ff"8 J
BVmiKa tiEDGB-PHILAPELPHIA flHTmgflAT gpygMpEB; jSg, IQjjjy
1S
t FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
i
GREATER OPTIMISM
IS APPARENT IN THE
FINANCIAL MARKETS
Trading Restrictions Being
Gradually Lifted Banks
Here Busy Working Out
Gold Pool Apportionment.
Aflilo from tho regular trading' which
Is now botnfr put through on a more un
restricted basis, both locally and In Now
York, Doston and UuHlmore, tho ono toplo
of discussion In Ilnanclal circles hero Id
the raising of tllo JIUO.OUO.uOO gold pool all
thorUcd by tho Kedornl Reserve Uonrd
for relief of tho foreign exchungo situa
tion, five of tho bis Ilnanclal centres of
tho country have already guaranteed sub
tcilptlons to cover tho 1 fund. Theso
are Now York, Philadelphia, Chicago,
Boston and St. Louis. The amount which
each of thcs9 cities was; asked to pledga
follows:
Now York, $lo,000,000; Chicago, $16,000,
000; Uoslon, U0.000.000; Philadelphia, ?S,-
000,000, anil St. Louis, $0,000,000. This
totals $55,000,000, and tho remaining $16,
000,000 It Is planned to raise outsldo these
cities. Tho clearing houses in nil of tho
flvo cities havo formally pledged tho sums
asked.
Tho apportionment of tho amounts for
each city was based on a special report
jnado to tho Comptroller of tho Cur
rency of the gold holdings of national
banks at tho close of business, September
10. two days In advance of tho regular
call for statement of condition.
Members of tho Philadelphia Clearing
House Association today received letters
from the Clearing House Committee stat
ing this city's sharo to tho $100,000,000 gold
fund to be $8,000,000 and naming the pro
portion of the fund to be paid by tho
Individual banks.
Accompanying tho loiter was a printed
copy of tho report of tho Forgan Com
mittee to the Federal Ileserve Board, to
gether with subscription blanks and copy
of resolution to bo adopted by directors
of tho banks. The letter of tho Clearing
Houso Committee reads us follows, tho
amount being specllicd for each bonk:
Referring to the creation of tho $100,000,000
sold fuml, which has been npproed by tin.
Federal lteservo Hoard and ulilch wan consid
ered at a meeting of tho Clearing House As
sociation, held September 21, for our Informa
tion, you will llnd Inclosed copy of letter ad
dreieed to tho Kedernl Itcaeno Uoarcl by th
committee which was appointed ijy tho dele
gates from different Clearing Houso Associa
tions held In Washington on .September 4.
The eharo of Philadelphia In tho creation of
this fund has been llxed by tho Fcdeial Un
serve Board as fS.000.O00. ond your proportion
of this amount, basv on your gold holdings,
as reportod to tho clearing House Committee
on September 10, Is J
You will nlso tlnd Inclosed form of resolution
to be adopted by your board of directors, au
thorizing jour Institution to subscribe to this
fund; also subscription blank, which kindly
sign and return at tho earliest date to tho
Chairman of the Clearing House Committee.
following receipt oi' tho letter sent out
by tho Clearing Houso Committee many
national and State Banks and trust
companies today returned them to thu
committee properly illlcd out und Baying
they wero ready to tend In their sub
scription as soon as It was called for.
Tho Continental and Commercial Na
tional Bnnk, and Its trust company will
contribute $4,103,570 to Chicago's $16,000,
C0 share of tho $100,000,000 gold pool,
sr.d tho First Nntlonni and First Trust
Company combined will contrlbuto
$3,"ll,0bO. Three other banks
will contribute $4,000,000.
MONEY SITUATION rlERE ,
HAS TIGHTENED SOMEWHAT
Brokers Hnvo Difficulty In Placing
Good Name Commercial Paper.
The money market In this city Is tight.
About tho only business being done Is In
.commercial paper, ahd money lendsrs re
port that even this has fallen off, com
pared with a week ago, when moro In
quiry appeared thnn had been evident for
some time. Country banks wero then
active, asking their city correspondent!?
to look over the commercial paper mar
ket for them for good name paper. Thcro
Is still nomo Inquiry from the country' in
stitutions, however, but not to any great
extent.
Hates are holding the same, call money
being 6 per cent, and commercial paper
at 7 nnd ?'&, the transactions mudu being
generally at the former figure. Paper
brokers, on their tour of the banks, re
ported this morning that the latter did
not appear to want any paper, nnd In
some eases they were having some diffi
culty In placing paper for their custom
ers. Tho banks, as they customarily do,
nre Caring for their own customers ursi.
BANKS OPPOSE PLAN
FOR REDUCTION IN
CURRENCY INTEREST
GERMAN CRUISERS'
ACTIVITIES CAUSE
WAR RISK RAISE
Sinking of Six Ships by
Commerce Destroyers In
Influences Increase to 5 Per
Cent, to Far East.
Say Plan of Senator Smith
to Lower Rates for Emer
gency Money Would Hurt
Market.
together
LONDON IS HOPEFUL.
There was moro activity In securities
today, and sentiment was cheerful. It
was helped by the announcement from
London that the moratorium for bills of
exchange, rent nnd trado debts would bo
terminated on October 4 and that tho
moratorium would bo ended altogether
on November 4.
End of tho abnormal period Is now
In sight, and Is stimulating business. Con
sols wer firmer at CS and there was
buying of homo railway shares. Fears
regarding the dividends on Argentlno
Hallway securities caused unsettlement In
thos Issues. United States Steel was dull,
at ."0.
The prohibition of Imports of sugar from
Holland Is confirmed and higher prices aro
lookod for.
The high rale for tho India bills yester
day 13 considered as marking the climax
of uncalled for depression in discounts.
Buyers aro moro cautious. In the dis
count market, rates for threo months'
bills were 3, per cent, today and for call
Joans n2 per cent.
Investment houses hero continue to re
port a fairly good demand for securi
ties, one house having recorded today a
sate of It bonds of a public utility com
pany. Chandler Brothers & Co. furnish tho
following "bid and asked" quotations on
Mandard Oil shares: Stnndatd Oil oe
. .ew York, 175153; Atlantic Hcflnlng,
";; California, :COfi70; Ohio, 153B159;
iialrle, 3SS350; standard OH of New
Jersey, 35nji,j60; Vacuum, loolfira; Anglo
American. 12W&13&: Pl..rce, 13815.
HOSTO.V TRADKUS ACTIVE.
Kaci, ,iay Pt.C8 a further brightening
or the Ilnanclal situation. From Boston
('' 'he announcement today that the
committee representing investment housen
ueallng in unlisted securities, had lifted
the ban somewhat on general trading, and
nas notified dealers that they may have
l v lll,ltude In security transactions.
rno committee, after conferenco with
the Stock Kxchange Committee of Five,
"els that conditions have ho Improved
that an Increased business Is warranted,
having in mind tho spirit which has pre
vailed In tho weeks which have passed
lnco the closing of the Stock Kxchange,
ond with tho following restrictions:
Trades above the closing prices of July
rt may ho made without submitting the
same to tho committee.
Trades at prices under tho closing
grirra or July w should continue to bo
submitted to the committee, who will take
Immediate action.
Any public advertising should first be
npproved by this committee, and for tho
time being circulars being sent out should
Hot quote prices.
Subscriptions to the Jion.non.ono New
York city bond offering amounted to
between two and three times tho $50,
COO.000 that was open to tho public.
In view of the large number of appli
cations, the syndlcute managers are un
able to state what the flnnl allotments
will be. In order to distribute the bonds
as widely as possible, the method has
been followed of allotting all applications
up to $10,000 In full and also making full
allotments upon subscriptions received
from abroad. The balance of the bonds
will be nllotted as nearly as possible on
a Pro rata basis.
Bankers In this city generally look with
disfavor on tho bill Introduced In tho
Scnato yesterday by Senator Smith, of
South Carolina, proposing to amend tlie
Aldrlch-Vroeland act reducing the rnto
of Interest which banks shnll pay to the
Government for emergency currency Is
sued to thorn on securities accepted by
the Secretary of the Treasury as col
lateral. Senator Smith's bill proposes to reduce
the present rate, which Is 3 per cent,
for the first three months nnd a M of 1
per cent, for each succeeding month until
the rate reaches 6 per cent., to 1
per cent, for the first 6 months and after
that 1 per cent, for each month over tho
G months' period.
It Is understood that Senator Smith's
bill Is designed to meet demands of the
agricultural interests of the South, es
pecially cotton growers. Tho present rnto
of 3 per cent., theso Interests hold, pre
vents the loan o'f It to agricultural peo
ple who cannot get along without long
times loans.
Should the rates of Interest on this
form of currency bo lowered, bankers
hold, It would have an adverse effect In
that some persons, lindlng that money
wns comparatively easy to get, would
bo Inclined to take It out oven If It wore
not necessary. The use of this money
should be discouraged as much as pos
slble, say tho bankers, and the rates
should bo higher than they are at pres
ent, so that tho banks would wnnt to
return tho emergency currency as soon
ns possible.
"The taking out of much of this
money," said one banker, "would result
In a lot of 'flat money being In circula
tion, nnd pretty soon there would not
be any gold In the country with which
to redeem It. The rates should have
been kept at 5 per cent. Apparently
there Is no urgent need for money In
tho South, or tbe bankers would be
perfectly willing to pay 3 per cent,
for It."
FINANCIAL BRIEFS
Activity of Gorman commerco destroy
ers, which recently sank six steamships
In the Bay of Bengal, has caused an ad
vanco to five per cent. In Borne classes
of war risk Insurance rates, and has In
fluenced the American Institute of
Marino Underwriters not to quote any
rates on vessels bound to countries
bordering on or near tho bay.
Tho advanced rates will apply particu
larly, to countries on the east ank west
coast of Africa; In the Antipodes and In
tho neighborhood of China ond Japan,
where Gorman cruisers are said to be
particularly active In their raids on com
merce. Tho table below, prepared by tho Amer
ican Institute of Marine Underwriters,
shows tho rates ruling tills week for
war risk Insuranco on exports of general
merchandise Bhlppcd through Philadel
phia, New York nnd Boston. These rntos
wero received today by local underwriters.
Tho Institute makes It plain that thoy aro
not to be accepted as current figures
nnd that It Is not Imperative that they
bo followed In tho writing of risks. Tho
matter of proper rates to bo charged Is
left entirely to the discretion of tho In
dividual underwriters.
Tho rates aro percentages of the cargo
values. The first column covers vessels
flying flags of belligerent nations, except
Germany and Austria, for which no rates
aro quoted ; tho second column, ships of
foreign neutral nations, and tho last col
umn for American vessels.
To
Enifland nnd Scotland, west
coast, nnd Ireland 1 i i
London, English and French
Channel ports 2H 114 1H
England and Scotland, emit
const, north of Straits of
Dover 5 5 s
Atlantic European ports, Havre
to Gibraltar 3 iu v,
Mediterranean, not east of
Sicily a 2 114
South Africa s 114 1
West Africa 0 lS 1
East Africa "
via capo of Good Hope fl
Ma Suez a
Australia, New Zealand,
straits Kcttlomcnts
Via Suez 0
Via Cupe of Good Hope.... ft
Via Pacific coast 0
Via Panama Canal 3
China and Japan
Via Suez n
Via Cape of Good Hope A
Via Pacific coast n ,
Via Panama Canal fi
Bermuda al4
Cuba, Pnrto Itlco ail
Other West Indies I!)!
North coast South America.... lljj
llrnzll 3j
Argentine nnd Uruguay C
West coast South America
Via Panama Canal :i
Via Magellan 3
East coast Central America.... 3
West coast Central America
Via Panama Canal .1
Via Magellan 3
Nova Scotia. New Brunswick)
. Newfoundland 2
STEAMSHIP POOL WILL
DEFER ITS BOND INTEREST
International Mercantile Marine Sayn
War Has Had Disastrous Effect.
It was announced officially today that
payment of Interest on the International
Mcrchantlle Marine Company's iM per
cent, bonds, due October 1, will be defer
red. Directors of the company have de
cided that It will be for tho best Interests
of Its security holders to permit tho
subsidiary companies to conserve their
assets In view of present disturbance In
financial markets.
An announcement by the company calls
attention to tho fact that since January
1, 19H, business In both Its passenger nnd
freight departments has been very un
satisfactory, and that the company has
not fully earned Its fixed charges for the
period which ended July 31. Under ordi
nary operating conditions, It might be
reasonably anticipated that the deficiency
would be made up during the remain
ing five months of the fiscal year.
Tho European war, however, has
brought tho entire ocean transportation
situation to an extremely unsettled con
dition and has necessitated the complete
withdrawal of tho compay's Red Star
Lino service to Antwerp. Tho company
says It Is, therefore, Impossible to form
any estimate of what Its earnings may
bo for tho balance of the year.
RUSH FOR MILEAGE
BOOKS BEFORE NEW
RATES BECOME LAI
COTTON DEALERS ASK
DIRECT LOANS FROM
FEDERAL TREASURY
President, in Non-committal
Reply, Cautions Against
Setting Precedents That
May Be Detrimental in the
Future.
Railroads Report Big De
mand From Travelers
Anxious to Avoid Quarter
Cent a Mile Raise.
UTILITY EARNINGS
Announcement was received here to
day from Dallas, Tex., that tho team
representing Philadelphia Chapter, Amer
ican Institute of Ranking, won a unani
mous decision in .1 debate over Gov
ernment ownership of telegrnph and tele
phones lines at the annual convention
of the organization. William V. Allen,
Paul B. Detwller nnd Robert "W. Fry
wero tho local debaters. They opposed
Government ownership.
From New York comes the announce
ment today that Charles W. Morse has
offered to form nnd finance a holding
committee to take over all the assets
of tho National Bank of North America.
Tho Wilmington Trust Company, which
was appointed receiver for the Securities
Company of North America, haB filed a
bond for $1,000,000. Tho bill of complnlnt,
which was filed by "Ward, Gray & NearL
counsel for William D. Fell, a stock
holder, nlleges liability on the company's
certificates of $1,037,001. while loans to
eertiucate or bondholders wero $303,233,
leaving a net liability of $733,75.1. Cash
on hand nnd other assets are valued
at $S17.0G.
Kdwnrd Mlth was today elected presi
dent of the American Shipbuilding Com
pany. Directors of the company decided
that because of falling off In earnings
and present conditions as a result of tho
European war no dividend on the pre
ferred stock of tho company should be
authorized at this time.
Lewis Nellson, secretary of the Penn
sylvania Railroad Company, arrived homo
from Europe on the steamship Olympic
yesterday, and Is at his office today.
The Norfolk and Western Railway
Company has died with the t'nlted States
Supreme Court a brlof seeking to show
that under present conditions the West
Virginia I-cent passenger rate law Is
confiscatory and unconstitutional. In
some quarters the attack upon the
validity of the West Virginia law was
taken to indicate a second general at
tack upon 2-cent passenger laws In vari
ous States.
I.ehlgh and Wllkes-Barre Coal Com
pany, for the year ended June 30, mined
nnd shipped 5,222.313 tons of coal. This Is
an Increase of 31,123 tons over tho same
period last year.
$72,000,000 SENT WEST
TO COVER GRAIN CARGOES
Shipments Total More Than 80,000,
OOO Bushels Since July.
Some Idea of the wealth that Is going
Into the West because of enormous crops
Is shown In the fact that since the 1st
of July more thnn SO.000,000 nushels of
wheat, Including flour, have been shipped
out of, this country. The average prlco
obtained was approximately 90 cents a
bushel, which means a total of about $72,
000.000. All of this money, less nn average rate
of 10 cents a bushel for freight cartage,
goes Into the West. It Is the contention
of grain experts that the exports of
wheat and flour will be doubled. If It
shall be available on the present crop.
ami inai me average price from now on
will be well over tho dollar a bushel
mark.
Since the railroads announced that aft
er October 1 there will be an Increase
from 2 to 2U cents a mile In the rattB
to be charged for mileage books thcro
has been a big demand for existing books
on tho Pennsylvania and Reading Rail
roads from traveling salesmen and others
anxious to get In their supplies before
the Increase, becomes effective. Agents
generally ore reporting an exceptional
run on the books now In use. While
tho schedule of new rates has already
been filed at Washington, they have not
yet been approved by tho Interstate Com
merco Commission.
Tho Reading Railway will Inaugurate a
new feature In connection with Its In
terchangeable mileage books after Oc
tober 1. Heretofore theso books have
been good only for use on certain lines
In the East. The term "Interchangeable"
was appparently a misnomer, since there
wero only certain railway systems, aside
from tho Reading, on which they would
bo accepted. Under the new arrangement
they will be accepted for fare on virtually
nil lines east of Chicago.
For the regulation $20 mileage book,
good only on the system which Issues It.
the new rate will be $22.50 for 1000 mtlcs.
Tho now rate for tho books with Inter
changeable features will be $25, with a
rebate of $2.50 when tho book cover shall
be turned back to the company. The re-,
bate now amounts to $5. These books
will not be transferable.
NOTES OF THE RAIL
WASHINGTON. Sept. M.-A delegation
of cotton men from the Farmers' Union,
headed by Charles S. Barrett, of Geor
gia, called on President Wilson today
nnd asked him to support Representa
tive Henry's measure permitting direct
loans to cotton planters from the Unit
ed States Treasury. Tho President
took their proposal under advisement.
The cotton men believe that If they
can secure direct loans from tho Gov
ernment It will relieve them of their
troubles. Thoy think that In this way
the prlco of the staple can be main
tained. Among those who took part In
tho conferenco were Representatives
Bartlett, of Georgia; Henry, of Texas;
Hobson nnd Hcflln, of Alabama, and
Hurray, of Oklahoma.
President Wilson's remarks to the cot
ton men were as follows:
"Of course I need not say, gentlemen,
that the gravity of the situation Is very
manifest; and I want you to know that
I have been giving a great deal of at
tention to It, with the earnest desire to
see some way by which tho difficulties
could be solved without committing the
Government In principle to any action
which would plaguo us In the future.
"The danger of tho pr-sent situation
Is that under the. pressure of what ap
pears to be necessity wo Bhould make
some radical departures from sound
economic practice which In tho futuro
years wo would very much regret. We
havo got to make great sacrifices not
to make fundamental mistakes.
"Now, I am not thereby Implying a
Judgment ns to any specific proposition,
but I feel bound myself to guard against
Impulses, when Impulses are so strong:
Just as I feel It so necessary for us In nn
International situation to guard every Im
pulse and see that we do not make any
mistaken which future generations will
havo Just cause to blame us for.
"But I want you to know how sincerely
I appreciate the gravity of tho situation
and how entirely willing I am to con
sider anything that Is laid before me by
way of practicable suggestion."
BANKERS SAY THERE IS
NO MONEY HOARDING HERE
Are Not Worried About Secretary
McAdoo'o Threats of Exposure.
No worrlmcnt Is felt by bankers In this
city because of tho threat of Secretary
McAdoo to withdraw emergency currency
from banks which borrowers declare are
restricting loans needed for legitimate
commerclnl purposes. The Secretary Is
Insistent In his declaration that many
largo banks throughout tho country are
doing this sort of thing and he says he
will mako public the names of any such
Institution found guilty of tho practice.
An executive officer In one of Philadel
phia's largest banks this afternoon ex
pressed the opinion that none of the big
banks hero have even been suspected of
hoarding and that so far ns Philadelphia
financial Institutions are concerned, bor
rowers who need funds for trade pur
poses are being afforded every facility.
"Secretary McAdoo's plan to subject
such banks to a system of 'pitiless pub
licity' Is apparently In good form," said
tho 'banker, "but there need be no fear
of the names of any Philadelphia bank
being put Into the list."
WHEAT AT CHICAGO
STARTS WELL BUT
WEAKENS AT CLOSE
FOREIGN EXCHANGE
A recent development In the foreign
exchange market Is the establishment
of direct exchange relations with cer
tain of the neutral countries on the
European continent. Tho war nnd re
sulting unsatisfactory status of th
sterling market has led Importers of
American merchandise In those coun
tries to hnvo consignments financed
through New York Instead of London,
ns was the regular practice prior to
outbreak of war. Demand sterling
easier today at 4.93iM.0o)i; cable.-,
firmer.
Early Strength Based on Bet
ter Cables From Liverpool
and Small Receipts in the
Northwest.
MORE DIVIDENDS DEFERRED
Because of existing business conditions
tho directors of the following companies
todny decided to defer action on divi
dends due at this time, nnd conserve their
assets:
Tho Atlantic City Company on preferred
Rtock, which Is due October I; United
States Smelting, Refining and Mining
Company, 1H per cent., 75 cents, on com
mon. Tho regular quarterly dividend on
1 per cent, was declared on th pre
ferred, payable October 15 to stock of
record September 30.
GET LOAN ALLOTMENTS
Subscribers In this city to the New
York city p per cent, bonds received
notice today of their allotments. Only
20 per cent, of the subscriptions for the
three years was awarded In most cases.
Morn than this wa3 awarded on th'-two-year
bonds nnd the full nmount on
the one-year notes. A trust comrmrfl
which wns awarded some of the bonds
ond notes was offered 101 for Its allotment.
PORT OF PHILADELPHIA
Sun and Tides
r:40 a.m. ! Sun sets.... f:30 p.m.
PHILADELPHIA.
High Water. i-.t't a.m. I High water, fittn p.m.
Low water a.m. I Low water. .12:01 p.m.
RBEDT ISLAND.
High water. l:Ma.m. I High water. 2:OSp.m.
Low water.. 8:19 a.m. I Low water.. 8:53 p.m.
retEAKWATER.
High water.ll:2 a.m. High water.ll:B7p.m.
Low water.. 4:52a.m. Low water.. 6:33 p.m.
Sun rtaes. .
fruit.
COTTON EXCHANGES OPEN
Reopening of tho cotton exchnnges
now Include Dallas, Memphis, Montgom
ery, Now Orleans and Savannah. Tho
New Orleans exclmnmn which resumed
business today, Is regnrded ns giving u
brighter outlook to the holders of cot
ton and to nil whoe business Is de
pendent thereon. This opening. It Is
oxpectcd, will be responded to by con
siderable cotton buying throughout the
country.
STEEL TREASURER RESIGNS
At the monthly meeting of the Cam
bria Steel Company, hold here today. A.
I. Robinson resigned ns treasurer nnd D.
B. Gehly, secretary, was elected to suc
ceed him. Mr. Uoblnson was granted a
leave of absence until Jnnuary 1 owing
to 111 health. He will, however, remain a
Ico president of the corporation.
BAR SILVER
liar sliver In London today remained
unchanged as to price. Quotation wns
!414. There was no change In New York,
the quotation remaining at .V) cents.
PUBLIC UTILITIES
RAILROAD EARNINGS
CHICAGO AND ALTO.V.
ion.
Peconi week Septemlr. , ?),T7
Fiom July 1 3,127.01)1
Deereaie.
S72.0S")
i'3'J.iVS
GRAND TRUNK WESTERN.
BOLTHWESTKRN TOWKIt & I.1QIIT CO.
Aujuit gr0
Ket
mti.
k."- ;.'""" .I.n
Twehe months" crn!a!'" ft.v.'.tiin
after Uxag l.'ioi'nnu
CITIES SERVICE CO.
V-UP.1. 5ro" 20I.CSO
iK.''er pns. 2S2.5SO
K; '" monthf grosa.... 3,7t.4SD
t after pnes 3.571.403
WISCONSIN edison en.
yl months' bto is.Tfa.18fl
9 rur tin
Increase.
Jl'J.lsS
10.SU
MO.II31
237, IDS
$l27.74.t
JSt.lWT
2.1.1)1,70
J.lifJ.im
.ii" ' ' - '.I' : 2.207.370
! monthj' gro 8.727.02S
a.SL-'sm
. DATTON rOWER & LIGHT CO.
i.-un groai
! arnlng ' .
mm lMlM,
3 01
2.01
4.4.-
4.7
72.037
31.S00
3112,011
iis.ua-
14.B0O
22S.71S
U8,b20 I
Thlr.l Hk September..,. f:
From July 1 1:
1014.
.02.S11
!.RI3,li23
Decreab.
M1.210
728.SQ-.1
SOUTHERN
PACIFIC.
19H.
.JU.U72.157
. 3.3.M.SJJ
. S3.30n.0JT
i.KI.4Sl
Dtert&uc
fS.Sl.Kl2
43il.2s
710.023
Ktt.023
Aufc-ust f-rosa
Net
Tw. monthi' gross.
N'et
BUFFALO. HOflHSSTKR AND PITTS-
Third week September.... I218.S02 1 10031
From July 1 2.CO1.870 loS.COa
NEW YORK BUTTER AND EGGS
NEW YORK, Sept. Zl.-Butter. quiet
receipts, 759S; creamery extra, 3Witt,3ic
Btate dairy, tubs, JsgtHic; Imitation
creamery, firsts. 2iQZiic.
Eggs Dull; receipts. H,9c:
whits fancy, 35tf40c.j nearby
neat by
All previous records for production of
natural gas In the United States were
broken last year when the output
amounted to R51,8flS,2.'!9,000 cubic feet,
valued nt S7.S19,R77. This compares with
a production of 562.203,452.000 cubic feet,
valued nt JS4.563.957, In 1912. Of the
total product, about 32 per cent, was used
for domestic purposes, or 1S1.8S5.662.000
cudio Jeet. .valued at J50,522,I15. nnd 6S
per cent for Industrial purposes, or 397,
O12.577.C0O cubic feet, value)! at $37,321,262.
West Virginia led In production with
2I5,153,9S5.000 cubic feet, valued nt $34,
164.S50. Pennsylvania was second with
an output of 11S,S60,260,000. valued at ?21,.
695, 815.
Northern California Power Company,
which serves the territory north of the
Pacific das nnd Electric territory.
reports gross earnings for the seven
months ending July 31, of $187,000, an
Increase of $38,000 as compared with 1913.
In four years the gros3 earnings have in
creased 893 per cent.
Ixical stockholders of the U'.ivi.-inH nn
ami-Gas Company learned today that tho
South Penu Oil Company had Increased
Its purchase of oil from 50 to 100 per
cent. In the West A'lrglnla field, and that
this arrangement would continue until
the end of October. The curtailment of
these purchases caused the suspension
of dividends on the stock of the Way
land concern.
Attorneys representing the New York
n!.ntr.1 J,llM w,u ar'Pear before the
Illinois Stats Public Utilities Commission
on October U to get permission to com-
vmv tuimonumion or tho Now Ynrtr
To vote on the approval of a refund
ing and Improvement mortgage cover
ing tho railroad properties, rights and
franchises, a special meeting of the
stockholders of the Erie Railroad will
be held on October 13.
President Hnrrlson. of the Southern
Railway, wants the next annual meet
ing of tho company, which will be held
on October 13, to be "more than tho
conventional routine," nnd looking to
ward this end he has sent a letter to
stockholders, asking their co-operation.
Stockholders are Invited to ask questions
of the management.
"Tho only hope for our railroads. If
they are to remain under private owner
ship. Is that there be an Immediate ad
vance allowed In their passenger nnd
freight rates." said D. F. Bush, presi
dent of the Missouri Pacific and the
Denver nnd Rio Grande Railroads. lr.
an nddress before the Missouri Pacific
Afsoclatlon. "A moderate advance In
the rntes that would afford the railroads
the desired revenue would not appre
ciably Increase the prices of any com
modity to the consumer."
The New Hampshire Public Service
Commission has denied thn nnniimtih
of the Boston and Jialne Railroad and
the Grand Trunk Railway for permission
to Increase passenger mileage rates from
2 to 2U cents u mile.
Rate cnse.i involving allowances to so
called Industrial or tap lines for hauling
cement In the eastern producing district
will be taken un bv thn Puhiii- .-,.i,.
Commission of Pennsylvania early in Oc
tober. Important questions affecting this
and other commodities will be raised.
.P'n'w north a.id south route of the
Hill lines between the northwest and
Gnlveston. which affords a saving of 700
miles In distance, Is to be put In opera
tion November 1 With a thrnneh lm
service, and the understanding Is that
the Trinity and Braios Valley will pass
Into full possession of the Hill Interests
at the termination of Its receivership.
The Pennsylvania, through a holding
company, Is acquiring a block of land,
in nuffalo as a site for a terminal
mkSt.s.lml,nr lo those operate. In
Philadelphia. iinnlFiuirg and Pittsburgh.
DIVITJEWXIS DECLARED
..P'l!. EIv.a'r Company, regular quarterly
1H per cent, en preferred and IVi per cent
on common, payable October la to itock of
rword September 30. Dt
f.o.ion un.j Airany. rerular quarterly 2U
Der cent. njvah . n.v.... o, .- .'.
rcord November 30.
I'nlon Natural Gai
Vessels Arriving Today
Bella. (Rr.), Jameson. Port Antonio,
Atlantic Fruit company.
Quantlco, Thatcher, Boston, passengers ami
merchandise, Merchant and Miners' Transpor
tation Company.
Sailing. Today
Rtr. Tuscan, Howes, Savannah and Jackson
ville, Merchants and Miners' Transportation
Company.
Str. Persian. Nlckerson, Boston, Merchants
ond Miners Transportation Company.
str. New vorK. Kcnuuze,
BANK CLEARINGS
Bank clearings today compare with corre
sponding day last two years.
Philadelphia .$21.W).23S rJlVfelso J20 'i'.s am
rtnston ...... 17.324.7117 22 JO.V3!) 'inlji ' 1)1
New York....l03.fM4.4lll 2!l2.7li-,,l 01 3.VISI Mils
ChlonW. 41.4.-.H.241 l7.:.vS.l"s iVm li?
iui.i 1O.1O1.07S 11.200.073 ll,l.!:i,S12
Pt
CHICAGO, Sept. 24-Except for a brief
period nt the outset, wheat wns heavy
today, becoming weak near the close.
Dullness was the chief characteristic.
The strength early was on better cables
from Liverpool and smaller receipts in
the Northwest.
Considerable Interest was manifested In
tho heavy buying of wheat, presumably
oy jorcignera, on tile Pacific const.
Large quantities of new crop have been
tnknn within the Inst two weeks In
Oregon and Washington. Since tho be
ginning of the war Atlantic-America has
largely monopolized the world's export
wheat trade.
Interior receipts today were 2,910,000
bushels, and for thp week thus for 12,
277.WO hush'jlf. Seaboard Hour clearances
today were 32,000 barrels, and wheat 923,000
bushels. Cnsh sales were 165,000 bushels.
Futures closed la to lower.
forn was a little firmer at the outsets
but developed weakness later. Specula
tion was nt low ebb. Shipping trade was
equally unimportant nnd the country wns
selling no corn. Cash sales were 35,000
huahcls. Futures closed V to 1 cent
lpwcr.
Oats were quiet, finishing -1, to i cents
lower. Cash sales were 65,f0 bushels.
Provisions broke badly after showing
firmness early.
Leading futures ranged as follows:
Vh,f n tn-w . .""''
September .. 1.0H ' l.)V(
Uercmber .. 1.12V 1.12V
May 1.10V 1.2014
) orn mow aeinery)
lyiw.
1.07
f'lni. iMa
.07 l.OStf
t.tOU '1.104 1.17t;
1.17fl.l7i tl.lOK
September
Dccemlwr
.May
Ont
Septembf-r
Dr.- ember
May
I.arrl
September October . .
January
Ribs
September
October .
January .
Pork-September
January
74 'J
47'4
.V)i.
53',
7S
74'4
47s
.VPS
Bits
70V
tA
40Ts
4ll,
r2's
. 0 47
.10.02
, .M.rin
. lo.r.-
.17.7.'.
2(i.:;n
II.S2
11.45
lo. in
10.02
!).42
U.U2
1 1.37
10 SO
10.23
47
4H
524
0.40
P.45
O.tIS
11.37
10.SO
10.57
78
74 t
t47H
-OO;,
53 4
Hid. tAsked
20.25 19.33
1 17.02
19.70
0.43
0.45
t.5
11.35
10.S3
10.57
17.75
0.25
ANOTHER CUT IN SUGAR
The Federal Sugar Refining Company
this afternoon unnounced a further re
duction In Its price of refined sugar of
H cent a pound, to 6.25 cents, less 2 per
cent, for cash for fine granulated. Other
reflmrs continue to quote 6.75 cents. Raw
sugars also declined. Spot falling i cent
to 5.02 cents.
the
rd.
Steamship Company
Str. Ericsson, Willis.
lAno.
Schr. Georgia TJ. Jenkins. Mcean
terburg-, ria., A. u. Lummirn : uo.
Schr. Percy Hlrdsall, Klnes, Charleston.
Charles T. Slosea & Co.
New York, Clyde
Baltimore, Ericsson
St. Pe-
Steamships to Arrive
PASSENGER.
Namo.' From. Date.
Monitollan Glasgow Sept. 10
Stampalla Naples Sept. IS
Dominion Liverpool Sept. 10
FREIGHT.
City of Durham Calcutta Sept. 1
Zulderdyk Rotterdam ....Sept. 13
Amstetdyk Rotterdam Sept. l."
Start Point ...London Sept. 12
Man. Mariner Manchester ...Sept. V)
Adolfo Huelva Sept 14
Sturmfels Calcutta Sept.
L'anadla Stavanger ....Sept. 15
Zerenbergen Cardiff Sept. is
Ilapldan Lelth Sept. 10
California ....I'openhasen ...0:t.
Missouri Loqdon Sept. 22
Dakotan , Illln Sept.
Steamships to Leave
PAS3ENGEK.
Name. For. Date.
Carthaginian Glasgow Sept. 29
Dominion Liverpool Cut. 3
Stampalla Naples Oct. 6
FREIGHT.
Franlenborg- Copenhagen ...Sept.
Man. Exchange Manchester ....Sept.
Maine London Sept. 20
y.ulderdyk Rotterdam ....Sept. vo
Danta Copenhagen ...Sept. 23
West Point Im.on Sept. 30
l'anadla ChriMlanla ....Oct. 3
California Copenhagen ....Oct.
GRAIN AND FLOUR
elffiFi!:rn"SiP.t,' "25.1L Trices de-
Vi'iY. r,. Ui ""'"' r reports irom
"est. Car lots. In export elevator No. 2
Siet Ami S.ntnmh.. C, sn. ... .
&.",''' ? tn '""-atlon-No. 2. yellow,
turn ssi8c; steamer yellou, sTwc
OATS. Receipts. 35.300 huah. Prices
ery v'ih ?.mBnJi ""rami offering.- mofl
wha. nr.r, whHe- 'Sfl-VK-.; standard
.FI,,9S,"'-'ec'P"' 21s" hbls.. 1.228.222 lbs.
In sacks. The market dull nr,,i ..,.!, r..7r:
at'rafch? !? SU- W,m!r' c1"' 4.755:"do.
straight, S..5J.I.25, do., patent. f..4o3A 75
0.23. city m s. choice and fancv patent. 07f
-iai1 J"1"', regular grades Winter, clear.
35. do., straight. J5S3.30; do., paunt:
FREIGHTS AND CHARTERS
Chartering Is llmtted. duo to the scarcity of
tonnage. Rates are unchanged. Exceptional
dulness rules the sail market.
STEAMSHIPS.
Fernmon (Rr ), (lalieston to Hull, grain
20.000 quarter. 2s. 6d . prompt. '
Jlratsberg (Nor. 1. 2118 tons, time charter
general trades, three to six months, at or
about 4s. 3d., prompt.
Nellrose )Rr.). 2237 tons. Savannah to
t'nlted Kingdom, cotton, basis 30 cents, one
prt, prompt
Crown of Cordova (Br ). 2233 tons, Gulf to
t'nlted Kingdom or France, flour, private
terms, September-October.
nominal i.-or 1. iif.s tons, lialtlmore
H
..!....-- :-i.-.. - .. . : "M u
l!a.au. i.iai, (jii.air irriua, ('(Ufii(i.
Kronstad iNor 1. lftio tuns. Quebec and
Point du Chens to Glasgow, deals, 42s. Od
prompt.
Nevlsbrook Hr ). WW tons. Gulf to t'nlted
Kingdom, timber, private terms, prompt.
Foreign steamship, . 7000 tons dead-
Height. Montreal to Havre hy. J7 for com
pressed, 113 for non-compreesod, October,
PORT OF NEW YORK
n,
4
JS.flOiftfl."
SMl5Yiu 'rhM, .ateaJ,1J' l,Cl'1' but "'
$oyo.uU per bbl., in Mood.
PROVISIONS
. Wero qtilet and barelv stea.lv. .ity beef In
t.JV ,.m,J,"d and atr-drled. .'11032c.. Western
beef, In sots, amoked. .Illj.w.. 0 ty beef.
3'"i" Tvnd. '""J"- n"k' I and air-dried
smoked" v-ia. Vcef; ""' and tenders,
smoked. .IJ17.34C. beef hanre. 4fii43e n-irk
71? & .S21- ,?Ionli' s' F. cure,?. lw.e.PJ5?;
ir,i: do., skinned, luose. l.v.gific.; do.,
do., smoked. lsinc.; other hams, smoked, cltv
cured, as to brand and a erase. ISffiric'
fc.'fiSf "moI,J. WM,rn """' IMNc: d...
bollod. boneless, 2M,2ic.; picnic shoulders. ?
i4H.C-U.rhl,iii"""V i:'2V.; do, unoked. 1CB'
?t-:,l,.f1H',- " ph'kle. according to average,
loose, li'.t .-ill7c. . breakfast baton, aa to t.rand
and average, city cured. 211r2V.: breakfast
bacon. Western cured. aiflS'lc.; lard, Western
ttE.1? lirA. Fi'V. : -I-, do.. 'o . .tubs"
1 .r -.. -.' ij,w i, seme renwered
In tierces ni,! 1,,... Ur(, clt, kettle
rendered, In tubs, HVjfll,c. "
SUGAR
RKI'INIM). . TmH. .In... u... .-- ....
steady at the law decline Standard grin"
late, . 8.soc flnu granulated. 0.7.V f powdered.
s.wh. lmen Al 005c-: S01 Bra,1":
DAIRY PRODUCTS
ni'TTKH. Trade very oulet and nrlces
Jrh ".Wi ETr,al Pr"ure to sell? &u"
l"'..;.ii'1"r,Scke'1' ir"n,y. fancy, specials
2& extra- t?" "'" firsts, .inc.: Ilrsts. 2sC
r-'f'.c.; seconds. SOSS7x.r.. ladle-p.Jked 21
Sprint.1 riVt'l;0'81 fa"C5 brlto
EGOS. Strictly fine fresh stock well
cleaned up and stealv bit umlergr-u "s dulL In
Scstei ., -: ""'jrt'A-?;
J...HJ3. 50 per cue ,lo . se.nd". jil (Wo 11 ii
rer caee. Candled an 1 recrated fresh eggs
J'uaTlty? ' Ut " ,V'BSTc- per " 8S "'
l llr.l.NI-.. Desirable stock well cleaned un
Arm prices. New York full-cream. choiceP
weighing 2 lbs. and over apiece. 70c: do.
S-lShS i1ft!1 lbs., apiece. WjyOSc.; do
pr'!a'FrK lUiSc."1"' T" W' BOc' : p'8Km:
iiIh.I,,:'5ED;1erln: "f desirable stock
Im j8?'1 Prl1'" flr.m wlth ,tn,,e '"" Frosh-JJ.I-?-
?'" L"1 lb.' 'elshlng 4.VafjB lbs.
apiece 20'-c: d . weighing 4 lbs. apiece, 20c;
do weighing 34 lbs. apiece. 17Tj1Kc.: do.!
weighing .! lbs. and under, lfio. ; old rooster
dry-picked. lIUc.: broiling chickens, nearby,
weighing 11,2 lbs. apiece. 10320c. ; broiling
chickens, nearby, fair to good. HlftKc.: chlck
'?"aU f.s'ern. ."HrfM lbs. apiece. lc; do., do.,
vft . I "'",. Vi0!' 1"('"' brolng chickens.
estem. l'ltts lbs. apiece. 17lsc; brolllni
chickens, Western, fair to good. 1516c.:
snual.s. per doz. White, weighing 11 to IS
lbs., per doz 4.1.-.ff4.50; white, weigh
ng (. to 10 lbs, per doz., KlBfl.73; white,
v curbing .S lbs., per doz., $2 23172.50, do., do.,
. lbs., per doz.. f 7532; do., do.. aCM lbs.,
f iriO ,l,S381'Ei dark ana No. 2. 80c.
FRESH FRUITS
Ap-
.' TT50&
1. nn. I. --"- .---.. .,',','.-.-,, vclAn.IV aim
. .-...oj ,, (Jin... jer lumper, .i)ir(jouc. Lemon
f.b".x,'..-ii,J.4.;. Pineapple, per crate-Porto
J!ic.0,r.'--'?."V:5V- Forlda. IHi.2.50. Cranber
ries. Cap.- i'od, Early tuack. per bbl.. t.UHi
.; cranberries, rape cod P.irU. nincw n..
.rate, Jt 7502. ranherries, Jersey, per crate
Dark, U.75S-2.2.V light. 11.25. Huckleber
rles per ,jt.. 4o. Peaches, Virginia, per
SVIbbas.ket' 5;i'"0c-: d". do., per crate, 73c.
3?J1, K,: n'?i. Delaware and Maryland. per
basket. 2of,.c.; do., do., per crate, 75c.WJl.23;
Tenches, Ponnsylania. per baskot Large
wMto or jellow. .-.ofiT.le.: medium, 35950c.;
peaches, Jersey, white, per Vbasket. 40c.Hffn
do., do., yellow, per "-basket. 40c.Sl. Pears,
tirarhj. per bbl -llartlett. No 1, $IJJ4.50; do.,
?, 2. 2.5n3. Clapp's Favorite. No. 1, $3..V
4 BO. do.. No 2, f2.5ifl3. other varieties. 2W
3. peare, .New York Seckel, rr bbl., 4H5.
Vrai. New York-Concord, per R-lb basket,
I..W1..C. ; do., per 4-lb banket, M) inc. ; grapes,
nouthern Delawares per carrier. lOfMAc.:
grapes Concord, per crate. 40f50e. riums,
per S-lb basket, 2dS25c. .Tanuloupes. Colo
rado, per crate, $1 157.1.2.1 do., do., flats. lOft1
Ouc Watermelons. Jere, per 100. ?5iJ;13.
VEGETABLES
at
lOVaiiVV do., do . fair to good, 13bt.iOc.':
part rktms, tvffllc.
POULTRY
I.IVK.In fairly llheral sui
Tho market quiet an I unchanged. White
pnu'oes, per hush -Pennsylanli. choice. HIT
05"".; do., fair to good, 53ff)V)c. . white potatoes,
Jersey, per haskei. 40f74.V. Sweet potatoes.
Eatern Shore. ier bbl.-No. 1. $1.7582.35:
No. 2, 7trf?Xl Sweet potatoes, N. l' per
bi.l -No. 1, ,1 731.2. No. 2, 7.1c. W$1; sweets,
lent), per hhl. No. j. J2 50ff2.73: No. 2.
l..riU9l,5. eets. JerMey. per basket. 409
5flo, inioi, Western and nnectlcut Valles".
choice, per 1'O-lb hg. Jl : onions, medium,
per loo-lb. lag 7,1ft(0c. Cabbasc. domestle,
per ton, flOUll. 1'elery N V. per bunch.
Iifj:i0v. Mushrooms, per 4-lb. basket. 50c.9
J1.09.
and
wmia lancj-, utuc.; nearby mixed Central nrt AT- 1 .1, oJ ....'
fancy, H fre.h flr.U, m?"1 ' S2,Bouthitte.ir,.BhoM ,ul Mlchl
of
rfirnnMH,iB ii
burgl., rogular quarterly 2VJ per cent., payabli
October 15 to stock of record September an
tTontlnental na and Klectrlo Company, of
Clraml Rapids, regular IH per cent, un pre-
'tr. ,v.a.nd. 4 .of l r cem- on common, pay
able October 1. '
Kansas Gas and Electric, rerular quarterly
IK per cant, on preferred, payable October
1 to stock of record September 25. ""
Pittsburgh Cool Comp.ny, regular quarterly
1V4 ner cent, on preferred, payable October 20
tu stock of record October 15 .ui .u
I'nlon National Gas Corporation. regular
quarterly 2V, per cent., payable October 15 to
stock of record September 30.
Virginia I'arollna Chemical Company, resu
lar iiuarterly 2 per cent, pajable November
'v.lT ,,oe) o rscora September M.
DeUwar. Lackawanna and Weettrn. reg-
w "v v iwku vMuuer a.
tl.e...l.....ll. J- ":.'
1 Ti . ' l uompany, rrxuur qtj
" PAVADia rwo ember 5
ttrlv II
stock of record October 15.
U4r-
to
Thfl rWU TtlnhnriM rVimnan. - r.-. ...
nlft,i2,,i?f q,i,rler,y lH 5r -. payable
October 15 to stock of record October f.
Southern California Edison Company regular
quarterly 1 so on preferred, parable oJtobSr
15 lo stock of record September 30. v'00,,r
rONDON OLEABANCES
Clearings through London banks for
the week were 181.$40.000, aealnst 355.
H,000 . year ago.
"KS3EI,S ARRIVING TODAY.
Antilles. Royd. Genoa, passenger and mer
chandlfe. Southern Pacific Co., docke.1 a m
Virirlnle (Fr.). Rounleaux. Rordeaux. pas
sengers and merchandise. cvmpagnle Generate,
Transatlantlque Co.. docke.1 8 a. m.
New York. Liverpool, jiassenger and mer
chandise, American Line, Dock at nuun.
Steamships to Arrive
DITE TODAY.
?fam. From. Sailed
Chicago Havre SeDt.ll
Mauritania
Name.
Adrlstlo
lianseat
Liverpool .
DUB TOMORROW.
Kroni.
Liverpool .
Rotterdam
Sept. is
..-.
at recently rev Ise,) prices. fnwi. ihtiVle
r. -4 ij i',i"c. uucki, rii i;flillr .
inrinp i i n i in ... - -
--. -..-' Ruiurtis, r l U:1", '
do.
"Ullg
imillBMlS.
I.nilKill AI.I.KV HAH.ltO.M) CO.MIMNT
Phllinlelplila. September 1H, 1011.
The Hoard nf Directors of the Lehigh
Vallev nallroad Conipanv hape thla day de
clared a quarterly dividend of two and line.
hnlf per tent, (or $1 2.1 per share) on It
preferred slock to stockholders of record
"pli'mber 2, 1014 1 and a quarterly divi
dend of two nnd one-half per rent, (or 11.25
per share i on l' common stock tn stock
holders of record 'eptt'.nlier 21, 1011; both
oanbte Oetoher 10, 1014.
Checks will be mailed.
J M. BAXTER.
Treasurer.
9V9RnsK
i
x ''s:':-..t
Steamships to Leave
Name,
Cretle
Chicago ....
America ...
Cameronla .
Olympic ....
lIlnnewRska
Virginia ....
For.
Naples ,.
..Havre ...
. Na pie . .
..Glasgow .
-.Liverpool
. .I.ondo!i ..
. Uorctcaux
Sailed E
Co... . O I Wt
T.- 4 9
Sept. 10
Date.
..Sept. 2(1
..Se.pt. 24 ,
. .6pt. 2t) ,
..Sept. 2 '
..Sept. 2H
..Sept. 2rt
..Sept. 3 i
THE MONEY MARKET
The rate for money at all the leading cen
ters today were quoted as follows
Philadelphia e""' V""
New York a , S ...
Boston .. . g " 2 S3
Chicago j J s
Philadelphia CumpnercUl paper thre eto six
months' maturlUes. T87H per cent. '
Impartial Unbiased Information
regarding Investment Securities was never more
needed than now.
How have the rapidly changing conditions affected
I your holdings? of course you wish to know, but do you?
Investors Service
Keeps you in touch nnr frequently warns Us users and
aids In a decision toward wise action. An information
service to Investors no "tips" for Speculators.
Call or write for leaflet "Vain Regrets" and register your request
for information on any two of your Securities no obligation.
In mt by 21 Banks and Trust Companies of this City,
H. EVAN TAYLOR, Inc.
702 MORRIS BUILDING
I
ii (of EVAN v
V ' MC- ff
1 Kf Itxuvunu -f
r vv.cv,cJy
' ft
'h rhonta.
g.W..j.-..N -v
PHILADELPHIA
PHILADELPHIA MARKETS I I
-" -inTBii rVtii'S.iiKMbi ii. 1 1 l..nu...
Bank Rtltrtm-tt
a... " ,N.J.Ui4aUl
&