in-TitfflT' EVByilSra LEDGBB-PflXLAPftEPHIA, FRIDAY, SEVEMBfltt 25, ' I . . ' lull . ' ' " L' " ' ' - - - ' . . m !. . '" ' ' ' " ' " ' ' 1914 i 13 1 3NANCIAL ANDOMMMcIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS i RESTRICTIONS ARE AGAIN LIFTED IN NEW YORK TRADING Bond Houses Given More Levvay to Encourage Sales , Because of Better Feeling. Talk of Reopening. BANKERS DENY THERE IS ANY MONEY HOARDING Wire Secretary McAdoo They Know of no Extortion. Another step townrd a general re lumpllon 0f business wns tnken today in New York. The Stock Exchango ls tued an nnnounccmens to tho effect that It has been deemed odvlsablo that trading be permitted In unlisted stocks t moderalo concessions whero neces sary from those prices prevailing on July 30, provided It Is not considered larmful to tho general situation. There was a large disposition to trade en the part of local Investors, liond houses are reporting a fair lncrcaso In business, one firm having announced that Its dally transactions for tho last 10 days have aggregated about 10,000 a 'dy. There came Into tho market his after noon Inquiries from London Investors inxlous to Kct hold of some high-grade railroad securities. One larger buyer asked particularly about St. Paul. This it a good Indication of the general feel ing abroad and reflects tho greater con fidence apparent In the futuro of Ameri can rtallrond Securities. This confidence hs been helped materially, both at home and abroad, through tho Interstate Commerce Commission decision to re open the Eastern freight rate case and the general belief that tho rate ad wnces to bo asked by the Western linos wilt bo granted. A Londan cable says that Government action In some form looking toward the re-opcnlng of tho Stock Exchange Is ex pected to follow tho announcement of an extension of tho moratorium to November t, when nil forms of moratorla nro to , cease. Action may taite mo rorrn ot a guarantee by the Government of unsettled accounts. A governor of the New YorK stocic izx- ehancc. when questioned regarding tlie r.nnpnlnir of the Exchange following the announcement of resumption of trading In lmllatcrl securities, said that lie could sec no reason why the Hxchnngc should not be opened again by November 1, provided the Federnl Iteservc system Is In oper ation by that time. The $100,000,000 good pool has been suc eessfull completed. Announcement of h success of the plan to rnlse $15,000,000 P In sold among the New York banks and truft companies as tnnt. cuy s quota, oi the JtOO.OOO.OOO was sent to "Washington by Albert H. Wlggln, chairman of the spe cial Clearing House Committee and presi dent of the Chaso National Bank. Mr. Wlftgln notified Governor Hamtln, of the Federal Reserve Board, that sufficient subscriptions had been secured to nssure the success of tho project and to warrant the board In giving Its approval to the plan. r'Enrly advices from banks In Chicago, Philadelphia, Boston and other cities In dicate that those Institutions nro ready to give up their quota as soon us they ire called upon to do so. Contributions ot the more important 'thw York financial Institutions will be approximately as follows: Chaso, $2,000, 000; National City. $5,500,000; First Na tional. J2.S00.CO0: Bankers' Trust, $2,400,000; Guaranty Trust, $3,000,000; Jlnnovor, $2,- 600,000, Commerce, J3,20O,0O0; Mechanics and Metals, $2,200,000, and tho Park, $:.ioo,ooo. Securities were firm In London today. Trading was moderately active. Ther I was further Increase in denls offered on the tape. American railway shares wore dun, the August earnings of tho Bal timore and Ohio producing n depressive eftect on the Ismies of that system. Steel common was firmer at M'.fc. The financial district Is anxiously enaltlng a statement from tho Stock f Exchange Committee rolntlvo to reopen ing, now that the end of the mora torium has been settled upon. A call for 513,000 on a city of St. Petersburg loan was due today. WASHINGTON, Sept. 25.-Dcnlat Hint tho banks of tho country were engaged In hoarding money nnd refusing ci edits, enmo from four directions todny In an swer to Secretary of tho Treasury Mc Adoo's telegram of warning sent yes terday. Telegraphic responses were re ceived nt tho Treasury from Ohio. Oro- Bon, Alabama and Connecticut. In each case co-operation with the Government to prevent extortion or extreme conserva tism was promised. Emory Lnttrnnrr, of Columbus, Super intendent of the Ohio State Banking De partment; S. G. Sargent, State Super intendent of Banks of Oregon! A, E. Whlker, State Bank Superintendent of Alabama, nnd Frederick P. Holt, State Bank Superintendent of Connecticut, all promised to assist the Federal Govern ment In every way possible. Other re plies are expected during tho day. Tho State officials declared they had no knowledge of extortion by the banks In tho matter of Interest. They also de clared their Ignorance of any attcrrpt on the part of the banks to withhold ad vances to those- who applied to the banks with safe collateral. GLAFLIN CREDITORS ADOPT FINAL PLANS FOR REORGANIZATION WAR WILL LEAD TO EARLY DISSOLUTION OF STEAMSHIP POOL Creditors 'Will Get 15 Per Cent, in Cash and Balance in Interest-bearing Notes. Forming New Corporation. Ex- Enslish Interests Are pected to Ask U. S. Court to Formally Declare the Agreement Abrogated. Lie loo I til Tho European war situation may lead directly to a complete dissolution of tho North Atlantic steamship pool, which has existed for many years between the principal English and German steamship lines operating between this country, Canada nnd Europe. Tho basis of oper ation of the pool was an agreement whereby each of tho lines affiliated with It was nllowed every year a certain al lotment of tho total steerage travel on the North Atlantic. It Is understood that because of the extreme bitterness which now exists be tween the English and Germans, the Eng lish members of the nool will make nn agreement with the United States Gov ernment to have dropped by It the eult recently brought under tho provisions of the Shormnn anti-trust law to dissolve the combination. A consent decree will probably be entered In the United States Supremo Court which shall enjoin tho English lines from entering any futuro agreement with German steamship In terests covering ocean passenger tramc. This action may bo taken within the next two weeks by counsel representing sonio of the English lines. Under the terms of the ngreement, which was made In London In 1001 the various steamship companies affiliated with the pool were nllotted percentages of tho total steerage travel on the North Atlantic as follows: Westbound, Allan Line, .62 per cent; Anchor Line. 3.40 per cent.; Cunard Line, 13.7.-, per cent.; Hamburg-American Line, 39,61 per cent.; Holland-America Lino, 0.G3 per cint. ; North German Lloyd Line, 26.63 per cent.; Ilcd Star Line, 9.71 per cent.; International Mercantile Marine Company (White Star), S.60 per cent.; American Line, 6.C8 per cent., and Dominion Line, 1.4 1 per cent. On castbound traffic the allotments wero as follows: Allan Line, 4.W per cent.; Anchor Line, 3.93 per cent.; Cunard Line, 12.77 per cent.; Flume Trieste Service, 2.35 per cent.; Hamburg Amerlctn Line, 12.33 per cent.; North Ger man Lloyd, 18.79 per cent.; Holland-America Line, 6.10 per cent.; Bed Stnr Line, 8.56 per cent.; International Mercantile Marine Company (White Stnr Line), 15.19" per cent.; American Line, S72 per cent.; Do minion i.ine, 1.50 per cent.; Canadian Pa ciflc Line, 4 49 per cent. railroad earnings WHEELING AND I.AKR EMU, . ion. August gross ftW,Ml 1 lti.453 To months' Erom.. 1,047.0,1 1 "et 202, 75S Pecrenhe. $2flli Ifl7 01, '.MS r,i(i,:i::ti 12.1,803 .M1SSOUM TACIFIC. JMrd week Kept.... $1,183,000 From July 1 14,000,03.1 LEHIGH VAI.I.KV. August nper. rev.... $,'l,770,;nn S" , 1.VS3.IIJ1 operating income.... 1,14'J.urj Two months oper. rev. 7,3.12,427 e -,,33U,32S operating Income .... 2,001,001) CHESAPEAKE AND OHIO. .....I. re oeoi l.iii: fiirom July 1 n u.7.7ini Increase. CENTRAL OF OEOflCJIA. Tr ended Juno 30: "rerailng revenue 114,210,7 n ?', 3.4ISS.474 CurPlua 101.042 ATCHISON. i";ut KtOM tlO.lM.4SI .i,:iu.viu 117,000 250.200 $130,120 28.8S!) 3ll,fc.1S 2S2.710 IIS. 7.12 127.S31 J37.138 (153,891) J355.87U 01,434 132, 122 $ 114.53 1 Ml, .170 Net CHICAGO, INDIANAPOLIS AND LOUIH. in, i vi U.K. FRANCE HOARDS FUNDS $400,000,000 Reported HeldSmall Notes Issued. month" ,bee.n estlmatl 'hat during the month of Alirust .Mi,.,.. ... . .... ?nl",,t.0'.,W0-000'000- or 2.W.O00.000 franc, went in.,. Ymici ... -c .. .: Pfllr... V """'" " ne, says uio wall tmtn ournBl- diniculty of making T..7.H.V. "f "nnrr ,neso circumstances from iM88.1"" notes of denominations m a.hal . ,ranc to Trancs cacli. rh.H,8 Vr,nctlonfl currency Is ma.lo ex liFMr'wf atTJhe Ilanlt of France for Bvee,?nV7 ". BJlver c"ency in the rnanv An,tr e? t't V- England. Oer inio hoard to about the mm extent, then twM B" J?;000-000- n silver alone o? mult Fle PU?"C aebt ot th0 Un"e' States, i mL.Ve """appeared In tittle more than n?nJl' Assumns that as much gold IHm ?r.ent ,nt0 h,d,nff' tho flve tloi. I haV2 wh3fawn from clrcula- .( 4000 ciorMn P,?S,t a ffron'1 to,al t M.voo.coo.OOO of metallic currency. BIG GAS COMPANY FAILS Receiver Is Named for 0,000,000 Buffalo Corporation. WaUfjfArV- N- Y- Se -Th nuf tlfl2l.it ComPan5'- manufacturers of ar rel, gl i Went ,nto th8 hands of re it v! today- APPcatlon for the re SlumS. was tnade by Alexander C. aiumrhreys president of the company, coin... VA l'ar,T T' namsdell were ap. polntea by Federal Judge Hazel. ne recsilvprfthtn iu .u ....,. ini 'n bought by the Plntsch Compress. vvmpany, of New Jersev. A bond. now.rs commlttea wilt be appointed. The, &fiJv Ga" Company la capitalized at '"W.VVV. CINCINNATI BUYS COTTON Starts Movement to Take $200,000 Worth to Help South. CINCINNATI, O., Sept. 2S.-Cinclnnatl business men havo started a movement to buy $200,000 worth of cotton nt $50 a bale. The Met chants' Association has Initiated the movement to purctmse tho cotton In the Interest of the South. Moro than 2200 bales havo been subscribed for nt tho Htandard price of 10 cents a pound. A commlttea has been appointed to solicit subscriptions. DIVIDENDS DECLARED I.hlgh Valley fonl Sales Company, regular ouarterly 2't ,er rent , payable October 17 to stock of record October 8. Penman. Limited, regular quarterly 14 per cent, on preferred nnd 1 per rent, on common. Preferred la ratable November 2 to stock of record October 21. and common mvable No vember 10 to stock of record November S. Tonopali Mining Company, regular 25 per rent . payable October 21 to stock of record September SO. Nntlonal rireprooflnK Company, regular Suarteriy 1 per cent on preferred, payable ctober IS to sto-k of record October .1. CURItENCY MOVEMENT Tho reported movements of currency this week liullcnto n gain In cash by banks of JU.3lS.0C0. Now York banks received from Interior J10.S05.0OO and ship, ped to Interior $3,351,000. Including JS31.000 national bank notes sent to Washington for redemption. Oaln from Interior was $!6.E4t,0O0. Onid exports were J3.787.000 to Canada Ordinary disbursements by the Sub-Treasury wero 110,017,000. Final plana for tho reorganization of tho II. B. Claflln Company, which re cently went Into tho hands of receivers, have been completed and will be pre sented today for final approval by the Merchandise Creditors' Commlttco, which will meet In New York James S. Alex ander, president of the National Bank of Commerce, Is chalrmnn of tho Note holders' Committee which formulated the plans. Failure of tho Claflln Company was ono of the worst blows received by the business world for many years. Tho compnny operated a chain of 23 largo stores throughout tho country nnd millions of dollars of Its paper was out standing at tho time of the collapse. A large amount of this paper was held In Philadelphia. Tho reorganization plan provides that tho Claflln creditors shall receive 15 per cent. In cash and the balance In three year Interest bearing collateral notes of a newly organized corporation, re newable for another two years. This new company will bo known as tho Mercantile Stores Corporation and It will acquire the assets of the H. B. Claflln Company, the assets of John Claflln or such portion of them as may be deemed by tho commlttco to be ad vantageous, Including all of the capital stock of the 23 companies now In the hands of receivers, all of the capital stock of McCrecry & Co., of Pittsburgh; of tho Wllkes-Barro Dry Goods Com pany, and of MacCallum & Clouthler; $2,290,050 par value of the capital stock of tho Scruggs, Vandervoort, Barney Dry Goods Company ($2,103,650 of com mon and $187,000 of preferred), $100,000 par valuo of tho capital stock of the Hlgbee Company, $100,000 par value com mon capital stock of James H. Dunham & Co., $6,268,000 par value of tho com mon stock of tho United Dry Goods Companies, and other assets and equi ties owned by John Claflln. which have been transferred to representatives of the noteholders' committee for the benefit of the Mercantile Corporation. THE NEW CORPC-rtATION. The Mercantile Corporation will cause to be organized a new corporation to bo known as "Tho II. B. Claflln Corpora tion," to carry on such portion of tho wholesale business now conducted by tho II. B. Claflln Company, a New Jersey company, as may be deemed by the board of directors to be advisable. It Is con templated that there will be transferred to this now corporation approximately $6,000,000 of assets of the present H. B. Claflln Company In exchange for Its capital stock, all of which will be owned by the Mercantile Corporation. The value of the assets transferred to tho H. B. Claflln Corporation shall be as agreed upon by Its board of directors and the board of directors of tho Mercantile Cor poration, The notes will be dated December 1. 1914. and will bo Issued In 21 separate series, one series to be delivered to the general creditors of tho II. B. Claflln Company and each of the other 23 series to be de livered to tho holdors of notes executed by one of the several companies nnd In dorsed by the H. B. Claflln Company. Tho collateral tniBt notes will be se cured by stock collateral to be deposited under a trust agreement with tho trus tees to be selected by the committee. The notes received by the direct H. B. Claflln Company creditors will be secured by one-sixth of the capital stock of the proposed H. B. Claflln Corporation, tho wholesale trading company. Each of the remaining 23 scries of col- nicwn iruui nuics, neing tlie notes re ceived by tho noteholders, ivill be se cured by the entire capital stock of the particular company, which executed the notes to be exchanged for the new notes. REPORT OF RETAIL STORES. A summary of the assets and liabilities of 20 of tho 23 stores that executed notes In favor of the H. B. Claflln Company follows: WHEAT EASIER TODAY: CROP REPORT FAVORABLE IUtsslnn Harvest Was Better Than Expected, Say Advices. CHICAGO, Sept. 85. Wheat was easier today. Resting orders to buy were reached at $1.10 nnd below for December. Confllderable export business was done late yesterday. The market nt Liver pool was lower. The Russian harvest, according to a semi-official report, was bettor than had been expected. In India the weather la more favorable and the general crop out look has Improved, but holders are firm. Corn wan quiet nnd paster. There were export sales of 200,000 bushels of corn hero late yesterday. Receipts of old corn are light and there Is no pressure on the market. The arrivals here today were 97 cars. Oats waa active and the market was steady. Some cash concerns sold, while export houses bought. Additional sales of 400.000 bushels for export are reported. The receipts here today were 212 cars. Leading lufurea ranged as follow: YeaterclAV'l wnoat- upen. ingn. lmvt. September .... December 1.10 1.10ft 1 r May 1.17 Corn (new rlellvervl Beptember 7' December 7i May 73 uam September ........ .. December -in' Mity 02' LaM- Feptember October 0.4. January DO.', nibs fteptcmber October 10.7R January no.37 10.40 10..17 Pork September October .. January 1D.33 111.73 10 .'IS Old, fAsked. UTILITY OWNERSHIP BY MUNICIPALITIES SHOWS GREAT GAIN Number of Plants So Oper ated Increased 91 Per Cent, in Ten Years, U. S. Report. Says High. 73S 8 clono. 1.07 M i.inw 1.108 H.iTK 77 fe m 8ft 0..1O 10.02 11.41 0.03 0.4O 0.45 9.US 11. 37 10 BO 10.37 tl7.02 17.02 10,70 PORT OF PHILADELPHIA Sun and Tides Sun rises. ..S:r0 a. m.Sun seta. PHILADELPHIA. HlRh water 15:43 a. m.lHluh water Low water.. 2:41 n. m.Low water.. 12:33 p. m. REEDY ISLAND. High water 2:34 a. m., High water Low water. 0:11a. mLow water BREAKWATER. High uater .... a. m.iHigh wntcr.12.-22 p. m. Low water. 0:45 a.m. 'Low water.. 0:30 p.m. .S:S4 p. m 0:1S p. m. .1:07 p. m. 0:1S4 p. m. Sailing Today 8tr. John D. Rockefeller, White, Copen hagen, Joncph C. Gabriel. Sir. Bellucla (Br.), Kiddle, Hltlgo, Joseph C. Gabriel. Sir. A. A. Raven, Hecker, New Orleans, Phlladelphla-Ncw Orleans Transportation Com pany, Str. Sun, Ockelman, Sabine, la. Newport News, Sun Company. Str. Delawnre, French, New York, Clyde Steamship' Company. Str. George W. Clyde, Forrest, Norfolk, etc., Clyde Steamship Company. Str. Anthony Groves, Jr., Bristow, Balti more. Ericsson Line. Schr. Ellen Little. Yeaile, Humncoa, P. R A. D. Cummins & Co. Schr. Francis Goodnow, Blaine, Boston, A. D. CummlnB It Co. Schr. Delaware Sun, Janssen, Newport .-cws un tow sir. nun), Hun company. Steamships to Arrive PASSENGER. Name. From. Date Mongolian Glasgow Sept. 10 fUampalla Naples Sept. IS Dominion Liverpool Sept. 16 FREIGHT. City of Durham Calcutta Zulderdrk Amsteldyk ... Start Point .. Man. Mariner Adolfo Sturmfela .... Canadla Zerenbergen . Ranldan California ... Missouri nakotan Greenwich ... Wlnlaton Rent, i .Rotterdam ....Sent. 1.1 .. Hotter ilam ....Sept. 1." ..London Sept. 12 ..Manchester ...Sept. 10 ..Huclva Sept. 14 ..Calcutta Sept. ..Stnvanger ....Hept. 1.1 ..Cardiff Sept. IS ..Lelth Sept. Ill ..Copenhagen ...Oct. ..London Sept. 22 ..Hllo Sept. ..Newrastle.N.n.Sept. 22 ..St.Vincent.C.V.Sept. 17 Steamships to Leavo Name. Carthaginian Dominion ... Stnmralla . . Uranlenborg Maine Zulderdyk .., Danla West Point . Canadla .... California ... PASSENGER. For. Glasgow ... Liverpool .. Naples FREIGHT. Copenhagen London .... Rotterdam . Copenhagen London .... Chrlstlanla Copenhagen Date. ..Sept. 20 ...Oct. .1 ...Oct. 0 ..Fept. -..Sept 20 ..Sept. "9 ..Sept. 23 ..Sept. 30 ...Oct. .1 ...Oct. PORT OF NEW YORK THE MONEY MABKET The , iatM for money at all the leading flnauclal centres today were quoted as folloii Philadelphia Si"' """a- New York ,...0S Has Itauon ... g"" Mg Chtiuio ; 7 y8 rniiaueipnia--i ommerriai paper, three to ! itwmiii.,, tuirt i'er cent. months' NEW YORK BUTTER AND EGGS NEW YORK. Sept. 2.1.-fiutter. 57IM pack ages received; market steady: creamery eitrm mt'MH-- : tlrns, Slivasuj.; held, extras, Su K Receipts. 10.040 crates: tone of mar ket steadier, freah gathered, extra firsts. Silii 27o ; first, 24g2.1c, refrigerator firsts. 24Sc. LIVESTOCK QUOTATIONS CHICAGO. Sept 2.1 -HOGS -Receipts. 11 Oftfl: murket 5c lower, mixed and butchers fSlWJUn. kouiI heavy. Isuva&OJ. rouxri heavy. SI D3N 60. light, S4iauo.1; pig, in (H 10: bulk $!1.WS7S CATl'LE.-lUfeipiV IH; market steady beevea. J7 40&irua' cows and heifers. 1430 CO; stockers and ffe.l ers SiUOii8 3.v Texans. 7 .V)a 00, cartel 10.30S11 50. SHEEP -Receipts. 10000. mar ket steady: native- and Western, I3.2SS3 75 tombs. f3.(UVf. -xio-ia, SOUTH AMERICA ORDERS STEEL I'lTTSMTHUH. Sept. 2S.-The largest export order received hi this country since the European war started has been taken by the Lackawanna Steel Company Jt calls for from 3000 to 4000 reinforcing steel bars for Government wo . at "etios Aires, Argentina. II. Batterman Co., Brooklyn The Bedford Co., Brooklyn Castner - Knott D. Goods Co., Nashvlle M. J. Connell Co., Butte, Mont Defender Manufactur ing Co., New York. Hennessy Co., Butte, Mont , Jones Store Co., Kan sas City Th Joslln Dry Goods Co., Denver Kline Broe., Altoona. Lion Dry Ooode Co., Toledo Lord 4 Gage, Reading The Geo. W. McAlpIn Co., Cincinnati .... Mcllougall & South wick Co., Seattle.. Montgomery Fair. Mont gomery, Ala Tb People's Store Co., Tacoma Spring Dry Goods Co., Grand Rapids .... Watt. Rettew & Clay. Inc., Norfolk ..... Thos. C. Watklns, Ltd., Hamilton, Ont J. H. White & Co., Augusta, Ga Whltehouse Co., Spokane Assets. 972,029 440,800 740,008 402,085 B42.0S8 1,037,057 1,720,120 713,302 303,833 84O,0fW 430,4113 630,700 "" 014,136 431,038 823,943 433,800 200,231 878,704 412,180 100,057 Liabilities. $1,118,073 1,460,854 773,035 1,105,473 1,471,105 2,088,807 1,037.780 772.142 1,532,385 2,1R1),70S 1.473,800 080,433 2,032,161 1,337,711 2,030,112 1.321,808 1,338,328 1,356,604 1.772,748 1,018,208 Vessels Arriving: Today Str. Mauritania (Br.), Charles. Liverpool Sept. 10. to the Cunard Steamship CoT Ltd SoykcdTtTeTm. ma"S nnd ""ndl.i' Steamships to Arrive DUE TODAY. rTom. Liverpool . . , . , DUE SATURDAY. Philadelphia Liverpool .. Duca iyAosta Naples .....; Steamships to Leave Name. cretlc Name. Adriatic Sailed. Sept. 18 Sept. 10 Sept. 13 Chicago America Cameronta .... Olympic Mlnnewaska ... Virginia N. Amsterdam New York . . . , Mauretanla ... Adriatic For. ....Naples ... ....Havro .... ....Naples ... ....Glasgow .. ....Liverpool . ....London ..,, ....Bordeaux . ....Rotterdam ....Liverpool . ....Liverpool . ....Liverpool . Date. .Sept. 20 .Sept. 20 .fi"Pt. 2d .Sept. 26 Sept. 26 Sept. 2H Sept. 2d Sept. 21) Sept :io Sept 30 Sept. 30 FREIGHTS AND CHARTERS tinges CflarT aW.eady, iMerf,' , .n'ark'er0"' b" "-""- STEAMSHIPS. UnTVKa.nn.d'onn;-)'?nn,r',a'.? pl Pons 0d . October. ' manors. : S?"'1"' (r- M garter,, fame. Municipal owncrnhlp of electric light, heat nnd power plants In this country Is maklnr? rapid strides. Tho theory that municipalities enn construct and operate public utility plants moro economically and with greater efficiency than can ex perts representing Private corporations, whlln It hafl not been proved to nny con clusive cxtrnt, Is, nevertheless, gaining ground. This Is made plain In a report Just Issued by the United Htalos Census Bureau covering tho ten-year period from 1902 to 1912. In tho period, tho number of municipal plants Increased from 815 to 1562, or 91.7 per cnt., while the privately owned plants Increased from 2S0J to 3059, or 30.1 per cent This total of B121 central electric sta tions Is considerably less than tho num ber reported In commercial directories. The report explains tho apparent dis crepancy by statins that where several plants aro under ono ownership they arc reported as one establishment. In the directories each plant Is regarded as a unit for tho purpose of listing. The re port takes no account of electric stations constructed primarily for tho heating or lighting of hotels or factories, even If some of tho electricity la sold to the neighborhood. In 1902 more than 22 per cent, of the stations were municipally owned. Ton years later tho percentage of such sta tions had Increased to substantially 30 per cent, of the whole number. In total Income tho commercial stations had 92.3 per cent., which was greater than In 1902, when the commercial stations con stituted a larger percentage of the total. In that year they received only 91.9 per cent, of tho total. MUNICIPAL OUTPUT REDUCED. The municipal stations. In output, fell much behind in the decade. In 1902 they produced 7,8 per cent, of tho kilowatt hours, whllo In 1912 their production fell to only 4.7 per cent., which Is less than their percentage In 1907, when It was 4.9 per cent. Whllo their relative production fell off so greatly, the municipal plants greatly Increased the capacity of their gas and oil engines, having no less than 20.2 per cent, of such engines In 1912. But, while the percentage of gas and oil engines owned by the municipal plants lncrensed so largely, the total horsepower of all engines, turDines, waterwheels, etc.," fell off from 8.7 per cent. In 1U02 to 7.4 per cent. In 1912. The kilowatt capac ity of the municipal dynamos also ran down from 9.4 per cent, to 7.2 per cent. In 1912. The total Income of municipal stations Increased from $6,963,105 In 1902 to 23, 21S.9S3 In 1912, or 233.4 per cent. That of the commercial or privately owned plants Increased from $83,700,605 to 302,lX"i,599, or 252.5 per cent. The total expenses. Including ordinary repairs and a proper depreciation account In the municipal plants. Increased from 3,245,9S7 In 1912 to U6.917.1C6 in 1912. un Increase of 222.5 per cent. The total ex penses of the commercial plants rose from J68,01.376 to J234.419.47S, or 214.3 per cent. For that Increase In total expenses the commercial plants brought about an In crease In kilowatt hours from 2.507,051,115 to ll,532,963,0u6, or an Increase of 300 per cent. For their Increase of expenses the municipal plants brought about an ln- creaso of kilowatt hours of only 171.1 hours. In the Increase. In figures, being from 195,901,139 to 537,526,730. During tho five-year period from 1907 to 1912, approximately 10,5 commercial stations passed Into tho hands of municipalities and SO passed out of the hands of muni cipalities Into the hands of private opera tors. The greatest increase In municipal stations took place In a group of states composed of Minnesota. Iowa, Missouri, the Dakatas, Nebraska and Kansas. The number In those states Jumped from 274 to 399. Arkansas, Louisiana, Oklahoma nnd Texas come next In tho number of Increases, from 55 to 122. 0LNEY BUSINESS MEN FINANCING NEW BANK Site Still Undecided, But Charter Will Be drnnted November 30. Olney business men are organizing tho Olney Bank, for which a chnrtor will bo granted Novomber 30. The site has not yet boen selected, but tho bank will be In tho centre of the German-American population of Olney. It will be some where botwpon Hlslng Hun lane and Broad street nnd between 4500 and S00 north. The capital stock will be SO,000. This has already been subscribed at 0 a sharo among Olnoi' residents. In ad dition there Is an undivided profit fund of $5000. A. L. Stilton, who organized tho South Penn Bank nt 29th nnd Dauphin streets, Is at the head of tho temporary hoard directing the preliminary work. "Tho bank will be In the centro of th bus iness section," sold Mr. Stilton today, "and It will fill a long felt want In Olney. There Is no bank near the loca tion we are considering. Those Interested In tho plan, who prob ably will be nn tho board of directors, are Alfred Stclnhousc, Sixth street and North Tabor road; II. A. Kahhach, Fifth street and Olnoy avenuo; W. 1j. Frnnck, 210 North Tabor road; John It. Coon, 4,"5 North Tabor road; Thomas Tnnsey, 601 Hlslng Hun lano, nnd Henry Franz, 2300 North Front street. FEWER LOCOMOTIVE DEFECTS INFLUENCE ACCIDENT DECREASE Government Inspectors Re port Greater Care Being Taken by Railroads of Country to Insure Safety. BRITISH TRADE CRIPPLED IN FIRST 'MONTH OF WAR Manufacturing Centres Are Hit Hard in the Midlands. LONDON, Sept. 25. The trade returns for August the first month of the war have Just been Issued. As was to be ex pected, they reveal a decline In trade without precedent In tho recent commer cial and Industrial life of England. Com pared with tho corresponding month of last year exports show a falling oft of 19,000,000 ($95,000,0)0), or something like 60 per cent., whllo the Imports are down by 13,000,000 J65,0OO,0O0), or like a tUartcr of those received In 1913. It Is the manufacturing trades which have been hardest hit, and the way Lan cashire haq been punished Is shown by the fact that the exports of cotton goods havo declined by nearly 5,000,000. Iron and steel, machinery, ships, wool, chemi cals, all, to uso a word which has now a real.mcanlng. arc "going." The Continental trade cannot, of course, be recovered while tho war continues; but much of tho disaster that has befallen British Industry Is due to apprehension and dislocation, and Is therefore tem porary. Already trade Is beginning to adapt itself to the new conditions. In many directions there aro signs of now llf, and It Is clenr that the losses In some directions will lie balanced by gains In others. There will be much reshiftlng and reshaping, and those will do bst who are able to take occasion by the hand and adapt themselves to tho now condi tions. It will go hard with those who have got Into grooves and find their routlno suddenly destroyed, but for tho man with a quick and adaptable mind there will be a period full of opportunity and rich In reward. Oreatpr enre Is being taken by tho railroads of tho country In keeping their locomotives In good condition. This la shown by reports of tho Intcrstato Com merce Commission covering tho Inspec tions of locomotives by the commission's 60 Inspectors In the last three years. The reports show that the number of loroniotlvos Inspected hns Increased and tho number found defective In any way has decreased. For Instance, thero were 74,231 locomo tlvos Inspected In 1912. Of this number C5.7 per cent, wero found with noma slight defects. Last year the number In spected wns 80,356, and 60 3 per cent. wer found defective. This year 92,716 havo been Inspeeted, and only 52 9 per cent, were found with defects. Many of then defects, however, were not In violation of the law. The defects that wero In violation of the law represented 4.5 per cent. In 1912, 5 2 per cent, last year and 3.0 per cent, this year. The grcateot troublo from accidents) has been, according to Frank McMan amy. chief Inspector of locomotive boil ers of the Interstate Commerce Com mission, with the failure of arch tubes, and four out of flvo of tho accidents aro caused by their Improper application. The greatest care being exercised In this direction by the railroads is reflected In a material reduction In the number of accidents due to tlie failure of loco motive bollf-rs and their appurtenances. Thi accident record for the last three years follows: Number of accidents. Killed. Injured. PUBLIC UTILITIES FINANCIAL BRIEFS train. Totals 13,I70,46l 28,330,767 Poe;. no lncl"l'e J. Baron & fions, Louis. llle, Ky.; The Fair Company, Cincinnati. O.. H i d Dry aoo,, Company, Terrt COMMODITY HATES SUSPENDED WASHINGTON, Sept 25.-Frelght tar iffs of the Atchison and other ratltonds proposing to withdraw tha concentration rates on eggs, butter and poultry at Oman and other Western nolntn w. suspended today by tho Interstate Com merce Commission from October I until January 21. Under tha proposed tariffs the rates on such shipments would be 45H cents per 100 pounds Into the concentra tion point plus 35 cents from the concen trating point to St. I.ouls. The commls sion will conduct an Investigation Into tha reasonableness of tho advances. FOKEION EXCHANGE Because of urgent demand the supply of foreign exchange grew entirely In adequate today. The market was not active, but rates advanced violently. De mand was quoted at )96197Vi. cables MSW1.9SU- Continental exchange was quiet. Leading International bankers are of the opinion that the foreign exchange nuirket Is not likely to reflect appreciably the operations of tho gold pool until about 25.OOO,O0O has been transferred to r.imrnoor cur), Oulf to Marseilles U.1O0 quarters, 3. Jd.. nrornn,. i-ape 1,-orso (ur.), 2810 tons. N'ew vn,v . Australia anrt .New Zealand, vf" Panlrrm Canal, general cargo, private" term October Thora (Nor). B.W tons, Now York to Scan Nicholas Cuneo (Nor ), 1 tons, same Stamboul Nor ), 1.102 tons same oSSIk.. Ulabrand .Nor.!: 125 tor,"." ."me." Ct0ber' Krcy (Nor.). l!W tons, transatlantic trade one trip, basis 7s.. delivery Mobile, rede fw,y Scandinavia, prompt. iumry SCHOONERS. Ella M. Wllley. 735 tons, Savannah or Bel ,avlt;.1, I? lS5in' In1"11". PrUate terms. M.lr,c"5 N. Pobb. 3ft) tons. Charleston to north of Hatteras. klln-drled buards. private "BSiVrt'tf 42oV.Tm.Vorl'" prlva" "-. EPISCOPAL LOOKS GOOD Havo Six Veterans Back as Nucleus for Fast Team. Episcopal Academy is looking forward to a very successful season In football this year. Six veterans from lust yenr's .-... ..-. .o.utucu iu suiiuoi, ana as there Is lots of good material to nil up the positions left open by graduation. Coach Washburn should have no trouble mi luirnns uui a. Kuoa team. Tha six var sity men who are back In school this fall aro Captain Applegate. Stowart, Bonsack, Bculd, Qllmore and Earl. Some very promising players are Blddle Cupit, McCall, Earp. Push. Wai ton' Townsend and McElroy. . The schedule la as follows: October Bryn Athryn, at 63d and Walnut street, October 9. Haverford. at 63d Tand Walnut streets; October 16. Sw.rthmoA.ilt ?.Tnhrfmw :,cftob.er Chestnut Hill. a l!d and Walnut streets; October SO. at I.ukos at Wayne; November 6, Herman town, at 62d and Walnut streets. Novem. ber 1J. Penn Charter, at Queen lane; NI yember 20. Friends' Central, at 6d and Walnut streets. ANOTHER OUT IN OIL PRICES The Imperial Oil Company has an nounced another reduction of five cnt a barrel to ItS5 In the price of oil. As Indicating tho general better feeling which Is apparent, ono of tho large bond houses in this city has. within the last ten days, had average daily sales of from J25.000 to $:,C00 worth of bonds. Tho nver age number of transactions dolly has been sevon to ten. These Bales wero principal ly In unlisted bonds nnd wero made with out the aid of salesmen. Tho raport of the Chicago and Eastern Illinois liatlruad and tho rocelverH' ac count consolidated. Including the Evans vllle and Indianapolis Itnllroad, for tho year ending Juno 30. 19U, shows total operating rovenuo of $!5.5U,2)5, not oiwrat Ing rovenue. $2,575,274; operating income. $1,911,774; total Income, fJ,93J,W; detli-lt. $1,525,892. William S. Evans, who is associated with Henry & West, of this city, bus been unanimously elected president of tho American rnstltut of Banking nt tho annual convention In Dtillas, Tex. Mr. Evans Is the first I'hlladelphlan to occupy that office. Tha suhtreasury gained J209.000 from banks yesterday and since Friday. jt. 790,000. Tho Htandard Horseshoe Nail Com pany, of New Brighton. I'n,. has re ceived a large order for horseshoe nails, presumably from the French Govern ment. Copper exports for tho week ending September 25 were 3527. decrease, 2s5b; month to date, 14.07; decrease 67K; from January 1, 23,273, increase 17,119. Operations were resumed tevday at th Sparrow's Point Steel rail mill of the Maryland Steel Company. The company will now finish rolling 13,(10 tons of steel rails, taken some moftths ago for an Australian railway. Gross earnings of the subsidiary com panies of the Philadelphia Company in August were f379.S3l. decrease $S6.772. net $110 877. decrease $74 034; five months' gross. JJ.SrJ.tm. decrease 31.6.S5; net tl 115. 7. decrease J36.7S1. During the month of August the Tono. pah Mining Company produce,! swam ounces of gold and silver, valued at 1166 . 815. This shows an improvement over July, due to a batter grade of ore haUnir been treated. Tho Commonwealth Power, Hallway and I..lBht Company, In which local cap ital Is largely Interested, has ask.-d the Michigan II nil road Commission to ap prove an ordor for tho Issuance of $521 -000 In bonds to be divided among its subsidiary companies. The Monongnhela Valley Traction Com pany. Hutchinson W. Va.. will build a $.100 000 electric plant to develop fXiO horse power for electrical transmission 100 miles. 1!12 MB nl 1003 lul.t H-jn ::r, bit 1911 011 21 07-4 NOTES OP THE RAIL" r.eturns received by the Electrical World from the central station compa nion of tlie Mountain and Pacific 5'tnten for June, 1914, do not show as large gains In earnings nnd output over the corre sponding month of 1913 ns did thoso for May, and the latter also was behind April In these two respects. Beturns from Mx large cities in Cali fornia, Washington, Oregon I'tnh and Colorado, representing over 60 per cent, of the centrnl station industry In tho Mountain and Pacific .States, show gross earnings for June. 1911, of $1.5J9 5W, nn Increase of 5 1 per rf-nt. over June 1913 with output of 140.191062 kilowatt hours! an increase of S D por cent. Tho standard of efficiency of train serv ice mon on the Pittsburgh Division of tho Pennsylvania has boon raised as the re sult of a method known as the "progres sive plan." They have to pass a first, second and third year examination on air brakes, machinery and knowledge of a locomotive. The new shop of tho Chicago and Alton at Bloomington. 111., to cost $1,000,000, are nearlng completion. They will replace old buildings of small .slzo that were erected 30 years ago. What has been known for many years as the American Association of General PaSfonger and Ticket Agents has been changed tc that of American Ase-oclation of Passenger Traffic Officers, which Is more In keeping with its membership. The president Is Gorrit Port, passenger traffic manager of tho Union Pacific. The Massachusetts Public Service Com mission has suspended to November 1, 1911, the proposed changes In certain pas senger tariffs on Boston nnd Albany Rail road. A hearing will be held October 13. Tho tariffs suspended withdraw from sale HO-ride Intrastate and 10-rlde tickets. The changes would make certain lricreasos in ratei of fares. Effective October 1, M. E. Wells has been appointed senior inspector of motive power, division of valuation, Interstato Commerce Commission, for the Southern district. His headquarters will be In Chattanooga. He Is now engaged on the appraisal of the Pere Marquette for the Michigan Railroad Commission. Automatic block slgnnls are being In stalled by the Texas and Pacific Railroad on Its line between Addis, la., and Don aldsonvllle, a distance of 21 miles. Tlie Cincinnati. Hamilton and Dayton plans to build 105 caboose cars in Its own shops. The compnny Is also In the market for twelve nil-steel coaches, eight all-steel passenger nnd baggage cars, four nll-steol baggage and mail rum. rive all steel baggnre cars and one dining and two wrecking cars. M. A. Mulligan, trnlntn.-u.tpr of the Le high Valley Railroad at Jersey City, has boon appointed general yard Inspector His offices will be in South Bethlehem. PHILADELPHIA MARKETS GRAIN AND FLOUR .rv,l'f:A.T-rll'i;:'r";: .n . uu change in winter Cur lm.i, In export e.ovat'.r I v ;, " .re,1. ' " unl Hei'tember, f Unfit. U, I i 2 re.1 Wesiern. I1.1111S. No. 1 Northern Dllluth. $lltiflSI. .... ruicrn COIIN Heeelpts. C070 bushels. Trade ' V.- o '- -t iru.-ie. as l, toi'dllan stea ly cream. tfo.'d. Lvalue but irad, u.u!et choice, 1 hi-lil it, c. . I art sKlms, li'sllc du POULTRY nmple K U. 1 1'rlng , hl.-kens. New Vork. full- do . do . fair to M I.IVIJI,, former rate i.u I Haiti. . In h ii.ll'M., guineas, per . and ,er mi l e pply and quiet at Wi17l,. .,ld rixjate-s. rdinc to dual I. imi 14.- do. i rim: No. 2 yellow. ss,uo . stearner'ye low ir, Si ifiV.J ViM,1 ., .."u.'.?H"f Mm. IS. ,P ri? nlpt. 30.717 buih-jls. Offerings moderate ,nd prl.'es steu l hut trade ."ji" SIVjc.. No .1 white MVoNMo. ri.ont He, elpu. S1S0 barrels, 1.0TA.0SS lb In saplt. Trade slow urd values UreulJ nominal. The mark.t dull and weak un.l'r pressure to sell. Winter, clear, fl TSU.1 do trainht. IMi.121. d,, patent. V4.tl TO Kansas, siralshi. Jute sacks, f.VS04l!l !k do patent. Juto sjeks. ft iiofi-i oo. si-rlns. rtre'i clear. U 7.M15 do . t-rjlKht. JT HkSft jo jo ,?"fm S"U.M 'to. favorite brands. ta 0 25. city mills, .hole and fan.-- patent. jBfi 5-J.,clt' mills, rcsuiar rj..lo -winter, clear ll.T.lfft. do. straight, J.VcfS SO. do. uatenr Hl'iece, W im ."Oo . old. 5 SOfirl. UYK I'UH'lt- ?&'!&." per bbl , -Steadily held but rjulet at in wood. BANK CLEARINGS B5?L 0lllV!t compare v. tin corres spondlhi day lut to year. ""' 1911. mil ...... r-hllad. .121,157 88S I24.U70 SM . iiw '.-. . . 17,lM,T3i 21,S57 5K,a wiwO.&Oi lie s to a PROVISIONS Trade slow and prices un, hanged rttv bef In sets, unokd and alr-lr'el tlfctlg- . Went ern Nef, in sets, sin.jkel 5lf.ijc,; city bef KnucKies ana tenders, smoked and nir-drled. .UjJ4i: . Vetjiern beef, knuckles and lenders stroked. S5a;4c . beef harm. -JufrlSe ; p,"rk Urn J y. .w.'7. llama. S. l. cur.T lo.i, .v. (SlBHo.: do. skinned, loose. 15m?18c . So Jo., amoked. 158103.. olhsr bams, smoked. clt cured, as lo brand and in erase. tsnuilo. hams, smoked Western cured, l-luc di. boiled, boneless. H'u2:t, picnic shoulders. ' 1. cured. loo, 12ffl2Wo . ,u . smoked lie UHc. bellies in id. kle. according to inersatt. loose. Identic.. breakfa.st baion si to brau 1 and average, city mre.J Il'Mo . breakfast bacon. Western eurel 2Ur23c. . Hni, Western refined, tierce. 11MM1V do. do., do. tubs UWUc lard .Pure -it. kettle rider,i SUGAR Quiet, but steadily held. Standard granu lated. lS.Sr. . tin granulated. 0.75c . powdered. 0 SSc confectioner' a, 0.83c. ; soft trudis. DAIRY PRODUCTS 1IITTKH Quiet with moderate but am ple offerings ut former rata Western fru solid-packed, creamery fanc specula, jtK- '. eitra. 31c . estra firsts. .Wt flrsw. 2tete sc.. seconds 2V7V . ladle-packed. 22 28c, as to quallt. narl. prints, fan. y. ai,- do . awruKe xira. dj-a-Efc- do . (lists, 3.t 31c . do . sejonda. 276MV Social fano branda of ,nn! ! bblutf at .isiB-ii,. Wilih Strl. tly nne fresh eegu v. ell ,-i.inel up anl Ual. Mrlliim an I p.i lok dull It. freo hum u.arbj mru, tu par dux nearby arws f 40 pur standard ca, narbv curect rMli.U. 7.2o7 U per standard ..aM Western extra amis. S per case, do Mrata.' 17 2fl7&0 rcr case. d. Ve. end,. ' J moSS, per .ase. Candled anl recrated friah , er. lobbed out at 3587e per do" alt .iual'ty tUEESK ortcrlurs moderate an valuta pair nune. Melichlni 7'- do . ns Khlrig 11- uo ueiuninit 1 11, t'lurons. per pair n lllili:i Desirable stock steady, with 'lWl.nJ.J"1!l ,g ."l" """-l'"" Fr.ijh-kll.el r,jwl, par lb. wclghinu 4V-1 lb at lee J'fc do. lfhiiu 4 lba ai.lete. JOt. do, weighing a. It, a, ie,e. 17lSc . do.. eigh- !?, "'. U"!'.,.Bn'1 m'"T I-' 'M roosters, dry. pkkd. t.li .: brullint: ihhkens. ntarb,, Wki"Ji,B8 ,U'? ,b ',,", 'W--' brdlini chlck.ns. nearby, fair to g. o, IHiSc chuk- S?i..,W,lUrn',381 "'" ' '"- to. d". w- J.Jf '.'.c1t V'UUi brollins chUkens. 1; irn' W- U, !"". KilIS.-.. broiling chitkena, W-ctern. fair to K.H,d, lMiifl. q'ltth. ir d.-VhltP. wetghliii! U to 12 )'ii,?r .!0,.i ! M. white. neigh S,.K, lo J, J" p" tjt- ',:i-73. white. weUhlng 8 Ins, , ,io , J2.2.'tlE0. do. lo T lb. nt 1oi, II 7BW'J do., d. OSBVa Iks . ?ftO ,'al-5u' Jar! and So. I ffcll FRESH FRUITS i-ernea quiet and easier. Other showed little (tiar.ee .pm. . Lt i.td. - Or eniteln. JL60: fruits S; i ?,.. lo,6u':;':!V' '',h,r KO"'1 l"ng arletes II BoK.'.Ss. medium, fli, l ',o. aiiI.i iju. wr mn -rnnsuanid per ' wr iHii, .. i I'lnff hamper ZMC0c. tui plea per crate it W a ran- J""" nit-y. i i-u'O.l.sn. Florida AT"8!i,varV "O Frl ' l"r bll J4 U iiVC V!' o ., """ 'ea. Ji-reei tr ctate i.i.J1 ""!s'' hn'- i1 saT iiu.k- Kinla per 1 to. lb 4 ITS. hasket. '.'r.T .',. lo lo lS.lcrf!i Z?' t&.i- ' l'r'fre and Mao- Tlli ill w47" w"'K ": "i l""" '' ?i, hSJs" wbLl '"'. rHw "4XETSC. . me-llum. aXi" P1"' Jersey, nhlte par H -basket. .naOilc ; do. do yellow tr S basket 23t a i?'.. ""arby. imtr bhl Hurtlett No 1 e-Jtto.BO. do., No a. '.' ft'iead. I'lapp a Ka VorTta. Ni. t flVifHW. 0 No 2 5 "rtll ESeii,J,' .Vi.V.- N Concord. KTnf"1 ha- V Oo pr 4-lb basket rS iiuoi?1 S"hrn Ulaare. pr car. rtei. 4(Mj5 . grate, r.mvor.l. i ur crate 40 rOc. . rums, rwr sib tauket itiv ' .,; Illllui. . ,.l .u.l.. .. . ....J1. .T t -" i. ....""" vmw "'". (iim. Oo ilOai"a watermaloua, Jersey Am p lo . IW, VECKTARLES ?7j!' n'1 ,tb"u, Imponaat change. fuia.vw vki uuau i muylvanu. JSf ..i L hi I. ew . it" o M' 1 .rk Mia Vic ,k. rt,r- Jurati. per Ukl -Hvu IV it laitatoti' Kaati-m Shore, iwr bll N., I. iSeW' do do do Nu. 2. 70 tal du di oui t-'arolUu. pw bbl No f' ji iXt,- J,, rtn J.0 J ,5. Jil. do d,, . J.rv.v ,. t.kl t2.Vi1j , , do do . do No 2, uiit Western .. 1 ;-.ne. ilu, V.iIeT"7k;i,T' ,"i tag si lo. metilum i r lU)-ib. tag . abtage doouatl fr ton IlOttll s. r l-UUit, L-ruU. ' do. No 1 I 7 in, -it 7Mj'v eb rv r x"'j