"V '
"- -m'-s &$"
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EVENING LED4R-PHILADEX.PHIA THURSDAY, SEPTEMBER 23, I Dig.
?
15
FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD- MARKET REPORTS
GREATER OPTIMISM
, IS APPARENT IN THE
' FINANCIAL MARKETS
Trading Restrictions Being
Gradually Lifted Banks
Here Busy Working Out
Gold Pool Apportionment.
Aeklo from tho regular trailing which
is now belns put through on n. more un
rcslrlcted bnsls, both locally and hi New
Voi-k, Uoston mid IJatUmoic, the one topic
of discussion In flnauclnl circles hero Id
thfl rnlslntf of the $100,000,000 gold pool au
thorized by tho Federal Ilescrve lionrd
for relief of tho foielgn exchange situa
tion. Five of the big Ilnanclnt centres of
the countiy have already guaranteed sub
scriptions to cover tho big fund. Theso
are New York, Philadelphia, Chicago,
Uoston and St. Louis. Tho amount which
each of theso cities was asked to pledge
follows:
New York, $15,000,000; Chicago, $16,000,
(00; Uoston, $10,000,000; rhlludelphla, $8,
000,000, and St. Louis, $6,000,000. This
totals $$5,000,000, and the remaining $15,
000,000 It is planned to rulso outside theso
'cities. The clearing houses In all of the
flvo cities have formally pledged the sums
asked.
The apportionment of the amounts for
each city was bused on a special report
xnade to tho Comptroller of the Cur
rency of the gold holdings of national
banks at the close of business, September
18, two days In advance of the regular
call for statement of condition.
Members of the Philadelphia Clearing
House Association today received letters
from the Clearing House Committee stat
ing this city's share to tho $100,000,000 gold
fund to be $8,000,000 ana naming thu pro
portion of the fund to be paid by tho
Individual banks.
Accompanying the letter was a printed
copy of tho report of the Forgnn Com
mittee to the Federal Reserve Board, to
gether with subscription blanks and copy
of resolution to be adopted by directors
of the banks. The letter of tho Clearing
House Committee reads ns follows, the
amount living speclllcd for each bank:
Referring to tha creation of tho $100,0(0,000
gold lund, which has been approved by thu
Federal Reserve Board and which win consid
ered at a myelin? of the Clearing House As
delation, hold September 21, for jour Informa
tion, )ou will find Inclosed copy of letter ad
drened to the Federal ltccro Hoard by tho
(oniniltt"e which was appointed ny tho dele
gates from different f lenrliiK House Associa
tion! held In Washington on September J.
Tho sharo of Philadelphia In the creation of
this fund has been fixed by tho Federal Ite
ssrto Hoard as fs.000,000, and your proportion
of this amount, based on your gold holdings,
as reported to tho Clearing House Commltteo
en September 10, la f
You will itlso find inclosed form of resolution
to be adopted by your board of directors, au
thorizing jour Institution to subscrluo to this
fund, also subscription blank, which kindly
sljn and return at tho earliest date to the
Cnalrman of the Clearing House Committee.
Following receipt ol the letter sent out
by the Clearing Housn Committee many
national and Statu Banks and trust
companies today returned them to thu
commltteo properly Ailed out and saying
they were ready to bend In their sub
scription as soon ns It was called for.
The Continental and Commercial Na
tional Bank, and Its trust company wll!
contribute $, 103,570 to Chicago's $16,000.
COO share of the $100,000,000 gold pool,
sr.tl the First Xatlontit and First Trust
Company combined will contribute
$3,711,660. Three othor banks together
will contribute $1,000,000.
LONDON IS HOPEFUL.
Theie was more activity in securities
today, and sentiment was cheerful. It
Ras helpod by the announcement from
London that the moratorium for bills of
exchange, rent and trade debts would bo
terminated on October 1 and that the
moratorium would bo ended altogether
on November I.
End of tho abnormal period Is now
in sight, and Is stimulating business. Con
sols, wer llrmer at tiS and there was
buying of homo rallwny shares. Foar3
regarding tho dividends on Argentine
Hallway securities cautcd unsettlement in
thosu Issues. United States Steel was dull,
at 50,
Tho prohibition of Imports of sugar from
Holland Is confirmed and higher prices are
ookeii for.
Tho hUh rale for tho India bills yester
day Is considered as marking the climax
of uncalled for depression In discounts.
Buyers are more cautious. In tho dis
count m.irkot, rates for threo months'
HIls were 3H per cent, today and for call
loans U, per cent.
Investment houses hero continue to re
tort n. fairly good demand for securi
ties, one house having rocorded today a
! of 2 bonds of a public utility com
pany Chandlor Brothers & Co. furnish the
loll-mlng "bid nnd asked" riuotntlous on
btandanl Oil shares; Standard Oil of
y'wrYrk. I75S185; Atlantic Boflnlng.
JfV, : l'al""ila. 2C(Vf?270: Ohio. 15&JU59;
Trairle, 32SS3S0; Standard Oil of New
Jersey, .WyKQ; Vacuum. 155ftlF5; Anglo
American, I2',ygi3i; Pierce. 13315.
UOSTON TJUDUHS ACTIVK.
J F"h 'ly sees u further brightening
! ,flnanclnl situation. From Boston
came thu announcement todny that tho
rominlttee representing Investment bonne.
o, ins ln """"ted securities, had lifted
jne Dan somewhat on general uad!iih'. and
, ntled dealers that they may have
- -".- minime in tecurity transactions.
ine commltteo, after conference with
ne stock Kxchnngo Commltteo of Five,
"els that conditions have no Improved
Jhat nn Increased business Is warranted,
saving In mind the spirit which has pre
vailed In the weeks which have passed
since the closing of the Stock Exchange,
nd with the following rfatrlctlons:
, Trades above the clnbtng prices of July
M may he made without submitting the
same to the committee.
Tradis at prlcis under the closing
prices of July so ehould continue to be
submitted to the committee, who will take
Immediate action.
Any public advertising should first be
approved by this committee, and for the
time being circulars being sent out should
Tiot quote prices,
Subscriptions to tho $100,600,000 New
Tork cltv bond offering amounted to
netween two and three times the $50,
WO.OOO that was open to the public.
In view of the large number of appli
cations, tha syndicate managers nre un
"mo to state what the final allotments
l be In order to distribute the bonds
as widely as possible, the method has
been followed of allotting alt applications
up to $10,000 in full and aUo making full
allotments upon subscriptions received
from abroad. The balance of the bunds
Rill be allotted as nearly as possible on
a aro rata basis.
MONEY SITUATION HERE
HAS TIGHTENED SOMEWHAT
Brokers Have Difficulty In Placing
Good Name Commercial Paper,
The money market in this city Is light.
About tho only business being' done Is In
commerclnl paper, and money lenders re
port that even this has fallen off, com
pared with a week ngo( when mom In
quiry appenred than had been evident for
some tlhie. Counli-y banks wcr then
active, asking their city correspondents
to look over the commercial paper mar
ket for them for good name pnper. There
Is still some Inquiry from tho country In
stitutions, however, but not to any great
extent,
Itate.i nre holding tho same, call money
being 6 per cent, nnd commercial paper
nt 7 nnd IV,, the transactions made being
generally at the former figure. Paper
brokers, on their tour of the hanks, re
ported this morning that the latter did
not nppcnr to want any paper, and In
some cases they were having some diffi
culty ln placing paper for their custom
ers. Tho banks, ns they customarily do,
aro caring for their own customers first.
BANKS OPPOSE PLAN
FOR REDUCTION IN
CURRENCY INTEREST
Say Plan of Senator Smith
to Lower Rates for Emer
gency Money Would Hurt
' Market.
GERMAN CRUISERS'
ACTIVITIES CAUSE
WAR RISK RAISE
Sinking of Six Ships by
Commerce Destroyers In
Influences Increase to 5 Per
Cent, to Far East.
r
UTILITY EARNINGS
SULTIIWESTKHN 1'OWl.It & I.IUIIT i'o,
11114. Increase.
SJII.iVSS $I9.1$
lOT.ias l:.Kl
2.ti.V.IHkl nVll.liSl
l.lSI.&OU V.lT.lU'i
.uPJt gross
after taxes
& ... m0'1,h' gross
t after taxes ....
CITIR-a RVDVInf .-
Ka :'V months' gross 3,B71,iSi
" after expense 3,3TI.I'B
"l months' gross fVTituut
ll,iv- ,: , .307..170
.-'i months' gross S.727.0M
' , 3,62a,S0l
!ii.,..?AYT0N WER 4 uqHT CO.
teamT
isT.7n
I'jt.mT
2.30.7fa
'.MM.Cid
.1.0 IH,
2IH9S.
4.45
.7tft
Bankers In this city generally look with
disfavor on tho bill Introduced in the
Sennte ycstcidny by Senator Smith, of
South Carolina, proposing to amend the
Aldrlch-Vreelnnd act reducing tho rate
of Interest which bnnks shnll pay to tho
Government for emergency currency Is
sued to them on securities accepted by
tin. Secrctnry of the Treasury as col
lateral. .
Hcnntor Smith's bill proposes to reduce
the present rate, which Is 3 per cent,
for the first three months nnd a V4 of I
per cent, for oach succeeding month until
tho rate reaches fi per cent., to, 1
per cent, for tho tlrst 6 months and after
that 1 per cent, for each month over the
G months' period.
It Is understood that Senator Smith's
hill Is designed to meet demands of tho
agricultural Interests of the South, es
pecially cotton growers. Tho present rate
of 3 per cent., theso Interests hold, pre
vents tho loan of It to agricultural peo
ple who cannot get along without long
times loans.
Should tho rates of Interest on this
form of currency be lowered, bankers
hold, It would have an adverse effect In
that some persons, finding that money
was comparatively easy to get, would
bo Inclined to taka It out even if it were
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 nre nt pres
ent, so that Wie banks would wnnt to
return the emergency currency as soon
ns possible.
"Tho tnklhg' out 'of much of this
money," said one banker, "would result
in a lot of 'Mat' money being ln circula
tion, and pretty soon there would not
bo any gold In the country with which
to redeem It. Thp rates should have
been kept nt 5 per cent. Apparent
there Is no urgent need for money In
the South, or the banket n would be
perfectly willing to pay 3 per cent,
for It."
FINANCIAL BRIEFS
TitlS''1"
wtVt ninnrh.'
!.(.
eamiojji .
grots
$72.0,17
31 800
UMMM
tts.sat
14.600
J2S.71S
US, WW
Announcement was received here to
day from Dallas, Tex., that the team
representing Philadelphia Chapter, Amer
ican Institute of Hanking, won a unnnl
mous decision In a debate over Gov
ernment ownership of telegraph nnd tele
phones lines at the annual convention
of the organization. William W. Allen,
Paul n. Detwller nnd Robert W. Fry
were the local debaters. They opposed
Government ownership.
From New York comes the announce
ment today that Charles W. Morse has
offerod to form and finance a holding
committee to take over all the assets
of tho National Bank of North America,
The Wilmington Trust Company, which
was appointed receiver for the Securities
Company of North America, hns filed a
bond for Jl.OflO.OOO. The bill of complaint,
which was filed by Ward, Gray & Noarl,
counsel for William D. Fell, a stock
holder, alleges liability on the company's
certlllcates of $1, 037.004. while loans to
certificate or bondholders were $30.1,233,
leaving a net liability of JT31.7K. Cash
on hand and other assets are valued
at JSI7.0C9.
Kdwnrd Mlth was today elected presi
dent of the American Shipbuilding Com
pany. Directors or tne company decided
that because of frilling off In earnings
nnd present conditions ns a result of the
Kuropean war no dividend on the pre
ferred stock of tho company should be
authorized at this time.
Lewis Nellson, secietary of the Penn
sylvania itallroad Company, arrived home
from Kurope on the steamship Olympic
yesterday, and is at his office today.
The Norfolk and Western Railway
Company has filed with the I'nlted States
Supreme Court a brief seeking to show
that under present conditions the West
Virginia 2-cent passenger rate law is
confiscatory nnd unconstitutional. In
some quarter 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-Ilarre Coal Com.
pnny. for the sear ended June 30, mined
and shipped 5.222.343 tons of coal. This Is
an Increase of 34,122 tons over the same
perloa last year.
RAILROAD EARNINGS
CHICAOO AND AIrON.
Activity of Gorman commerce destroy
ers, which recently sank six stoamshlps
In the Day of Ilengal, has caused an ad:
vanco to flvt per cent. In some classes
of war risk Insurance mtcs, and has In
fluenced tho -American Institute of
Marine Underwriters not to quote any
rates on vessels bound to countries
bordering on or n.ear the bay.
The udvanced. rates will apply particu
larly to countries on the enst and west
coast of Africa; In the Antipodes and In
tho neighborhood of China and Japan,
where German cruisers ore said to be
particularly active In their raids on commerce.
The table below, prepared by the Amer
ican Institute of Marine Underwriters,
shows the rates ruling this week for
war risk Insur.inco on exports of general
merchandise shipped through Philadel
phia, New York and Boston. These rates
were recelvod today by local underwriter.
Tho institute mnkos It plain thnt they aro
not tu bo accepted as current figures
and that It Is not Imperative that they
bo followed 'In the writing of risks. The
matter of proper rates to ho charged ln
left entirely to the discretion of the In
dividual underwriters.
Tho rates nre percentages of the cargo
values.. The first column covers vessels
flying flags of belligerent nations, except
Germany and Austria, for which no rates
nre quoted ; the second column, ships of
foreign neutral nations, and the last col
umn for American vessels.
To
I'tiRlnnd nnd Scotland, nest
coant, and Iroland IH 1 1
London, English and Kreneh
Ch.innel poru '.".i lit m
KriKlnnd and Scotland, eaet
coast, north of Straits of
Dover 5 5 $
Atlantic Kuropenn ports, Havre
to Ulhraltar 3 IVi l1?
.Mediterranean, not east ol
Sicily 3 2 IH
South Africa 5 m 1
West Africa 5 , lit l
Eaat Africa
Via Cape of Good Hope 6 1V4 1
Via Suez 3 2 1
Australia, New Zealand,
Straits Settlements
Via Suez fi 2 IVi
Via Utpe of Oood Hope.... S 2 lU
Via Paclrtc coast C 2 IU
Via Panama Canal, 5 2 lVa
China and Japan
Via Suez .1 2 US
Via Cape of Good Hope S 3.. IH
Via Pacific coast A Hi I
Via Panama Canal 5 IH 1
Iicrmuda 1'U iu I
Cuba, Porto Rico 2U It, 14
Other West Indies 2U IV, 1
North coast South America.... 25 lit hi
Argentine and Uruguay S 2 l'.j
West coast South America
Via Panama Canal 3 IVi 1
Via Magellan fi 2 1
i:ast coast Central America.... .'I lj It..
West coast Central America
Via Panama Canal 3 2 1
Via Magellan , .5. .2. 1
Nova Srotla, Now Drunswlrk,
Newfoundland ., 2 1 1
STEAMSHIP POOL- WILL
bEFER ITS BOND INTEREST
International Tfferrfantlle Marine Sayn
"Wftr Has Had Disastrous Effect.
It yns, announced officially today that
payment of Interest on the tntemntlorial
Me'rchaht,ll' Marine Combany's 4,, per
cernVWidfl, due Opthbcr 1, will be defer
red. Directors of the company Mvd de
cided thnt It will Ije.for the best Interests
of Its secqfl'ty h.oldcrji, lo. permit -the
iit,'i,lliirv fnMnntil)4 'to conserve their
assets In view of f present disturbance In'
unancai marcn. . ,, .
An announcement by the company, cents
attentlph to the 'fact that since January
1, 10H, business In lwtK Its pasmser and
freight depot tmenta 1ms been very' un
satisfactory, and that 'the company" "hns
not fully earned Its fixed chargrrt for the
period Which ended July 31. Under Ordi
nary operating conditions, It might lw
reasonably anticipated thnt the dertclrney
would be made up during the remain
ing five months of the fiscal year.
The European war, however, has
brought, the entire ocean transportation
situation to an extremely unsettled con
dition and has necessitated the complete
withdrawal of the compay's Red Star
I.lno service to Antwerp, Tho company
say )t Is, therefore. Impossible to. form
any estimate of what Its earnings may
bo for the balance of the year.
RUSH MILEAGE
BOOKS BEFORE NEW
RATES BECOME LAW
$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 golnR
Into the West because of enormous crops
is shown In the fact that Blnce the 1st
of July more than 80.000,000 ousliela of
wheat, Including flour, have been shipped
out of this country. The average price
obtained was approximately DO cents a
hushel, which means a total of about 72.
000,000. All of this money, less an average rale
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,
and that the average price from now on
will bo well over the dollar a bushel
mark.
Railroads Report Big De
mand From Travelers
Anxious to Avoid Quarter
Cent a Mile Raise.
Since the railroads announced that aft
er October 1 there will be nn Incrrnse
from 2 to 2U cents a mile in tho rates
to be charged for mileage books there
has been a big demand for existing books
on tho Pennsylvania and Heading Hnll
roads from traveling salesmen nnd others
anxious to get In their supplies before
the increase becomes effective. Agents
generally are reporting an exceptional
run on the books now In use. "While
the schedule of new rates has already
been filed at "Washington, they havo not
yet been approved by the Interstate Com
merce Commission.
The "Reading Railway -will Inaugurate a
nevf feature In connection with Its In
terchangeable mileage books after Oc
tober 1. Heretofore these books have
been good only for use on certain lines
In the East. The term "Interchangeable"
was appparently n misnomer, since there
were, only certain railway Systems, atdde
from the Reading, on which they would
be accepted. "Cnder the new arrangement
they -will be accepted for fore on virtually
all lines east of Chicago.
For the regulation $20 mileage book,
good only on the system which Issues It,
tbc new rate will be T22.50 for 1000 miles.
The new rate for the books with Inter
changeable features will be $25, with a
rebate of $2.50 when;the hook cover nfiair
bo turned bnck to the company. The re
bate now nmounts to (G. These books
will not be transferable.
NOTES OF THE RAIL
COTTON DEALERS ASK
DIRECT LOANS FROM
FEDERAL TREASURY
President, in Non-committal
Reply, Cautions Against
Setting Precedents That
May Be Detrimental in the
Future.
WASHINGTON, Sept. 21. A delegation
of cotton men from the Farmers' Union,
headed by Charles B. Barrett, of Cleor
jrla. called on "President Wilson today
nnd asked him to support Kepresenta
tlvc Henry's measure permitting direct
loans to cotton planters from the Unit
ed States Treasury. The rrcsldent
took their proposal Under ndvlsement.
Tho cotton men believe that If they
can secure direct loanc from the Gov
ernment It will' relieve them of their
troubles. They think that In this way
the price of the stnple can be main
tained. Among those who took part In
the conference were "Representatives
Uartlett, of Georgia; Henry, of Texas:
Hobson and Hoflln, of Alabama, and
Murray, of Oklahoma.
President Wilson's remarks to the cot-
tin men were as follows:
' Of course I need not say, gentlemen,
that the gravity of the situation Is very
manifest: and I wnnt you to know that
T have beon Riving ti groat del of at
tention to it, with the earnest desire to
sop some way by which the difficulties
could be solved without committing the
Government In principle to nny nctlon
which would plague us In the future.y
"The danger of the present situation
is that under tho pressure of what np
pears to be necessity we should make
some radical departures from sound
pTonomlo prnctlce which In the future
years we would very much regret. We
have ent to make great sacrifices not
to make fundnmental 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 nre so strong:
just as 1 feel It so necessary for us In an
International situation to guard even' Im
pulse and see that wc do not make nnv
mistakes which future generations will
have just cause to blame us for.
"Rut I want. you to know how sincerely
I appreciate the gravity of the situation
unci how entiiely willing 1 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's Threats of Exposure.
No worrlment Is felt by bankers In this
city because of the threat of 8ecretnr
McAdoo to withdraw emergency currency
from banks which borrowers declare nn
lestrlcting loans needed tor legitimate
commercial purposes. The Secretary Is
Insistent In his declaration thnt many
large banks throughout the country nre
doing this sort of thing nnd he snyB he
will .innltn public the names of any mieh
Institution found guilty of the iirnrtlce.
An executive dfllcer In one of IMillnllel
phlH's largest linnkn this afternoon ox
pressed the opinion thnt none of the hlw
hanks here hnve even been suspected of
hoarding and thnt so far ns Philadelphia
financial Institutions nre roncemed. hoi
rnwers Who need funds for trade pur
poses are being nffortled every facility.
"Secretary ilcAtlno's plnn to mlhjeot
such hitnkB to a system of 'pitiless pub
licity' Is nppnrontly In good form," snlrl
tho hanker, "but there neetl be no fenr
of the names of any Philadelphia, hank
being put Into the list."
FOREIGN EXCHANGE
A recent development In the foreign
exchange market Is the establishment
of direct exchange relations with cer
tain of the neutral rountrlep on tli
Uuropcan continent. The war anil re
sulting tinaittlsfttctory Hiatus of the
sterling market has led Importers of
Amerirnn mernhnndlse In those coun
tries to hnve consignments financed
through "New York Instenil of London,
ns was the regular practice prior to
outbreak of war. Demand sterling
easier today at 4.9j1fM.9'Vi; cables
firmer.
WHEAT AT CHICAGO
STARTS WELL BUT
WEAKENSAT CLOSE
Early Strength Based on Bet
ter Cables From Liverpool
and Small Receipts in the
Northwest.
MOKE DIVIDENDS DEFERRED
Ilecause of existing business conditions
the directors of the following rompnnles
today decided to defer nctlon on divi
dends (lue at this time, nnd ronceive their
nssets.
The Atlantic City Company on preferred
stock, which is due October 1: United
Htntes Smelting. Refining and kilning
Company. Hi per cent.. To cents, nn com
mon. The regular quarterly dividend on
1 per cent, wits declared on the pre
ferred, pnynhle October 15 to stock of
record September SO.
GET LOAN ALLOTMENTS
Subscribers In this city to the New
York city B per cent, bonds received
notice today of their allotments. Only
") per cent, of the subscriptions for the
three yenrs was awarded In most capes.
.More than this woj nwitrderl on tri
two-year bonds nnd fhe full amount on
the one-year notes. A trust romparrT
which was nwarded some or the bonds
and notes was offered 101 for Its allotment.
PORT OF PHILADELPHIA
Sun and Tides
Sun rise ... .V4D a.m. I Sun eets.... Si'.v; p.m.
PHILADELPHIA.
HlKh Water. 4:4(1 a.m. I High nnter. r..W p.m.
Low watc. . . . a.m. I I.ow water.. 12:01 p.m.
UEEDY ISLAND.
High water. l:!ISa.jn. I High water. 20R p m.
Low water.. 8:inR.m. I Iiw water.. 8.50 p.m.
BRHAKWATEn.
Hljrh water.ll:24 a.m. I High nter.ll:S7 p.n.
Low water.. 4:R2a.m. I Low water., .".."p.m.
COTTON EXCHANGES OPEN
Reopening of the cotton exchanges
now Include Dallas, Memphis, Montgom
ery, New Orleans and Savannah. The
New Orleans exchange, which resumed
business today, Is regarded as giving ti
brighter outlook to the holders of cot
ton and to all whoe business is de
pendent thereon. This opening, It l
expected, will be responded to by con
siderable cotton buying throughout the
country.
STEEL TREASURER RESIGNS
At the monthlv meeting of the Cam
bria Steel Company, held here today, A.
I'. Hoblnson resigned as treasurer and V.
U. Gehly, secretary, was elected to suc
ceed him. Mr. Hoblnson was granted a
leave of nbfence until January 1 owing
to 111 health. He will, however, remain a
vlco president of the corporation.
BAR SILVER
Bar Bllvcr in London today remained
unchanged as to price. Quotation was
2!'4d. There was no change In New York,
the quotation remaining at &" cents.
PUBLIC UTILITIES
Keron'l week September.
Juiy i
Keron'l
Ftuh-.
11)14. Decreate.
:'vi.t; tw.oos
S.U'I.Wl 20U.2SS
OltANI) TltUNK WESTERN.
, . .. 1014. Decreate
TMril week September ll.asj.KIl SSI 210
Krpm July 1 j i2.si5.osi r.8,s2u
SOUTHERN PACIFIC.
ll. Decrease
August ros Mt.ni2.1ST .Sl.ai2
Net .'I.-1.14R7S isnys
Two month' uroja .. 2.l.:i0fi.0IT Tloojrt
Not :.tit:.45i sus'wa
HL'J'FALO, ItufllKSTER AND PITTS.
Tlilrd week September.
Irom July I
f21S.!2
2.C04,87
K. 0.1 1
302.000
NEW YORK BUTTER AND EOOS
XBW YORK, Sept. ZI.-Hutter. qu!t
receipts, 7595; creamery extra, JOesic
Slate dairy, tubs, 2Jic.; Imitation
creamery, firsts. !4SMHc.
Ebb-DuU; receipts. 11,802, nearby
white fancy, 3Sc ; nearby mixed
fancy, 29c,s fresh first, SlgMc
All previous records for production of
natural gas In the United Htates were
broken last year when the output
amounted to 581.89S.239.000 cubic feet,
valued at $87,846,677- This compares with
a production of 562,203,452,000 cubic feet,
valued at SS4.563.957. In 1912. Of the
total product, about 32 per cent, was used
for domestic purposes, or 184, 885.062,000
cubic feet, valued at 150,522,415, and 6S
per cent for Industrial purposes, or 337,
012,577.000 cubic feet, valued at 137,324, 262.
West Virginia led In production with
245,453,985.000 cubic feet, valued at 3l.-
'. j-ennsyivnnia was seconu with
an output of 118,880,260,000, valued at 121.
695,, 845.
Northern California Power Company,
which serves the territory north of the
Pacific Cias and Electric territory,
reports gross earnlngb for the seven
months ending July 31, of $487,000, an
increase of 138,000 as compared with 1913.
In four years the gross earnings have In
creased 89 per cent.
Local stockholders of the "Wa'vlanri nn
and (las Company learned today that the
South Penn Oil Company had Increased
Its purchase of oil from 60 to 100 per
cent. In the West Virginia 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
nHntr.al Jlne wUl aPPar before the
Illlnol State Public Utilities Commission
on October U to set permission to com
plete consolidation of the New York
Central and the Litf-. show imd lllcbi
4abSouthero Railroads,
To vote on the approval of a refund
ing and Improvement mortgage cover
ing tho railroad properties, rights nnd
franchises, n. special meeting of the
stockholders of the Erie Itallroad will
be held on October 13.
President Harrison, of the Southern
Railway, wants the next nnnual meet
ing of. the compnny, which will be hold
on October 13. to be "more than the
conventional routine." and looking to
ward this end he has sent a lPtter to
stockholders asking their co-operation.
Stockholders are Invited to nsk questions
01 me management.
"The only hope for our rallronds. if
they are to remain under private owner
ship. U that there be an Immediate ad
vance allowed ln their passenger nnd'
freight rates," said B. F. Rush, presl
dent of the Missouri Pacific and the
Denver and Rio Grande Railroads. In
an address before the Missouri Pacific
Association. "A moderate advance in
the rates that would afford the railroads
the desired revenue would not appre
ciably increase the prices of nny com-
moauy 10 xne consumer.
The New Hnmpshlre Public Service
Commission has denied the nppllcntinn
of the Boston nnd nlne Railroad and
the Grand Trunk Railway for permission
to Increase passenger mileage rates from
2 to 2Vi cents a mile.
Rate cases Involving allowances to so
called Industrial or tap lines for hauling
cement In the eastern producing district
will be taken up by the Public Service
Commission of Pennsylvania early In Oc
tober. Important ouestlons niTertin inl
and other commodities will be raised.
til!"iin'w north R,ld 8m"h route of the
Hill lines between the northwest nnd
Galveston, which affords a saving of joo
miles in distance, is to be put in opera-
wi ..uvrrawr 1 nun a tnrough train
service, and tho understanding Ik that
the Trinity and Brazos Valley ill! 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 lanu
In BufTalo as a site for a terminal
S,uMkt,eirnllnr to thos It operates In
t hlladelphln. tt.irrlRbiiriT nnd Pittsburgh
Vessels Arriving Today
Telia (Br.), Jameson, Port Antonio, fruit,
Atlantic FYult Compnny.
Quantlro, Thatrhrr, Poton. passenfrcrs ami
merclunlle. Merchant and Miners Transpor
tation Company.
Snilinfr Todny
Str. Tuscan. Howes, Saannah nt Jackson
ville, Merplinnts and Miners' Transportation
Company.
Str. Persian. Nlckernon, Roston, Merchants
anil Miners' Transportation Company.
Str. New York. Schultie, New York, Clyde
Stp.imshlp Companv.
Str. Ericsson. Willis, Baltimore. Ericsson
Line.
Schr. t'.eorRla I. Jfnklns, Mclean, St. Pe
tersburg. Fla., A. D Cummins & Co.
Frhr. Percv BtriHall, Rlnes, Charleston.
Charles T. Meree & Co.
BANK CLEARINGS
Rank rUorlnse today compare with corre
sponding day last two jeari
inn. 1 11 in 1,110
Philadelphia .?21.WW.2.I Ia4.1rat.t2n J2l! I ,?, 'tin
Boston 17.324. 7117 22 4nr,.t Hi 2tl'.-2!l'l,IH
New York.. .1W IW4 41 2!i2 7i'.-,.,01 ti'm'.'iiiv,
Chicago ... 41. 41(1.244 47 .1"S in- Vi a 111"
st Louis ... io.iiu.n7s u.2nu!i7:i li.irisi2
CHICAGO, Sept. 24.-Hxcept for a brier
period nt the outset, whent wns heavy
todny, becoming weak near the close.
Dullness was the chief characteristic.
The strength ently was on better cables
from Liverpool and smaller receipts ln
the Northwest.
Considerable interest was manifested In
the heavy buying of wheat, presumably
by foreigners, on the Pacific coast.
I.nrge quantities of new crop have been
taken within the last two weeks 'In
Oregon nnd Washington. Hlnce the be
ginning of the wnr Atluntlc-America has
Inrgely monopolized the world's export
wheat trade.
Interior receipts today wero 2,910,(00
bushels, nnd for the we k thus for U,
277,0") busheli. Senboaid Hour clearances
today were 32.no) barrels, nnd wheat 923.009
bushels. Cnsh sales were li).",V) bushels.
Futures closed 1 to P4 lower.
Corn wan a little llrmer at the outset,
but developed weakness later Specula
tion wan nt low ebb. Shipping trade Wa
equally unimportant and the country wan
selling no rorn. Cash sales were 35,000
huHhels. I-'uturen closed to 1 cent
lower.
Oats were quiet, finishing 's to 54 cents
lower, f'nsh Hales were W.0OQ bushels.
ProvNIotis broke badly after showing
firmness uarly.
Lending futures rnnued as follows:
Wheat - fJi'..n. HlKh. !.mv foe oloie
Sctnmtier . l.o1! I.ivi 107 1.07 1 OSii
I(e,ernlir 1 12, 1 12 1 nil, 'Lint, 'l.nZ
.Mn. . '' I.'-'04 I 17&t!.17! tl.loS
lrn (new rNdhery)
Fei'temher .. 7S 7" 77 77 7S
rxemhr .. 72 72 7n', , lOti fl14
M3a, " V 74' '" " "
Heptenil-r . I7U 47S 4G' 47 UT
Iie'-emher .O'. .vii, ii 41,1, -miC
May sit m r,24 -rail ."
Lard
September .... 11.40 n.4.1
Ortober . . i( IT ll.r,2 D.42 0 4.1 0.45
January ...10.02 '.1.112 li.K.I O.OS
I!lh
September .. 11.4.1 11,37 11.37 11.38
O -toiler ..111 till 101IO 10 () 10.SO I0.S5
January . .10.." 10.r,2 10.2.1 ln.,17 HI.S7
I'ork
September ..17 7.1 t17.R2 17.7S
Janu.iry .."20::o 20.2T, Hi.3.1 li).7o 20.23
Hid. tAsked.
ANOTHER CUT IN SUGAR
The Federal Sugar Refining Company
this afternoon announced a further re
duction In Its price of refined sugar of
a cent a pound, to G.2.j rents, less 2 per
cent, for cash for fine granulated. Other
refiners rontlnue to quote 6.75 cents. Raw
sugars al'o declined Spot falling Vi cent
tn 5.02 cents.
PHILADELPHIA MARKETS
Stenraships to Arrive
PASSENODR.
Name. From. Date
Mongolian Olasicow Sept. lfi
Mampalta Naples Spt. IS
Dominion I.Ierpool Sept. 16
FREIGHT.
City of Durham Calcutta Sept. 1
Zulderdjk Rotterdam . ..Sept. IS
Amsteldk Rottetdam ... Sept. 1.1
Start Point London Sept. 12
Man Mariner Manchester ...Spt 10
Adolfo Huolva Sppt 14
SturmfelB Calcutta Snpt.
I'anadta Stavanser ... Sept. IS
Zerenbergen Cardiff Sept. 18
Rnpldun Lelth Sept. 1U
California fopfnhanen ...Oct
Missouri London Sept. 22
pakotan IIIlo Sept.
Steamships to Leave
PASSENGER.
Name. For. Date
Carthaginian Glasgow Sept 23
Dominion Liverpool Oct. :t
Stamralla Naples Oct. 6
FREIGHT.
t'ranienborit Copenhagen ...Spt.
Man Exchange Manchester . . S-pt.
Maine I.ondnn Sept 26
yulrterdyk Rotterdam Sept. ro
Dunla Cojunhagen ...Sept. 23
West Point London ... .Sept. 50
(Mnadln Christian! . . Oct. 3
California Copenhagen .. Oct.
GRAIN AND FLOUR
.iiUl'f12: nerelpts 7r, B2S bush. Prices de
clined ls.v under lower report from tli
v est. tTar lots. In evnnr: (.l,tnln, v. -..i
Jpot and September. JSl.Oimi.l4 No.' 2 r-1
?l"o-in2.11 " IV N ' Vl,rth'rn Iuluth.
i,..f 'OKN Receipts iwino hush. Trade quiet,
nut price H mnlntnlned. Car lots fn,
L?1,ir""I'' " '" "'.cation No 2. ello,
SMffSNc . steomr jellou, h7i,ji n.c
OATS. Rcelpte. Ii.1.300 hush Prices
steady with demand fair and offering mod-
lrh... SRrJi- u'hile' ""vft-15i- ; standard
white. WstWlje , No. 3. white. .'..It. a. 14c.
I-I.OIR. Receipts. 218.1 Mils. 1.22S222 lbs
In sacks. The market dull and weak under
straight, lfi...s.',. do.. patent .l. ms.l"..
Kansas, straight. Juf sacks. .1.2'B.1 .10 do
K.,.J,,'iJ7wac.k"' '" spring, flrs't
clear, 4.7.Br.. do , straluM X.1.1nsj.1.4i: d"
SV."11;.--1'-'- " faierlte i.ran.U. rt?i'
e2V' ty m " cbolr- and fancv patent. (lf
5'.25i.cJty P""9- "SUlar grades -Winter. clnr.
r'Wjrt" ' tralKnt' "" '" no., patent.
il. but quiet, at
.-RV-5 FLOUR. Steadily hel
jr-5.10 per Ltd., In wood
DIVIDENDS DECLARED
Otis Klerator fompany. regular quarterly
llj ir cent, en preferred and Hi pcr cent
on cemmrii. paalle October 15 to ttock. of
record September SO.
aton and Albany, regular quarterly 21.
Z?C,tnh- Psvsblt Mceemter 31 to stock of
re orj Norember 80.
t'nlon Natural (Us Corporation, of Pitts.
nlTKi'A1';" ,'u",',r' 4 jer lent . payahlr,
October IS to stock of record September 80.
ni?i' nnt7i "" Bn1 EM""' Company, of
Ornd Rapid regular Hi per cent, on pre-
ISSUS&X? X ''cr com " commo'1' r-
Kausaa Gas and Electric, regular quarterly
11, per cent, on preferred, lyab). October
I to stock of record fceptember 25 "tiooer
Pittsburgh Coal Compn), resular auari.rli
H, per cent, on preferred.' raysbli 1 O?iobei ' b
to stock of record October is. "ttooer -G
Cnloji National Gas Corporation rmir
quarterly 2 per cent . rabl October ?o
stock of record September SO. lo
Mrginla Carolina Chemical Company regu
i,a '.3i.'iHM TNov.tnKr
Delaware, Laikgwanna and Weattrn rec
ti ar quarterly 2H por cent .payable llctitr
21 to stock of record October 3 '""" l,c01-
i.Ju"!'!''!.." CMnipany. regular quar
.Scl 2J r.co'rd'otKb.rTr1 ""' '
ntaruartTrly1? SafSffiWi
October 15 to stock of ricorroctJber 8 "
Southern California Edlaon Company regular
I.ONDON CLEARANCES
FREIGHTS AND CHARTERS
Chartering la limited, due to the icarcltj of
tonnage Rates are unchanged. Exceptional
duineu nil's ins sail market.
STEAMSHIPS.
Fernmun 'Br I, Galeiten to Hull, grain
2ilC0n quarters. 2s. 6.1. prompt ".
ftratsbcrg iNor.i. 2US tons, time charter
general trades, three to six months, at or
aliout 4s. td.. prompt
Nellroie iRr.). 227 tons. Fatannah to
uiicu rvniKuum. ruitun, oasis at cents, one
Gulf to
prlvats
to
nort. nromi t
Crown of cordoa Rr ) 2233 tons.
I'nlted Kingdom or France, flour,
terms. Pcntember-Octeber
ltonndal iNor S02S tons. Baltimore
Haana. coal, prttute terms, nromnt.
Kromtad iNor ). Wtv tons. Cjuobec and
Point du Chene to Glasgow, deals. 42s. til .
prompt.
Nevlsbro.ik (Hr ) IffiS tons. Gulf to I'nlted
Kingdom, timber, prlvats terms prompt.
Foreign steamship. . T00O tens dead
weight Montreal tn Haire hy. J7 for com
pressed, 213 for non-compressed, October,
PORT OF NEW YORK
vessels mniviN'i. today.
Antilles. Hojd. Genoa, passengers and mer
chandlne. Southern Paclflc Co . docket Ram
Vlrflnle iFt). Hourdeam, Hnnleaui pss
sengcrs and merchandise. Cornpagnla Generale.
TrsutatUntlqu Co . docke1 Ram.
New YvrU IJverpppl. passenger and mer.
ct.andlse, Amerd-an Line (V-k at noun
Steamships to Arrive
IH'B TODAY.
Name. From. Sailed
Chicago Hare . . Sept "4
Mauretanla . Lterp4nl . Sept IS
DUE TOMORROW.
Name. From. Called
Adrlatto Llveriool Sept 18
llanseat Rotterdam Sept. 10
PROVISIONS
Were quiet and hsreH te. niy bef In
sets smoked and nlr-drld. Xl::2r . Western
bef. In et. smoked, Slfiliv. ctt beef.
?"".'' J.1"1 '"nders smoked and alr-drleil.
2.vr-' Jiiy,rn bS"'j Knuckle, and tenders,
stroked. 32fi.14i.. beef hams. 40H43c . pork
jam y. J2.j27. Hams. S p 'cured, lce.' i:,'.
''IV'.. do., skinned, liitc, inv-eiRc , do."
do., moked, lMtltir . othr hams, smoked. clt
cured, as to brand and average. liriftc.
hams, smoked. Western cure.1, lysine, do
boiled, boneless. 2Sjt2. . id, nic shoulders. S
P.", red. loose. 12ttlii,r rt.. smoked. Hffl-i-:c
',5r'liV- ln P'eX'e. according tn average
loose, ir,i,lfl,c. breakfnst bn.i.n as tn brand
and average, city ruied. 2P821.- . hreak'iut
bacon. Western cur.d 2l2.1c. Urd. Western
?Ii??;,,,,'rc,-.s' ll'tllc do. do., do. tubs.
lliSU,c. lard .pure clt. ketile rendered.
renfe' in ' tu?,,.1 Yi 11" MtU'
SUGAR
J.I-Ihll, Trade slniv, hut the market
f.WneJ. 'he U'6 ,"K;"n''- M-ndard Trnnu
lated. O.Vic., fine granulated. C 7.V . pow"derod
i'.WQ ;.ntf,:tiontri A- "i""- soft KTudej.
DAIRY PRODUCTS
AlJ-Tr?"' Tra5r Nry ul,t a"d prices
?r "a$.V f'neral pressure to sell. wUuin
U& "h' "-f-aeKed irwinwri, fancv. spe. lals.
2ii """ S1i'-' i,r" ""'" a"t-. firsts. 2'i
e-.1"jc: seconds 2r,Tf.-7sc. . iRdle-pa. ked sirt
-lc , as to qualitj nearbj pr'nts. f anrv . 34c,
?,- '""'"" extra S2ii.i.-.. ,o. nri,l ;ti
lie. do. neconds 27r2c SieilHl fancv i,rr,.is
of prints jobbing at Vvio. n raI""
i ?i!(!S Strictly fine fresh stock well
cleaned up and steadi l"it undergrade, dull In
free case neartiv .xiras SI, ,,r doa.; ne.ir
bj firsts, mo rer standard case. n. urhj "
rent receipts. 7 2otr7 10 ter standard case.
ST.VC7.oO per cafe. do. Ke. n,U til I'ahri ,vi
r'r r!' Candled ant recrated fresh eggs
qu'aHty ' Ut "' tf ,Ir Ir dnI ' "
ClIKKB. Desirable stock well cleaned un
?5Jl.ri?rer,r'; xfw y,rk fulleream "hi!
dtrarV.k,l,04c",,r ,0 eM4' l'V""'
POULTRY
I.IVn. In falrl liberal sunpU and nulet
at recently reuse,) prices Fowl. WiVr'
pM roosters VitfXSc spring hh kens a cord
ing t.. qualitj 14Slc. du.k. ,,.l lif,l '
do., ap-n,. Hflll- guineas. , r 'ii, ,,",
weighlnu 2 lbs and over apiece TOc ; do.
weighing l'jtil4 lhs apiece. eotTCIc.: do..
pV?!" t-.t.lis.R.Pl'e' "'"" OW' '" P'eon-
uJinKnli1"rl'""' ot 'leslrable stock
lent and prli e firm with trnde fair. Freah
kllled fowls, e, ii,., weighing 4v,fln p,,
apiece, .(iiji-., do. weighing 4 lhs. nplece, 2(e :
do weighing .Ha lbs spleen. lTdlhc; do..
weighing ': lbs. nnd under. IKc : old roosters',
drv-rlcketl. l'ltjc . broiling chickens, nearby,
wolphliig ls62 lbs aple.e. l'HJi'Oc ; brolllnr
chickens, ne.trbv. fnlr to good. IrtfllSc . chick
ens. Western, .'t,5fi4 lbs. aplce. liic , do., do.,
.'jfl.l lbs apiece, in,.. broiling chickens.
e.tom. mjts lbs Hidecp utisc. , brolllnr
1 1 Icken". Western, fair to good, IMrlQc.;
siiuntH. tr dnz. -White, weighing 11 to 1
ns., per doi . J4 1.1B4..V). white, weigh
ing n to in lbs. Wr doz. ilfl3.7r,: whits,
weighing ; lbs. ,.r do.. J2 2.1fr2.ftl, do. do..
. lbs., per do . 1 7.10 2, do. do. CiOU lbs..
rrii I1-''''1-'"- dark nnd No. 2, OOc.JJ
FRESH FKUITS
Trnde fair and prices generally steady. Ap
I'5iTrhbl Graven'.n. Jl .Kifl2 2.V, Blush,
si ..i..2.. other gid efctlng varieties. TTSo
-... medium, lieii.Mi. apples. Delaware and
t'onnsylvanla. ner hamcer .In
ifTZfL I mnnm
er b.x. J1M. Pineapple, wr crate Porta
Ki'-o. Sl.2",:i.2ft. Florida. Jbfl2..vi r,Ai-r.
ries, r,lPo iv,, ltrly Ulack per bhl . S4.5O40
... cranberries, t ai- 'od. Early Plack. per
crato. l.,.ti2. .ranhecrles, Jersey, per crate
i nrK. ii...2 2.i light. Jlirt2.1. lluckleber
SfTw 1" '"JPX Reaches Virginia, per
o-Ib. I.isket. 21ft. Vc ; dr.. do., per crate, TSc.
r". -"' l'2- Delawate and Marjland. per
basket 2.19. Be., do.. ,n.. per crnte. 7.V.1.25;
fenches. Pennsjlvorr'a per basket Utrge
wMte or vetlon. vc.ic.. medium .ISfiaOc..
pea, hee. Jersev. whlt. per S-basket. 4nc.itJll:
do., do., vellow. per 'j, basket 4k-QW. Pears,
nearbj per bid - llarnlett N., 1, $404. ,V); do
No 2 f2.tr. i-lapp'a Fnvorlte, No. 1. tSJ.snie
4..i, do.. No 2. J2.vi:i other varieties. J2'?
3. pear, New York peckrl, per hbl., $40.1,
Grapes, New York -t'oncur I. per R-lh basket,
1.181.K- , do., per I -In basket xfJlOc.. grapes.
Southern fiela wares, rwr carrier. 40fJWc. :
grapes Con. ord. per .rate. 4nfl.V)o. Plums,
per s-lh basket. t.tVfev.v iantaloupes. Colo,
rado, per emie. Pfl.21. , . do. Hats. 4S'
Oic Watermelons, Jerev. per lO, f.VJl.l.
VEGETABLES
Tho market quli and unehunged White
potatoes, rT hush - IVnusv Ivanla, choice. KlfJ
lV . do., fair to good, '.'.a me hlte potatoes,
Jersey, per .msket. JfHM.V Sweet iKitatoes,
Fitstem Shore, per hbl No. I, et.T5V2.35;
No. 2. 7,Vil Sweet loiatoes, N ('., per
bid. -No 1, XI 75t2 No. 2 7.1c.iBll; sweets,
Jersey, per Mil.-N-i 1. ?:! noffS 7S. No. 2.
$1 5nll 7.1. swieis Jempy per basket. 40
Zti'r Onion. Western anl Connecticut Valley.
holce per Hi) lb bag. $1 nnions, medium,
per H'Vih. tag 78ti"vc, Cabbage, domestic,
per ton. Willi. iVh-rv N Y. per bunch,
l'i'ii'to. Muehroi'ms, per t -lb. basket. ROc.O
ft UO
IIIVIIIKVDS,
I.K.IIItill M.I.IIY lt1I.Hll.n C(MPANT
Phliadelpht.i September HI. 1D14
The Hoard of Director ef the Lehigh
'alleN nuiln.ad Companv have this la) de-
i Ure.l a qusrterlv dividend of tiu nnd one-
hnlf per tent, (or $1 25 per share) on Its
preferre I stock to stockholders of record
eptt-inhrr 2ft. lUIts anil a quarterly dlvl
lend of vvn anil nno-linlf per rent, (or II 25
per share i on Its common stock to stock
holders of record Milcniliir Jfl, 101 It both
oavable l. toner 10 11114
Che, ks will be mailed
.1 M HAXTER.
Treasurer.
SV-SvS).-.
w v "' vasswjii
Impartial Unbiased Information
Steamships to Leave
Name
Cretlc . ..
ChLago
America . ..
Cameronla . ,
Olympic . . .
Mtnnewaska,
Vlrglnle ....
For
...Naples ..
...Havre ...
-Naples ..
. . .GlaajOV
. .Liverpool
...tendon .
. . . Bordeaux
Date
Sept. 2d
sit. la
Sept. a
.Sept. 2rt
Sept. 2ii
Sect. 2d
SDt. 2ii j
THE MONEY MARKET
The- r's tor money at all the leading cen
ters today were quoted at follow n
Phlladelnhii
New York ,
Cltarlnjs through tendon banks for InliLn
n k Aku !! ffvtrja !-.. s -
.rr." """ -4.svWi svalnst JJ55.- '"SW . .-. T
arf&.uuu m. veap sn - rsi lit, mi tjVmM.ui.i .k .t .
on(,i ',J:..7..""iI4i;r, r "wt m six i
Call.
5 e
o
Time
A AS
68
regarding Investment Securities was never more
needed than now.
How have the rapidly cliancinc conditions affected I
your noiarngs.' of course you wish o know, but do you?
Investors Service
Keeps yoi In touch and frequently warns tt users and
aids In a dei-Uion toward wise action. An Information
service tp Investors no "tips" for Spoculsuois.
Call or write for leaflet "Vain Rccrets" ami rprUir ...r ..-.
for information on any , of onr Securities no ohlieation.
In use by 21 Hanks ami Trust Companies of this City.
H. EVAN TAYLOR, Inc.
702 MORRIS BUILDING
PHILADELPHIA
Oi.ow yw $q,
W
mmV ttflVi IQVkfitZai,
tt IS W. V A M l
I t'l "" hi
M Ifoth Phmiti.
tfw rtivv.ilHft" j.
Bun Btttrtncti
s.isA'.Vw.,., .
ie ... fivfc.w
KI
'jmmd
XI
E --rr
KSii-