Newspaper Page Text
K.i , i
rmmmv-fw& ' wmw f
EVENING LEDGER-PHILAPELPHOUESDAY, SEPTEMBER 29, 1914
FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
BROKERS ARE GIVEN
permitted Now to Trade
Among Themselves Ex
change Reopening Plans
Depend .on Reserve Bank
Coincident with the l'lfllrlg today of
certain restrictions' which have pre
vented a broader scale 'of .trading In the
listed and unlisted securities, comes
word from bond salesmen on the street
that they aro finding Individual In
vestors In a very roceptlvo mood and
willing to listen to reason. There- ap
pears to bo a general feeling of con
fidence In the ability of the financial
situation to readjust Itself, and the re-(
suit has beon a brisk demand for
securities of the highest grade, partic
ularly the utilities.
Success of the Now York city note
Issue of $100,000,000 has Inspired greater
confidence and there Is a. brisk demand
locally and In Now York for the tjiree
vear notes, duo In 1917. Prices today
were boosted to 102. and even at this
flciire, wnicn repiHii .s !"
basis, the notes were hard to get.
The Investment bankers aro reporting
business generally good-so much so, In
Met. that there Is talk of having the
stock Exchange committee lift the ban to
the extent of permitting trades among
brokers In tho listed securities the same
as are being made In tho unlisted stocks
and bonds. The special committees are
nut holding brokers to prices at, of tho
closing fate of the Exchanges-July 30
and sales, are being mado on a basis of
llireu to four points, in some instances,
below those figures, with the inquiries
and actual sale3 exceptionally largo at
the low prices.
Beginning toUay, and until further no
tice, dealers In Investment securities
which mo not .listed on the Stock Ex-,
changes may trado as between them
selves. They may Issue circulars or a
lltt of their security offerings, but the
prices to be quoted, cither in Individual
..I., nmrinir hrnkora or to Investors, must
first bo scrutinized and officially approved,
by the special committee representing the
dllferent bond houses, named some time
ago to sanction proposed stock and bond
n.ia ia ho first limn rIuco the exchanges
closed that such privilege has beeri of
ficially granted tho Investment brokers,
'ihey have ben permitted,, for bovcral
weeics, to negotiate sales of their own se
curities to Individual investors, subject
to the committee's approval, but they
have been restrained from transfers as
between t!winsels. Tho Idea of tho orig
inal plan was to prevent tho letting down
of bars that would permit unrestricted
transactions that might have a tendency
to influence the very liquidation which
Investment houses everywhere and the
banking Institutions that hold their se-,
curltles as collateral have been trying to
stave off. And it Is for this same rea
sun that tho officials of the various ex
changes throughout tho country are go
Ins slow on the reopening proposition.
TALK OF REOPENING.
The gradual wiping out of the restric
tions ihat have surrounded trading since
the end of July Is an Indication of tho
better feeling regarding the general finan
cial outlook. In New York today invest
ment bankers are talking of a formal
reopening of the Exchange about Decem
ber 1. The original date set by several
w ell-Informed tradera was November 1,
but there was not taken Into consideration
In this prophecy the fact that It is very
likely tho Federal Reserve Board plan
would not be In operation by that time.
And there Is every reason to believe that
there will be nothing done in the line of
a general official resumption until these
plans shall have been completed.
Inasmuch as there . Is coming dua
Octobtr 1 a large number of American
debts owed abioad, there has been a
general stiffening In the foreign exchange
market. Trices In the last few days have
taken a decided upward tendency, espe
cially In the case of cable rates, which
are so much In demand now In view of
the Impossibility for the transfer of gold
to Europo by steamship in time to reach
foreign ports on the October duo date.
Extension of the British moratorium
from October i to November 4 does not
apply to bills, of exchange other than
checks or bills on demand. On account
of the fact that these obligations aro
excluded from the extension, persons on
this side who had been taking advan
tage of the moratorium are obliged to
buy exchange In order to cover their ob
ligations berore October 1-
It Is understood that a large volume
of finance bills had been put out during
the 6ummer months, bankers expecting
to cover these bills with grain and cot
ton exchange at low rates, but their
maturities have been extended from time
to time under the moratorium. Now that
settlements must be made by October 4.
there was also a good Inquiry for de
mand bills on London for the Mauro
tanla. which Is the last boat to reach
London by October 4,. Some of theso
finance bills have been renewed, but It
la believed In some quarters that no
small part of them will be paid off.
NATIONAL BANK CONDITIONS
Comptroller's Report for This District
Shows Resources of Over Billion.
The Comptroller of tho Ctirrcncy lias
Issued a report showing condition of the
76S national banks, ns of June 80, 19U,
located' In Federal lteservo District No. 3,
comprising eastern Pennsylvania and nil
Of New Jersey and Delaware. Total re
sources of the-banks on that date weie
$1,215,821,250. Onty tho Now York and
Chicago districts exceeded this total.
Of tho resources, tho Urgest Individual
llem, loans and discounts, amounted to
$1528,597,816, or little moro than 60 per cent,
of the total'. Bonds and. securities other
than hlpcka held toy the banks nmountcd
to $209,762,603. tho second largest Item of
resources. Included In tho liabilities
against these resources was $730,188,217 in
deposits of Individuals, $115,212,833 surplus
and $27,001,340 undivided profits.
BANkS HERE ARE NOT
TAKING VERY MUCH
Their Reserves So Strength
ened That Demands on
Subtreasury Are Light.
$10,157,000 Taken by
THIS CITY A LEADER IN
GREAT WATER POWER
Cramp Notes Directs At
tention to Firm's Change of
Policy in Engine Construction.
Judge jr. a. Mathews In the IHbb Su
perlor Court, Georgia, granted a. peima
nem Injunction against the Macon Oas
Company from Increasing its capital stock
above $V.00O. The company some time
aso petitioned the Railroad Commission
ur authority to issun tfMO.OOO addllion.il
Tho California Railroad Commission has
authorized the Valley ripe Lino Company
to Ubue 53.UI shares of capital stock ut
not less than $V) per share. The minimum
pnie na fixed by the commission be
cause of the present European war condl
i, 1' The loi-eeds from the sale of tha
lock ate to be used to construct an oil
i.m' i),ne from tlle Iands the- California
" rltlds. Ltd., near Coalings, .Fresno
Cou't tu Martl,'e!!. Contra Costa
The Ohio Public Utilities Commission
nas authorized the Ohio Servico' Company
io issue JS3O.00O of new capital stock to
e used lor the acquisition of electric
. . y u"a "ghtlng properties at Co
Phii ",'; mbildge Canal Dover. New
niudoiphla, Urlchsvllle and Dennlson.
j.viJo.1."1" llle Newark Natural Gas and
fnl . (-0I"l,0ny from advancing its rate
.v, ura! S4a ,,0" Is cents to S3 cents
Ann. .wn1 cublc the hto Court of
ft, S . lus sustained Judge Jewell, of
jaetommon I'leas Court, who rendered a
Oh, n '? favor 9t the city of Nawark,
uuo, against tho gas company.
0ff NajMU Light and rower Company
sivsTAV? '""nd repoits gioss earnings of
liii foF the ' month ending Juno 80.
wit!. "VJ. 'ncia of JH.M5 as compared
rti,. Ntt earnings for the same
Inter? .Were morB tha" tlra the boml
mVuin!11 the r8 am'ngs have In
a8a 7 per cent in the last six years.
Banks In this city and the country
banks In this district aro, In a very much
stronger plstlln now than kt any timp
since tho closng If the Stock Exchanger!
of the' wlrld when hostilities In Europe
begoill This Is indicated by tho faat that
there hut been a let-up In tho Issuance of
emergency currency at tho Sub-Treasury
In this city, particularly In tho last ttuee
weeks. Tho few applications, which are
now coming in ore principally from coun
try Institutions. Another Indication of
tho stronger position is tho statement of
condition of tho Philadelphia Clearing
House members in the last throe weeks
showing an increase In rcoerves.
The National Currency Association of
Philadelphia, which has Jurisdiction over
trie Issuance of emergency currency and
acts on tho applications of tho banks,
met dally In the lirst part of August
to act on applications as -to whether the
association should recommend tho Issu
ance of currency to thorn and whether
tho collateral' offered by them was sat
isfactory. These meetings have now
dwindled down to about two a week, and
arc then called only when some applica
tions are on hand. This week there ha3
been only one meeting, and it Is under
stood there may b'e another before tho
end of tho week, although It is not now
Since tho first emergency currency was
taken out on August 7. approximately
soven weeks ago, there has been Issued
at tho Subtreasury a total of 10.1S7.000 to
21 banks and $319,000 of this amount wa3
taken out this week. This Is an aver
ugo of Jl.451,000 per week. A majority
of tho banks still have a largo amount
of It In their vaults, having taken it out
as a precautionary measure. To meet
tho clcmand3 for emergency currency
when they were llrst made, the Comp
ti oiler of tho Currency sent to the local
Subtreasury $,000.000 worth and ?D,S13,
000 Is still In the vaults.
THE COLLATERAL DEPOSITS.
Against the total of $10,157,000 issued
there has been deposited collateral with
the Currency Association to the amount
of approximately $14,000,000. which Is
now being lield' In the vaults of the
Clearing House. Of this collateral It ia
estimated that 60 per cent, represents
commercial paper and the remaining 40
per cent, railroad and other bonds.
It is provided in the Aldrlch-Vrceland
law that currency can be Issued to an
amount not exceeding 75 per cent, ot
'the cash value of commercial paper de
posited and to an amount not exceeding
per cent, of the market value of
State, city, town, county or municipal
bonds. The Secretary of the Treasury
has reduced the percentage on State and
municipal securities to S3 per cent.
Secretary JleAdoo, In accordance with
his campaign against hoarding money
and banks charging excessive Interest on
loans, has sent a letter to the. currency
associations throughout tho country which
rejuiies them to secure information from
applicants for emergency currency an fol
lows: The legal reserve held, rute of
Interest charged on renewals of time
loans, rate of interest charged on re
newals of call loans, and the rate of in
terest charged op new time ami call
THE MONEY MARKET
New York . .
I'hlladelphia Oommercl.il iacr. thr.n t iv
months' maturities. 767Mi per I'ent.
NOTES OF THE RAIL
A bill appropriating $250,000,O for the
acquisition by the Govt-rnment of com
mon carriers of tho country was intro
duced In the House yesterday by Con
gressman Rupley, of Pennsylvania
Management would be placed under a
board of control to consist of three mem
bers, serving ten years and Ineligible
for reappointment. They would each
receive a salary uf $25,000 a year.
The Missouri Pacific tfallroad has taken
an appeal from the order of the Nebraska
Kailroad Commission making a reduc
tion of 19 per cent. In class rates.
The Canadian PaclnV now ms under
construction 500 miles of track. Including
second track. In Western Canada.
The 16th annual convention of tho Na
tional Association of Ual'way Commis
sioner will be held In Washington, No.
Acordlng to George II. Miner, assist
ant general solicitor of the Erie Railroad,
the $900,000 car trust equipment of which
uppruval i uked of the New York Up
state Public Service Commission Is one
ut the mot favorable that the road has
ever been able to project He says that
the certiorates,' which will be known as
BB will bear 44 per cenf. Interest and
L'reael & Co., of trls city, have offered
to luy them In their entitety at 87 and
Announcement by bankers that Ihey
would pay In ndvance the $140,000 notes
due January 1, 1915, of the William Cramp
& Sons Ship and Engine Building Com'
pany has attracted attention to the
affairs of this company, which have been
handled In such a manner a to be able
to meet lt notes In advance. '
When William Cramp early In the last
century founded tho famous shipyard
which etlll bears his name, ho apparently
had dreams of mighty armaments ttf be
constructed and with, what pride they
would cany tho American flag to all parts
of the world and thunder forth tons of
steel In defense of It, If necessary. His
vision came true In more than one- way,
for tho Cramp-built ships were the
"cracks" of tho American Navy, and at
Manila and Santiago poured forth their
bolts In fulfilment of the. vision.
With tho dawn of a new century, how
over, the successors of this great mind
realized that the wonderful opportunity
of tho business man of America, was not
In tho building of engines ot destruction,
but those of development; and few pco
plo In Philadelphia know that the Wm.
Cramp & Sons Ship and Engine Building
Company Is one of tho foremost design
ers of hydraulic turbines for the develop
ment of water power In the world an
Industry which Is being exploited by the
comparatively newer form of Investment
known as Public Utility.
The first effort of private enterprise to
develop the water power of this country
to make It a salable commodity was
mado In 1S0O, at Niagara Falls, where
a company known as tho Niagara Falls
Power Company began work on a hydro
electric seneratlng station, which was to
exceed In size and Importance any which,
up to that tlmo, had Been constructed,
either in the United States or Europe.
When It Is remembered that up to this
tlmo a turblno of greater capacity than
1000 horsepower had never been construct
ed and this effort called for 10 units of
EOOO horsepower each. It Is not surprising
that the venture created quite a little in
terest. It Is not generally knowp that It
was our own Philadelphia concern which
was awarded this contract and carried It
out to successful completion.
NIAGARA FALLS PLANT.
Success of this venture advertised the
possibilities of this kind of endeavor to
the moneyed Interests throughout the
country, and with their usual celerity
thoy seized the opportunity with avidity.
The first Important work attempted, after
it was thoroughly demonstrated tnat thl3
was a safe field for private Investment,
was the Canadian Power Company, which
In 1900 at Niagara FallB constructed a
plant which, although only two units were
planned, yet each one called for a ca
pacity of 10,000 horsepower. The Cana
dians followed up this effort with the
construction of larger plants capable of
delivering 13,500 horsepower.
By this time Investors fVro quite fa
miliar with this form of security, and
dealers had no hesitancy In offering them,
and, as a result, water power sites
throughout this country and Canada were
The most Important of these have been
the Huronlan Company, Ontario, 10,650
horsepower; West Kootenay Power and
Light Company, British Columbia, 16,000
horsepower; Toronto Power Company.
52,000 horsepower; St. Lawrence River
Power Company, New. York, 21,000 horse
power; McOill's Ferry Power Company
(later the Pennsylvania Water and Power
Company), McCall's Ferry, Pa., 81,000
nnrsepower; central Colorado Power
Company, Glenwood, Col., 18,000 horse
power; Great Western Power Company.
California, 7.',000 horsepower; Washington
Power Company. Spokane, Wash., 3tS,rW)
horsepower; Tennessee Power Company,
20,000 horsepower, and the Appalachian
Power Company Virginia. 35,000 horse
power. These are Just a few of a great many
corporations which extend from Alaska
to Porto Rico and from New York to
British Columbia, and the figures men
tinned ahovo are merely tho Initial In
stallations. Since that time a great many
of them have doubled their capacity.
The most recent developments have
been the Mississippi River Power Com
pany at Keokuk. Iowa, which has IS
units of 10,1) horsepower each, and
which Is the largest plant of Its kind in
the world, and the Cedar Rapids Manu
facturing and Power Comnanv at Mon.
treal, which has nine units capable of
delivering 10,800 horsepower each, which
Is the largest turbine in the world, this
company being the greatest development
of Its kind In Canada.
TURBINES ARE BUILT HERE.
As a matter of Information It may be
stated that SO per cent, of the Impor
tant turbines Installed by the various
companies on this continent were con
structed by the I. P. Morris Company,
which is the department of Cramps that
constructs this form of machinery.
Philadelphia capitalists were among the
first to recognize this field of activity as
a probable use on funds, and perhaps
tho companies In which Phladelphians
are interested are ns well known, if not
better, than any of the others. Their
effort.-, have been usually confined to
the environs of our own country, where
the possibilities are almost unlimited.
Meat. while, the investor is becoming
more and moie familiar with this torm
of security, and the bankers managing
the properties experience very little dif
ficulty In disposing of their wares.
William Cramp, if he iould come back
to this mundane sphere now, with the
greater part of Europe engaged In bloody
strife, would no doubt fully expect to
find the great plant which bears his name
busily and exclusively engaged in the
building of ships uf war. What would
be his surprise to rind that the activities
of tho plant were largely engaged In the
construction of mighty engines of peace
and Industry? And whllo the apostles of
conservation are busy uiglng the passing
of laws to restrict the use of our natural
resources, tt Is Interesting to note that
Canada, which has been Jealous to guard
and foster Its Infant industries, was quick
to perceive the opportunity offered and
perhaps as a result is a bit in advance
eloping water power.
Needless to state it would be far better
to have our resource develop! aloiig in
telligent lines, where the risk Is borne bj
the promoter and Investor., than to allow
powej which has a. might behind It which
no man can gauge to He d"rmam at our
UTILITY COMPANY FILES
PETITION IN BANKRUPTCY
Atlantic Gas find Electric, a Holding
Corporation, Unable to Meet
NEW YORK, Sept. 29.-A 'voluntary pe
tition of bankruptcy was filed In tho
United States District Court today by
the Atlantic Gas and Electric Company,
which was Incorporated on April 2, 1912,
under the laws of Connecticut, to acquire
control of established gas and electric
properties through the securities of cor
porations owning the Utilities.
Tho company controls tho following
properties: Eastern Pennsylvania Power
Company, of New Jersey; Easton arts
Works; Interurban Gas Company; Penn
sylvania Utilities Company; Blnghamton
Light, Heat and Power Company; Sayro
Electric Company; The Jersey Corpora
tion, and tho Chemung Land Company.
Tho assets consist of material and sup
plies In the possession of tho Pennsyl
vania Utilities Company, of Easton, Pa.,
win, olnrlr. hnml find note claims mrnlnst
subsidiary companies amounting to. $'i,338,
710. Tho bankrupt company hold In Its
treasury bonds and stocks of subsidiary
corrlpnnles totaling $1,143,817, and .of Its
own stock and bonds tho company still
retains $4G0,5G0. Included In Mie assets
ore also stock, bonds and a noto of, tho
Pennsylvania Utilities Company totrumg
Tho liabilities Include secured' claims
amounting to $2,420,552, and unsecured
claims of $28,52.1. The Atlantlb Gas and
Electric Company owes Its subsidiary
companies $28,286, and t--1 series "A"
bondholders $1,666,000, faco value of the
securities being $2391.621. Scries "F"
bondholders' claims nmount to $593,000.
AUSTRIA CONFISCATES . - -RAILROAD
Pretext Is That Canadian Pacific
Has Refused Dividend Payments.
LONDON, Sept. 29. The Austrian Gov
ernment has confiscated securities of the
Canadian Pacific Railway held In Aus
trian on tho pretext that tho company
has refused to pay dividends due Aus
trian stockholders, say3 a dispatch from
Observation cars belonging to the Ca
nadian Pacific, on the Austrian Railways,
have also been seized.
AT WORK ON BOARD
PORT OF PHILADELPHIA
Limited Speculative Trade
Adversely Affects Values.
Futures Close at Decline of
3-5 to 5-8 Cents.
BUILDING FIRM ASSIGNS
NEW yORN, Sept. 29. Flelschmann
Brothers & Co., general contractors
and erectors of numerous cilices and
theatre buildings In this city, this
afternoon assigned for the benefit of
creditors to David .1. Kox. Gustav J.
Flelschmann Is president of the com
pany, which was Incorporated In 190$
with a' capital stock ot $200,000.
MINNEAPOLIS AND ST. LOUIS.
. . . 1fiH. DeriaK.
Third week September . . . $237,pnn $ m,3M
July 1 to September 1.... 2,410,471 181,W3
CHICAGO GREAT WESTERN.
Third week September ... $.171. 4R2 $11,201
September 1 to 2.1 l.O-TJ.i'n 14,2;rt
July 1 to September 2.'t... n,r,n7.7S 14.1.120
Aiiitmt groes l,3on.3nn 7,.'WO
Net '. 422,7311 n.o.V,
Two months' grosa 2,::nt.RR(i ish.ski
?et CW.S73 UR.S12
CINCINNATI, NEW ORLEANS AND TEXAS
Third week September $17ft,flVI S2.-.,!WS
From July 1 2,214, 7CH (I3.S01
TOLEDO. ST, LOUIS AND WESTERN.
Third week September. . . . Sftd.CIS jn35
From July 1 , 1.0!7.03B 22.1S7
ALADAitA GREAT SOUTHERN.
Third week September.... J57.07O Jfl.512
From July 1 1.137.215 1S.S01
CHICAGO AND NORTHWESTERN.
Augimt gross $7,78,S71 Jn().41
Net after tav ait joq m-. jv
Two months' gross I5,07$!o.'' 20l!.i7l
Net after tax 3,010,44 'lKV.'Sl
CHICAGO, ST. TAUL. MINNEAPOLIS AND
Auirunt irrosj..., ?l,B7K,fil7 Jl.-.l.int
Net after ta.s... WI7.-J.-.I sn.fili)
Two months' cross S.S.I.'i.R'Wi 2u, mi
Net after tax..'. 1134.710 :! ""i
Auqrunt Kro Jt.Oin.BS2 $40,ni-,
Net after Ux 2S.-I.01!) KlWH
J wo month ra I.n22,lin 2.10 fir
Not after tax 3I'J.80t lio.'owj
COLORADO AND SOUTHERN.
AllEUKt CrOflM. t 1AS1 1 1 Ctc, .ni
Net nftr lv ' '.j.n,S '-A'iri
Two months' gross 2,:us,0oi
Net after lax 40J.191
AuKust- grosH...... $8,108,027
Two months' gross..,. lil,027,24
CHICAGO, Sept. 23.There were Im
portant counter Influences In wheat to
dny, With ths result that the market was
ah Irregular', affair, A limited specu
lative trado counted heavily agajnst
values, as did' 'bjrgo accumulations of
supplies at available centres. There has
been an enormous flour trado with Euro
pean Governments; Ouh wheat prices
rutctl higher In all directions, prcsum
.ably the rosult of competition from
millers. Cash handlers tell of Increas
ing dlfllculty In buying wheat In the In
terior. Bids to local exporters nro re
ported too low for working of wheat.
Cash sales were 131,000 bushels. In
terior receipts of wheat today were 2,
038,000 bushels. Clearances of flour from
the seaboard today were 35,000 barrels
and of wheat 674,000 bushels. Futures
closed ? to ? cents lower.
Corn was firmer early and weak later.
Interior receipts today were 453,000 bush
els. Clearances from the seaboard were
2000 bushels. Futures closed Uc. to lie.
.Oats was strong early, hut broke badly
later. Cash sales were 252,000 bushels. In
terior receipts of oats today were 1,254,000
bushels. Clearances from the Baboard
were 573,000 bushels. Futures closed lHc.
to lc. lower.
Heavy selling of January product from
an Influential source carried the provision
Leading futures ranged as follows:
Wheat Orx'n. High. Low. ('lose, close.
September .. l.OSVi l.OSV LOW l.W'4 1.0T!4
December .. 1.10 1.11 l.ost, 1.0ft tl.ifli,
May 1.17M 1.18H 1.1.1S l.l.Vi tl.WV
Corn (new oeuveryj
HIrIi water. 4.3.1 a.m.
Low water.. 10.2.1 am
SUN AND TIDES
8:33 a.m. Sun sets
HUh water. OiKOa m. . Illh water. K) 27 p.m
Low water. 4 :i1,n m. . Low water . 4 oip.ni
Hlh water. n-4 n m I Hltrh wr. 7-lftpm.
Low water.. 12 4f) a.m. lxw water.. 1:10p.m.
High water. 4-44 p.m.
Low. water, .ll.ol p m
Ftr. Joseph .1. Cuneo (Nor.). AnniO'lt, Port
ntonlo, cuneo Importing Company
fitr. Auehenblae f Ilr.J. Malr. Haltlmor. J. A.
gtr. Texas. Stehetln. New York, XV. r.llagar
Sir.' Nelson, Eriksson, Port Arthur, Earn
Lino Stermshlp Company.
Sir. Phawmut, Pwenson, Mayport. Southern
Steamship Company. . .... ,
Htr. Grecian, I'nKe, Itoslon. Merchants and
Miners' Transportation Comrany. .
Sir. Ericsson, Willis, Ilaltlniore, Erlesjon
, Kclif. Lliale M Parsons. Klmrplcy, Hampton
Ro4i!. A. V. Cummins A Co
Fchr. Chllile Harold, Sweeney, Calais, J. H.
Stetson & Co.
Steamships to Arrive
Name. From. Salted
Mongolian , fllnsgow ...... Sept. 1(1
Stampalla , Naples Sept. IB
Merlon Liverpool i-ept. 2j
California Copenhagen ...Sept,
City of Durham Calcutta Kept. I
SCyldyk Rotterdam ....Seot. 15
Btnrt Point London Sept. 12
Man. Mariner Manchester ...i-ept. 10
Ariolfo HuMva Sept. II
btwrmfela Calcutta Kept.
Canadla Pt.tvanger Sept. IA
Zerenbergcn Cardiff Kept. IK
Narvik Mldtllesboro ...Sept. lit
Raptdan Lelth Sept. lit
Missouri l-nnlon Sept. 22
Uakotan Htlo Kent.
SHIPPERS GET RULES '
COVERING WAR RISK
Federal Bureau, Ready to
Write Cargo Business,
Outlines What Shipments
Will Be Underwritten.
W n alon
Newcastle. N Fl.Sent. 22
ri. inrnr.t.;.v.hepi. 17
Manchester Sent. 24
i.ornsion , . .. j- owey rept. T.
Bolborg r Hartlepool ....Sept. 25
Steamships to Leave
Name. For. Date.
Dominion Liverpool Oct. 3
Stnmpalla Naples Oct. 0
wrion Liverpool Oct. 10
Wes' Point .'..London ....
Canadla ., ..Chrlstlanla
Zyldyk Rotterdam ,
Man. Mariner Manchester
Start Point London
Missouri London ....
1.. .Oct. lt
PORT OF NEW YORK
Vessels Arriving Today
. . 8 A. S!
ueccmner . .
December . .
January . . .
(By.. ' United States. .
T2'(i I ciBiniMiii,
Steamships to Arrive
1II.D7 W 07 10.67
Did. tAskcd Nominal.
10.40 10 55
NEW YORK. ONTARIO AND WESTERN
Two months' gross
LIVE STOCK QUOTATIONS
CHICAGO. September 20. HOC3S. Receipts.
10,000; markets, 5o higher; mUed and butch
ers. $8.U5ftn.25; good heavy, S.73i: rough
lieavv. ?7 03g.0.i: light. JS.OO&'.i.l."; pigs
$0 15ffl8:i5; bulk, $R.in$iftIS5.
CATTLE. Receipts. 0.000: steady: becvei.
.M'MOSrll 0"; cows and heifers. $.1 7."Bfl. Block
ers and feeders. 0jS,10, Tcxans, $7.401j8Mi;
calve. $' 1. .Vg' 11. 50
SHEEP Receipts. 37.000; weak; natlxe and
western. $1.2535.75, lambs, .Vi.fioifj7.75.
NEW YORK BUTTER AND EGOS
NEW YORK, Sept. 20 -Hutter, firm,
receipts. 14.S12. packages, creamery, extra,
snisi.lijuc.; state dalrv tubs. 22'520c. . Imltatljn
creamery, firsts. 2fS-M'jC.
Eges firm, receipts. 20.(122 boxes, nearby
white, fancv. 354140c : nearby mixed fancy,
25tfr-e.. freh firsts, 240c.
STOCK EXCHANGE FIRM FAILS
It was announced tit the New York
Stock Exchange, this afternoon that the
firm of Cowperthwalt & Clark, of 43 Ex
change place, was unable to meet Its
obligations. The firm was established
on September 27. 1908.
The foreign exchange market closed
steady; transactions were almost en
tirely confined to sterling. Demand was
quoted l.OOH and cables, 5.C0H.
Steamships to Leave
Mauretanls. . ...
Philadelphia. Llerpool Oct'
Vaderland . . . .
. .Lhcrpool .
Sanf Anna Marseilles
CONDITIONS OF TREASURY
WASHINGTON, Sept. 29,-The condi
tion of the United States Treasury tit
the beginning of business today uas:
Net balance In general fund, $114,100,830;
tovU receipts jcs'.erday, $1,063,81.1; total
payments yesterday. $1,503.18'!. The de
ficit thla fiscal year Is $31,179,630 against
a deficit of $3,fil5.47C last year, exclusive
of Panama! Canal and public debt transactions.
FREIGHTS AND CHARTERS
Tonnage offers steadily to meet the limited
demand for carriers of grain, coal and ither
full cargoes for transatlantic oyags uhl-h
Keep rates firm In the steam market. Con
ditions in tho sail market remain unchanged,
with business djll and rates Ion.
Prosper III (Nor.), New York to Trench
?cm t ' quarters, private terms.
Tartary (Br.). Raltlmore to Wench Atlantic
ports, oats. 33,000 quarters, 2s. 3d. promiVt
oILCy.ea11 ,nr-- u" of Antwerp". gra 1 1
25.000 quarters. 2s. 4,d., prompt.
Milton tPr ). Hint, 22,ro0 quarters, 5s. fld.
Abarls (Br ), gulf to picked ports. United
Kingdom. gTaln. 2s Od . orompt.
RUerdale (Dr.) 2752 tons, Baltimore- to
Rlr Janeiro, coal. 10s.. October.
fitandlsh Hall (Br.). 2514 tons. Baltimore
to Alexandria, coal, 15s., October.
Ello, (Ital.). 220S tons, Baltimore to west
coast of Italy, coal private terms, prompt.
("ilentruln (Br.). 2020 tons. Palamo3 to
Baltimore or New York, cork shavings. $73io.
Ship Saa (Ital.). jw York to Corn
naren. refined petroleum. private terms,
Kch. Kenwood. 707 tons. Bridge ater. N. S..
to Hatana, lumber, private terms, prompt.
Approximately 5175 OOu of tho S per cent,
first mortgage bonds oi the Birmingham.
Enslcy and Bessemei Railroad, interest
on which was defaulted on September
1, hao been deposited with tho Ameri
can Trust Company, of Bobton, depos
itory of the Minority Bondholders' Pro
tective Committee, since the call for the
deposit of the bonds was ihfued. The
Investigation of the railroad, which was
started by the minority committee. Is
GRAIN AND FLOUR
WHEAT. Market flrm and lc higher
early In the dav. Reaction set in. however
ami at tho dote the markst showed no
quotable change and ruled (inlet Cir lots
In export elevator No i red. sp.t and
.;' ;'.'.' i"xri 1.1; .-so reo western. 1
y-l-''tl-l; No. 1 Northern Dulutli. fl.lS I
a 1 2.1. I
n'J.',u:!fH"'"Pts- .',n00 ''""h I1"" and
n,?1" 3C loner under general rresmre to
sell Car lots for local trade, .is 10 l.i.-iul-,,,
Xllow, StjtlUe., steamer )ellow, M, J
. His ver 1.-.2 . t2 25'i2 40 do.
i"i , il 71i2. do., do MfaoAj
daiK and N
1o . 7 Ibi
lbs p.r doz
2. 50c fj$l 10
By direction of the Secretary of the
Treasury authorized and Issued bonds
of tho territory of Hawaii are now ac
ceptable securltv as a basis for the ls-
Der 1 suance of currency to national banks
through the national currency associa
tions, under the amended Vreeland-Ald-rich
Potatoes in nctter request and alues well
suxtnlned Other egiables ahowe.i little
chnng.v White uotatccs, per bush Ponnsyl.
unlii 5N3''.. . New York. 50r53c Whlto
IHitntoes. Jerscv, per basket. 35ttc)c. Sweet
potatoes. U.ibicrn nhorc, per bbl - No 1, X) 75
ii.'33. No. 2. 73c.iT($l, Sneet potatoes, North
car dma. per bid No. 1. l 75(2. No " ts..
-. I'i u, .,, i 9.it 51
lieceiiH. IM.'.iSD bush Oulet with t J w. ao. ., r.ini 7.1. ao . jrrsev. ner t,.l.i
moderate but amplt offerings at tha Uto .lc- I 45 it 55c. oi.lons. per hush. 40gAnc do
S"i;SoV.s ",hl,t, 31Jsil'c- standard white, i choice, per leo-lb Im. . di , medium, i ef
1 .A'..,,0-.11 whi,p' il(!Jli- l""-tb . 7Sflik. cabbage donictlc per
I'l-Ol K. Receipts. 2421 bids., 1.0S3.2UH ton. J12HU. t elerv, ,w York, it-r bunch
lbs. In k.irks. 1 rade a llttl more active and litmx. Mushrooms. rr 4-lb. bisket. 50c A
prices firm in inpathy with wheat. Per lull SI (W. "-
lbs. In wood--White- clear. $4 tVMf I h.1 ; do.. ..
straight, 4fi0B.11S; do., patent. 3.23fft5.r.it, PROVISIONS
haniis, straight jutesa.ks. $S 20613.Su; do. ,,i.. .,. i,i,, . 7 . ,.
patent, jute Ml,a, $5 .-.ofcjs 75 ; spring tlrst u yi" l a 4. n,ho .""I'l-rtani t-hne Vlty
' vn: avj- j. ra,V-.!?.l?!2 . rt v;;.,r., "w n rr .mok;r s:
Affairs of the New England Trust
Oompam , which have been in the courts
for several vcars, were terminated In
Providence. R. I., today by the discharge
of John P. HooKan as receiver.
Bepresentatives of the State find na
tional banks of Cleveland have voted to
contribute $i.T5O.0".) to the noo,OH,m n.
tlanal cold pool.
The Wheeling and Uako Erie Rallroao
Company has laid oft 4ft) m(.n at tts
Browster, o., shops, and has made a
similar reduction in Its nhops nt East
Toledo, O. The stilk of the Ohio .,.-.!
The Federal Bureau of War Bisk In
surance has completed lla policies cover
ing cargo Insurance and Is now .Issuing
them to steamships outward bound for
foreign ports. This announcement was
received hole toduy by shipping Interests
and exporters generally. The bureau la
now prepared to quote rates, Ibsuo poli
cies and, In general, perform tho duties
for which It was establlshod.
In a statement unnounclng the comple
tion of the bureau work, Chief Delanoy,
head of the department, says It will bo
necessary for persons wanting Insurance
to communicate direct with tho bureau at
Washington, although, he says, applica
tion forms may 1-c had from the collec
tor. s of customs In tho various ports of
tha lnltcd States.
Tho bureau will wrlto policies either
for voyage or for time. Tha voyage poli
cies cover a specific voyage, the vessel
not to call at more than two ports during
tho voyage, unless by special agreement
with the bureau. Time policies are writ
ten for periods ot DO days only.
Tho war risk clause In the policy reads
'Touching the. adventures and perils
tfhlnli .lis . ..-or. . lu a.i.uk.a.1 ... ... . ..J
-...,.... ...-a t,,.-...' . m vii..-,tvi-. IL u.l Mild
' Olid takn lltwiti himaftlf. fhdi. a r at m.nf.
war. letters or marque and countermarque,
reprisals, takings at sea. arrests, restrains
and detainments nf all Kings, Princes and
r-oples of wnut nation, condition or quality
eo"er, and all consequences of hostilities or
warlike np rations whether before or after
declarations of war
" 'Warranted not to abandon In case ot
blockad- and free from l'iss arising from an
attempt to eade blockade, but In the event
of blockado to be at liberty to proceed to opsn
port and th-re end the oyage.
" 'Warranted not to abandon In case of
captute, seizure or detention until after con
demnation " 'Warranted free from any claim for In
teroi't, loss of market or damage by de
feneration, but nut to delay.'
The bureau announces the following
articles contraband of war which will
not be insured:
Anns of all kinds, including arms for
sporting purposes and their distinctive com
Projectiles, i barge, and tartrldges of (11
kinds, and their distinctive component parts.
Powder and cxplos!cs especially prcpaxd
for use In war.
Gun mountings, limber boxes, Umbers, mili
tary wagons, field forges, and their distinctly
Clothing ami equipment of a distinctively
All kinds of harness of a dlstlnctlcly mili
Saddle, draught and rack animals suitable,
for use In war.
Articles of camp equipment and their dls
t'.ni'tlvo component parts.
w.irhlp. Including bonis and their dis
tinctive component parts of such a nature that
they can only he used on a tcsscl of war.
Aeroplanes, airships, billions and air crafts
of all klnils and their component parts, to
gether with accessories and articles recog
nizable as Intmded for ute In connection with.
btlloons and air craft
Implements and apparatus designed exclu
sively for the manufai ture of munitions of war
nnd for the manufacture or repair of arms,
or war material for us- on land and sea.
SHIPMENTS TO BELLIGERENTS.
The following articles will not be In
sured If destined for the use of the armed
forces or of a Goernment department of
a belligerent State, or are consigned to
tt contractor established in a belliger
ent country who. as a mattr of common
knowledge, supplier articles of this kind
to .1 belligerent Stat. or are consigned
to a fortified place belonging to a bellig
erent or other placo serving as a base
for the armed force of a belligerent:
Korai-0 and grain suitable for feedlox anl.
I'lnthtnc. fabrics for clothing and hoots and
shoes suit-blc for uso In war.
iuld and slher In coin or bullion; papr
Vehicles of all kinds available for use In war
and ll.cir omponent parts.
Vessels, cr.ft and boats of nil kinds, floatinjr
docks, parts of docks and their component
Hall'civ material, both Axed and rolling
stock, and material for telegraphs, wireless
telegraphs and telephones.
Powder and exploshe not specially pre
pared for use In war
Barbed v iro and Implements for fixing and
nor li.oes and shoeing materials.
Harness and saddlery
Meld glasses, telescopes, chronometers an4
all kinls of nautl al Instruments.
tuitAnt S. .-.Iltf, -. MX A, U.A.I. I.-.-.,.. .,.- ! icni yt in i. ftUIUKCU. UU.rjt'
:" -.-- "..,...., ,.., ,i,di.. ,,Wi' fliiu .- Lnunlil n. ,-nA.. . .".-' ...l.... k
-'.-, city mills, choke und fancy patent, $tfi J r-.lr.ed V'ti ti. Western T beVe f' km. .St an'i '"""Irs "UB "wa me earnings of the
il 25 city mills, regular grades, winter, effar. ' ? V. VmoTted 32fi"' beef ham. Tna,:i'1 I rouan.
I.Oi4S5. ,lo straight. ,,.00uB.ia. do.! ?U "tmSSSVhfiSl. ham"'!4"'?: "S&ft '
'fenTuijlulet, but steady, at s3 S?' Sfo $ 0& ' ' S?, fnn"ncfitJ 0 '"at an order
(35.50 for nearby and Western In wood. m ded. clt) rcd as to brand an I ara ' for ,W0 ,ons ot Peelal billets has been
nTTJV nnnnnrrc I tS?1, to8!5i fmK';! i Wr,,5"J ,cud. p,s B'vn to the Pennsylvania Steel Ctim.
.....Ji-l1 , l K0DUC1S Itauwem,' s 1 u'fiS,, Wi8 e ru,n" ' ny by on of th manufacturers X
hfMl,SndSi,,S.at2q,JfVerl!Si.alurJ" "n"-Wed 1,&.U'' ' ,bSMi l"'i?' Wording "ntlv Participated In the big contract
wSVr:?i-i.0,.-hl,v.,:.!rv'n.... . fes.hv js' v. m jj 3?&: , by ,he trM,ch and Russ,9n '''
atr offerinss. vtern fresh, soIH-iuektl.
creamer. fanc. sp-ilals. ik, extra, it
extra ttrsu. Inc. firsts 2ijt2ai.t scon Is
'.ii27"v.- . ladle-packed ;'1323c. aV tu jU4llt;
nearhv prints, fane) 3lc ; do. average extra,
a.-.lc do firsts. i-UffdU , do.. co7id JIu
2ic Special fanc brands of prltitk Jobblnl
i:ifi. Pine fresh uggi, In eooij request
nd kipt well cleaned up at steady prices? In
frea idles, nearby extras. .')lc. vr dot.. urj.
by firsts. JS.40 tr ktandid cas?. nsarbv
current receipts. 7 2u7 50 per standard (.as.
Western extra flrs-s. JS 10 pr case: do firsts.
J7 2CKi7 50 per ,asi. do. sevonds. tU.MU
pr case v'andled and teoratej fresh ass
were Jobbed "Ut at .!5-flS7c. per dot., as To
I.MK I'Ol ITIIY. Quiet at reWjed prkes
i wi, Ttit. . vi iwiers, tlrl C
spring chlcksns, according to fiuality. tlollt
ducks. 1241 1 5c , guineas, jmr pjir. )iuiik'
weighing 2 lbs. and oer apiece. "Uc du.
weighing HiUl lb aple.-e. hiiiiJJc , jo
weighing lb apiece, 5Uc : old 50c.. jlgon
per pair. K(ll'i
UltKxbKIl PtH I.TIfV. Ftne d.sirable
stze) kivck prett) well tlruot up ut full
of u. in this particular Industry of de- lectJd. he "siC"' iw 415 L
slc 2m-c : welstjlng 4 Its apices. 2oc
welgntiu '-ih 1U. apiece. I76isc wciuaitn. 1
lbs. and under aplce. 1ft. . old r&sters. in
pl.k. 1';tt brolll-s chUl.n, nearly,
welching I'jflS lbs. apis , 20-s.tt do. fair
I, kovi JiSiISc . chl kens, e-iem 4 Ibi
and -.r aiete lic u. ; iij n,,
plc. 14c . broiling chickens Western
etching m2 1U. !TtSc. do. fT to good.
Ijjl4c , snjsbs. per do, whi e weign'ng il
h?f: r."a.- V.Sliv. t'-' y'5iw
! 7S$3 5 wh'ft, wtihlB
' , it' (Lei, ll'tTI I Mil' f ,,
do . tube ll(gill,c lard pure clt)-; Vettl.
rendered In tferces UV,StHic.: ,io.. rJu'r Kf,ty
kettlo rendered, in tubs, llVuc. "
Tb. market quiet 41 former rate Stindard
W'"1"'!'1, 5 n"e rfranulated. U7S
, - . .Vl,,tvll' NKV
U t understood that f.e Fourth street
National Bank was ih largest contributor
to the gold aool fqnd of JlX(j3CS, this
bank Ofpositing one and one.quartc, m.
hong which as the largest deposit n
In fair reuuefct and imn.mii. u.-.
pfr bbl. -r.taw ostein, Jl SOS" 25 Hi,
FOREIGN SHIPS REGISTER
Seven foreign vessels with an aggregate
of 23.71K grill's tons were admitted to
American regist under the recent act of
Congress during the week endtnar Septem
ber 2h. according to the Department of
Commerce to,a six were English and
on Herman vri?el
wit mn 1012
New York j--i H.V1027 jus 72 0 1515 nyiMt
21 J2 2.0.,il.n2i tt OsT.MT
i'll.liJS lot :'7 s'.'l 1 10 -. 1 ' ",i
44.4S1 Oil 5T.S17 51S
. . D..1ftj t'.7.l 1 1 ow. 2H4
ct TIIKHN lAl.IFdlt.VI v UHIftON ( OM-I'ANV.
.ii gust vrts !enue
ei TV ' nuc
-..at. ii ',ro
I'Hi: fLfc ! LAND r I.K. Title 'iLI.I MI.N.VT
J HI IUU
A "-.II .!-
1 Wi7 Ml
Auju,t gross 'uiiiings
"reratlnt income.. .
Tl m mint
ltoM rn.ntf . ,
P.VIFK- KBR ASH UtIHr (OMI'AW
yisvxi stoftt eur-nng. siv( 1:7 ltiii(
l-ti 12 n.onths mli'i tusut :i
Orts earnings 1 : '.' 1
4' 'I 11M
UlT.iai 07 --ii
I The N'ew York Shlnbtiiidms. .m..
I has received en ordor froru the amt nil '
Annies. ' -" w9rci u. larKe oil taakar
2 2v uThir (' ;.?;.' r.rA''lh.;ii . costing ubout .wo.
Is announced frnm sn ,
---' ---'- - -- " . I tSIWIISO
Ciw iw V.ri nl'-L J!,?..1. nberris. 1 default on October 1 on coupons of IJ.IS0.
dTdoJr,S,',r l" , S ..! underlying bond.. Interwt w gS
I 2 tluikU lurries. tur nt m.. S:' .' Junta "
Vlrsinla. rer 2ti 11. I....I.. '...LT... .
. .. i .-."... "T"":-. -"-ww- , ao do
!'" .l""- r.1 1" t'einware and m.Vi
Ul per basket. "..78. du 3" uTr "ra?.' I "" ' nfcettled flniinctal corull
7v i.25 Ptaau. Peni.sua,,i,' i' : ' l,ons' directors of the American PubJie
-tiv a Hiiv wr jiow, MHtT3c
fti.T" i:' kes" jv '; , m,"m :w' Vl,m".elupany Uave decided net ia
V'?1'." ro73 rupB'iVsroriil- , ? Tfce regular au(rterl dividend ",
Cartetiae il war. v. v 5sa ",hr lVj ,'r MBt " ,he Preferred has al- !
un,!' J"hT l1-- RJ ! "a,1- be" Glared and m b ZUtl
'a.h basket. Hal 75 aVap. vuX October to to stock of record Sew n,t I
. .in or 1 rr Sit. h-.it.t i,.w , .""... ber Jo --hih
s in, T. 1 MWI 1r, pr 4 lb bisket
rl lares. per 4-lb. basket u'lV
trapes i'nn..-rl per crate. 40nic p. .nJi
T,V.V"7r' ' i.hA.r.!!'-
Jj .1. S . -r"tf v an-.atouc-cs (.. : , - -r- tc-eiectea at the
".UrlisreAVllV '5Sr ",,,,nS 0t UCkh0W heo
ebiidlir Moiur ear 1 -t a;, ml iH,.,nj n
voinnwn Mtwii, at reeul.ir uujrnri . 0r
issi . preferred InltUI dnidenl i.n , ,,.
(Ufa, ir tent, ana im4 inrei ni"im, iu
Bilge J)eu Hans regiiUr seuil-unnual 1
(;er tent . iijyable 'Mtjlwr 0 tu iotk .if 1. urd
KBi. Cltt Ught .rmn a .irt.rl
' per 'ctu pn:,.e o, mw. 1 i -,, k 0
record trteniUer 2 '
I Bltrd Slte, iujusirui Ale bul 1 n,,,n..
gamble O toUr 11 to t k of re-ord '""'Vr
i.nunii vti.i.Ki u.mi.ikiai) roMi'Aisr
I'M ! phu htpietnbsr IS. 1814,
Tht Bsrd of Dlr. tors of the Lshlrh
vile Kllr..'j eomp.nN h tbl day de--.red
. qu-rterly ItNbi.nd .f two and one.
half per cent 'or II , per .br,, n t
(rf.rrri .., k '... khoHtn of rscord
titemlMT S. I8U aI.d . ,urtefy dlv.
It id of tnu and ooelialf per rent tor It II
lr ihj'ti ,n lis oinrii' ri slO' k fn atork-hoii.r-
t t. t Scplrruber J, lt, bt
. t.e " -r jo IV H '
Che. Its R'll bAjcattd
M, J M BAXTKR
r fr irJMk Mar-i