13
Receipts $47,l2.1,:i70 $BO,r,52,717
WI,7in,iWJ uv.iMl.otv
Expenses
Net Income from rail
operattona I...
Outside operations net..
Not Income from all
operation
Taxes
Operating Income.......
Other Income
OrOM corporate Income. ,
Deductions from income,
10,3.10,101
300,1)00
15,700,I2R
l,ZOI,M
14,412.024
1,387311
IS 120,101
8,.103.M
20.015,370
411,411
20,420,801
1,300,478
10,120'22
1,210,745
20.307,074
R.270.P05
7,42fl,fl21 12,0l.im
Additions nnd betterments 2,031,783 2,30 1.602
Net corporate Income... $5,401,833 $0,(8,C07
Northwestern rnelflc has placed an or
der with tho American iocomotlve Com
pany for nine locomotives.
Canadian Pacific Railway will carry
out Its program of construction this yenr,
saye Sir Edmund Osier, a director of tho
company. Ho said that tho company Is
ahead with financing.
RECEIVERS FOR COPPER CO.
Reorganization of $6,000,000 Con
cern May Follow Proceeding.
NMW YORK, Sept. 17.-On the nppllca
Hon of three small creditors, tho Ohio
Copper Company has been placed In tho
linnet, of receivers. Under a Joint bond of
$20,000, M. J. Hlrsch nnd George C. Austin
wero nnmed receivers In New York. I-'or
tho purpose of reorganizing tho compnny,
a bondholders' committee, 1ms already
been formed. Interest on tho bonds was
defaulted on September 1.
Tho receivership was a friendly one.
Tho mines of tlio company are In Ulng
Jiam, Utah. It Is stated that the liabilities
aro nbout $100,000 outsldo of the mortgage
bonds, which amount to $1,760,000. Tho
capital stock of the company Is $"3,000,000.
FINANCIAL NOTES
A call for the condition of stato banks
nnd trust companies In New York States,
as of September 21, was Issued today by
State Superintendent of Banks Richards.
The passenger traffic of the Interhoro
Rapid Transit Company, of New York, In
tho subway during the yenr ending Juno
30 amounted to 310,413,103, nn Increase of
12,941,533, nccordlng to llguros compiled by
the New York Public Service Commission,
as Indicated by the number of tickets
sold.
Tho banks lost to the Subtreasury yes
terday $950,000; slnco Friday $2,649,000.
A cablo received In New Tork from
London says that JC2.0O0.O0O of French
treasury notes havo been placed there.
Tho result of yesterday's ballot by the
New York Cotton Kxchnngo Conferenco
was ns follows: McFnddon and Company,
100 bnles: A. Norden and Company, 100
bales and Weld nnd Company 100 bales,
all sold at 0.90 cents.
Tho minimum rato of discount of the
Bank of Knglnnd remained at 5 per cent,
today.
The annual meeting of tho stockholders
of the Northern Pacific Railroad will be
hold In Now York on October 15.
Tho annual meeting of the stockholders
of the Toledo, St. Iouis and Western will
bo held In Frankfort, Ind., on October 21.
Paul Sheldon, of Sheldon, Morgan & Co.,
42 Urondway, has been elected a memoer
of the Chicago Hoard of Trade.
PHILADELPHIA .MARKETS
GRAIN AND FLOUR
HJIKAT. Receipts, 13,537 buehelal out
aide advices lower, but this market waa nom
Inallr unchanged, with little trading.
Car lots, In export elevator No 2 red, apot
and September, $1,071.12 No 2 red Wetlern,
11.1191.10) No. 1 Northern Duluth, I1.2.1W
1.21. . ,
CORN. rtecelptn. 70i3 buehala. , Trad
quiet with no Important chanito In price tar
lots for local trRde, aa to location No. 2 yel
low 87fl87lio.i steamer yellow, i(U4T8iC.
OATS. Receipts, 48,110 hunhola. Price
etfadlly held, but demand only pioderate. No.
2 white, M'WMc; standard white. BMJMtir.;
No .1 white, MUfJMc.
. rl.OUIt. Itecelpte. 1705 barrels, 07,620
barrels In tack. Mill limits steadily held, but
trado ijulet. Winter clear. 14 i.',05. do ,
atralrht, $S5.Z',, do., patent. 5 4O0; Knn
eaa, dtralirht, Jute Mrxa, $. lVsn.23i do , pat
ent, Juto eaoke, $,1..lfl(i.fi0; eprln, drat clear,
$.l3fl.25: do., atralRht. $5.25sh.50i do., patent,
$.-..(Xm0: favorite brands, $0 2.VU0.7., city
intlln. choice and fanoy patent, $1.2.'irfl.7rii do.,
regular grades Winter, clear, $.7fiff5; do.,
atralRht .fr.iafp.W): do, patent. 5.WWil.
in n n.Otm. In light request, but ateadr
at $5115 .') per bbl., In wod.
PROVISIONS
I.lttle trading and the market without Im
portant change.
City beef, In seta, smoked and alr-drled. Jill
.12c ; Western beet, In set emrKcd, 31M.MC;
city bef, knuckle ami tenders, smoked and
alr-ilrlpd, .121134, . Wejtern beef, knuckles and
tenders, smoked. 12n34c. : beef hams. $40K4..
Ham?, H. P. cured, loose, 15WfliP4r.. '..
skinned, loose. 1 fi lj iff 1 1V, ; do., smoked, 18(i$
10c. i other hams, smoked, city cured, s to
brnnd nnd cured. iSHflVc; do., boiled, bone
less, 2S(!i2l)c. ; plenle shoulders. S. P. cured,
looie. I2f12lic; do., smoked, 14(3l44c ;
bellies, In pickle, according to average, loose,
lOirjISc. i breakfast bacon, as to brand and
average. city cured, 22a24c. ; hreakfaat
bnron. Western cured. 220240.; lard, Western
refined, tlcrres. lUiWll'ic. ; do., do., do.,
tubs, llt4?ll;c; lard pure city, kettle
rendered. In tierces, lli12c. i lard, pure
city, keltlo rendered In tubs, ll;iS12c.
SUGAR
ncflned market firm, but quiet.
Standard granulated. 7 3(PW7.r,.-,c. ; fine
granulated, 7.25(27.500. ; powdered, 7,30t
T r.n ..Hf..ilnh.,a' A . T.tif 7-4fv : nnft
grades, o.4.i(i..uric.
soft
DAIRY PRODUCTS
liUTTKH. Trado quiet, but offerings only
moderate and market steady. Western, frcih,
folld-pnckfd creamery, fancy aterlals, 34c. ;
exceptional lota higher; extra. .12fl32tic. ; x
trn firsts, .11c; firsts. SWWIOV. : seconds,
"7i(,ff"S'bc. ; ladlo packed, 21fi2.Tc., as to qual
ity, nuirby prints, fancy, .15c; do., average
extra, .IHi.llc; do., firsts, 301M2c ; do., ec
'irtds, 27120c. Special fancy brands of prints
Jobbing nt .IHjMle.
i:!OS. Demand good and market firm
under small supplies. In free caBes nearby
extras, 31c. per doz ; nearby firsts. $8.40 per
standard caso; noarby current receipts, 7.BOi
7 W) per ttanilard cneo; Western extra lints,
8.40 twr cat,; do., firsts, J7.501j'7.80 pr case,
do., seconds, $0.t3(!.DO per case. Candled and
rorrated fresh eggs were Jobbed out at .'I5'a
'17c. per dor. , as to quality.
C1IKKSE Trade better nnd prices firm.
Now York full-cream, chnlce, lo',i7li;'4c : do.,
tin., mlr to good, 15'44i 10c., do., part skims.
tv314c.
POULTRY
LIVR Trade fair and the market firm.
Fowls, 178MNC ; old roosters 111112c.; spring
chickens, tine, large, 174118c. ; do., medium
sizes, l.VSKtc.; ducks, old, l.'ISllc. do., spring.
14ftl5c; guineas, per Pair, young, weighing
2 lbs. and over apiece, wic ; do , weighing 1 lb.
apiece, 50c; do., old. 50c, pigeons, HiSl1
lbs. apiece. rfm'Oe.
I)Iti;SSi:i) rOUI.TUY. Demand fair anil
market Arm. with Biipplles of choice stock well
under control.
Frcli-kllled fowls, per lb., selocted heavy,
21t4c ; fancy, weighing Its'gr, lbs. npleco,
20iJ' ; weighing 4 lbs. apiece. 20c: weighing
.1'- lbs. nplece, 17ClSc , weighing 3 lbs. and
under apiece, 10c, old roosters, lry-peked,
llViC.: broiling chickens, nearby, weighing 14
ifi2 lbs apiece. llifliO. : broiling chickens,
nrnrby. fair to good, ItWlfNC : chickens. West
ern, :iiaTf4 lbs apiece, inc.; do . do 2iviM lbs.
npleco. 105117c ; broiling chickens. Western. 1'j
112 lis. nnlccu, 171118c; broiling chickens,
Western, fair to good. ISfilOc , squabs, per
dozen white, weighing 111112 lbs per dozen,
Sl.l'Wl.5": white weighing PtfrlO lbs., per
dozen, Mfll.75. white, weighing 8 lbs. per
dozen, J2 2'.f?2.50: do., weighing 7 lbs" per
dozen, M 75fi2: do., weighing Cfffl'4 lbs. per
dozen! $1.25.31. 50: dark and No. 2. COc flJl.10.
FRESH FRUITS
Applea arriving quite freely, tut choice stock
In fair request nnd steady, other fruits showed
little change. Apples, per bbl., fancy varieties.
$2.Mfl3i medium. I1.M94.C0S apples, Delaware,
per hamper, SOSOpe.i lemons, per box, 304
pineapples, per crate, Torto Rico, $1.2533,25!
Florida, $102.50; cranberries. Cape Cod, Earl?
Hi,...,, a. a ....i v. rsi. M-U...1. .a ,-aka , m
Snarly nlack, per crate, tl, 75412! cranberrlesjl
Jersey, per crate, dark, $1.7502.2.1; Unlit, flflr
1.25. huekleherrles. tier ot.. 48e.! peaches;
Virginia, ner 20.1t. basket, 2.VT50C! do., do..
m .Ml. ?,- Kltt SJ1. An . TlAlaaroe afi fatf.
ii..". .: .: .. . .-
I - ,--"--. .----;'.t-
lann, rrr uinnci, rtt hhz i nw iv., i"i. .,n,
it?ll 9.. HMphH Pennarlvnnffl nee basket.
If.rae white or yellow mnfuk; i medium, ;tw
60c; peaches, Jersey', white, per 4-haaket, 40p.
Wl . do . do., yellow, per S'basket, fOe.ntfv
pears, nearby, per bbl., liartlett. No, 1, 5fl$s
1i.. No. 2. 4 7.W3.21; Clann's Favorite, No. 1,
1 soafl: do.. No. 2,. I2.7.W1.2S: pears. New
Torn Peehel, per bbl., 4W1: other arletles,
2fT3: grapes, flouthern Dclawares. per carrier,
tOtflOr grnpes. Concord, per crate. 40W(loc.l
plums per R-1b. basket, zOtM.lc.! cantaloupea,
rnlnrado. per crate, IW1.25! do., do., flats.
40303c; watermelons, Jersey, per 100, $5019.
VEGETABLES
Potatoes steady, with demand absorbing the
mederat offering. Other vegetable In fair
request and steady. White potatoes, per bush ,
t'enna. choice, 7.11?75.; do., fair to good, 05
WOSe. ; white potatoes, Jersey, par basket, 40
frlRc ; awect potatoes, F stern Stiors, per
bbl , No. 1, $1.75fl2.35- No. 2, 7.V.li sweet
potatoes. N C, per bbl., No. 1. 11.75C2; No.
2, 75c WJ1 ; sweets. Jersey, per bbl., No. 1,
2.5W2 7T,: No. 2. $1.5001.711; rwoels. Jersey,
per basket, rvflfiOe onloni, Wetern and
Connecticut Valley, el.olee, per 100-1b. b.
$1.25: onions, medium. pr lfxi-1h. bag. $1;
cabbage, domestic, pr ton, $12ffill; celery.
N. Y., per buneh. 12S130o.; mushoomt, par
4-lb basket. 50c J1JM.C0.
CHICAGO LIVESTOCK
CHICAOO, Sept 17. HOOS. Receipts, 14,
O0O. markets 101115c higher; mixed and
butchers, $8.500 51; good heavy, $8.fi5ftfl.43;
rough heay, J8.2.V88M): light, JS.scao.nS;
pigs, $8 35118.75: bulk, $8.5330.23. CATTLE.
IlecclpK, .1500; markets steady; beeves, $7.10
11; cows and heifers, MIW.,5: stockers nn.i
feeder, J0.40SS 25; Texans, $7.SOft8.R5;
calves, $0.50tf12.rr0. SlICUP. Receipts. 10,000:
markets etendy, native and Western, $3.25
B.23; lambs, $0,151(0.
NEW YORK BUTXEB AND EGGS
NEW YOIIK. Sept 17,-nutter-nccelnts,
ti.2.1 packages: extras, ,TJfn32Ujc.; Mrsts, 2H4n'
,'UHc Eggs Ilecelpta today, 10,15 cases!
fresh gathered, extra, 2UJKfic.; extra firsts,
27Tj2Sf , refrlgorator firsts to fanny, 241125c.
BANK CLEAUINGS
Hank clearings today compare with corre
sponding day last two years:
1014 1013 1P12
Phlla. ..23.0BR.75fl $27,211,01.1 $25,051, fl.Vt
llnston .. 20,715,217 22,105.2,12 27,100,958
New York 185,023,027 310,704,751 337,487,074
Centennial
National Bank
Philadelphia, Penna.
At the close of business,
September 12th, 1914.
RESOURCES
Loans, Discounts and
Investments $3,318,908.13
Due from Banks 220,376.71
Exchanges for Clearing
House 73,349.80
Clearing House Loan
Certificates 285,000.00
Cash and Reserve 1,010,903.81
$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,
PanViirr.
tf
!'
$100,000,000
NEW YORK CITY 6 REVENUE BONDS AND
CORPORATE STOCK NOTES
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
llfP
''''tffiiiBiRIi
?WtSJ-ulk Ydf.d
."W,'mjJT14
t 15f.J
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 in denominations of $500, $1,000, $5,000 and $10,000
Registered form in denominations of $500 and multiples thereof as desired
Coupon and registered forms interchangeable.
ire are advised that these bonds and notes are available for the following purposes:
1. As part collateral for circulation, under the Aldrich-Vreeland Act of May 3Qt 19Q8.
2. As security under the Workmen'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 bank and trust companies of New York City has purchased these bonds from the C.fv
ft, IT"; mtCre-Sl' A l?SC,part o( the bonds havinS heen 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 12 o'clock noon, Tuesday, September 22nd, 1914, or earlier in our j; .
THe right is reserved to reject any and all applications and also, in any case, to avard a lZH? 2" "
Applications for bonds should be accompanied by a remittance in New York funds of $50 for each Si 000 A l ,
The balance mil be payable at the offices of the unsigned. Monday. September 28th, I only a portion o 'Z .''fflJV
be allotted, the balance of the deposit ,, fc alUi toward the amount remaining to be paid ' "'" ' l"
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. P. MORGAN & GO.
New York, September 17th, 1914,
KUHN, LOEB CO.
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