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TNANC1AL AND COMMERCIAL S1TUATI0NAT 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.
Bond salesmen who have been permit
ted to Ko on tho street and canvass for
now business nro reporting to, their houses
a fairly brisk demand for both tho listed
and unlisted securities. Getting In direct
touch with tho Individual Investors who
deal In small lots, they naturally tiro nblo
to judjfo tho situation outsldo the broker
age offices. And, In a general way, they
are reporting existence of a returned con
fidence which they declare Is almost
everywhere apparent.
There has, In fact, developed such a
fairly brisk demand, In a Mnnll way, for
various ctnsseB of securities, that talk
Js heard among tho Investment brokers of.
having tho committees supervising tho
soles of securities ngaln lift tho ban so
that trading In largor volume may bo per
mitted. Ultimately this new demand
may bo tho entering wedgo for a move
ment that shall' gradually dovclop Into a
resumption of business on nn unrestricted
scale.
Tho commltteces, Blnco their organi
zation by tho Stock Exchnnpo nnd by
bond houses dealing In unlisted securities,
have fixed prices as of July 30 as tho
basis upon which transfers shall bo based.
Bailsmen, however, find a demand for
some of the high-grade Issues at prices
which are In many Instances In excess
of thoso which ruled under tho depressing
closing markets. This condition, natu
rally, offers much encouragement to tho
supervising commltttecs nnd to brokers
generally. It Is being used as a bull
argument for some action looking to a
reopening of tho exchanges.
GOLD POOL, A FACTOR.
Foreign exchange, that determining
factor which Is JUBt now of such great
Importance, still maintains nn easier
tendency and another drop In rates Is
looked for Boon. Organization of tho
$100,000,000 gold pool and larger grain nnd
cotton shipments nro having a good
effect abroad nnd the cables toll of an
easier nnd bettor feeling all around.
Effect of tho Inauguration of tho now
gold pool should accomplish In nn arbi
trary manner what has been a matter
of gradual growth during tho Inst few
weeks. In brief, the object of tho pool
Is to provide, a means not only of pro
venting ndvances In sterling exchange
rates, but of forcing the quotations down
to a workabln basis. .
First instalment of tho pooled gold to
bo collected from tho banks will bo $23,
C00.0O0. This will be deposited nt first In
New York, and will bo transferred to
Ottawa and paid over there to tho agent
of the Dank of England In such amount
as, In the judgment of tho Committee,
will bo thought necessary.
When gold has been deposited bills will
bo Immediately drawn upon nnd offered
on tho market In suCTlclent volumo to
keep rates on a icasonablo basis, Hope
Is expressed that tho net result will be a
prompt building up of sterling exchange
machinery from tho comploto breakdown
to which It has been subjected.
Sales mado today In tho Philadelphia
maiket Included Lehigh Valloy, which
was active at Gl'i; Philadelphia nicctrlc,
SI, and Pennsylvania, D2.
Sales were mado on local orders In the
New York market of Southern Pacific nt
(3, and Northern Pacific, 9v)4.
Commltteo of Clewing IIouso of tho
New York Stock Exchange announced
today that tho settlement of nil contracts
which wero cnteied on the Clearing House
sheets dated July 31, 1014, has been com
pleted, with the exception of thoso mado
by tho three firms whoso nffnlrs wero
placed in tho hands of iccehors on that
date.
Northern Central new stock wns S3 bid;
Reading wns offered at 70; Lehigh Valloy
at tl'i. United States Steel at 505i; Union
Traction at HO, and Philadelphia Traction
79T,.
LONDON OUTLOOK BRIGHT.
Thero was a good attendance In tho
financial district In London today and
trading In securities wns inoro brisk.
Tho Stock Exchange Commltteo fixed
special settlements in ZS new securities
for October II, reviving hopes that tho
exchangu would bo reopened next month,
Many brokers who defaulted nt tho end
of July havo paid their liabilities In full.
Charles JIacara, piesjdcnt of tho Cotton
Spinners' Association, today nppcalcd to
the Government to tnko action to t-up-port
tho cotton trade. IIu urged that the
present was a good timo to create re
serves of cotton because of tho destruc
tion of foodstuffs as a result of tho war.
Increased Inquiry for bondi was noted
here, today and actual transactions woro
larger. Ilond sellers have made some
unlisted issues attractive by making con
cessions of from Hi to 2 per cent, on tho
last transactions. Other Issues at a held
at tho closing of July 3). ,
The reported demobilization nf tho
Turkish army had a good effect. The
Stock Uxchango Commltteo posted a list
of nearly 100 securities for which of
ficial quotations nnd Bpecinl settlements
nan been aBked. emnhaslzlnir increased
Preparations on the pait of the various
financial Inteiests for tho resumption of
dealings on tho exchange.
Franco and rtussln nro placing heavy
orders for equipment. Silver was buoyant
t an advance of a. at 2t',,d. on re
purchasing by China.
The nank of England discounted pre
jnoiatorlum bills moderately today,
nates for bills and loans were weak.
ev lork cables were 5I.96',&.
NOTES OF THE RAIL
directors of tho Texas Corporation of
the Kansas City. Mexico and Orient Kail
load have decided tu make application to
the Texas Railroad Commlss-lon for
authority to issue l,8,0u0 of bonds on
the division of that lino between Alplno
and Cilrvln. The is.s,ue will ba based on a
uluatlon uf Jin.oou ptr mile.
Chicago, Burlington and Quincy has put
Zl miles of automatic block uignnls J"
sen-Ice near Akron, Col.
Jellico. Coal and Railroad has been
organized at Chattanooga, Twin. The
company will build 11 railroad from Pine
Knot, Ky., southwest to Jellico. about 18
miles. Construction work will be started
In October, it Is understood.
Jefferson and Northwestern has under
consideration tho question of building a
combined passenger ami freight station
at Jefferson, Tex.
Sydney J. Clifford, head bookkeeper and
statistician of the Boston and Maine Rail
road, will leave the employ of that rail
road on October 1, to become accountant
for the Interstate Commerce Commission.
Standard Oil Stocks
Bid and asked prices of Standard Oil
ana subsidiaries' shares today are quoted
as follows: Anglo-American, 12134;
n c Uenn'ig. 4gt00: Pierce Oil, ISO
ni'i l ial,rl,J OU anl Uas- tfOfi-JO. Standard
oil of California, yasuTl, SUndaid Oil of
iv. ,rJ.cr!"'y' 'M'&'-'i. Stanuard Oil of Ohio,
jaw, and Vacuum OU, IW lei.
LONDON STOCK EXCHANGE
MAY REOPEN OCTOBER 10
Washington Hears Government Has
Been "Sounded" on Proposition.
WASHINGTON, Sept 2J.-A report was
circulated In ofllclat circles today that
tho London Stock Exchange may reopen
about October 10, wherefore It Is likely
that tho New York nnd other American
exchanges will reopen about five days
thereafter. This report has arisen sub
sequent to a supposed sounding out of
the various officers of the Administration
as to what aid the Government was ready
to lend toward maintenance of the credit
of the United States.
Railroad stocks and bonds wilt bo the
first to bo thrown on tho market, and
thoso Interested held that If the Gov
ernment could bo persuaded to accept
railroad bonds at a fair valuation for
cecurltv Of emergency currency, a great
piotcctlon might bo given domestic In
vestors. This, they clalmedi would en
nblo the reopening of the markets with
otit'groatly disrupting settled values.
LIFE INSURANCE
COURSES IN HIGHER
SCHOOLS IS URGED
Tells Na-
U. of P. Expert
tional Underwriers' Asso
ciation of Need for Sys
tematic Educational Work
in Senior Year.
Establishment of llfo Insuranco courses
In tho, schools, colleges and universities
of tho country Is advocated by Dr. S. S.
Huobnor," professor of Insurance and com
mcrco In tho Wharton School of the
University of Pennsylvania. Dr. Huebner
Is now engaged In framing a llfo Insur
ance text book for tho National Associa
tion of Life Underwriters, and It Is to
tho members of this Influential Insurance
organization that he appeals to havo life
Insurance education mado a featuro of
the curriculum of the higher schools.
"Llfo Insurance, so vitally affecting
nearly every man and woman In the com
munity nnd so Intlmatoly related to the
welfare of the masses," Dr. Huobnor
Bays, addressing members of tho asso
ciation, "should find some placo In tho
curriculum of our high schools, preferably
In the senior year.
"Life Insurance education In colleges
and universities, however, should also be
cmphnslzed by all means, since, to an
Increasing extent, college graduates be
come leaders In the community nnd In
thomsolves are educational forces In their
lespectlvo localities."
To present the subject adequately and
In accordance with tho 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 tho respective courses:
"The establishment of special courses
In actuarial science. These courses can
ndvnntagcouBly bo given in tho depart
ment of mathematics.
"Tho establishment of a separate course
In llfo Insurance adapted to the needs of
thoso who contend to become solicitors
nnd otherwlso become connected with
various departmonts of the business. Tho
Instruction In this course should be tcach
nleal In character and cover tho field
thoioughly.
"Tho establishment of a general course
adapted to meet the needs of those stu
dents who desire only a general knowledge
of Insuranco nnd who take the subject
as a part of a general business course.
Philadelphia has been selected as the
permanent headquarters of tho new In
surance Federation of Pennsylvania, a
newly foimcd organization of five Insur
ance agents of this State.
Actuary Robert E. Forstcr, of tho Penn
sylvania Insurance Department, has re
turned from Rurope. He was marooned
In Switzerland for about a week after
tho outbreak of hostilities.
The National Association of Casualty
and Surety Agents is holding its second
annual convention at White Sulphur
Springs, W. Va., today.
FINANCIAL NOTES
Head of ono of Philadelphia's large
brokerage houses today received a letter
fiom a relatlvo In Scotland In which ho
was told thnt employes of ono of the
biggest shipyards on the River Clyde
had recently received In their pay en
velopes this notice: "There will bo no
moro work for you until the war is
over. Your country needs your serv
ices." "Guess It's a case of fight or starve,"
commented the broker.
Clarence II. Clark. 2d, of the bond
depnitment of E. W. Clark & Co., was
primarily responsible for the Inaugura
tion of tho hound show now being given
In connection with the Rryn Mawr Horse
Show. Ho prizes his collection of beagle
hounds ns among the most representa
tive of their' type In this country.
According to a wireless dispatch re
ceived "In Ivondon, gold holdings of the
Imperial Rank of Germany on Septem
ber IB were 1,613.000.00.) marks; notes fh
circulation, 4.033,000,000 'marks; deposits.
J.I9I.00O 000 marks; bills discounted, 4,610
OOO.tfX) marks; Investment 90,000,000 marks.
It Is understood that there were be
tween 4000 und 6000 subscribers to New
York's $100,000,000 bond and note issue.
The loan was heavily oversubscribed.
Anaconda Copper Company directors
announced today the declaration of a
quarterly dividend of 25 cents a tihare.
This Is u reduction of 50 cents a share
from tho regular quarterly disbursement,
established by tho company last October.
The dividend Is payable October H to
stock of record October 2.
A special meeting of the New York Cot
ton Exchange was held this afternoon, at
which thero was received a report from
the committee which recently conferred
with the Secretary of Agriculture at
Washington on the provisions of the
Lover cotton bill.
Hank of England bought JCIS.OOO of bar
gold and 97,000 United States gold coin.
Valloy Mold and Iron Company's
works at Sharpsville will be started
next Thursday after a week's shut
down, giving employment to 300 hands.
New York Stock Exchange has stricken
fiom the list American Telephone and
Telegraph subscription receipts for con
veitlble 4Vi per cent, bonds, due 1333.
Exports of copper since Friday total
1737 tons and for the month to date
11,497.
UTILITY COMPANIES
FAVOR REGULATION
BY COMMISSIONS
Nearly Every State Now
Has Such Bodies and
Their Decisions, Generally
Speaking, Inspire Confidence.
Commission regulation of public utilities
has grown so extensively In the last year
or two that It la now ono of tho most
Important problems with which the pub
lics service corporations of the country
havo to deal. "Virtually every Btato In
the Union has a regulatory commission
of some sort.
These commissions and their relation
to Investors and public utility companies
are discussed In an article In the Mnga
zlne of Wall Street by Arthur St. George
Joyce, financial editor of tho Evenino
LEDOEn, In which theso facts are em
phasized: "Qommlsslon regulation of publlo
utilities has been discussed from many
angles, and In the final analysis tho Judg
ment of thoso who know has nlmost
universally been that where this regula
tion Is equitably enforced and the reg
ulatory acts are of a kind which In
spire confidence, both from the general
publlo and the utilities, such commls;
slons are 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 one State a
month enacted laws last year creating
theso commissions. Supervlslqn by State
and municipal governments seems to bo
the 'order of tho day. Government
ownership la talked of in many sections,
and some municipalities havo gone Into
the business of operating street railway,
electric light and power plants.
"Tho utility corporations do not object
to regulation by Btato or municipality
On tho other hand, they wolcomo It.
Experience has shown that In most of
tho States wherein this supervision Is In
forco thero has been a deslro on tho part
of the commissioners to look nt condi
tions In a common sense light, and give
recognition to tho fact that the corpora
tions as well as the general public havo
rights which ought to be respected.
ACTS CONSIDERED PAIR.
"On the whole, therefore, tho reg
ulatory acts now In force are considered
fair and rcasonablo to both- the public
and the public service corporations.
Whore regulation Is Just and wisely ad
ministered, thoro dovelops a better feel
ing all around and thero Is added pro
tection given tho companies, tho Stnto
or municipality, as tho case may be,
and tho general public. In most of the
States which havo commissions, tho ono
big advantage to tho Investing public
which stands out prominently Is tho
power of supervision which theso com
missions have over tho Issuance of
securities by the public service com
panies a dangerous power. Incidentally,
when In the hands of an unskilled or
partisan commission,
"It Is mandatory. In these States, for
companies wishing to put on the market
a security Issue of any sort, to submit
th'elr accounts to Investigation by tho
commissioners. The latter go carefully
Into the financial condition of tho com
pany to learn if tho issue is wan anted
and. If bo, to see that there Is sufficient
Btcurlty behind the Issue to guarantee
protection to Invostors who put their
monny Into the now bonds or notes, or
whatever form of security may bo de
cided upon by tho companies. In this
way tho State virtually Indorses tho
securities so Issued. Tho commission, If
conditions warrant, puts Its approvnl on
tho securities and when they nro taken
Into tho open market and traded in, they
carry not only tho Indorsement of a
roputablo utilities company, hut also the
approval of tho Commonwealth In which
tho corporation Is chartered. It can bo
seen nt a glance what a benefit Is the
operation of sucli laws to tho publlo and
to tho companies.
ISSUANCE OF SECURITIES.
"Bonds having behind them tho Indorse
ment of a reputable commission insplie
public confidence to a marked degree and
are more easily disposed of because of
this Increased security. Such super
vision by State commissioners precludes
also tho possibility of a corporation not
financially bound putting Into tho open
market an issue of securities which
might result In financial loss to In
vestors. "Most of tho commissions havo given
amplo evidence that they realize public
utilities are u natural monopoly ; that
competition, witn its resultant rate wars,
and in the end Inevltablo combination
usually resulting In over-capitalization, Is
far less satisfactory from every stand
point than the proper regulation of one
company protected during its growth.
For this reason it has been the policy
In virtually every case, where commis
sions have Jurisdiction, to discourage the
granting of fianchlses to competing com
panies. The final result is the protection
of public utility securities, and at the
same time the guarantee of fair rates
and good service to the public."
RATE CHANGE SANCTIONED
Utilities Company Allowed to Make
Readjustment of Original Schedule.
TRENTON. ' Sept. 2.' -Tho Hoard of
Publlo Utility Commissioners has allowed
an order for a readjustment of thj lates
of the New Egypt Light, Heat, Power
and Water Assembly, un tho giuund tliut
tho concern is still In a stage of develop,
ment. Tho original schedule was to have
been placed In effect on Slay 1, but It was
postponed Indefinitely after the Commis
sion peimltted a hearing on tho Justice
of the rates. The Commission now makes
a slight reduction from the original
umount-
Tho schedule, as originally filed by the
company, provided for a charge of 0
cents per killowatt hour, with a dis
count of 10 per cent, for prompt p.iment.
The board regulated the rates aceoi ding
to the amount of electricity consumed.
ABROGATE GRAIN CONTRACTS
NEW YORK. Sept. 52 -American -ialn
exporters have obtained tho consent of
German buyers to the abrogation of con
tracts In consideration of luivment to
German brokers of the I per tent, com
mission that would have been due them
If the contract had been cairied out
These developments are the outcome of
the transportation difficulties 111 ivgaid to
ocean traffic rvaultuitj from tin. European
war,
GEORGE W. KENDRICK, 3rd.
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. Kendrick is a
member of tho banking firm of E. W.
Clark & Co.
WILL ASK BANKS
TO SUBSCRIBE TO
LARGE GOLD FUND
Federal Reserve Board
Sending Out Circular To
night on Apportionment.
Plans in Philadelphia Not
Complete.
A circular letter will be sent tho Clear
ing Houses In reserve and central re
serve cities tonight by tho Federal lto
servt Hoard, asking that tho banks In
those cities, both State and National,
BUbscribo to tho 'gold fund of $100,000,000
to be deposited with tho Bank of Eng
lund at Ottawa, Canada, for tho relief ot
tho foreign exchange situation. The cir
cular will stnto that the commltteo of
bankers which has been negotiating this
mnttcr will havo charge of the funds
and that the subscribers to It will Join in
the profits and loss therefrom.
Tho circular letter will fix tho propor
tions which each of tho cltios will be
expected to subscribe. The Clearing
Houses will then bo requested to Indi
cate whether or not their banks will Join
in tho fund by letter to tho Secretary of
the Federal Rescrvo Board. .
Bankers In tills 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 havo not yet completed plans
for this city's parclclpntlon, which, It Is
understood, will be $3,000,000.
A member of tho Clearing House Com
mltteo said today that ho didnot bellove
that another meotlng of tho Association
would bo necessary to work out the final
details of tho plan.
How tho contribution from tho banks
In this city will bo apportioned has not
yet been determined. It Is the belief that
it will bo based on 25 per cent, of the
gold holding of tho bank contributing. As
It Is tho opinion thnt all of tho $100.
000,000 will not necessarily bo needed at
tho outset, but that only one-fourth, or
$:5,0001fl00. will be needed, Philadelphia's
share would bo about $1,000,000.
Tho national banks In Philadelphia, In
addition to contributing to the gold fund,
will, on tho organization of tho Federal
Reserve Bank here, be obliged to sub
scribe to the' stock of that Institution to
tho extent of approximately $3,721,000,
being C per cent, of their capital nnd sur
plus. Only one-sixth of this subscription
or $020,(566, will bo called for In the first
six months.
As tho Government demands that pay
ment to It shall bo mado In gold, thore
will bo a heavy clialn on tho gold hold
ings of tho hanks In this city, which
will come about tho same timo, that is,
If tho Federal Reserve Banks are or
ganized In tho enrly part of October, ns
some people think they will be. On Juno
30 tho banks In this city held about $25,
000.000 gold.
PUBLIC UTILITY EARNINGS
INTKUBOnOL'OlI ItAI'lO THANSfT
Kill. 1013.
July (rrnas IS.r.ll.lTl $3,S1,T
Net after taxes l,:iu.1.tlll 1,13.'!,.111
THXAS POWEIl AM) I.IOHT CO.
Aumist gross $132,007 $37,220
Net after taxes 43.020 U.nril
Twelve months' sross... MHO.-.'.)'! nns ;
Net after taxes Ol.'M.liI S'i.73
POM.' WOIITH POWUR 'AND LIGHT CO.
August gro $77.(151 $20,114
Net after taxes :iO.H.a .i.nni
l'nelta months' gross... KU.NU S 11. 977
Net nfter taxes 4.11,002 m,liw
SIT WIIITNHV roVYKlt AN IJLncTJjIC.
August ErosB $MI 0t7 $r. fiss
Ntr alter taxes ,vu 11.411.1
Twelvn niomlu' gross . i.u.nsi ii:,.,Tn
Net after taxes IGl.lIti Ml m(
HAVANA KLKCTItlO IIAIIAVAV. LIGHT
1814 Decrease
Tlilrrt ueek Feptmbe-r $5o,."l$ J.l,i)(ll
rrwii January I 2,023,482 25,7Ji
DIVIDENDS DECLARED
Manning. Maxwell & Moore, ln, regular
uu.irurly l'a per cent , passible brpwmtcr 'M
to stock of record uf that dale.
Continental Gas an.t Electrlo Corporation,
regular iiuarurly l'j per i;nt. on preferred
and of 1 pit tent, on mmmnn. paable Oc
toler 1 to stock of record September 22.
Intorlaxo Fieamshln Company, Quarterly 1W
per ient., ttjahlo October I to stock of rec
ord Eepicmuer 1.
Temple Cual Company. Initial 2 pe,r cent, on
preferred. paable October 0 to stuck of rec
ord (!eit nilur :;i
1 hlc.11,'11 Pneumatic Tool, regular quarterly
1 per tent . payable October 20 to stock uf
record October 13.
Mohawk Valley, regular quarterly i ptr
rent , najabla October 1 to stock of record
September 21. ,
American Agricultural Chemical, regular
quarterly dlriden-ls J'j rer ient. on preferred
and I per cent, on lommnn, raaUo October
15 to stock of record Sertember 2"S
SUGAR PRICES CUT
Arbuckle Brothers have reduced the
price of refined sugar ls cent n pound to
? 75 cents to meet quotations made by
the Federal Sugar Refining Company on
Moiulnj. riie American Sugar Refining
Company. H. II. Howell, Son & Co. und
the Warner Sugar Refining Company
continue to quote 7 15 cents .1 pound.
FOREIGN EXCHANGE
Inquiry for exchange continued un
abated today and this fact combined with
the falling off in commercial bill offer
ings caustd the market to make further
progress in Its latest upward moement.
Demand sterling advanced to $4 su 9U
Tho nominal quotation for franc cables
was (J Ul'j r mark .luvks SiU'SKHc
aud for mark cables 9oc
WHEAT WEAKENS
UNDER PERSISTENT
SELLING PRESSURE
Large Increase in Visible
Supply Chicago Market
Generally Heavy With
Support Poor.
CHICAGO, Bept. 22. Wheat developed
considerable weakness today, prices sell
ing off Hi from the high point of yes
terday on considerable selling pressure
of a persistent sort from an Influential
quarter. Thore was no demand to offset
this selling pressure or the weight of targe
arrivals at primary points, amounting to
2,527,000 bushels today.
Cash wheat was weak everywhere, but
the break at outsldo markets was hardly
as pronounced bb that here. If there
was any export business it was kept well
under cover. Tho oxportors said that
ovor night acceptances from Europe wero
negligible Bradstroet'a statement showed
a heavy increase In tho visible supply.
Minneapolis reported an Increase In stocks
thero of 1,600,000 bushels In three days,
compared with a gain of 600,000 bushels
In the corresponding time a year ago.
Sales of the cash article were X,VK
bushels. Minneapolis flour mllln reported
that a temporary falling oft In tho sales
of flour had cut down their grind. Futures
closed 2V4G3 cents lower.
Trado In corn was light and the mar
ket heavy, with support poor. Consid
erable selling pressure camo from the
name quartor that sold most of the
wheat and oats. Th weather was wot
over most of tho belt. A sale of corn
wns reported from Decatur, 111., to bo
delivered this week. This Is the earliest
that new corn has been handled In that
section for somo years. Primary re
ceipts woro 2S8.000 bushels. Cash sales
wero 105,000 bushols. Futures closed
Sc. to ivio. lower.
Oats suffered from liquidation by mis
cellaneous longs nnd selling pressure
led by a largo olovator and cash con
cerns, Cash houses were tho best
buyers. A fair export business vaB
confirmed. Primary receipts were 061,
000 bushels. Cash sales were 470,000
bushels. Futures closed c. to c.
lower.
Provisions declined on liquidation by
longs, who wero tired and dissipated.
Tho hog market at the yards was heavy.
Tho recepts of hogs at Western pack
ing contros wero large today, amount
ing to 71,900, against 63,600 a week ago.
Leading futures ranged as follows: . .
Ycterda'a
Wheat Open. High Low. Clofa. cloi-e,
September .. l.ll 1.11 1 nsifc Tl OSV4 1 HV4
December ..1.IBH l.l.'iH 1.104 . ... l.ljtj-i
May 1.21 1.21 1.17H tl.l8j tl.2ls
Corn (iisw delivery) ., ..
September . TH 70 7B TOK 'TOti
December .. 7.1 73 71i 71H'73l;lo
May 75 73 74 74V T75V&
Oat&
September t47H 48
December .. Bl'i Sly, BOM 'Oii..,Tl
May M M WVi OT 53 B-18
Lard
September f.37 tfMVT
October ....0 30 0..10 0.37 10 0.82
January ...10.05 10.05 0.1)5 tu.t'5 tlO 07
Ribs
September 11.45 IMS
October 10.02 tlOlU
January ...10.67 10 0T 10.05 10.55 10.72
Pork
September . .17.85 17.83 17.85 17 R5 17.85
January ...20 45 20.45 20.30 20 30 20.53
Hid. tAeked
POOR'S MANUAL FOR 1914
GOVERNMENT CROP REPORT
SHOWS AN IMPROVEMENT
Crenerally Fo-voralble Conditions In
Nearly All Sections 1ast Week.
WASHINGTON Sept. 2z.-fh Govern
ment weekly weather report says:
Over lh BrMUr rrt of lh corn belt . tB
ed and tho entire crop is P PJ"S" anMJ
fiom front. Cutting Is rroxreMlnr rapidly
save In a few localities where the J?"
caused delay, and much of th crop It alretdf
lninhU. principal winter whett Btot the
soil continues generally In good condition for
plowing snd towinr, and rspld P""", ' ?,?
ing mide except In ft ttrr csnet where the
toll remain too wet. , ,
Early irown It up In placet, but .rain 1 ""
needed for garmlnatlon In n 'w looaliuej,
and plowing and towing htve bo'h been as
ltyed on account of dry wetther In portions of
thu upper Ohio dralnaito t'ftlon. ., -
I.ato paaturaitt remain! Inline 1on("1on,m,
the central and tiortliom districts. In the
spring wheat tectlnn th weather ""
and favorabK. for threehlng and all other farm
work oer the eastern portions, hut to west
ward Hfnernl rain delayed threshing.
in Southern mates weather wat ftvorable
for opening and picking of cotton save over
portions of tho -arollnnji, fleorit la and Flor d.
wbero wet weather delaed picking and ctusod
damage to open bolls. vlrrfnla
lorthnard. drouth still exists over much of
:ho Virginian, Western Maryland snd tortlonB
Complete Record, In Three Volumes,
Covers Corporate Investment Field.
Poor's Manual for 1914, in three volumes,
contains 6604 pages of text, covering the
entire field of corporate Investment In
America. Statements are given for
virtually every company In which thero
Is public Interest.
The current cjlltlon contains many new
companies. Stock and bond Issues have
been amplified and Information Is given,
wherever possible, showing whether or
not bond Interest Is payable without de
duction of the normal United States in
come tax. Late Income accounts and
balance sheets are given nnd In many
cases are In comparatlvo form.
The General Index of the Manual of
Public Utilities and the Manual of In
dustrials contnlns tho names of all
merged companies, with references to
the companies into which they havo
passed. In tho Manunl of Railroads this
Information Is given In tho merged list
BAB SILVER
Commercial bar tllvr wns quoted In
New York today at E2S cents, un advance
of 1U cents. Bar silver In London was
up 'sd. to 2lVd
north'
. H..n.,.i,.Hi. v.w Vfl.1, snri New jerse'A.
Conditions wore favorable for corn and to
bacco cutting, but wheat towing It being de
layed In some sections on account of dry con
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 tho Port Bern' has been
authorized by tho Treasury Department
to receive, applications from steamship
agents, owners and shippers for war risk
Insuranco on cargoes In vessels flying tho
American flag. Application for Insurance
of vessels must be done through Wash
ington. Tho authorization obviates the
necessity of establishing a separate
branch of the Bureau of War Risk In
surance hero.
Upon receipt of application for Insur
ance, tho Collector will wire the name
of the vessel, tho cargo carried, the
amount of Insurant1 required, the des
tination and approximate sailing date to
the bULau In Washington. In leply he
will recelvo a rate for acceptance. If
It is acceptable to the applicant, an ap
plication shall bo made In duplicate upon
a prescribed document. Tho original Is
to be signed by tho applicant or his duly
authorized representative nnd given to
tho Collector, who In turn will sign the
copy and give it to tho nppllcant. Tho
Collector will send tho original to Wash
ington, where the policy shall be made
out and sent to him for delivery to the
applicant, who, upon Its receipt, surren
ders the copy of the application to the
Collector. All checks mado In payment
of premiums must be certified nnd made
payablo to tho Treasurer of tho United
States. Other regulations follow:
Tho Collector shall satisfy himself be
fore submitting any war risk that the
applicant has marine Insuranco In an
Insurance company or companies on the
cargo on which ho wishes war risk In
surance. The amount insured against war risk
cannot. In any circumstances, exceed the
amount insured against marine risks. If
the applicant Is unnblo to stnto definitely
the amount to be Insured he shall declare
a provisional amount, which may not be
Increased, but which may be reduced,
upon receipt of definite advice, to an
amount not less than the total amount
Insured under marine policies. Premiums
shall be paid on this provisional amount,
and If the amount Is reduced when llnal
particulars are known, the excess of such
premium will bo returned to tho assured
by the Treasury Department.
The rate of premium charged will be
made from day to day by tho Bureau of
War Risk Insurance, nnd may be had
upon application to the bureau. The
rate will vary for the different voyages
and tho cargoes Insured.
Tho Bureau of War ItKk Insurance will
not be bound by any errors mado In the
calculation of the premium or In filling
In the form. Should error be subsequently
discovered a leadjustment must be made.
Applications for Insuranco on vessels
under the American flag will be accepted
for periods of 90 days, or for voyages
commencing on nnd after the date hereof.
The only risks thnt will bo covered are
thoso included In the form of policy to be
Issued by the Ilureau of War Risks Insurance
PHILADELPHIA MARKETS
PROVISIONS
Market quiet and without Important change.
City beef. In sew, smoked and air-dried. SHI
S:c; Western beef. In eetx, smoked, .1U.1"c:
city beet, knuckles end tendrrs, smoked and
alr-drlcd, .ISJf.Hc, Western beef, knuckles and
tenders, smoked, '.'IM-Ic , bof hams, 40&IIC ,
pork, family, J'.'0fr-'T. Hums. K. I', , cured,
loose, lSijS 11110 , do. skinned, looe, l.Vjts
Wc, do, do., smoked, IVilUc . oth"r Imins,
smoked, city cured, as tu brand and averuue,
lHtidl : hams, smoked. AVesttrn cured, 14ft
IPC. do., boiled, boneless, MMS'ic . picnic
shoulder. S P. cured, loose, ISO UP?., du.,
smoked, 1I6UV., bellies In plckl. accord
ing to averaK. loose, 1'MIS.; breakfast ba
ron, as to brand and arnne city cured, Wif
lc , hrcakfaat bacon, Western cured. SQi'lc. ,
lard. Western refined, tierces, lUiSU"iC , do.,
do, do. tubs llMrllai . lard, ruro cltj,
kettle rendered. In tierces. HMfr.'c. , Urd,
pure city, kettle, rendered. In tubs, llSU'c.
SUGAR
ItKl'IXIlU. Trad quiet and prices un
chanxi 1 ctntiri.ird granulated, 7,.(c.. line
granulated 7 V puw leied. 7 IV . confec
tioners' A. 7 l.V . soft eradis. C.l3e7.X5e
DAIRY PRODUCTS
CHKKSi:. Offering! light and the market
Arm Trude falrl) actUe Nen Vurk tud
crcaui. iliuiv,., lujc , il, do fair to good,
ISijfili,. do i -itt skim- "Idle
III' n'Klt. Demand light and market weak
tnd If ljur under in rosed prreura to gelt
N (stern fith. tolld-pai.ked. crtninery, fancy
Jl'C-clnls &U 'Xtra. SU . extru firsts. SU,. .
firsts. 2S4trJii'ii.. sennds. '.'TeiSc. . Udle
peeked, 2l(Sli , as tu nullt . ne-trb rrlnis.
fnnc, id du , aw raj' exua, i-.'ifu'ic : d.
Iirsts. y-kfi-'K di snonds, Si'.1'.'i' Special
fanm Iir4ii.1t of inlnts jobbing at 'ISffPlc.
Ki(tS. Fine fresh eggs pretty well
cleuned up ana Utalj. but suppllas mutl of
unattractive tux-li, nhtth Is dull and weak.
In free vases, nearbj extras Sic per doj .
noarby firsts. S 4" per standard cajuv. ntdrhy
current receipts. 7 Vii7 M er stu-iulard case:
Western extra firsts, fi 10 per case, do firsts,
$7 ."7 Ml per case: do, mii.i, fnfiiXjoi'O
per tase I'undled and ro-ratM fresh eggi
,ern Jobbed out at 3S4d7c. pr dot , us i
quality.
- POULTRY
1.1 K. Dull and without Important change.
V'ohU. 17i1So , old ruuter lIuU'- tprieg
ihUkeiis '? Uiife liaise , do. mtdluui
tUes IMjUk- . dui'kv. old nllc . do,
spring. Hfcl&c . guineas, ter pair, young,
uettfbiiu; - lb and oer apiece, tit , d..
weljhlng lWQl't lb. spUce lai'utio . d" .
uoiKhlnt I lb apieie, 3c , old rOc , pigeons,
per pair lVilsc
lUi;ssi:i. Th market firm op fancy
d4lr.4Ll-Usd Mock, detusnd for ubn.h U
ftll eu.u.11 to the otterlnn Fresh-killed fouls.
fiT lb. wlected hei SHjc . fanc. lb.
nt ljl(6 ll apiece. 2in,c . neighing I lbs.
apiece 20c . el thins 3 V, lbs upie, 1T81SL- .
vielghlng 3 lbs. anl undsr aj lc lit- id
rooster. dr ilckud latc . broiling thickens.
naru. weitmng Jaw- cs sine . maw
to rair io gwia iwifiv i ni, kers
a1-?- ids anu oer apiece I'H ao
"lbs tpt'-e UHllTr troliln
em. neighing lLmJ !ra 17ulS,
good, IJ&Kk k'juabj, per dvJ.. whim, utijia
Mghlnff S lhs . per d it . 2 SlMlt' SO, do., do ,
lbs , per doz . l W. do., do . Offui. lbs.,
r doz , fl Mil 1.5". dark and No. 2, iOc '5
V stern
I.. Ji i
i at kens IVent
Ine 1112 lbs pr dnz., II 1.VTI..V), uhlte.
welshing Ofrio lbs per dot, J.lff.'l.TS; uhlte,
, uihmtiK
T
ner
Jl.m.
GRAIN AND FLOUR
lVllIlAT Itecelpts. Od.BlO bush Western
atuKes iveiB l.uir, and nlth lm.rejsed prc
suro to tell irhes le lined i'j'le Car lota In
export el. valor St 2 rel snot and Sei.tem-
,hft J.I"?,J!1 No r ,ert- Western, VlllQi
1.1". No l N.rthem Duluth. SISJIil'ju
v.,flJ';N' I.le'?",t' 000 hush Trade quiet
tut prliea steud with maderam offerings. Vur
lot j for local trade, as to I Gallon- .o " s el
low. Sijsc . steiumr ellon, sassiic
., O.ITK-. Receipts 114.0S3 bush. l'rices
sua 1 with a fair Inquiry fur local coimiiiiii i -tlon
and export .No. 2 nhiie. Alej.'.lUc stand
ard white .111,11 c No :i white dVcvii"
rwiril. necelnt. II7B bbls . 1.300,100
lbs In k ks Hainan. I light anl url e, witliiui
Important , hange Winter. Uear $1 7Sin d
straight J.-.Sfii.v ,b patent M03 73!
hansHs straight Jute facks fSsDKi.l An d"
rateni. into sai ks $" Htfifi til snrlntr. rtrst
clear. Si: ,n straight. SJfiaw, "
patent. J.1 fin faw.ru brands, in Ixen 7.1
litv mills, hoi. e anl fancy patint 0 2.,uil 7",
d . regular tirades Winter, dear SI 7VS.1
do straight Pins rsi, ,i. patnt is.'jm
..JKlfy he''tV-V, r lhUoc-d"alg"
FRESH FRUITS
ivarnes anl rears quiet anl lower
nthi-
Vi ,lout i""''SrkV" l'ha"te Apples per
other jood eating varieties $1 7Vi2.nii nil
?'", 1i2 l plea. I.laarV, pel ha'miwr
SOgic. Lemons, per box .1ftl VS2,,!:1
i-- luie I- ri i iiini. '.vr,:i " 17l..,
S2
V). Cranberries
I'd 1 h) J rf
11756? ('ranierrlt
IMIk 51
,
Care Cod. PnrK "tiio.t.
'" do . do . n-e , rat,'
Jersey n. ....-. '
.',. light Sl(il"3 lln,.tl.
net per qui !. l'eaches. Virg.nla Ser "cl
" J"- "5f- do . do . per orate, 75c
1 2.'. .lo lelvarf 4nd Mrland rer
basket. Uftttfoc. do. do per 'uai2.n'3'T.-i,r
Jl 2, feuihesi Pennohanla, pf. baskei
Large white, or Jeltow. so 7 5c . roedtym M
I'wlii. Jbi, whits, i.er C-tiasket
iwiitU do. do, jellow i,.r t.ka.i!.?",SSr
1151 Pears. narb, per bbl RarilelT
CVM
urite No
utner arlei
!,? .;"? .,!'" .y?. York
ocv-Kii per bbl ftWi Uiane.. Southern tjl"!.
are. rr fj-rier. Jtkjjiju . do. Concord bV
Ib .-rate luetic I'.ums ir s lb. basif.t
SiHsSV Cantaloupe. Colorado per crita si
wi.v. ao . ui . nais iuutii.M v
FLAGLER'S BREAM TO
UNITE CUBA WITH U.S,
' BY RAIL REALIZED
Ferry Float to Carry Card
From Key West to Ha
vana Is Launched at Cramp
Shipyards. ,
Another stp in the realization ofJ
Henry M. Flar;lcr dream of unltlnsl
the United Slates with Cuba by rU
wns taken this afternoon with thej
launching of a car float at tho yards
of the William Cramp & Sons Ship anil
Engine Building Company. The float!
will upon Its completion be tho largest
craft of Its type afloat It 'wilt ply be
tween Key West, Fla., and Havana
Cuba.
Miss Florence Marie Beekwith, daufth
ter of J. P. Beekwith, vice presldant 0
the Florida East Coast Railroad Conn
pany, mado a special trip hero from
6t. AUBUstlne, Flo., to perform tho)
part of sponsor for the glgantla ea
float. Sho named It for the Utfl
Henry M. Flnffler, who used his million
in planning for thr Joining of Cuba antj
Florida. Tui launching took plac
shortly aftor 3 o'clock. A host of ship
ping men. officials of the railroad com
pany and shipbuilding plants were presents
A luncheon followod the launch.
Tho Honry M, Flagler will have a cor
rylng capacity of 30 of tho largest freight
cars loaded, Tho triple expansion, re
clprocatlng engines, capable of develop
Ing 1350 horsepower, will carry the crafC
from Key West to Havana, a distance ot
90 miles, In eight hours. This will re
duco tho present running time by several
hours. It is expected In tho near futura
tho craft will carry passenger cars, en
abling travelers to make the entire diet
tance between New York and Havana b
rail.
Cxtra precaution has b-en taken to In-'' '
sure tho safety of tho cars which wlU
be carried on the main deck on foutf
tracks, while the vessel Is at sea.
A warlike aspect Is given tho craft
arrangements to mount rapld-flro and
small calibre batteries in order to
make It easy to lit her out as a transport
or supply vessel In case of necessity.
Besides Inaugurating a new freight ser
vice between Cuba and this country, tha
craft Is expected to Increase the oom-.
merco between tho two countries. Busl
nf33 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
and conforms with all of the regulations
demanded In a vessel of lt3 typo. Tha
general dimensions are:
Length oer all .ISO feet
Length between perpendiculars S3B fet
lleam, molded 57 leer.
Depth 22 feet
Breadth of deck 67 feet
Rpeed, loaded with 2300 tons dead
weight 12 knotd
RAILROAD NEVER STARTED
Stockholders Seek Dissolution of Co
Incorported nt $250,000.
TRENTON, Sept. 22. Articles of diss
lutlon were filed with tho Secretary of!
State today by stockholders of the Penn
sylvania. Lackawanna and Brie Connect
ing Railroad Company. The company
was incorporated in 1910, with a capital
stock of 2o0,000. It was the purpose of
the concern to construct and operate a
railroad in Hudbon County. Accord
ing to the dlssolutlog certificates, tho
company has not commenced building the)
road and has no indebtedness.
James E. Pile was the agent, and the
Incorporators are ns follows: William
D. Braldwood. Franklyn Doe. Henry Mc
llath, Henry Roebcr, Albert Aston,
Brooklyn; W. T. Haniton, Now York cltyj
T. F. Chauncy.
FOREIGN GRAIN EXPORTS
More Than 1,000,000 Bushels Sent
Abroad Yesterday.
The United States Treasury DeparN
ment announced today that twelve car
goes, carrying a total of 1,157,000 bushels
of grain were clear d from Atlantic and
Uulf ports yesterday for foreign ports
The statement thowed that 2,005.001)
bushels were received nt these ports Mon
day, and that railroads reported they
are holding in terminals or on linen
5,tr.'T.tiCiO buihels because of the Inability
to ship In eloators at ports 1S,02S,OXJ
bushels aro btored.
DIVIDEND IS DEFERHED
Directors of the Dominion Iron and!
Stpel Company have decided to defer
the usual semi-annual dividend Tho
last dividend paid was 3' per cent , on
April 1
Interlake Steamship Company has re
duced Its dividend from S per ennt. to
a G per cent annual basis by declnrlns
a quarterly dividend of l'a per cent .
pus a bio October 1, to stock of record
September 23.
VISIBLE GKAIN SUPPLY
Wheat in I'nited States east -it tht)
Rncklet ti!cre.ifd 1.7UJ.0K) bushels wheat
In Canada Inoteased SOftJ.uni) buthels;
uhri, in the I'nited States nest of tha
Hot'kli-a inciraneil 527.t." bushels all
American increased f,3S7,O0O buuhelt, roin.
Amtrlcan. oast of the lloekies. increased.
MJ,0 bushels oats, American, Increased)
1,600,C0 bushels.
HEW YORK BUTTER AND EGGS
N11W YORK, Sept. 28. Butter, receipts
IT.T05 packages; market tad . creamery
extras, 3im,i31c ; creamery firsts, ZS'dJQc.
Held extras. 30330Hc
llBSS Receipts 10.753. tone Irregulan
First gathered, oMras. ! to ?7. firsts, 2
to ;; refrigerator Orsts, 31 to 25.
Jersey. r 100. MIS """""""i
VEGETABLES
t-PiaioAs an j onions dull and weak ruhsr
w hit uutsss.
do
.rkrikvfc, .vHtittiiT iiuji vt,iu ,u.a
ler bushsl rnnslwnU. choice, fjttfcc
shore, ir bbl Vo 1 11 litfTar,. N &."
UTS'-' .Vo S. 7cjl i?s Jer 3r
ibl No. 1. 2.V-.:76 No. tlS17
iere5 pr bjWt, i6ix T,JB
Vestern and .jnne.ncut ValleJ. iholiT lir
. . -- .-...v..-, ...-,,., 1, ,M.r ,,
Tfil.ll, ibKKu. a .1 ---'
lJS
11
1 bhsge Cnmeatl,
per t.m 10
in" ' ier - 1 cr Mm n liktu iluii,
room., per 1-ib. Lasktt. Wv.Jl'w?
RAILROAD EARNINGS
ANN ARBOR,
till
First week Slembtf ... K III
From July 1 . 4MM1
riAASis T sUtlllbSR
CMUMOO UHKAT WBSIKHN
ti.aa4 Kt4k StpteiniMr SVtWJZ
Prom Jul 1 3.ft Jlt
SBABOiRl A1B M.Vt
Btcood vt k ptembor ixm (W
fiom July 1 V.'"t
KANSAS SOI TUKKK
August grot . l"-iHi;
Net ... .. . n
Dee.
'tJ.wi
UNI
m i
si si
1JM3
n5,7u
WWII
127.313
BANK CLEARINGS
nan rorjt
Usn iUarl&is id toinpert 1
tol-.nauiif 14 iisr iu r
lull IUI' 1017
I'.nui i'u.'85 iw m: ; '. 1 i
l.ot n IT 1M 117 J I Ml 'Jl . t .. 7
N.w l.-rk lJafcs'.T'M .tWi.JM i 1
L4i.iniJlt l '. .J I.IK' 7., , . $
A
tl
J.
orU,