'"'-
EVENING LEDni-PHlLADELl'HlA, TUESDAY, aMTKMBtoIi . 22, 1'
, i$
Uncial and commercial situation at home and abroad-market reports
BOND SALESMEN
REPORT A BETTER
. SECURITIES' TRADE
After First Day on Street
They Tell of Desire of
Traders to Get Into Market.
London May Reopen.
Bowl salesmen who lmvo been permit
ted to Bo on the street nnd canvass for
ew limine? are reporting to their liousis
fairly brisk demand for both- the listed
and unlisted securities. Clotting In direct
touch with t',e Individual Invcstoi.i who
deal In smnll lots, they naturally nro nble
to JudKe the situation outside the broker
age ulllces. And, In a seticrul way, they
nre icportlns existence of a returned con
fidence which they declare Is almost
everywhere apparent.
There 1ms, In fact, developed Buch a
fBry brisk demand, In a small way, for
various classes of securities, that tail:
Is heard among the Investment brokers of
hiving the committees supervising the
tales of securities again lift tho ban so
that trading In Inrgor volume may bo por
irltted. Ultimately this now demand
may he the entering wertgo for a move
ment that shall gradually develop Into a
resumption of business on an unrestricted
scale-
Tho commltteecs, slnco their orptnnl
tallon by the Stock Exchnnge nnd by
bond houses dealing In unlisted securities,
haxc fixed prices as of July 30 as tho
basis upon which transfers shall he b;i!cd.
Salesmen, however, find a demand for
fomo of tho hlgh-grndo Issues nt prices
which are In many ln&tancoH In execs
of thoso which ruled under the depressing
closing markets. This condition, natu
rally, olfers much encourngement to the
iupervlslng commltttees nnd to brokers
frenerallv- It Is being used as a bull
argument for somo action looking to n
reopening of tho exchnnges.
GOLD POOL A FACTOR.
Foreign exchange, thnt determining
factor which Is Just now of such great
Importance, still maintains nn easier
tendency and nnother drop In rates Is
looked for soon. Organization of tho
jlOO.COO.Ono gold pool nnd larger grain nnd
cotton shipments arc having a good
effect abroad nnd tho cables tell of an
easier nnd better feeling all nround.
Kffcct of the Inauguration of tho now
gold pool should accomplish In nn arbi
trary manner what has been a mattor
of gradual growth during tho last few
weeks. In brief, tho object of tho pool
Is to provide a means not only of pre
venting advances In sterling oxchnngo
rates, but of forcing tho quotations down
to a workable basis.
First instalment of tho pooled gold to
be collected from tho banks will bn $23,
C00.00O. This will be deposited nt first In
New York, nnd will be transferred to
Ottawa and paid over there to the agent
of the Bank of England In such nmount
a;, In the ludgment of tho committee,
will be thought necessary.
When gold has been deposited bills will
be Immediately drawn upon and offered
on tho markot In sufficient volume to
keep rates on a reasonable basis. Hopo
It expressed that the net result will be a
prompt building up of sterling exchange
machinery from the complete breakdown
to which It has been subjected.
Sales made today In the Philadelphia
market included Lehigh Valley, which
uns active at lil'i, Philadelphia Electric,
21, and Pennsylvania, 52.
Sales were mnde on locnl orders in the
New York market of Southern Pacific at
K1,, nnd Northern Paclllc. EVi.
Committee of Clearing Houso of the
New York Stock Exchungo announced
today that the settlement of all contracts
which were entered on the Clearing Houso
fheets dated July 31, 19H, has been com
pleted, with tho exception of those made
by the three firms whose nffnlrs worn
planed In the hands of receivers on thnt
date.
Nnrihern Central new stock was S,"i bid:
Beading was offered tit 70; fychlgh Vnllov
at till,. United States Steel nt SOHi t'nloii
Traction nt 40. and Phllndolphla Traction
LONDON OUTLOOK imiOHT.
Theio was a good attendance in the
financial dlstilct In Imndon today nnd
trading in securities was more brisk.
The Stock Exchange Committee fixed
peclal settlements In 3S now securities
for October II, reviving hopes thai tho
exchange would bo reopened next month.
.Man.- brokers who defaulted at the end
i-l , hilv'' pnll thelr llnhllltlefl in full.
inarles Macara, president of the Cotton
bplnners' Association, today nppealed to
the Oovernmont to take nctlon to sup
port tn cotton trade. Ho urged thnt the
present was a good time to create re
serves of cotton because, of tho destruc
tion of foodstuffs ns a result of tho war.
increased Inquiry for bonds wns noted
neie tod.iv and actual transactions were
In !'., on(i Eellers havo made somo
unllst-d issues attractive by making eon
cessions of from H, to 2 per cent, on the
iMt transactions. Other Issues uro held
tI. r,os1n8 of July 30.
TmTi , rfnorted demobilization of tho
K 11 A a.rmy hai a K0,l The
niocK Exchange Committee posted n list
ri,?earI l0 S"1"-'" for uhlch of
nciai quotations and special settlements
nfl. .P nskei'' "mphnslzlng Increased
fln?" ! 1n? " th0 part of various
deal n ,ntorrst8 for " resumption of
OeallDKs on the exchange.
order."?,, nn(,",W8ln '' Placing heavy
orders for equipment. Silver wns buoyant
i an advance nf ii on.., '
PurehMIni. bl cbinH.' ' "" "" ""
Jl"1""1 of England .llscounted pre
Rates f'r,hl,,1,llls , ''rately today.
New vl b"i? nmI lon"s " weak.
w loik cables were H06Vj.
NOTES OF THE RAIL
thr"Kuf,Ta!.?Mt,heMT?'w c'TPorntlon of
row i i lt' Mexl" "n'l Orient IUU
SdT:i!.d,ciil'.? tJmtth0 HPPllcatlon , to
Commission for
ut..u to Issue w"'m,
lh, , .j'!"" 2.' "at line between "a
va.uau f 'M, bMed "
tfmZl" ' ?"rllnt"n"nd Qulnt-y has put
'U'r Ak'roo,."10 "iM '"
wmpany m ,,Irl a rallroaa f?om ta
inlle.' l;, 0,uh,vv'' JIHco. about 13
a October, It 3 understood.
ttirJlKEli !"'?. """""'l ban "mler
cgmtin V "'e '"'s"0'' f building a
Striora?W "na frt"B,,t Smin
'oa m",0' ,he J,os'" and Maine Hall-
road nn n ,T1' l,hu w,nplo' of "" rail
for ih. i ?, l " ' to bocom accountant
lor the Interstate Commerce Commission.
Standard Oil Stocks
"d .ubsfditrlet- V'"8 f Sa"1" "
AlUnti t ,Anelo-.merican. I2013.
s p??ej?,?ln' fierce Oil! ISO
Oil of f"niif... ai?!l 38-. Standard
Nw JersV.. VXi'- 'i-'s Btanuard Oil of
v. .... r &3S3, Standnr.l nil f nh(,
-w. ana Vacuum Oil. m 183. I
x' f
' ..... . m j,
LONDON STOCK EXCHANGE
MAY REOPEN OCTOBER 10
Washington Hears Government Has
Been "Sounded" on Proposition.
WASHINGTON, Sept. 22.-A report was
circulated. In ofllclnl circles today Hint
the London Stock Exclinngo may reopen
about October 10, whercfoie It Is likely
that the New York and other American
exchanges will reopen about live days
thereafter. This report has arisen sub
sequent to a supposed sounding out of
tho vnrlous officers of the Administration
H8 lo what aid the Government wns ready
to lend toward maintenance of the credit
of the United Stales.
Hallrond stocks and bonds will be the
first to be thrown on tho market, nnd
those Interested held thnt If the Gov
ernment could be persuaded to accept
railroad bonds nt a fair valuation for
recurllv of emergency currency, n great
protection might bo given domestic In
vestors. This, they claimed, would en
able tho reopnnlng of the markets with
out greatly disrupting fettled vnlucs.
UTILITY COMPANIES
FAVOR REGULATION
BY COMMISSIONS
LIFE INSURANCE
COURSES IN HIGHER
SCHOOLS IS URGED
U. of P. Expert Tells Na
tional Underwriers' Asso
ciation of Need for Sys
tematic Educational Work
in Senior Year.
Establishment of llfo Insurance courses
In tho schools, colleges nnd universities
of the country Is ndvocnted by Dr. S. S.
Huebner, professor of lnsurnnco nnd com
merce In the Whaiton School of tho
University of Pennsylvnnln. Dr. Huebner'
Is now engaged In framing a llfo Insur
ance text book for the National Associa
tion of Life Underwriters, nnd It Is to
the members of this Influential insurance
organization that he appeals to have llfo
Instil anco education made a feature of
tho curriculum of the higher schools.
'Llfo insurance, so vitally affecting
nenily every man and wom'nn In the com
munity nnd so Intimately related to the
wolfare of the masses," Dr. Huebner
says, uddressing members of tho asso
ciation, "should lind somo plnce In the
curriculum of our high schools, preferably
In the senior year.
"Llfo insurance education In colleges
and universities, however, should also bo
emphasized by nil means', since, to an
Increasing extent, college graduates be
come leaders In tho community nnd In
themselves nre educational forces in their
respective localities."
To present the subject adequately nnd
In accordance with the needs of different
classes of students. Dr. Huebner sug
gests the following program, although ho
says ho appreciates that Its full adoption
must bo limited to the largest Institu
tions and must necessarily depend upon
the number of candidates offering them
selves for the respective cotnses:
"The establishment of special courses
In uctuariul science. These courses can
advniitiigeoiisly be given In tho depart
ment of mathematics.
'The establishment of a separate courso
In II fu Insurance adapted to the needs of
tho.-o who contend to become solicitors
and otherwise become connected with
various departments of the business. Tho
Instruction in this com so should be tench
nlcal in chaiacter and cover tho Held
thoroughly.
Tho stnhllslimrnt of a general rnurso
adapted to meet the needs of those stu
dents who desire only a general knonledgo
of Insurance and who tnko tho subject
as n part of u general business course.
Philadelphia has been selected ns the
permanent headquarters of tho new In
surnnco I'ederntlon of Pennsylvania, a
newly formed organization of live Insur
ance ngents of this State.
Actual y Robert E. Korster, of the Penn
sylvania Insurance Department, has re
turned fiom Europe. Ho was marooned
In Switzerland for nbout n week after
the outbreak of hostilities.
The National Association of Cnsimltv
nnd Surety Agents Is holding its second
annual convention at White Sulphur
Springs, W. Vn., today.
Nearly Every State Now
Has Such Bodies and
Their Decisions, Generally
Speaking, Inspire Confidence.
FINANCIAL NOTES
Head of one nf Philadelphia's Urge
brokerage homes today lecelved a letter
from a relative In Scotland In which he
wns told that employes of ono of tho
biggest shlpjaids on the River Cljdo
hail recently received In tnelr pay en
velopes this notlco: "Thoro will bo no
more work for you until tho war Is
over Your country needs your serv
ices." "CJues-s It's n raso of light or starve,"
commented the broker,
ciaience H. Clark, d, of the boml
depaitinent of E. W. Clark & Co, was
pilmarily tesponslble fur the inaugura
tion of the hound show now being ghen
In connection with tho llryn Jiuivr Horse
Show Ho prizes his collection of beagle
hounds ns umotiR the most representa
tive or ineir upe in mm country.
ccording tn n. wireless dispatch re.
eelved in London, gold holdings nf the
Imperial Hank of (Icrinnnv on Senlem.
her 15 wero 1 fil.t.fOO.oao nuuks; notes m
circulation, l,0.i3.Qno,iW marks; deposits
?.40l.WO.0OO marks; bills discounted, l.Sh,l
00000 marks; Investment iW.ono.WK) murks.
It Is understood that there were be
tween 4'v) and MOD subscribers to New
York's K0.Hrt,nio bond anil note Issue.
Tho loan uns heavily ovei subscribed.
Anaconda Copper Company directors
announced today the declaration of a
quarterly dividend of ;3 cents i tlmre.
This Is ii reduction of so rents n share
from the regular qusrtorly disbursement,
established by Iho company nt October.
The dividend is payable October II to
stock of record October ;".
A speclul meeting of the Now York Cot
ton Exchange a ludd this afternoon, at
uhlch theiu was received it report from
the committee which recently conferred
with the Sccmtaiy uf Agriciilttue nt
Wnshlngtun on the provisions of the
Lever cotton bill.
Hank of England linught JClS.fiOO of liar
r.oltl and X'Jl.'&i I'nlteil States gold coin.
Valley Slold and Iron Company's
works nt Sharpsvlllu will bo btartod
next Thursday after k week's shut
down, tslviug einploj JiK-nt to 30) hdiuU.
.Vow York Stock Exchange has stricken
fiom the list Annrlcan Telephone and
Tek.gi.iph sub.ii'iiptiuii receipts for con
witlbk 1's per -ent bonds, duo 1933
Exports vl .upper since Friday total
Commission regulation of public utilities
has grown so extensively In tho last year
or two thnt It Is now ono of the most
Important problems with which tho pub
lico service corporations of tho country
havo to deal. Virtually evory Stato In
tho Union has a regulatory commission
of some sort.
These commissions and their relation
to Investors and public utility companies
nre discussed In nn article In the Maga
zine of Wall Street by Arthur St. Gcorgo
Joyce, financial editor of the Evenino
Lhucicr, In which these facts are em
ohaslzcd: "Commission regulation of public
utilities has been discussed from many
angles, and In tho final nnnlysls tho Judg
ment of those who know bns almost
universally been that where this regula
tion Is equitably enforced and the reg
ulatory nets nro of a kind which In
splro confidence, both from tho genernt
public and the utilities, such commis
sions, nro of material benefit to all con
cerned. "There has been a great deal of regula
tion within the last few years. Figures
show that an average of ono State a
month enacted laws last year creating
these commissions. Supervision by State
and municipal governments seems to bo
the order of the day. Government
ownership 13 talked of In many sections,
nnd somo municipalities havo gone Into
tho business of operating street railway,
electric light and power plants.
"The utility corporations do not object
to regulation by State or municipality.
On tho other hand, they welcome It.
Experlenco hns shown thnt in most of
tho States wherein thh supervision is In
force there has heen n desire on tho part
of the commissioners to look nt condi
tions In a common sense light, and gtvo
recognition to the fact thnt the corpora
tions as well as the general public havo
rights which ought to be respected.
ACTS CONSIDERED FAIR.
"On the whole, therefore, the reg
ulatory acts now In force are considered
fair and reasonable to both the public
and tho public service corporations.
Where regulation Is Just nnd wisely ad
ministered, there develops a better feel
ing nil around and thero Is added pro
tection given tho companies, tho State
or municipality, as the case may be,
nnd the gencrnl public. In most of the
States which have commissions, the one
big advantage to the Investing public
which stands out prominently Is tho
power of supervision which these com
missions have over tho Issuance of
securities by the public service com
panies a dangerous power, incidentally,
when In tho hands of an unskilled or
partisan commission.
"It Is mandatory. In these States, for
companies wishing to put on tho market
n security Issue of any sort, to submit
their nccounts to Investigation by tho
commissioner. Tho latter go caiefully
Into tho financial condition of tho com
pany to leain if tho Issuo Is warranted
and. If so, to see that thore is sulllclent
security behind tho issue to gunranteo
piotectlon to investors who put their
money Into the now bonds or notes, or
whatever form of security may bo de
elded upon by the companies. In this
way the state virtually Indorros the
securities so Issued. The commission, if
conditions warrant, puts Its appioval on
tho seen titles nnd when they are taken
into the open market anil traded in. thev
carry not only the Indorsement of n
leputnble utilities company, but also the
approval of tho Commonwealth n which
the cniporntlon Is chartered. It can be
seen at a glance what n benefit is the
operation of such laws to the public and
to tho companies.
ISSUANCE OF SECURITIES.
"Bonds having behind them the Indorse,
ment of n tepiitable commission Inspire
public confidence to u marked degree and
nic more easily disposed of becauso of
this Incteased security. Such super
vision by State commissinneis piecludes
also tho possibility nf n corporation not
financially sound putting Into tho open
market an Issue nf securities which
might lesult In flnanclnl logs to In
vestors. "Most of the commissions havo given
amnio evidence thnt they realize public
utilities aio n natural monopoly; tlmi
competition, with Its lesullnut rate wars,
and in the end inevitable combination
usually resulting In nwr-capltnllzntlnn, is
fur, less satisfactory from every stand
point than the proper regulation of ono
company protected during Its growth.
For this reason It has been tho policy
III Uitunlly every case, where commls.
slons have. Jurisdiction, to discourage tho
granting of finuchlses tn competing com
panics. The final result Is the protection
of public utility securities, and at tho
samo time tho suaiantee of fair rates
nnd good service tn the public."
p fc-' Wi
GEORGE W. KENDRICK, 3rrJ.
Member of Committee on Unlisted
Bond Sales, which is meeting daily to
pass on security transfers. He is also
a governor of the Investment Bank
ers Association of America and is
active in arranging this year's con
vention, which will be held in this city
in November. Mr. Kcndrlck is a
member of the banking firm of E. W.
Clark & Co
WILL ASK BANKS
TO SUBSCRIBE TO
LARGE GOLD FUND
RATE CHANGE SANCTIONED
Utilities Company Allowed to Make
Readjustment of Origlnnl Schedule.
TRENTON, Sept. ii -The Hohi 1 of
Public 1'tlllty Commissioners has nlluivcrl
an order for a readjustment of th . mtes
nf the New Egjpt Light. Kent, Power
nnd Water .ssembl, un the Kiound that
the concern Is still in a stage of develop
ment. Tho oilglnnl schedule wn3 to have
teen placed In eftect on .May I. but it was
postponed indefinitely after the Commis
sion permitted n healing on tho Jiwtlco
of the rates. The Commission now nukes
a slight reduction trom the oUslital
umouut.
Tho schedule, ns originally fl.id by the
company, provided for 11 chnrgo of JO
rents per killowatt hour, with n dis
count of 10 per cent, for prompt payment.
The board regulated the rates no irdlng
to the amount of electricity consumed.
ABROGATE GRAIN CONTRACTS
NEW YORK, tfvpt. -American gimn
exporters havo obtained the consent of
(leriuun buvers to the abrogation of con
tracts in considnation of pament tu
Uciman broktis uf t tie 1 per cent, com
missi m that uou'd have been due them
If the contractu had been carried out
These developments aro the outcome of
the transportation difficulties In regard to
Federal Reserve Board
Sending Out Circular To
night on Apportionment.
Plans in Philadelphia Not
Complete.
A circular letter will bo sent the Clear
ing Houses In reserve nnd eential re
servo cities tonight by tho Federal Re
serve Board, asking that tho banks In
those cities, lnth Stato and Nntlonnl,
subset Ibc to the gold fund of 1(100,000,000
to bo deposited with tho Hank of Eng
land nt Ottawa, Canada, for the relief ol
tho foreign exchange Mtuntlnn. The cir
cular will state that the committee of
bankers which has been negotiating thH
matter will have charge of the funds
anil that the subscribeis to It will Join In
the profits and loss therefrom.
Tho circular letter will ll the propor
tions which each of the cities will be
expected to subscribe. The Clearing
Houses will then be requested to Indi
cate whether or not their hanks will Join
In the fund bv tetter to the Secretary of
the Federal Heserve Hoard.
Bankers In thin city who have under
consideration Philadelphia's contribution
to the $100,000,000 gold fund which will be
used to relieve the foreign exchange
situation have not yet completed plans
for this city's parclclpatlon, which, It Is
understood, will be $S,0K,0n0.
A member of th" Clouting House Com
mittee said today that he did not believe
that another meeting of the Association
would bo necessary to work out the final
details of the plan.
How the contribution from the banks
111 this city will be apportioned hns not
yet been determined. It Is the hellef thnt
It will be based on 23 per cent, nf the
gold holding of the bnnk contributing. As
It is the opinion that nil of tlv $100.
non.000 will not necessarily be needed at
tho outset, but thnt only one-fnuith. or
t2..WiO,000, will he needed, Philadelphia's
share would be nbout W0O.0O0.
Tho national banks In Philailtlphln, In
addition to contributing to the uold fund,
will, on tho organization of the Fedeial
Reserve Hank here, be nlillued to sub-
sctlbe to tho stock of that Institution to
the extent of approximately $3.72I.fi00.
being C per cent, of their cipltnl anil sur
plus Only one-sixth of thin siih.-rilptinu
nt fi;:0.W. will be ended for In tin- Hint
six months.
As the flovei nment demands thnt pay
ment to It shall be muile in gold, theie
will be 11 benvy dinln 011 the gold hold
ings of the banks In this city, which
will comt nbout the same time, that is.
if the Federal Uesorve Hunks nre or
ganized In the enrly part of October, as
some people think they will be. On Juno
30 the banks in tills city held about JSi,
O0O.C0O sold.
PUBLIC UTILITY EARNINGS
tNTBlUlDKOL'Cm ItAPIU TltANSIT
Hill. inn.
July ron I'.'. Ml. IT! SJ.'ltl !
Net after taxes ... . l..mi.ll I I in. Ill
TEXAS POWEJl AND I.IflHT C'l.
August grnn ?132.HT MT.SSit
.S! utter tuxm .. . I.iti ti,s.t
Tneli" months' gross. !.Wi,,ui tins.tii"
Net after tax" M.M.J.m Sa.T.M
POUT WORTH PoWlCU A.NH l.iailT i-'
AURUit dross ITT.i'SI $J.IU
Net after taxes .111 'IJS a.WU
Turin months' grow... Sll.vu SllTT
Net after 4 . l"t.mu ll!,l"i)
MT. WIIir.VKY rmil.'ll AM' Kl.KrT!tl'-.
AuBUt Ere -ai .1 T $- ;.v
WHEAT WEAKENS
UNDER PERSISTENT
SELLING PRESSURE
Large Increase in Visible
Supply Chicago Market
Generally Heavy With
Support Poor. .
CHICAGO, Sept. 22. Wheat developed
considerable wenkness today, prices sell
ing off I'ii from the high point of yes
terday on considerable selling pressure
of a persistent sort from an Inlluontlnl
quarter. There was no demand to offset
this selling pressure or the weight of large
nrilvals nt primary points, amounting to
2,S27,0O0 bushels today,
Cash wheat wns weak everywhere, but
the break at outside markets won hardly
as pronounced ns that here. If there
was any export business It was kept well
tinder cover. The exportors said that
over night ncceptnnces from Kurope were
negligible. Brndstroct's statement showed
a heavy Increase In the visible supply.
Minneapolis reported nn Increase In stocks
thero of 1,100,000 bushels In three days,
compaiod with a gain of 600,000 bushels
In tho corresponding time a year ugo.
Scales of tho cash article wero 35,000
bushels. Minneapolis flour mills reported
that n temporary falling oft. In the salos
of flour had cut down their grind. Futures
closed 2a1f3 cents lower.
Trndo In corn was light and the mar
ket heavy, with support poor. Consid
erable selling pressure came from the
same quarter that sold most of the
wheat nnd oats. Ttu: weather wns wet
oor most of the belt. A sale of corn
was reported from Decntur, III., to be
delivered this week. This Is the earliest
that new corn has been handled In that
section for somo years. Primary re
ceipts were 25?,000 bushels. Cash sales
were lfTi.OOO bushels. Futures closed
3j,c. to lHc. lower.
Onts suffered from liquidation by mis
cellaneous longs nnd selling pressure
led by n largo elevator and cnah con
cerns. Cash houses were the best
buyers. A fair export business was
confltined. Primary receipts were Ml,
000 bushels. Cash sales wero 470.0OJ
bushels. Futures closed He to "4c.
lower.
Provisions declined on liquidation by
longs, who wero tired and dissipated.
The hog market at the yards was heavy.
The reccpts of hogs at Western pack
ing centres wero large today, amount
ing to 71,900, against 59,800 a week ngo.
Leading futures ranged as fnllous,
Yeiterday's
Wheat Open. High Tnv. flofe rlo'
September .. 1.U Ml 1.0S4 tl OSiJ 1 ll'i
December .. l.i:H, .K l.ini, .... 1.1.IJ
Ma . . . I.-Jt l.'Jl 1.17S tl 1U tl.OT.
10m muw urnveryj
September
uecemrccr ..
Muj
O.i ts
September ..
Lhcember ..
May
La rd
September ..
October
71"
Tt
7.",
TIi'i
TS
"n
7t
74
51H
."it
Ml,
.10
Ml
0 .Ml
. ..1U.O."
Jununn
Hiua
September
October . .
January
Pork
September
January . -0 4.,
Hlil. 1 Asked
.10 HT
17
P. wi
lo.li-i
17.!.-
0.-.7
11.0.1
10.01
17."!.1
i'O .111
Tftl. '704
7U 73 1-ltl
7 Hi t7.V4
47, t's,
SOI, .11
0.V4 .VI .1-1 r,
fl..".7 tn 07
n 40 -n :,'J
tu.3 tio 07
n.41 -ii 11
10.112 tlilbT
I0..V. 10 72
GOVERNMENT CROP REPORT
SHOWS AN IMPROVEMENT
Crenernlly Frtvornblo Conditions In
Ncnrly All Sections Last Week.
WASHINGTON, Sept. 22.-Tho Govern
ment wekly weather report says:
Oier th reter tirt nf the corn 1 belt . Ibe
wetther via, favorable for maturlnir late plant
ed and Hie entire imp Is now Pr'i'l;"ll5,,WfJ
fiom frn-t. r-iitnni- la rrnKiesjIng "P1"
i In n few loealllles where the. ram,,,"";
canned delay, and much of Iho crop Is alreanr
In the prlnelpnl ntntsr wheat Stale' the
oil eontlnues generally In good rnnrlltion rr
plowini? ami sowing, ani rapid pro""" J '
in made r-rept In a few cases where me
eoll remains loo wet. , , .
Harly -own Is up In plare. but rain Is ' now
needed for germination In n few l?alltl
nnd plowing and owlng have both been iie
lajed nn account nf dry weather In orIlon or
the upper Ohio drainage riglon ,,,, ,
I.atn pasturaite remain" in fine rendition in
tho central and northern districts. In the
spring wheat section th weather was waim
and favorable for thre-blng and all other lum
work oier Ihe eastern portions, but to w co
ward genera! rnlns delaved thrcihtng.
In Southern Slate, weather was f.noraiiie
for opening ani picking of fottmi ""'","
portion, of the rarntlnns. Oeorgl.i and Honda,
wtero wet weather delned plrklng nnd cause J
damage to open boll,. ....,
Oierlhe Atlantic Coast Stales, from IrJlnla
northward drouth still exists over niueh .or
the Virginian. Western Man land nnd portions
of !'entislanla. New York and New Jerje
Conditions wore favorable fu r;,rn nnd to-hnn-i.
rutting, but wheit sowing Is being il
lnyed In some seetlnn, on nnvmn of dn ren
ditions. WAR RISK INSURANCE
OBTAINABLE HERE BY
WAY OF WASHINGTON
Collector of Port Berry
Wires Applications to
Treasury Department for
Acceptances and Rates.
Collector of the Port Horry has been
authorized by the Treasury Department
to receive applications from steamship
agents, owners nnd shippers for war risk
Insurance on cargoes In vessels flying the
American flag. Application for Insurance
of vessels must be done through Wash
ington. The authorization obviates the
necessity of establishing n M'pnrnte
branch of tho Bureau of War Hlsk In
surance here.
1'pon receipt of Application for Insur
ance, the Collector will wlro the name
of the vessel, the cargo carried, the
amount of Insurnnc required, the des
tination nnd approximate sailing date to
the bureau In Washington. In leply he
will receive a rate for ncceptance. If
it Is acceptable to the applicant, nn ap
plication shall be made In duplicate upon
a prescribed document. The original is
to be signed by the applicant or his duly
authorized representative nnd given to
the Collector, who In turn will sign the
copy and give It to the nppltcnnt. Tho
Collector will send the original to Wash-
FLAGLER'S DREAM TO
UNITE CUBA WITH U.S.
BY RAIL REALIZED
Ferry Float to Carry Cars
From Key West to Ha
vana Is Launched at Cramp
Shipyards.
Another step In th realization of
Henry M. Flagler's dream of uniting
the fnlted states with Cuba by rail
wns taken this afternoon with tho
launching nf n enr float at the yards
of the Wlillimt Cramp A Sons Ship and
Knglno JJulldlng Company. The float
will upon Its completion be tho largest
crnft of Its type afloat. It will ply be
tween Key West, Fla nnd Havana,
Cuba.
Alls.t Florence Mnrle Heckwlth, daugh
ter of J, I ISeckwIth, vlre president of
the Florida Unsl Coast Ttallroad Com
pany, mndo tl spiclal trip here from
.St. Augustine, Flu., to perform the)
part of sponsor for the gigantic car
float. She named It for the lato
llonry M. ringlor, who used his millions
in planning for tho Joining of Cuba and
Florida. The launching took placo
shortly nftor 3 o'clock. A host of ship
ping men. officials of the railroad com
pany and shipbuilding plants were present.
A lunchron followed the launch.
The Homy M. Flnglor will have a car
rying capacity nf 30 nf the largest freight
cars loaded. The triple expansion, re
ciprocating engines, capable of develop
ing JS.'iO horsepower, will carry the craft
from Key West to Havana, a distance of
30 mil's. In eight hours. This will re
duce tho present running time by several
hours. It Is expected in tho near future
the crnft will carry passenger cars, en
abling travelers to make tho entire dis
tance between New Yotk and Havana by
rail.
Kxtra precaution has been taken to In
sure tho safety of the cars which will
be carried on the main dock on four
tracks, while tho vessel Is at sea.
A warlike nspeot Is given tho craft
arrangements to mount rapid-fire and
"tnnll calibre batteries In order to
make it easy to lit her out as a transport
or supply vessel in caso of necessity.
l)esldo3 Inaugurating a new freight ser
vic between Cuba and this country, the
craft is expected to Increase the com
nvrco between Ihe two countries. Busi
ness men of Cuba are greatly interested In
the project and have promised to give It
their support.
The hull of the float Is built of steel
nnd conforms with nil of the regulations
The
rt.vi feot i
.Tin feet J
.",7 feet a
'.2 feet fig
A7 (eet &j
IS knots W
20 3.i
POOR'S MANUAL FOR 1914
Incorported nt $250,000.
TRENTON. Sept. 22. Articles of oisso-
Ington, whern the policy shall be made
out and sent to him for deliery to the demanded In a vessel of Its type,
applicant, who, upon Its receipt, surren- gfneral dimensions nre:
ders the copy of the application to the I l-math over nil
Collector. All checks made payment ' lh ided"" p"I,cn,1"'ulnrs
f premiums must be certified and made f Tj,pth,' .. . . '.."..!'.'.".'. .'.".".
paable. to the Treasurer of the Unlt'.d Rfartih of 'eek
State. Other regulations follow: I rilled, loade i ith sum tons dead
Tho Collector shall satisfy himself be- I v,e"!m
fore submitting any war ilsk that the
applicant has tnarlno Insurance in nn , RAIL ROAD IMFVFR TARTFD
Insurance company or companies on the nMILnUHLMVCVCn OIHnlcu
enrgo on which ho wishes war risk In- '
surance. i Stockholders Seek Dissolution of Co.
The amount Insured ngainst war risk
cannot. In any circumstances, exceed the
nmount Insured ncainst marine risks. If
Complete Record, in Three Volumes, ' the applicant Is unable to stute definitely lutlon were filed with the Seerctarv of
Covers Corporate Investment Field. I TZ ' St -t-kho.dcr. of the Fenn-
i oor s Jlanunl for I3H, In three volumes. ncleasPrl jjut whcn ,mlj i)P reduced sylvnnln, Lackawanna and Eric Connect-
contalns m pages of text, covering tho ; pon receipt of definite advice, to nn I Ir.g Railroad Company. Tho company
entire field of corporate Investment In nmmlnt nnt iops than the total nmount . nrornnn,,, ,' , .vlth ,aDital
America. Statement ro given for ' lnsllIP(1 un,lor mal.tm no,cr,,. Premiums ' was lncorP'-ated In Win, Uh a capital
virtually every company In which there i hail t)0 vaM on thls pl0vislona! amount. I Mock "f 25o.(n. it was the purpose of
Is public Interest. I an(i if th( amount Is reduced when tlnnl the concern to construct and operate a
Ihe current edition contains many new particulars are known, the excess of such ml.ro,id in Hudson i'ount. Accord-
companies. Stock and bond Issues hne prom,n will be it-turned to the assured ' in7 to the dissolution certificates, tho
been nmplltled and Information Is given, hy tno Treasury Pepartment. company has n"t commenced building tho
wherever possible, showing whether or Tho into of premium charged will be load and has no Indebtedness,
not bond Interest l- payable without de- made from (lny t() dav I)V ,ho xtureuu of James K. Pyle was the agent, and the.
mt.-tlon of the normal Fnlted States In- vvr Risk Insurance, and mnv be had Incorporators nre as follows: Wll'lam
upon application to the hurenu. The
rate will wiry for tho different voyages
and the cargoes Instiled.
Tho Hurenu of War Ill-k Insurance will
not h bound by nnv errois made In the
calculation of the premium or In rilling
In the form. Shoul I error be subsequent!)
discovered a readjustment must be made
Applications for liiMirBiie.- on vessels Moro Th li0oo,000 Bushels Sent
under the American ling will he accepted
for perlodn of 30 rfn . or fur royacs Abroad Yesterday.
commencing on and nfte- the date hen-of. The I'nlied States Tieasury Depart-
ronin tax. Late Income nccounts nnd
balance sheets nre given and In many
cai-es are In comparative form.
Tho General Index of the Mnnunl of
Public I'tilitles nnd the Manual of In
dustrials contains the names of all
merged companies, with references to
the companies Into which they have
pjssed. In the Mnnunl of Railroads this
Information Is given In tho merged list
BAB SILVER
I'ommetcial bar silver was quoted In
V. Rraldwood. Frnnklyn Doe, Henry Mo
Math, IIniy Itoeher. Albert Aston.
l".iookln, W T. llamton. New York city:
T. F. I'hauncj .
FOREIGN GRAIN EXPORTS
Tho only rt-Ks that will ho roverrd are ' mnr ummnruMil tnri. thnf twelve rnr-
Viiii V.1..1- ...-... 0 ,..... . .. .1 .1 i i..jj . -.- .- -...,. ' . . . . .....
.- (m ix tutiaj tu .. it-uii, nn uj v.uit; i.,um nu-iui''u in nif uirni 'i policy 10 he t ko, (OrrviUK a totni r i.i-it.wi nupneia
of ts corns, liar silver In London was j issued by tho Bureau of War Risks lrtur- ' of mnln wert f 'oared from Atlantic and
up Hd. to 2i,d
PHILADELPHIA MA RKETS
PROVISIONS
inc 11-011 lbs !
Market -jnlii am! ulthniit Imi-Ttant change. ' nlEhlns s 11m
me. ner .1 -x J! T.-tj .I .1., ar,ti- tv..
lr.oi.. fl.SAfil.1n. ,UiK aril w tm (i
Si. 10.
i'it beef, in net, hm-ikc-l ar.'t nlr-.lrir.l. .'.r.i
",'ie.; Western ber, in mi, miWf.. lli'.-.v.,
i'lt bef, kiia"klk n I ten-1er, tm-iUeJ nnd
alr-!rled. :Oi II . Wentern brer. Unuekles nn-1
tnl-rs, mnjke-1. .riH tic . bo-f ham. 4nu ).! ,
pork. famll. Clttti'iT. lianu. Ii. I'. eure.,
lo.i, 1.1416 l'-'i'' . do. aklnned. lo in !':U
im-., no, ,io . im -Ken, iti iuo , oinr 04111.
Kl
-I ! nrn ,vi nh-i"
I'- -I, 1 nu:t Tl. whiifl
. i.rtl.1 .' to., -t
ll.ilf jioris jesierdav for foreign ports.
1 The t.itement showed that 2,0l.";.0Ol
bushel wete received at them, ports Mon
idnj. and that lailuindx reported thev
.ire holding In luminals 01 -n lines
r., cT " l-umilii be aiihe of the inability
1 tu rfliip. In .-li.ati'i- a' ports ivi-js 000
bus ie.-- art- tord
CHAIN AND KLOUIi
DIVIDEND IS DEFERRED
Plrectors of the Dominion Iron and
Steel lmipan. have decided to defer
II r.l r.wn.LelntB. flit Sin li,,uk u-u.i.. . .....
aiu... . ,-,., .lih imreil i'm 1"', """"""- I""'J ! '3 P eeni., on
KUre to II irl
M'rt ln am
ber. 1 in-i, 1 1-,
'1 1 r, 1 i.i. i-uc ir.il. i ' April I.
N-i rp I iot an. I Wi i-ttt. I Im..rlHke Ktt. tmshiti I'nmnnm han ra-
N.. r I 1..... . .. , " '
un, iL.il ..tt. iinrt uu t . Iirun I ,. n .1 a i r.i . t . ..: V. ' . '.: 7 ' .'-,v,l,. l n i .l..n.i.l ..a . 1 ...... .. ., 1 ..... C .
Net alter lastee . i't,im 11. Iict I 7: ... ' l ' --- ,".,.." " ": ,p;- ' i.im. ro i x-rthirn r-u lib si 'Ui 1 ,,-.- n.i .ht,.-m, h,,ii, r, yn tr-uu in
Thrive mnn.li.' ero,. .:ii'.,m , ,, !'! J! hania imH . c eri, .nir! l,. '()lt.V.-lu, ,p," ? 'b,'.. 4TM.e ngi,, I a b lr .em Mnn.i ba.ls b declaring
Set after taxe. .-Ml,!. k,, l- .J,,,',1',.',- ft ' i-,m;to: 7iSi:V. "; U' tt? '!;l, ,!"r '," ",w"" !Jq. 5 a quartet h u.vidend of l, per cent.
HAVANA ni.lUsTIJ!r IIAUAVAV. I.WIIT fSU-t H-UV .. 'h.ll ..In ,.- A' lftSZ,X&"Zt. SUtf, ' VW vlolT I. to .tool; of record
II.II HevrtHi eon, an to br.n1 an-1 aierme cln urM. V.'u aialh h ,'. r i..u !i ! ., i ",T , r'h4M iiermWr
TliIM week rieptemher .. .HMIk , ill I ;!... breskfa.i ba-.-n. We.ie.n .um 1 ySHSI. .1 tV.S an.l Jit-'i V. i. . V , -i ' ' ,,1"' ' '
l-rom Janu. 1 . S,VAh Ss.TtS 'r.l. W-etera ..Bne-I. tleict. lli,8inTr . .t;. . ar f Shit, ii'-., " .v I ,K ' . i.tmmp nATJf cmrnrv
d. .IUM IW ; rj fOjjw , ,.,,Mlt,Re, el,... IIMbU,. ,,, VISIBIE 03AIW SUPPLY
DIVIDENDS DECLARED r'r.V. kt-Jil. m, Wheat I.. i'i.!imI ..e. , r th,
.MonninB. SU-II Mime, lu.-., waular ITrAr trll". 1P'- '-! ,U,,M V;.'',i- Roet-. h -mre.... d I TW.'.fl buhel. wheat
rlv n i er .-.ill. eai.tble Ueniaini.,i ., uj.fiiti nanea-, ttruaht mi-. flkh t Muf, -. n ,t. i ii 't.i!.uln in,-i eiiu.,! x i4' mio liuilielii:
173T tons and for the month to date I oc-vui tratlie rsulting from the European
u,m. wa, j
mint-lf
to tiook uf tciont uf thii ,liiie.
I'ontinenldl Oaa nn-1 KUnrle .'f-rporailon,
repular (Miar'er! l9 er em, on preferred
and Vj or I per rent, on i-ominua, p.i)ab Oo.
teter i to tock of retiv-l Sei'ierobt-r S
Interlafce Ptea-iiihln .'--nii-any. uuirlerli l(
rer cnt.. p4sabl u.t.jber 1 to Wk at rec
ord Stpiemher St.
Temple I'.ial .'nmnanv. ml.ll 9 pr tenl. on
pieterre-l. ratable H. tulwr I. In alack uf rec
ord BeiweimHr M
."hlras" fneo-iiaib- Tool, runr qutrterly
I ,er -'flit . I i able neiulier SS lo (tuck (
re. ord . -ctober 11.
Sbituwk ValleN. regular -luarlrlj i, Iw
rent . paabl October I to alork of re-'-ir-l
Stptemtwr St.
nierb-an krpuliural ."Hemic! rejul.r
uuarterly dttbleal l' m in. .ii Mreferif,!
on-l I ir Lm --n cinmoim. puv.il. U ik.ber
IB tu attack , I r.-urt rieptembtrr is
W9
SUGAR PR.IOES OUT
Arbttchle Brothers bae reduce.l the
price of refined m-rar 'J eenl u pound in
6 T5 ceils tu meet ciuotutltins in:nie by
the Federal Sugar It.'llni.i l'otnian on
MoiuU. lhe American Su-jai IteiUiiiii;
i'ompaii. II II H-nvill. Son "i .'. and
the Wnioer Siuur Iteilnltn; fnuiiMiny
continue to quote 7.15 cents a piuiiul.
FOREIGN EXCHANGE
Inuuiry for exchange continued un
abated todn and til's fail umi .Iiih.I wllh
the falliiij,- off in .jiiiiiiruli' bill .iff. r
lilKs iaused ilu imirKei in mik- fuilber
progress in its latent upward movement
Demand steri:is advanced ii $i ;. u 4
The nominal quotation for franc cable
was $5 1!iu for mark -hecks WV-li'ic
and for mark cable Ma
lti;riNt:i. Trad- quiet nndprUi un. i-i'mk .,','. " " ''" '."Inn Iri i h
cuanK- : Kiin.ii i ariuuinT-.' , iinf-".. -- - - - " - -- er-i.T.. ,i i
c.n.tr-- i... .'-,,.,
SraililUte.1 7 -
ll-mrri.' A T l-V
i.ou- eel T IV
koft Krai's. 0. HfT.iOc.
m ir in i r , u Ai, . '. .,
eiy mil! -h-ii-' n I f r-. l a'-:it flsv.iiT
.... . rviuur zri 'i ,i inrr rar ail vr
...:...... - -.. . . .. '- - "
I'liis-sir fiu'its
dim 'I'lailt iaiil a ne ,Wv iork mi
rriP, h'lt. Itic io ilv fair v KQ3.
ll(Tn;iL.lmunl light and market wh
." 1 fnuie tin tr ini la. il, ,1 nra, n au tat cul 1
. - -l l-eaav--a) !- W " Vl.l .i" . -' -
. ..J-Ir Of. .. e.. II.. .,. !) . I (Kill! tfOilal a-lllttiF ttir. iau tl .ik..
I U ' -iiu, u . rti urti, im.. . i .- J. v ..".' . . ' " f i IB
n.. i-3.T-I"--. eciBl. ,m, . '' I iaiaiauv,"' f ... ' p '""'" i ., j
pa-k i. .I'l.i. aa o -uuiii . nearpy prin.e,
tn th. I "ill t-d (ituteg ist of tha
i;-i. Iii, :n-'teaeed 5S, bushels nil
i ini- 'ii'iiii in .'H-.ed H.'tST.ulft bushels, cuin.
i Mini-en r- i.i t nf Ihe Uoi-kiefc. nn eased
i . iiiihiv In. .i, AnifrU-an imn-astj
i ,)iii 0 Una. Ik
I
P.arh .an.l t,. .,i,i a...a . . .. f "WtM. ITaTPlI? TJTTnVr.'PT! A TJT1 "PHflR
f.ni.; i..i,... i,:.;. ;'...- ,w,:'r. ner im .-..-
i.,.i ., ,. j., .. : .. Trt - "T"" -i-p -r
e"
ijiiiiii riiwiJi'iam "'..""'..:'.. .'. . ""' . i
'HKK-.K.-rt-irerlnK lisht and ihe marttai i .leaMir! h-i.i ,. "tTT:. 'if. .,;.; ,''.'. .Me
A 1'Q.J
faa-v. Hi .lo. air4e etra. llfi.'LV . i .
bulk Vt Hi !- cia.t. -j.bS&. Up, nl
ftr . Irani ef , -lute J.ibhlng at 'll-HHc
'.(;i,.S. -Pine frekb egg prellv veil
iV.iiul i.i- jut .I'll) but -uppiUa m-atlt t
utianrai'ive M -k uhl h t .lull un-l wen
ll fru- -- luarl-j ektrl, .lie per .lii .
narb Hi., tn i r elan-lard rao twar!-
vurr.ni re-elpla. T -V( I 8tl iier iian-tard e:
Vitera eatra nrao. S 10 ir i-itc: ta.. r4rt.
T " T SU "P' .'' . d" a""!" ud ta Mini II -u
ir baiiH-.
KKff VOKK. 9lt J8. -lluitei rf.eipi
JJTU5 iaclJesi, maiktt iead . cieaniery
ks.hv: uwim, ; t Vi"r 'I'i.r.. "' soHaaip ; cianr nim jviijuo.
vi , ' ranbtrr-ea. rare '-..i. -u B-a I ', uw.t- Ibr-.eii u 5ft 71. tone ir.eguUr.
O..V, iWnlaerr!.' .lerv'1" JT' r ... '? ' Pirl K.itlr.'.l .-Mia, .'-i t" IT l-rsla, H
"'' 7 ...'- lent ..ij.i ;in,i.;:r. to .. wiriKettttur lir.tn. U i -'"
I .'. I'-1 wax .ill-! iur mil i r !
l V'1 r-a-Hi l'in.sliiiw. i.r tmakei
l.airaV Wt or iclluw .H,TV- . u-.e-li ui A
i.a.ma arj. rima ir. ia,i,, .
SAIliiOAJi EARNINGS
ANN AKI"-"K
111 1 I WP
l"1"- -'". -I- JJ." V IS-.".. I'k'p.F h,ANi IT XU'l'lltKN
liniM 'I'D V cli. No I (3 -, lu -im K-, ' j.-ii,, V u I i .."-,U U It
iLJl'lrUil aimer ar'Ue M1 l,ir f',.'fc ''l '..ll :-.
I n iU-;p'i and ,01.011111 liiiporuni.baBBe. J ' 'r b'' V,,..'.''"' 7 -',""'"i i'.i u.'vi u.i vk-.iin
SL" " uri.' It'!. W X& S ?"''' " ' Vui. ' .V i ii, ' 1 ' 1 -a m. m... u-r . lit ,!-
ifielris-it. iui'Zi,. ia?i,rS: .""ix?: l1' tfr '' Krw 4,,l ' ''"-'-?" ,vw
l-tla. H',"-- ula. ,er pair. .-ua. V'-' 'J. ,';) .?S't, - W ttr.utu, SKbulltli AlK t-INr"
ialr r--(IS-
lIUKKiiii.. rine marKei arm on fancy
ilr.irjb!e-led t k u.muol tor tthuli i.
Ii ll -iUal t - i be -lfcrin- l-'r.-jh-kilbj tul.
i-cr lb aole. I-1 ha-a .KC. iaac wewb
in.- 4'jtift lbs ail" LNi.j. weighlns t 11.-
I ..- Sik e tlilnit -i, lb ail, , ITiis.
v la'hlus I It j- 41 un l-r a, iece lit ll
r. asitrr -lr ii KeJ I n.i t.r. illn hi keu tl
t-aros. aeignnije i-jx us apie e iiik
I'otaloe ua-1 onl ma -lal! aiul k jthr
teSriablta teneral, ai4.l. While ?. tfu
per tul-l IVananta cb ,,i e, ,.-. M,
Aile e
fair ii -"I livaifci thicker w - siaru
'i fu lba and over apieoa. lHc do
lu apiece laiTc broPIng i-Mcken W
ern welirgti lt7iil lb 17flSc do fan
goud, Jl 'iuab, per dc., 4bl . t!
.
i? T-T Hrl
a
nt
r t
t!$h-
fa-r tu k-i.j-1. VJi .1.1 ubil
pei l-aaket. 1"6 1:- in,
..hoif ,-i bbl . j i 7
"! . 1- lo 1C, .
Jl 7-.- .' N .' 7ISc ,,1
I. . JU-S 15
pu-il at. j.r.
"-' .'7.
. I I M N I
-iui Je---s
KAX.-A 'T'll-'HN
Uum iiw W"- i-r.' 127 J.S
w,a-i
i -.. ... . -.
t.aMlh I.rt.i tat ,.!... ...... V
Weitern an-! i-.inn item allev . hoi m ,,,
IP.-lb has 1 ..,, rneltun, .'J,,1?'
bag T.lfilKi- .'abbase orot.c pir iuTi tin
11 .-lr N V per tun.b miV ilii"
roenw. per -l-lb. bakt. JOc.-iJJl.iw. ""
BANK CI.BARINGS
i - i r i j -.in, urn I i il irie
1111 ' i u- !U-!r4lb
l'tll -i UU
ji-1 is "iuc sia7i.j ." j-.i ji
Ih'i'j
1 - a-1 .11
N i -Ik
Ualtlu;vr..
!7 1 1 17 -.' .i n jii -,K, 4 r
liis-Tu: " UTS aU .7.111701
(i.-m-flj blMUTJ 3S7a,i.
1
1
n
li
f'l
jagm
SmSuimmmmm