r.t v jm EVENING LEDGER-PHILADELPHIA, .WEDNESDAY SEPTEMBER 23, 101& .' j3 isri i Financial and commercial situation at home and abroad-market reports INVESTORS SHOW AN ANXIETY TO ENTER FINANCIAL MARKETS Bids Above Par for New jYork City Note Issue Re flects the Better Feeling Mow Apparent. j, 1 As Indicating tho general feeling of tonndonco which Is rapidly dovoloplng among Investors, It was announced today from Now York that there la an unusually largo demand for the now city loan of 100,000,000, which has aircaay Been over subscribed. Par and three-quarters Is being bid, hut there Is no disposition to ', tell on the part of tho Investors who were fortunato enough to get some of the allotment. Tho second Instalment of tho loan, ap proximately 51,000,000, la being paid In today by tho bank at the ofllces of J, p. Morgan & Co. To tho present, a substantial amount of the total Issuo has already been delivered to the firm, n i majority of which has been paid In gold certificates. Locally tho ono topic of discussion which Is paramount Is the extent to which ' banks and trust companies hero will bo ! asked to subscribe to tho $100,000,000 gold pool, sanctioned by tho Federal Reserve Board for relief of tho foreign exchango situation. A special committee of tho Clearing House Association had a meet ing today, but It was announced that no worn lias yci oeen received irom .Washington as to what apportionment Philadelphia will be asked to contribute. It Is understood, however, that tho total ' -will bo about JS,000,0O0. Stato banks and ' trust companies which are not members of the Philadelphia Clearing House Asso ciation will bo asked to Join with tho '' banks hero In raising tho required amount. As originally plannd by tho Clearing House Association, It was Intended that lti special commlttco' should sot tho amount to be asked from each member institution. This was later amended, how ever, to that the banks will now bo asked to subscribe 'according to their ability." New York's apportionment of $13,000,000 It now being raised among the 127 banks and trust companies In that city. Tho Clearing House Association In Chicago rated today to subscribe $1G,OM),000 as that city's part of the pool. There was a better feeling In London today. Tho Stock Exchango Special Committee completed Its consideration of tho question of reopening and pre sented a llnal report to Government members which now awaits tho combined action of bankers and the Government Treasury ofllclals. This action, however. Is not expected to be taken while tho moratorium exists, It Is understood that tho moratorium will be modified on October 4. Despite tho reported sinking of three British cruisers yesterday In vestors still maintain confldenco and a fairly brisk demand is reported for gllt edgo Investment Issues. FOUEIGN EXCHANGE QUIET. Tha foreign exchange market was quiet with rates not much altered from yester day, except for sterling cables, which were quoted at $-1.97. a shade higher than yesterday. Demand Is $4.33?i. Marks and francs are unchanged at 95 and E.12 re spectively. There was apprehension that marlno risks would be higher today after yester day's disaster to tho British navy In the destruction of three cruisers by German submarines, but underwriters of war risks here say there was no change In rates except to India, where the fact that a. German cruiser Is at large has brought about an advance. The New York Stock Exchango has Is sued modified rules for trading In listed bonds, similar to thoso promulgated by the Commltteo of Seven on Saturday for unlisted bond dealings. The committee will permit moderate concessions In prices but transactions must bo approved by tho committee before being closed. Public advertisement will not bo permitted ex cept after approval, and no circulars quoting prices may be issued. The special committee of llvo of the Baltimore Stock Exchange today ruled that members may solicit buying orders for bonds, but the ban is still on soliciting selling orders. The commltteo mado no announcement relative to tho proposal that members be permitted to sell un listed bonds at concessions from prices current at tho close on July 20. It Is thought, however, that a favorable rul ing will bo made If limited trading now authorized proves a. success. Members may now solicit buying orders for bonds they own, for cash, at prices ruling when the exchange closed. SALES KKPORTED HEItE. Sales were recorded here today of Penn ylvanla at 52 and Philadelphia Electric at 21. Tonopah Belmont sold at Si. In New York Lehigh Valley sold for 122!s nd Pennsylvania 103?;. Statistics Just compiled show that since January 1, 1913, when business began to now signs of slowing up, stockholders nave suffered a loss in revenue aggregat ing JtW.OCO.oro n year. This sum has Xl? oro beem palfl annually on $1,931, w.ooo of stock, so that the return to tho investor, valuing the stock at par. has ,""", over o per cent. This $101,000,000 joss Is exclusive of deferred dividends. Jn the last twenty months nearly 110 corporations have cither passed or re aped their dividends, of which sixteen ere railroads and the balance Indus .? . tnla number 51 companies have J'' Passed or deferred action on ineir dividends since August 1, tho date of the declaration of war. CLEARING HOUSE ACTS ON GOLD POOL PLAN Asks BrtnltB to Help Rnlso Philadel phia's Share of $8,000,000. Tho Initial step In obtaining Philadel phia's contrlbuton to tho $100,000,000 gold pool wheh will bo used to relieve the foreign exchango situation was taken to day when the Clearing House Association, after a lo meeting, approved a form of request for subscriptions to nil banks. This. request has been sent to all financial Institutions In this city after tho meeting. It was also sent to tho Stato banks and trus, companies, asking hat they aid In raising tho sum which this city will supply, which la understood to be $8, 000,000. Enclosed with the requests for subscrip tions was a copy of a resolution which was forwarded to Secretnry McAtloo and the Fodcral Iteservo Board. This reao lutlon outlined tho recommendations look ing townrd tho proposed fund. The Clear ing House Commltteo nsked that balikB advise tho commltteo Immediately whether tho commltteo could count on tho bank's contribution. IDLE CAR DECREASE FORECASTS LARGER TRADE Heavy Grain. Shipments Largely Re sponsible for the Improvement. Slnco July 15 there has been a con stant decrenso In tho number of Idle freight cars on tho sidings and In tho yards of railroads In tho United States nnd Canada. The fortnightly bulletin of the American Railway Association, Issued today, shows that thero was a net surplus of Idle csrs on September Ifi of 136,049, compared with 153,323 on September 1, a decroaSo of 27,277. During the two weeks the net surplus of box cars decreased from 74,922 to 55.9S3, and tho surplus of coal cars from 40,075 to 39,307. Thero was an Increase in tho flat car surplus, the total of 8387 comparing with 7233 September 1. Tho decrease In net surplus of all cars In tho two weeks ended September 15 of 27,277 compares with a. decrease In tho preceding fortnight of but 8810. Net sur plus as of September IB this year of 130, 019 compares with 40,169 a year ago. A feature of tho detailed figures of the latest statement is tho reduction In the not surplus of box cars uif 18,939, reflect ing tho freer movement of grain. In tho month of August tho surplus of box cars actually Increased from 71.0S4 to 74,022, due to tho dislocation of shipping facili ties which resulted In a tie-up of the grain movement, nn embargo prevailing on sev eral roads. COMMERCIAL PAPER SITUATION AS IT IS SEEN HERE TODAY Broker Takes Up Problem at Close Range and How and Why Transactions Are Through. Tells Such Put BIG TRADE EXPANSION IS COMING SAYS BANK Corn Exchango Nationnl Feels That Great Prosperity Is Wear. That this country Is entering upon nn era of trade expansion, is the opinion of the Corn Exchange National Bank, of this .city. Tho bank believes that It may bo slow, but that It will gather force. "One fact stnnds out prominently In the business situation, and that is the disposition of buyers to sail close to tho wind," says tho bank. "This Is not surprising In view of un settled financial and trade conditions; a conservative policy Is not only advis able, it is necessary. Another promi nent feature of tho trado situation 1 poor collections. Patience and Indulgence Bhould be practiced until conditions arc moro normal. "Speaking generally, business Is spot ty, with a much better demand In some lines than In others. Fanners are Hot ting a fair share of tho increaso In war prices for grain. Probably never In our history has tho trade situation been so complex and difficult of analy sis, for nevor has a war found the na tions bo Interdependent commercially nnd financially. "Wo still continuo to think that the country Is entering an era of trade ex pansion, which, while It may bo slow, should nevertheless gather cumulative forco with our adaptability to the new conditions which have arisen." PHILA. COMPANY DIVIDENDS United Railways Investment Com pany Offers to Sell Its Scrip. With regard to the dividends recently declared on the preferred And common stocks of tho Philadelphia Company, tho United Itnltways Investment Company Is sending a circular to stockholders an nouncing that tho common dividend Is payable In scrip redeemable on or before IS months from November 2 next. Tho Investment company offers to Its stock holders tho opportunity to purchase Its portion of such scrip, subject to prior salo at par and accrued Interest from November 2, 1914. The offer remains open until December 31 next. Tho Investment company also an nounces that tho Interest on Its collateral trust sinking fund 5 per cent., gold bonds, Pittsburgh Issuo, duo November 1, 1914, will bo paid In cash as usual. The semi annual dividend on tho Philadelphia 1 PUBLIC UTILITY NOTES Gross earnings of tho Philadelphia and i-A ?, Ja,lway CoPany Jn ' August Tvere $37,051, an Increase of $1484 over ,?f8.m8 i"0"1" ' the previous year; A1 nct,was $18,605, Increaso $1531; August surplus $6109. Increase $1398. The ul tn,v8u.llness w,,s tno '"eest in the nistory of the company. Tveast st-. J'0"1" and Suburban Com this w " KBe" by K- U Clark Co- Ren.ra.& as omPleted its now steam fll fSlln.B pIant anrt substation at Alton, of Wh ? combining the transmission Th n. team an1 hydroelectric, power, horsp tL 8team, Inflation Is of 7000 horst ?ZZ an1 M"5 bstatlon of S000 th ?r,'i.r ,caPa"y- connecting with liivsr ra"amles. lines of the Mississippi current r,'' WY at Keokuk. The Rrt?,1?" sti,m Btatl0 and the mMorr0,en?c,rllLpUnt ls supplied to 1S5 Eat St liuurbaS llnea Elating from $23! 957 a'$3.!r Kleht months- surplus ls ".WT, an Increase of $29,121. adYuUL'U9T B P" nt. first rei v?d a rii?.?i Companr' due 1937. have their hSi? f pIan 'or tho exchange Wt ComtSTnv flf1 Dayton Power ad BOND ISSUE APPROVED Missouri Commission Grants Union Pacific Application. ST. 1.0118. Sept. 23.-The Public Ser vice Commission of Missouri has granted permission to the l-'nion Pacific Railroad to Issuo $31,S1S,(X0 bomlH under the com pany's general mortgage. Tho commission announced that It would not set a minimum figure for the sale of the bonds until the company gets ready to marieot mem. NEW YORK COTTON SALES Tho N'ew York Cotton lixchangn Conference Committee today reported tha following sales Ol CUllUll Ul UV3 ICMVO M. JVUilU. Normal: Mayer Cn Slirarson llammtll Co... Ileum Co , ,. . M. Weld Co Jay Hond Co Itrnkorf I. von Co. It. Jlooro Co , Pynrhon Co , Ha J den. Ftnno Co Henry Clews Co lUlr.eeken Hales. .... 400 . ... 3(K .... 20O .... .100 .... 1(H) .... 100 . ... UK) .... 100 .... llkl . . . . im .... luu STANDARD OIL STOCKS Bid and asked quotation on Standard Oil stocks today wore as follows: Standard Oil of New York. !T6olS5; At lantic Refining. 425 450; Standard Oil of California. 22fr272; Prairie Oil. 325S350; Anslo American Oil, UKflift: pierce Oil 13Q15; Standard Oil of New Jersey, 3joa 3'M; Standard Oil of Ohio. 156S161; Vacuum OH, ICOfflSO. RAILROAD EARNINGS NWV YOltK. ONTAItlO AND WKSTEHN Year end. June 30, l"U' . Bur. after charK $01 fi03 isjtoii BAlVTlMOnE AND OlHOw J,T,0U 1014. Decreaka Auut opr. rev $8.700,S7u ja"i siii Net 5.76T.318 2S31M Tno months oper. rev...ie.84T.OC4 1 st4S'i Net t B.U3U.3.1U ClliSn THE MONEY MARKET note for money at all the leading centre today wer quoted a follow; -ure Philadelphia .J"" Blm- N?w Vork US fts cht.aj-. '.. . . :: - i x - -;:. .. ,.:i .r."' 4 Few persons realize how many millions of dollars have como Into Philadelphia banks, slnco tho European war began, from tho sales-of commercial paper "on tho Street." A member of a firm han dling this form of security was usked to day to explain tho situation, "In a time Ilka this," ho said, "tho wise merchant, who has built up his credit over a period when It was least needed, instead of bothorlng his own bank, which might bo nono too glad to welcome him lust now as a borrower, will go as Usual to his commercial paper broker. Tho notes are mado to fall duo a few months honce when things may havo a rosier huo and when at least tho merchant will have money coming In from his quick assets." "llut how does tho transaction Increase tho funds In Philadelphia banks7" ho was asked. "Well, In tho first place the? merchant was kept from being a borrower. In the next place tho money obtained by him was used to crcato a very welcome bal ance Instead of a loan at his own bank; and the actual cash camo Into Philadel phia from the salo of the paper by the broker for tho most part to country banks which are relatively very strong at tho present time. "The Philadelphia banks have acted splendidly. Besides taking care of their own customers, In numerous cases they have oven purchased paper mado out side of the city, when, of course, the money goes out of Philadelphia. But the causo Is a common one; In fact. It Is international In scope, and anything that tho banks do here to help elsewhere ls certainly to tho credit of Philadelphia." "Do brokers like the high rutcs?" "On tho contrary, we arc doing every thing consistent with good banking to got money In anl thereby forco down tho rates. Today tho best names are selling at 7 and 7',4 per cent, nnd S Is not at nil unheard or. ere tne rates to go much higher tney would bo almost prohibitive nnd general business would suffer. Of course, the names not so well known require the higher rate, and yet some of the best notes arc thoso ot comparatively small concerns, which havo less liability nnd no contingent liability. Tho Individual Investor some times prefers this type of commercial paper." "Is this a good tlmo for 'the Individual to buy paper?" "If he goes to an established broker whom he can trust he will get his cap ital back at par when tho notes fall duo a few months from today and the dividend can't possibly bo cut." "And you think tho notes will bo paid at maturity?" , "An aeroplano cnu.sej more commotion than a Ford car because of Its rurlty. Tho Claflln failure caused a stir because It Is so very seldom that a note of such reputation -goes astray. "It Is estimated that of tho billion or so dollars' worth of bought commercial paper that falls duo eueh year in tho United States an almost nejllglble quan tity Is not met promptly at maturity. Tho experience of the banks in the 1907 Panic in this regard was so gratifying that as a direct result the Federal re serve bank net was framed so that the currency of the country will in tho future bo based nlmost entirely upon commercial paper." "What do you consider a good type of noto?" "That Is too long a story. Suffice It to say that such a small matter as too much Sunday golf may tempt n pur chaser to turn Instead to a name of un blemished Integrity." As tho latch of tho private ofTlco door clicked behind tho intcrvower, ho was suddenly reminded of tho old adage about tho banker of Philadelphia he Is so con servative In time of plenty that he can auoru to ue liberal In tlmo of stress. . FINANCIAL NOTES According to a tabulation Just com piled, tho principal rhareholders of na tional banks In Xew York, together with their reported book alucs. are George F. Baker, with holdings appraised ut $12,5SS,232; James Stlllman. with hold ings valued at $13,240,000; the J. V. Mor gan interests, with holdings valued nt $6,737,000, and William Rockefeller, with holdings valued at 53.431,000. John D. Rockofeller is recorded as having shares in only one national bank, tho National City. In that ho Is credited with owning 1750 shares, valued at $102,500. Unless a protest by the Wabash-Pltt3-burgh Terminal Company, which con trols It. Is uphold tho Wheeling and Lako Erie Railroad will bo sold under foreclosure at Cleveland en Friday. A proposition to float a $300,000 loan In Easton was defeated at a special election by 30 votes. uonial that tho stock of the Coioninl Trust Company, nt 13th and Market streets, has been sold to the Logan Trust Company Is made by Harvey L. Elklns, president of tho former com pany. An nnnoum-ement wus made In June that the Logan Trust Company had agreed to pay $i0 a share for tho stock of the Colonial Trujt Company, which has a par valuo of $M a sharo and was to take over tho latter's business. Mr. Llklns declares that although negotia tions looking toward the consolidation of tho two companies were under con sideration during the spring months, tho negotiations finally fell through. REOPENING OF LONDON EXCHANGE CONSIDERED Navnl Disaster Disturbs' Trading In Securities Moratorium Rule. LONDOf, Sept. 23.-Tho Stock Ex change subcommittee today completed Its 'consideration of tho question of re opening tho exchango. Tho commlttco presented a report to the Government members and now awaits the combined action of tho bankers and tho Treasury, which It Is believed will not bo taken during tho existence of tho moratorium. It Is expected that the moratorium will be modified on October 4, Trading In securities was quieter to day nnd tho feeling was less confident bocauso of tho sinking of the threo British cruisers yesterday by German submarines, this nows offsetting the favorable advices ns to the progress of tho campaign In Franco. Gilt-edged In vestment Issues were stagnant There was buying of home railway Issues and oil shares. Canadian Pacifies were 160. PORT OF PHILADELPHIA Sun and Tides Sun rises .. S:4Sn.m. I Bun sets f:5Sp.m, l'HIt,ADKt.l'HtA. High water. 4i00n.m. I High water.. 4:2rtp.m. Low walcr..llilua.m. I lxw water.. 11 :4(J p.m. I1F.EDV ISLAND. HlKh wnter.l2:4da.ni. I High water.. 1 'If! p.m. Low water. 7:2Sa.m. Low water.. 8:01 p.m. UltKAlCWATElt. High vnter,10:32n.m. I Hl:th water. , 11 !0O p.m. Low Water. 4:o3n.m. Low water.. 4i41p.m. Vessels Arriving Today Hcathcoln (Br.), Oloco Bay, ore, It. Wester ganrd &- Co. Oaklaii'lK Urango (Dr.), Santiago, ore, 3. A. JtcCnrtliry. Sailing Today Str. Minnesota (Nor.). Bvrnsen. Port An tonio, Atlantic Fruit Company. .-"IT- ic,'t"'! '-Jo1"'). Danlelscn, Port Antonio, Lulled Fruit Company. Str Beta (Swcd.), Krlatlansson, Hclslngborg and Orgiirahamn, Joseph C. Oabrlel. Str. iJloliluan, O'Neill, Norfolk, etc.. Clyde btcamslilp Pompnnj. Btr. Pawnee. Itlch, Now York, Clyde Steam shl Company. tjtr. Anthony C. Groves, Jr., Brletow. Baltl more, rlcso.i Lino. Steamships to Arrive PASSENonn. Name. From. Date. Mongolian Olasgow Rent, in Stnmimlla Oenoa He it. in Dominion Liverpool Sept. 10 FBEICHT. E'ty , of Durham Calcutta Sept. 1 Zulderilyk Rotterdam ....Sept. IS Amsteldyk Ilottcidam ....Sept. in ?.'.nln''' London Sept. r, start Point London Scptl 12 Man. Mariner Manchester ...Hept. 10 Adolfo HueUa Sent. II SturmfclH Calcutta Sent. Canudla Stavanger ....Sept. jr. Heatlicote oi'c H'y. :-n..Pept. is eronbergen Cardiff Sept. 18 aJ.''I'",1 1-olth Sept! 10 California Copenhagen ...Oct. Steamships to Leave PASSENGER. Name. ' Vor. Date Carthaginian r.langow Sent 20 Dominion Liverpool Oct. :i Stnmtalla Naples Oct. C FREIGHT. t'ranlcnhorg Copenhagen ...Sept. Man. Lxchango Manchester Spt Malno London isent. 2il y.uklcrjyk rtottenlum Sept. :'i i!i,n,a " Copenhagen ...Sept. 2P, West Point l.ondon Sent ,10 Canadla rhrlsttanta Oct. i California Copenhagen ....Oct. PORT OF NEW YORK VESSELS ARRIVING TODAY. Olympic (Br.), Haddock, from Liverpool pas-Bcnger.i nnd merchandise docked S a m America (Hal.), Flleltl. Genoa. Palermo and Naples, passengers and merchandise, docked at u a. m. " Vessels to Arrive ftf K1 S Si. wAlt95S'' ' sSV 3i jffc- E j FREDERICK R. FENTON Secretary of the Investment Bank ers' Association of America, who was in this city today arranging for the third annual convention of the organi zation, which will be held here the latter part of November. He spoke optimistically of financial conditions generally throughout the country. BANKERS' SECRETARY SEES A PROSPEROUS ERA AHEAD FOR U.S. Comes Here for Conference and Speaks Encouragingly of Outlook for Big Finan cial and Commercial Trade WHEAT MARKET DULL AND TRADING NARROW Berlin Quotation Received for Tlrst Tlmo Since July 30. C'HIAOO, Sept. 2.1. Tne wheat market today was nn uninteresting afnlr. Trade was lees active than on yesterday, aim ubniiges In prices were narrow. Prices werp hc-uvy most of the time, nlthoUBn there were the usual flun les Incident to war times, and tho war time nervousness showed no abatement. Quotations vtcio received from Uerlln nnd Amsterdam to day for the llrst time since July 3U. At Antwerp prices woro up B'.io and at Uer lln IB'ic, as compared with tho close on July 30. Sentiment was helped some by firmness nt Winnipeg, whoto exporters nro doing a largo business. In the American northwest tho markets were lower. To ward tho close hero the markets seoied I tho best advance of. the iliiy on reports or large Bales or wiieiil lor export irom tho 1'uclflo const. Sales of the cash article here were 6000 bushels. Kain anil cold weather have cicatly Interfered with seeding and soil ptcparatlons In I Cuiope. , At Uerlln spot wheal n-ns quoted at i $1 oiUi at Antwerp, $l.l',4; at 1'atls, $1 IS!. Flour nt Paris Is $1.71 a barrel. Oram men attach BlBnlllcancu to the J100,- Ouo.uoo gold pool to reconstruct tho for elsn oxchanfe'e market, It Is believed that thin will materially aid the export situa tion. The vlslblu HUpply of wheat In Ku ropo Is C8,9G)s,000 bushels, against C3.TOI.0UO bushels last week and T3,3W,W) bushels last year. Italy and tho United Kingdom will un doubtedly show a fair Increaso In their wheat area If tho weather permits. The acreage In Germany nnd Austria will bo materially reduced because of lack of labor. The weather In Argentina Is more favorable. The receipts ot wheat at Minneapolis nnd Dultith today were 1203 vara, atfalnst im ears a year ago; nt Winnipeg, IIUJ cars, ngalnst HIT cars; at Chicago, 5I'J cars, against M cars. Trade In corn was alow and market easier. Thero wns scattered commission Eelllng on better weather In the belt nnd easier cab'es. Prospects are for liberal shipments from Argentina this week. Corn at Uerlln Is $1.40. The receipts here today were 103 cars. Ooats were easy. Cash trade was re ported poor. The receipts of oats here today were 223 cars. Leading futurru ranged as follows: Ye. Wheat. Open. Hlsh. Low. Clnse. cloje. September . l.OTVg l.Oxi; l.DT l.;.si4 l.iwij CITY'S BUILDERS SHOW ACTIVITY IN OPERATIONS Name. Chicago , Name. Mauii'tnnla New York Antilles ... DUE TODAT. . From. '. Liverpool" DL'E TOMORROW. From. Liverpool Liverpool Oenoa ... Sailed .Sept. 11 Sailed. Sfpt. II' .Sept. in Sept. 10 FREIGHTS AND CHARTERS A demand for Brain carriers haa stimulated activity In the jiteam market with rates prom iKlm? to advance. The call market continues dull. STEA.MSHirS. Stella (Dutch), New York to Scandinavian rorts. Kraln. lS.Ono quarters, 4.., prompt Kartland (Br.). Baltimore to French Atlantic ports. oatH. .W.ooo quarters. i's. :id. prmut Larom (l)nn.), Baltimore tn Norway nraln SO.iioti quarters, 4s prompt. ' h ' Fkojoldbortc (Dan.). i:t,0W quartern, snme. fcarmatla (Pan.), eaine, 13,KH) quartors. 'lis. i'.jd., October. . ' 'r., Baltimore to mristlanln. grain. 20.m quarters. 3s., Od., prompt. Elfland (Dr.), Quit to Ilurdcaux, Brain. SS.. OOn quarters. :is., prompt. Wellbeek Hall (llr.), Oulf to Marseilols. grain. .I.'i.onn quarters, .Is. 4',.d.. October. I'nstle Uruce (tr.). SOIO tons, Philadelphia to Martinique, coal prlvato terms, prompt. Oulldhall (Dr.). lfcli tons. Riltlmoro to Clen fuegos. coal, private terms, prompt. Progress III. (Nor.), transatlantic trade, 4 months, Is. od., prompt. SCHOONERS. Percy Rlrdsall, mis tons. Philadelphia to Charleston, coal, private terms. Thelma. 4W tons, Wlrclna. K. c to Port land, Mo., lumber, prlvnto terms. M. J. Taylor (llr.). H77 tons, Moss Point to Matansas. lumber, jrt. The Honolulu Plantation Company has raised its dividend from 10 cents to 15 cents a month. Stockholders of the American Water Works and Electric Company have re celved from H. II. Porter, president of the company, n letter tolling tlioin that luu iv ot exlstln conditions and the itllllcplty of securing tho necessury funds for constructon purposes by the salo of securities of subsidiary companies, tho "rectors have decided that It Is inad v sable to commence tho payment of dividends at this time. The American Sugar Iloflplng Company today bought SK) bans at Cuban raw sugar on the hasls of 5.K cents a pound. This la a decllno of 3-s cents a pound from tho last recorded sale. The Oklahoma Corporation Committee today Issued an order forbidding oil pro ducers to sell for loss than cents a iZLe It. Tlle order came flmultaneously with the announcement by the Pralrlo Olland Oas Company reducing quotations to j5 cents a barrel. A protective committee has been organ !?niLblr tns Iarso owners of the JI1, 810,000 preferred and $l7,i7i,000 common stock of the International Steam Pump Company. Which rereiuiv nvm int.. .i. BAIIiROAD NOTES Tho special train of the Pennsylvania nallroad. carrying General Manager S. C. Long nnd about 300 olllclals of the operating department of the railroad passed through Overbrook this morning on the annual track Inspection trip, which started In Pittsburgh yesterday. After tho party arrives In Now York tho train will go to Jnmalca, Long Island, where the olllclals will Inspect tho interlocking signals In tho yards there, after which the ofllclals will re turn to their respective stations on the company's system. Directors of the Pennsylvania Rail road, Pennsylvania Company and tho Pittsburgh, Cincinnati, Chicago and St. Louis Hallway met today. The meet ing was the first since the summer recess. After the meotlngs It was an nounced that only routlno business was transacted. During the last year the Pennsylvania Railroad awarded KIOO la premiums for tho maintenance of sections and roadbed in the best condition. The premiums wore awarded In llarrlsburg last night, after tho end of tho flrst day's annual Inspec tion of the lines of the system which stalled in Pittsburgh yesterday morning, Oenernl Manager S. i Ixmg and about 3Co otllcers of the Pennsylvania Railroad taking part. The directors of tho Norfolk and Wost. cm Railway met thld afternoon. It wns aiiiiuiuivvii mill oiuy ruuillio uusini'SJ was wunucieu. Theodore Voorhe.es, president of the Philadelphia and Reading Railway, said today, -Our earnings in July and August were poor, but business with us la now must better tha nit was then. Septem ber Is actually ahead of September. 1913, which, however, was a poor month. Gen eral merchandise is nothing to brag about but (lie outlook is encouraging. The an thracite trado is strengthening despite tho warm weather, whlih is c.mi,i.i only a temporary factor. Tho outlouk from the point of view of transportation Is decidedly encuraglng." wl President L. B. .Johnson, of the Norfolk and estern Railway, 4ld todav: -.Nor. folk and Western's coal shipments from Norfolk for export are above normal The coal trafitc of the road In general U very Eood." An optimist of tho most pronounced type Is Frederick R. Fcnton, fcccretnry of the Investment Rankers' Association of America. .Ho can heo nothing ahead for this country hut a period of unecitialeil prosperity. He has made inquiries In all sections, and from inch tho return has come to him that conlldence Is every where being restored and that It will be only a itucstlon of a short while before there shull ho a revival In tho business and financial fields which shall spell "good times" for every one. Secretary Fcnton came here today from Chlingo, his home town, to confer with local investment bankers concerning plans for tho forthcoming gathering of hank ers, which is expected to be one of tho most Important In tho Association's his tory. Tho convention date has not yet been fixed, but It will very likely he held during, the. third week of November. "Things are much brighter In tho west and middle west," said Secretary Fcnton, in discussing tho llnanclal situation gen erally. "I hoar very good reports from tho east and I am contlclcnt that this country Is now on the verge of an era of prospjerity nover before equaled In Its history. Crops are great, tho people Generally are prosperous and there is com ing a slow but sure resumption of busi ness that Is apparent tu a larger degree as each day passes. "From the standpoint ot tho Investment .banker, tho situation Is very encourag ing. Thero is a growing demand from In vestors for tho securities of high-grade corporations, and this demand will In crease. A deciMve battle In Europe would go a long way to adjust conditions gen erally and would undoubtedly lead to the leopenlng of exchango trading on a large scale. I expect that the war In Europe will develop a demand for American se curities which will exceed all expecta tions. Foreigners havo an opportunity now to see the extent of tho stability of American curitlcs, nnd I have no doubt that there will bo moro Inquiries from foreigners than ever before. "On tho whole tho situation is encourag ing. Conlldeneo is being restored every where throughout tho country, there ap pears to bo a boltvr demand from small Investors, and while (he banks tire In clined to bo n little receptive Just yet, thero will soon como a resumption that will bring about n moro prosperous con dition thun has ever been apparent." Tho Investment Hankers" Association Is mado up of tho principal hankers In this country and Canada, (icorge W. Kend rlck, 3d. of E. W. ('lark .1 Co., and William Ve.st, of Henry & West.' nra the Philadelphia members nn tho oo.irn or governors or tno Association. ANOTHER SUGAR PRICE CUT All Refiners Now Quote 0.75 Cents for Fine Granulated, A further reduction of V. a pound In refined sugar was rinixninreil today by tho American Sugar Refining Company It. H. Howell, p.m A- Co.. and Warner Sugar Refining Company. ,u refiners are now quoting .7f.c. tegular way for tino granulated sugar. Spot raw sugar is unchanged at 5.61c for centrifugal. D'ceintxr ..1.11'i 1.12V l.lo 1.1IT tl.U May l.LS l.lli. 1.17 tl.lO'i 1.1S Corn fnew delivery) September . 7'i 711 7S !71 t"'''i December .. "Hi 7- "Hi il'n 'l May 74V, 7I, 7IIZ 74, '7t, Oats September . 4B 47H 47 47S 47"', December .. .VI .Wi, 4fii rt tWi May KHi 5.1'a 52',U !03, 1, l,aril September . P.."!-" 0 ir. p..".-, P.4.", tfi :!7 October .... I..'l.-i H.1.1 ti.n,' 11.4." Tli.40 January ... U.h" U.'J." D.D7 U.y.- P.4S Ittbi Spt.'mber tll.37 'tl.TO 11.1.-. Octolwr ..IH.O 10.S.-I lo.SO 1"p...-, lo.u'J January .. 10..'0 10.57 HI. 17 10. M 10. Vi Pork September .17.77, 17.7 17 ", January .. '0.17 20.23 20.10 20.2.-, 2o.:;u Hid. tAsked. ITALY PUBLISHES REPORT ON WHEAT CROP OF WORLD Says Conditions Show Production "Will Be 10 Per Cent. Lower. WASHINGTON. Sept. 23. A cablegram received today by the Department of Agriculture from the International In stitute ot Agriculture nt Rome, esti mates the total production of wheat In the following countries as DVM million bushels, or D2.S per cent, of last yenr's crop: Hungary. Belgium. Spain, United Kingdom, Italy, Luxemburg, Nether lands, Russia In Europe, Switzerland, Canada, Denmark. United States, India, Japan. Tunis and Constantlne, province In Algeria. Barley production for tho above named countries, omitting India, is estimated at 1171 million bushels, or 0O.9 per cent, of Inst year, and the oats crop of the countries named, omitting India and Japan. Is ITA.WSM bushels, being S7.7 per cent, of last year. FOREIGN EXCHANGE The forclcn exchange market was firm. Demand sterling, nfter opmlnc ot l.OJs ifil.tc?!, hardened to 1.95, and cable trans fers to I.W. The demand Is now centering on the lat ter form of rcmlttunco. as sight bills are no longer available for tho coming quar terly settlement. Franc cables wero quoted S.llls&S.i: and mniks at 9M. BANK CLEARINGS Ttink clearlns today compare with corre sponding day last two eai 1IH4 Idl.l 1!12 Philadelphia J22.I7S 720 27 717.oi7 d,7:!2.110 Iloston 1T.U22.7VJ 22.7.11. 44S 27.253. 504 New York lo..i.(.i,l.l 27.1, ;'iti. 7.1.1 :t,.1.20,2o;; Chlvogo .. . 44.if.i7.su .11 sol, 1174 OIL PRICES REDUCED Tho prices of all grades of ot! woro today reduced 5 cents a barrel by the Ohio Oil Company. Important Work Started in 39th and 42d Wards. Banks and Trust Com panies Advancing Capital. Tho purchase by Mark Haller of lot northwest corner of Third and I'ortor streets, extending from Third to Fourth sttcet nnd from Rltncr to I'ortcr street, from the Glrard estate, estates of Anna T. King and John H. McNeill, Is by far ono of the most Important trans actions In tho 33th Ward, and the ag gregate cost was J52.W. The sale of portion belonging to the estate ot Stephen Cllrard, confirmed by tho Orphans' Court, after statement by the trustees, was owing to tho fact "that It was far removed from other realty of the Glrard estate and cannot bo adapted for tho kind of Improvement that the estate Is engaged In," such as tho operation at 20th and Porter streets, now extending to 21st street, and In which tho supply Is fur short of tho demand creating a very substantial waiting list. On tho other hand the purchaser shows very good judgment In acquiring tills block of property. It ls on tho southeast edge ot the built-up portion. Tho trolleys making the turn nt Fourth and Ritnor streets, one of tha corners, four lines of cars radiating to different sections, use the Fourth nnd Fifth street tracks, and east and west lines can be found on Snyder avenue three squares to the north. More than 200 dwellings, with stores at the corners, will bo erected. They will be of tho two-story typo and one half of them nre now under way, cellars nnd cellar walls appearing on the Rltner street front. The need of this operation Is apparent by the few properties "for sale or to rent" In the locality, and great Impetus has developed from activity along tho river front, with the deeper channel, the opening of the Panama Canal and the proposed enlarged opera tions of the Pennsylvania and other rail roads, In connection with large wharf facilities, all requiring a great amount of labor, which must be housed. The section has a main sewer running oast on Shunk street from Broad street to Weccacoe avenue until It meets the plant of the Pennsylvania Salt Manufac turing Company. It runs soutli to Oregon avenue and east to the Delaware River. The grades of streets In that section aro to be chnngod to accommodate Its opera tions. This, with laterals, will allow tha building up of all that land lying north of tho Pennsylvania Railroad tracks and between Broad street on the west and Swanson street on the east. Car service will be extended to meet the situation. This section bids fair to be tho thea tio of coming activity along real estate lines. NORTHWEST SECTION Available lots for building purposes wero further reduced this week by tho bottlement for property In the 43d Ward and transfer to Charles J. Heckler. They aro situated at Park avenue and Mc Ferran street, with front of 340.SU feet on the north and south s-ldes of lie Ferran street. SO feet on Park avenue and ym feet on Thirteenth street. McFerran street and Thirteenth street will be opened by dedication, making a public improvement nt this point. This Is an extremely well-built-up and bus? section, nrar lines of the Richmond Branch of tho Philadelphia and Reading Railway and industrial establishments In cident thereto; it Is also favored by nu merous car lino routes In every direction. An operation of 43 dwellings Is planned. This piece of real estate is practically the last piece of ground which can be ac quired In tho neighborhood of Broad street and Krlo nvenue. the nearest largo holding west of Old York road being nlong Hunting Park avenue, where vacant ground is held at J30.000 per acre. Hor ace Uroskln was tho broker In this transaction. NOTES ON THE STREET The start of theso operations Indicates that trust companies and banks, which had virtually ceased to do business with builders, nro beginning to show conlldence in tho future by again handling operation.-'. Money Is much easier in tho last ten days than It has been slnco tho .begin ning of unsettled conditions. No special locality is in favor In the transfers. There Is sumo activity tu the Klmwood avenue section, southwest of Sixtieth street. LESSOR. i'hrj.delihlar r'-Mnmerclal dump. ft,-. . . n&nda nf meBivd,. n.u ... . ... aoatw mwrtth. 7S7S ," j,reai . the X2SiZr DIVIDENDS DECLARED Manufacturers' Light and lat romnany regular "Utterly 8 per cvin. raynbl. Scto tx.r 15 to i"''k of ret or,! S.'itember 3rt H. P. Tajlor (.'o . regu ar ouarterW la. per cent . Piyobl., October i to sioch of iet Franklin Truit annual 2'n uer . stock o( rccorj September iB. Canadian tober 1. Company, rejrul.ir eml t., iiaxihlM Ck-iober it tn Cottnns. I.lmlte.1 m.i.. teriy tV, per cent, on preferred, payablo oil PHILADELPHIA MARKETS CHAIN AND FLOUR W1IKAT. HerelntK. 1.10.941 buth. Spring varieties declined 3 . but winter vkhe.it qj it abl unchanged. iuii'W a.likis weaker. f.x Prt tmiulry loss urine, ''ar lots, in exiurt elevator No. J reO. fiot an.l September, $1.10 CI IS. No. i red Weiiern. fl.lP31.lU. No. 1 Northern Pututh. t.!91 87. I'OIt.V. tte. elpia. Mill huh. Trade quiet and prices 'ic l"er 'ar Ion fir bunl tru'le. as to location-.Vo 8 yellow SSSSV.. , steam er yellow. ST'.'wv. OATS. Ite.-eipti. .18.381 bipjh Market le aeiie and prtcek .! lir.ei ',-c No. 8 while. SPjOSV.: ttan'ljri white. !H834io., No. 3 n bite. n:viM''. I'LOt'll. Receipts. 1175 bbl . 1.770.330 lh. In sacks. The mark: dull and bareb sieadi. Winter, clear. II.7''.V do., straight. t5.8-V do. patent. J.MOtj5 75; Kansas, siraUht, jute sacks. $5 8fttfSSO: .ii., patent, Jute sacks, M.tS0 fcS.PA: sprint first clear, J51TB.8.V .1o.. straight. (9 at)5 M dn- patent. SIKMHj; f4i. orlte brants. Jil.J.-.fiU.TS rpy mills, rh dee and fanr patent $U.8V?t'. 7.-,. d,,., regu jr grade -Winter, clear. Il.7r., d'V stralgl.t. 5'l.". Ml; d.i latent SuiJH ItVll 1'I.nt'lt Quiet and unchanged, at IVfj5 . per bbl In wu.l. PROVISIONS Westlnghouse Electric Mnnufacturins On rany. reimlar Quarterly 1 per ront. n pHj ferret ami 1 per cent, on common. The nl ferred Is pasabiB October IS and the rom! mn October So. lnh to stock of record Sep; Typewriter Underwood tuartcrly cint. on of record regular Cnmnanu n, ir cent, on preferred "and Pre J common, payable October 1 to stock bcptcmbei 81. mucn Distillcra. Company of AmerfM quarterly v, or I per cent, oil Drfem abl. October at to Stocl, of rworl gitwbe? 80. Indianapolis Water Works Steurltleti rv. rany. re(,-uiar semiannual 3frr e?nt PUBLIC UTILITY EARNINGS SOlTHWESTERPOtVEIl ANU LIGHT 1014 August gross -, l? jtoeotba' grots . t .- .-... $:i4.f.a 1-T1M ?,33,0)S) l.Wl.OO-J CHICAGO LIVE STOCK VA;P. js,.pi Bl -uoi., ; ri'SSM od uu; taS: r'loark'.;, ."V !., bmn U.OrtX market. a.lv. iJ!"' !&'. rfiui anl hAlru Iiai1v "w,5 -v " " -TV y" .1 ; st 57 littt'tt AM Xb2 ?JKl. 'l, nV.-. . I.". 1W 0I PRODUCE MARKET NEW YORK. Sent n. Butt-,. .,.... reciMnfa T . .-. -vj c.t. i. a treamen extra, 30"4-?.ji State, dairy tubs, iwrsur iJ,;.. Inc-f I cteajrery, firsts. ri'l?i' - " iVK I l? """tiled r"' Pta, J5.-3S. Nearby 6AHM -white, fap-y, rsl"- r-arby " til.8 fap-v, 3. Xr CrsU. u" v. mxt Trade outet nnd largely of a Jobbing charac ter, but prices steady, city beef, tn sets, smoked ami air-dried. .1ig38e.; Western beef. In eets. smoked, .'U3!c ; city beef, knucklej and tenders, emnked und air-dried. 38i!M4-. ; U otern beef, knuckles and tender, smoked. S86.'Ho : beef hams. 4"flH3c : pork, family. J8d ST. Hams, S. V. cured, loose. IVfetjlBV.: do. skinned, liHise, t!LatfIV. , do., do., smok ed. IS410.-.. c tlier hams, emoked. city cured, ui to brant and n erase. IfttJltHv; hams, smoked, Western cured tSfilftc . do., boiled, boneless. Si8c.. jbtilo ishouldere. S. P. cured, loose. 1S01SHC . 4x, smoked. 1IJUU.- . bellies. In pickle, according to average, loise. 16$lSc; brrakfast bacon, as to brand and average, ctiy cured. 8?b?le. ; breakfast bacon. Western cured. 38frStc: lard. Western r. fined, tierces. lttiiTllic.; do., do., do. tubs. lHsU-V.. lard, pure city, kettla rendered, In tierces UMIttc.. lard, pure city, kettle. reBilcrrd, in tubs, ll18c SUGAR W.ITXKn. -Pull and 50 points lower. Hian.lard isranulated !.Sic.. tin- granulate 1. it TV., pondered. 0 S.V contectloners' A. 0 05c. , soft grades. S0tM0Soc. DAIRY PRODUCTS IllTTKK. Market quiet, but Heady at late decline Offerings moderate but anipl Western n-esh, solid-packed, creamery, fjney ve.-UU, HSc. . extra. Sic. extra Hrsts. 30i- . Sl'-. J?f3l,t3c-' --ond. 8987V:-: ladle packed. Sttf Ac.. to quality, nearbv prints. fne. ,J4c. do., average extra. 3'ieSc ; do. nisis. S'9lc. , do seconds. 87e2fcr. Snsx-lai fancy brands of prints Jobbing at .'i841cV Klit.S. Kin fresh stock pretty 'well cleaned up at sted price. Sui ; lie n,' .. h.at damage! sto, ks which fre up iM ,a uri if irb extris. "it. m ,, ... b first.- IS W r.r stan lard rae neari c r r rt receipts i7 50d7 8o rer tan i"d" 'ae ft ' 1 9U IT ill -. s- ii ! y 4C hf .... i - - CI;-, . 1 - 1 r.. .... , .'..J ' . . rtl -4 o-t aT ,7-,.: -:..' J'iln..-S ..., - - , . v ... v, , y, gg t""-ics r--rkt arm uclr offerings an1 a fair demand New York full cream, i hoi.-e. uPm'jIic . do , do. fair to good, 15;jtjluc . do, .alt klms. 0814c. POULTRY IHil;hM:i. DeMrable stoik well cleaned Up and tlrm. I'reth-killed fowl., per lb., talent ed ht-avy, 81 V-- fncy. weighing 4t,S lbs. apiece. ;H,i.. weighing 4 lbs, apiece. IOo.j wtlehin -Hj lbs apiece. 17tbc ; weighing " ltd and under apiece, 16c : old roosters, i'V.t,i1,8dlt-L,!!V bro!llne chbkeni. nearby. a-Ubins l.Hf 'J lbs arl,e. luAltK- , do., fair to good, Ulf !.-.. chickens. Western. 3i il lbs. and ur apie.i. i;i,- , uo . do., 8'lfi.t lbs. apiece. IttblTc. brclluii cjjickem. We?t. im, wsjifhlnir Thai lb.. 17fjlv.. du., fair to fiS'n''ft1 "l4ab-, V" o" white, weigh. I"S llal2 lbs. j,er doi . It IBiM it); Whit w.ighina fiffllO lb.. per W! W:iJO; white weiKhins , lbs.. Per dox. J8 SMtJ.to" do?, d". 7 lb.. per dox.. 1.7t(: do., do., liatlC ibST! iTlrt J,-3;oiiu J-lri4 wl No. 2. Vte.f in',,iV""i7hi!,h b.uler", aaln on street, but sut plies liberal and tow and chickens low er. KowU. 104l7c ; old root tor. 12jjl.: spring chickens, accordlru to quality. 14 Si tic. duckx, old, l.iatK.. do., spring tiei.V.; gui neas, per pair, young, weighing 8 lb, and oer apiece. 70c., do., wngh.ng 1HW lbs. aploce. niBiUc.; do., weighing 1 lbf aolec.! Old, Wc; pigeons per pair 15lSc. 60c., VliESll FRUITS Arplea dull and lower, under freer offerlne. Oilier fruits showed llttli chinse Appifl; 'eF..l-'raventeln. Jt St.a8 85. llJuh.'ij"i ?i;'r..'. uir"r,;f ;d eating tanetles. II .V)fc8.2S; i?Jnn.n;-,T VX S0 u Apple.. t.elaTare aia ier h'.l i'J,r.Hha,"',r" 30 Vic Lemons. ir.Y. . i1 "OJ-t3;-Honda, ilfij iu. Cranber- mT' h v".-'-uu! rJtr iiucK. ier bbl., U.60 itV,K l.t;lD-. llu -kleberries, per qt . lOSc. i'eache,, Virginia, per 8u-Ib, ba.ket. SSacOc. do, do., per crate, lOc.Slli'a, do. ,pUiwa7. ami Marymnd. rer basket. 857c.: do do llr CiLAi.TT' 8' !S. ''hr IVnnajrlvaSS: medium. S&asiic. i'eahe. Jers, whTu, m7 S-b-"!iet. 40c al; do. do. yellow, pir 7,. banket. Jue.ulT. Peats tieart v. cVrhhil: llartl.t, V 1 tit. I .. j. ' m".. Z-.T-I llaip. Favorite. No 1. ., ' ,-'K"f:,; uH'r vanetles. iu(A aecjiti. ner btii. .4,jr. t:,... ..:..- ern lJimr. per carrier iu.a(i.v ; do.. Con. bkct ,8a80. Caiilaloope.. tvlorido. cer crate. JI 8. do. do. flits. WftWe. Vvaierl raeWw, Jr.. ter luu. 10314 """ MiGETABLES I'o'aicM plenuiui and -nk to II. Other veetbl unchanged. Whu, p. ta'oii SJJ bush. Peon.) Iv.nia. h'm. doaHat ji, JT,. 8. I8.ltxa: ill CO. do.. So U3 i'aar. Nw .s J4 W, KouJ t'liiKtl. .--I ie ; . i eA-ei i.1 N N , ". J rse j i M.; W' 41'tiJ" 'Ahitr S-.i rt N 4' i. It i It It i a ?. light V-r i .v x ir.t -i I ouvooc do., fair Jre jr Cikierix o 8 iJi U ' 1 f I 7& j v i i I - fr. . S' .--n IV it 1 'nil I'ef ilo; oau. I T . )fl 8
Significant historical Pennsylvania newspapers