npmtpmw TFTiK
EVENING LEDGERPHILADEL'PHIA THURSDAY, OCTOBER 15, 1914,
13
FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
BANKER TELLS OF -
FINANCIAL MARKETS
EASIER AND PRICES
GO BACK SOMEWHAT
Decline in New York City
Note Issues Reflects a
Bearish Sentiment in Trad
ing Generally.
Various (actors made the situation In
New York financial circles less favorable
today, variations In known transactions
being chiefly to lower figures, although
there- was no sound reason for this
change. New York city new bond and
note Issues were easier, with the three
year bonds yielding to 1029JQ102T4, and
similar recessions of about H were noted
In the two-year bonds and one-year notc5.
Irregularity prevailed In the short-time
maturities, som4 Issues being easier, but
Pennsylvania 3&a were stronger, with a
good demand at 07i. and Amalgamated
notes wero wanted at 93 There was little
demand, however, for long-time Invest
ments and the lesser classes of bonds
wcrp without a nearby market through
the varioua Stock exchange committees.
SHIPPING MORE GOLD
It was thought In some quarters that
the easier tone to the city Issues was
due to the call for a fourth Instalment
of pool syndicate subscriptions amounting
to $7,6"8,s;S Thlfc amount has already been
paid Into J. P. Moigan & Co., the syndi
cate managers. Shipments of gold to
Canada have been In progress as a re
sult of this payment all day, and It Is
understood that the total export today
to Canada w 111 amount to $3,000,000.
Amalgamated Copper directors met at
noon and declared a dividend for tho
quarter of 50 cents, or two-thirds less
than tho regular rale of 6 per cent., which
had been maintained for more than u
jear. This action naturally followed tho
reduction 'In tho Anaconda dividend a
month ago from 73 cents to 23 cents.
Amalgamated on tho Now street curb wa3
In supply around JO, against -I9V4 at the
close on July 50.
FOREIGN EXCHANGE QUIET.
There was no change today In sterling
exchange, demand holding at 4 97& and
cables M 4.9Sii. but there was a free sup
ply of Berlin cables, Relchsmarks selling
at 92i Other continental exchange, In
cluding Dutch guilders, was at a stand
still, indicating that the bulk of tho
week's largo exports to Sweden and
Holland had In reality been for German
account and a charge against Berlin
financiers,
There, was a further casing of tho
monetary situation. Tho First National
Bank of New York voluntarily reduced
Its rate on call money to 7 per cent., and
the first open offers of call money since
the Stock Exchange closed were made
on the board room floor at 7 per cent.
This example Is expected to bo followed
bj other Institutions In tho Wall street
district
Broad street curb trading was at a
Blnndstlil and thero were no Important
changes In prices of the leading curb
stocks.
AMALGAMATED DIVIDEND IS
REDUCED DOLLAR A SHARE
Action Not Surprising in View of
. Smaller Earnings of Subsidiaries.
Tho Amalgamated Copper Company to
day declared a quarterly dividend of SO
cents a share.. This compares with $1.50
a share In tho preceding quarter, a re
duction of $1 a share. The dividend la
Sayable November SO, to atock of tecord
ctober 21
Tha action of Amalgamated directors
In reducing the dividend from 1V4 per
cent, quarterly to Vi of 1 per cent, was
generally expected by tho street.
As this company is a holding corpora
tion and Interested In mining only by
virtue of Its ownership of the shates of
other mining companies. Its dividend ac
tion Is nlwajs dependent on tho action
of its subsidiaries. Its chief nssqt lq the
Anaconda Copper Company, which It con
trols by virtue of Its ownership of 3,212,631
out of the 4,66i,4SO shares outstanding.
In 1913 the Anaconda paid into the
Amalgamated treasury In dividends ap
proximately J9,00O,OCO. Tha action of the
Anaconda directors In September In re
ducing their dividend lrom $3 to $1 an
nually, thereby reduced the paront com
pany's Income from this source two-
tnircis. The Amalgamated also owns
150,000 shares of tho Inspiration Coppor
Company, but this company has not as
yet been a source of Income.
The Amalgamated Is also heavily Inter
ested In the Grecne-Cananca Copper Com
pany, from which It enjoyed considerable
Income, but as this company's plants aro
located In Mexico, they have been closed
down since early In September. ThH
company In 1911 paid SI 25 per share In
dividends. Thus far In 1914, up to June
1, $2 per share has been paid, but the
dividend due September 1 of Jl per share
has been deferred and tho company Is
not likely to resume Its payments until
nffalrs In Mexico aro definitely settled.
Apparently Amalgamatcd's only source
of lncomo at present Is from Its Anaconda
Investment, and tho dividend declared to
day Just about covers what Is received
by the Amalgamated from the treasury
of the Anaconda.
CHICAGO WHEAT
OPENS STRONGER
BUT SOON REACTS
Prices Fall Below Last
Night's Close and Grain
Sells on Free Offers Ar
rivals Falling Off.
INQUIRY INTjO ROOK
ISLAND'S FINANCES
STARTS TOMORROW
Railroad Officials Generally
Interested in Government's
Contention That Road
Was Looted of $200,000,-000.
As s. general rule, business hero In stocks
and bonds was not very large today. Penn
sylvania convertible 3&s and Philadel
phia Electric were those mostly favored
Sales of the former wero made at 97
and the latter at 214. The same price
was later bid for Philadelphia Electric
Philadelphia Traction changed hands at
79H.
Tho attendance In board rooms was
larger this morning, although It was
nothing llko In normal times. The larger
attendance was probably, caused by the
opening of the New York and Boston
curbs. Investors desiring to get the open
ing quotations. Disappointment was ex
pressed when It was announced that the
New York curb had been "officially"
closed
FINANCIAL BRIEFS
The minimum rato of discount of the
Bank of England remained unchanged at
5 per cent, today.
Representatives of every Clearing House
bank In Georgia have voted to Join the
Bt. Louis $150,000,000 cotton pool.
Tho banks of San Francisco have sub
scribed J3.KO.000 to the $100,000,000 gold
pool.
The syndicate composed of Kuhn, Loeb
& Co. and "William A. Read & Co., which
underwrote the $65,000 000 New York city
4'i per cent, bonds last April, expired to
day by limitation and was dissolved. It
Is understood that a substantial amount
was placed with investors.
The New York Subtreasury lost J2.041,
000 to banks yesterday, making the cash
net loss since Friday, $5,105,000.
A dispatch received In London today
from Amsterdam said that the exporta
tion of petroleum from The Netherlands
has been forbidden by a royal decree.
Announcement was made In New York
today that the receivers of the Interna
tional Steam Pump Company have sold
$300,000 receivers' certificates The pro
ceeds will furnish all the funds needed
tor the present. The plants of the com
pany are. running at about 75 per cent
of capacity, compared with S3 per cent
last J car.
The sales of cotton In Liverpool were
31.0Q0 bales, Including 260O bales American.
Imports of American cotton at Liverpool
were 1000 bales.
Theodore Wold, president of the Scan
danavian National Bank, of Minneapolis,
has been elected governor of the Federal
Reserve Bank of the 9th District C T.
Jeffray, vice president of the First Na
tlonal Bank of Minneapolis, has been
named a member ofthe advisory council
Investigation of the financial history of
the Rock Island Railroad will begin be
fore Commissioner Clements, of the In
terstate Commerce Commission, In Wash
ington tomorrow Railroad officials In
this city are very much Interested In tho
Investigation In -view of tho fact that It
Is reported It will show how the railroad
was looted of more than $200,003,000.
It is said that the investigators have
evidence that the "tin plate syndicate,"
which tho Hock Island acqulicd control
of for about $90,000,000, through manipula
tion of stocks of holding companies In
much tho same manner as the New Ha
ven, was later sold for 1300,000.000.
Edward T, Morgan, one of the account
ants ot the Commission, will bo the first
.witness called. Mr Morgan, with other
uccuuntants of the Commission, have gone
ovet the books of the railroad, securing
Information for the hearings, which will
Da pumic The Commission will be rep
resented by ex-Governor Folk, Its chief
counsel.
OBJECT OF INQUIRY".
The Senate resolution, under which the
Investigation will be conducted, called for
tho fullowing Information:
Tho facts and circumstances showing tho
.,u,o u. ,,,,, ,(iisaii(uiia wnereoj mo nolo
tng companies known as the Chicago, Itock
Island and Pacific Railroad Company and the
Hock Island Compiny wero organized, the na
ture of tha control exercised by aald holdlns
companies over the Chicago, nock island and
Pacific Hallway Compntiv . the amount ot
profit made by the promoters of said transac
tions and banks or financial Institutions con
nected therewith, and the effect of these
transactions upon the financial status of the
said Chlcajo, Hock Island and Pacific Railway
Companj
Tho naturo of all properties acquired by any
of the companies named above after the or
ganization of the said holding- companies In
addition to the properties then owned bj tha
Chicago, Uock Island and 1'aclflr Railway
Company, the cost of tho same and. If any
portion thereof has since been sold, the price
obtained therefor, whether the acquisition of
such properties has been to the financial ben
efit of said company or otherwise, and In gen
eral how the public has been affected thereby,
THH COMPANY'S FINANCES.
The amount annually expended by the said
railway company after It came under the con
trol of said holdlns companies for equipment
and maintenance of waj and what proportion
the amount so expended by other railways
similarly situated for the same purpose the
condition or me equipment or tne said railway
CHICAGO, Oct. 15. Wheat opened
stronger this morning, with good com
mission house buying, but soon reacted
and sold below last night's close on free
offers.
the arrivals at Winnipeg and In the
Amcilcan Northwest showed a heavy fall
ing off from a week ago. Reports that
Patten's holdings of wheat, corn and oats
were sold yesterday discouraged t those
who entertained bullish convictions, and
while It Is believed that a largo dxport
business Is being done In wheat under
cover, the foreign demand does not ap
pear to be of any aggresBlve character.
Shipments from Argentina for tho week
arc estimated at SO.000 bushels. Beneficial
rains have helped the crop there.
The market at Liverpool was stronger
on better buying and a broadening de
mand. Liverpool bolleves that offers will
become lighter and that American farm
ers will now hold more firmly. Reserves
abroad aro light.
Corn declined at the outset on poor
support, but later rallied. It was fcarqd
that tho crop has been damaged by the
recent wet weather. The spot demand,
however, Is poor, but offerings of Ar
gentine corn are liberal, with the quality
better.
Oats was easier. Thero wero Indications
that tho market had been overbought.
There Is little Interest shown by Liver
pool merchants In foreign oats, nattvo
supplies attracting attention because of
tholr cheapness. The yield of oats In
Russia this year Is placed at 1,003,000
bushols against 1,280,000 bushels last year.
Leading futures were as follows:
yesterdays
PORT OF PHILADELPHIA
Bun and Tides
Sun rises,., 0:10 a, m,Sun sets .. B 22 p m.
PHILADELPHIA )
HIah wAter.lOJOa, m IHIgh water. 10 48'p, m.
Low water. i 5.08a. m.lLow water.. 5 22 p. m.
REEDY ISLAND
High water. TOIa. m.lHIgh water. 7 IT p. m.
Low water.. It2.1a m.Lov water,. 140p.m.
nnavicwATBR
High wafer. 4.2fl m.lHIgh water. 4 4? p. m.
Low water .10.25 a m,Lowr water.. 10 53 p. m.
Vessels Arriving Tpday
Sir. Nunlma (Dr.), Port Bald, ore,- Chss. M
Taylor' Font. . . .........
Str. Llllle (Dr.), Port Antonio, fruit, United
Fruit Company.
ntr, jnaisn. JJOSlon, merennname, mercjianv
and Miner Transportation Company.
Btr. Antnony ume uammore,
and mercnaniise, Ericsson une
Str. Ilerlcehlre. Jacksonville, passengers and
merchandise, Merchant and Miners Transpor
tation Company, . .. ,
Str. Lone-scar (Br.), Huelva, pyrites ore,
Flint, Ooerlnsr Company. . .
Ptr. Vlnland (Nor ). San Andreas, cocoa
nuts, Franklin Raker Company
Balling Today
Sir. City of Durham (Or.), Hopkins,
ilie,
New
Open.
1.11
Wheat-December
Mav .. . l.isi
Corn (new deliver )-
December ,. . 674
May 70
Oats
December .... 4
May fill)!
card
High Low.
i.n
1 W
67H
70
4SH
31S
October . .
No ember
January .
Ribs
October January
Pork-
january
10 07
10 07
11.03
000
10.07
11.02
000
1.12
1.17
G0W
47K
CI
0.03
11.00
0.7B
close.
TOltt
10 SO
10.17
110.10
11.01
0 00
Bid. tAskod.
18 85 18 83 18.70 10.02
TREASURY DEPARTMENT
TAKES UP COTTON POOL PLAN
Conference Today In "Washington
Concerning $150,000,000 Fund.
WASHINGTON, Oct 15. Festus J.
Wade, banker, and George W Simmons,
business man, of St. Louis, promoters of
the $150,000,000 cotton "pool" Intended to
wve the cotton situation In tho south,
appeared at the Treasury Department to
day and went Into Immediate conference
with Secretnry JIcAdoo,
It Is understood the pool promoters are
seeking the active assistance of the
Treasury to complete the total necessary
to launch tho plan. This amounts to
some $13,000,000, but the big money cen
ters nlready have contributed and some
method of completing the total Is being
sought
It Is understood that a further object of
tho conference was to decide upon the
details of operating the cotton pool
Rankers who have subscribed to the fund
aro desirous that the pool shall bo
operated by the Federal Reserve Board,
acting as a syndicate Previous to this
tho board had refused to stand respon
sible for the operation, but It Is being
arranged to have Messrs. Wade and
Simmons go before the board later to
day to discuss the matter further.
Vn-ir. rind!. r)Aift rn
Sir. Currier. Van Glider. Puerto Padre, Cuba,
Earn Line Steamship Company.
Str. Rlla (Nor.), Omdal, Newport News, W,
F. linear tc Co
Str. Tuscan, Howes. Savannah and Jackson
ville. Merchants and Miner's Transportation
Company,
Str. Lexington. Nlckerson, Boston. Merchants
and Miners' Transportation Company.
Str. Rrlcsson, McNamee, Baltimore, Ericsson
Line.
Steamships to Arrive
PASSHNOER.
Name. From. failed.
Haverford Liverpool Oct. 7
FREIGHT.
Slurmfels Calcutta Sept.
Rnpldan Mlddlesboro ...Sept. 30
Man Miller ,, Manchester ....Sept 21
Sol boric , Hartiepool Sept. 23
Stalhclm , Burnt Island.., Sept. 29
Crown Point London Sept. no
Marlterea Huelva Snt. 20
Murjck Narvik Sept, 2o
MlMnurlan ,Hllo Sept. 20
California Copenhagen ....Oct. 1
lnvergyle Bavanna LaMar.Oct. a
Hemeros Romhay Oct a
Klruna .....Narvik Oct. 4
Noordvk Rotterdam rw. a
Abrahamson Plymouth .Oct. 8
Steamships to Leave
PASSENGER.
Name For. Dsta.
Monsollan Glasgow Oct.
California Copenhagen ....Oct. It
tiaveriora Liverpool Oct. 24
FREiailT.
South Point London Oct 13
Rapldan La lth Oct. IS
Crown Point London Oct. 24
Canton Chrlitlanla ....Oct. 21
Man, Miller Manchester ....Oct. 24
PORT OF NEW YORK
Steamships Arriving Today
Docks at
BUYING BONDS IN
ODD LOTS IS NOW
BIG MARKET FACTOR
Name. From.
C. E. de Reres . . .Seville ..
Sangugllelmo Almerla
Due Tomorrow
Name. From.
California Liverpool
Olympic Bordeaux
Mauretanla Glasgow
8 a. m.
Sailed.
...Oct. 10
...Oct. S
Oct. 1U
Steamships to Sail
Name.
Luca de Genova
Kochambeau . . .
St, Paul
, F"-. Date.
.Liverpool Oct 17
...Naples Oct. 17
Havre Oct. 17
Movements of Vessels
Str. Vltolla (Nor.), Manzanello for Phila
delphia, arrived at Chrlstona! October 14. i
Str Dominion (Br ), from Philadelphia, ar
rived at Liverpool October 14
Str. West Point (Dr ). from Philadelphia, ar
rived at London October 14.
Hark Duncrag (Nor.), for Chester, sailed
from Monte Chrlstl October 1.
Str. Cebao (Nor.), tor Philadelphia, sailed
from Port Antonio October 11.
Str. Manchester Miller (Rr.). Manchester for
Philadelphia, sailed from St. John, N. H.. Oc
tober 12.
Str. Gulf Stream, Philadelphia for Port Ar
thur, was 120 miles south of Jupiter at noon
October 14.
Str. Nelson, Port Arthur for Philadelphia,
wa 81J miles south of Overfalls Light at 7
p mJOctober 14
tho needs of the said railway
proper service to the public, also
RAILROAD EARNINGS
company and quantity thereof In proportion to
io railway company for
a Dublto. also the tinner.
ship of said equipment the condition of traolrj
and vvay of said company, and whether the
same is reasonably safe for travel
The Increase In the fun led and other Interest-bearing
debt of the said railway company
for each year since It has been controlled bv
said holding companies, also the amount of
net earnings, nxea marges aru capitalization
per mile for each year during the same period
What Interest, If any persons connected
with tha promotion of said holding companies
and officers of any of said companies had la
tna properties purcnaseci tor tne ntcajo, Roct
Island and Pacific Railway Company subse
quent to tha time when control thereof was
acquired by the said holding companies
NEW EXCHANGE LISTINGS
The following aDDlicatlons for llntlm? ha,,
been received by the New York Stock Ex
change. Illinois Central Railroad Company, $2,000,000
additional refunding mortgage 4 per tent,
bends, due IMS.
Illinois Central Railroad Company and Chi
cago, St. Louis and New Orleans Railroad
Company $1,1,000.000 Joint first refunding mort
gage bonds, series A. and Jl.o00.ono Joint first
re! undine mortgage bonds, Eerles B.
FREIGHTS AND CHARTERS
Duslness In the steam market Is limited by
tho light offerings of tonnage to meet the
steady Inquiry for transatlantic trades Rata
are firm The sail market continues dull with
little prospect of Improvement.
STEAMSHIPS.
Halgh Hall (Br ). Montreal to Marseilles or
Genoa, grain. 34.0K) quarters, 4s., October and
November.
Rostano (Dr.). Montreal to London or Avon
mouth, grain. 21,OiX) quarters, ,1s. November.
Mexican (Am ), New York to Copenhagen,
grain, 60.OCO quarters private terms, prompt.
Oreennlch (llr), 1878 tons. Baltimore to Ge
noa, coal, private terms, prompt.
Aldernev (Nor ), 1070 tons, Raltlmore to Ha
vana, vodl, private termB prompt.
Britannic (Rr), 2240 tons, Gulf to Genoa,
general cargo. Us.. November.
Abouker (Rr ), 2:110 tons, time charter, 4 to
0 months, basis about 4s , October.
SCHOONERS.
Eleanor F. Bartram, 1114 tons, St Andrew's
Ray to New York, lumber and ties. S7 and
2.1c. respectively
Margaret Thomas. Philadelphia to Porto
Rico, 20U tons coal, private terms.
Lewis IJ. Goward, Philadelphia to Porto
Rico, 1SOO tons coal, prlvato terms.
Small Investors Indicate to
Brokers, by Their Activi
ties, What Way Financial
Winds Are Blowing.
A department of the Investment busi
ness which has developed to an extraor
dinary degree the past few years Is
what la termed by brokers as "Odd-lot
Business.'
On the New York Stock Rxrhnnern alnnn
there are perhaps upwards of 50 odd-lot
brokers who make a specialty of this
business. In a small way the odd-lot
broker, llko the specialist, resembles the
London Jobber. One of tho houses that
confines Its operations to this odd-lot
business has nlno partners, seven of
which are members of the exchange; an
other has soven partners with six mem
berships on tho board
Tho fact that two such houses should
have over 1500,000 Invested In member
ships, to say nothing: of tho large amount
of capital required to conduct their opera
tions, shows how vi this parts of the
exchange, activity Is taken caro of
A MARKET BAROMETER.
Odd lot buying is always welcomed by
brokers. The buyer of odd lotB la gen
erally credited by the financial world
with a largo degree of shrewdness, and
his operations lack the speculative tone
of tho larger operator. After a market
decline it Is always the odd lot buyer
who Indicates the decline Is about over
oy nis appearunce with his Investment
buying, and In times of stress his ad
vent Is eagerly awaited and watched for.
Tho bond dealers have also been quick
to recognize the possibilities of the odd
lot buyer niul late years have witnessed
tho offering of most of the securities In
?100 pieces, where hitherto $1000 was the
unit, nlthoiiKh at times a $500 bond was
to be obtained. ,
No doubt tins Idea was acquired from
the French, who make It possible for
the man of most modets means to sub
scribe to Government loans, and the
avidity with which he has taken up with
the Idea makes the French peasant a
byword for frugality and thrift.
SELL ON INSTALMENTS
Tho buying of bonds In $100 denomina
tion has also resulted In another de
parture In this form of business. Houses
handling these ore very glad to make it
possible for the buyer to do so on the
Instalment plan, spreading the payments
out over a period of time.
Inasmuch as the Interest on the bond
Itself offsets nnv Interest charges ogalnit
the credit thus extended, It makes It pos
sible for the man of ordinary means to
have such a variety of Investment scouil
tles that his feeling of Independence and
prosperity must Increase monthly as ho
clips his coupons.
This all tends to bring the man of
affluence closer to the man of moie
modest means nnd remove the appre
hension and uncertainty with which each
has at times viewed the other in tha
past.
BROKER.
CANADIAN RUGBY MEN
CALLED IN BY HARVARD
Toronto Stars Engaged to Teach
Crlrnson Players Open Field Tactics.
TORONTO, Oct. 15 -Harvard has de
cided to fight Vale in kind In the mat
ter of employing Canadian rugby meth
ods In Its football campaign, nnd last
night arrangements were completed for
the sending of half a dozen local players
to nld the Crimson eleven For some
tlmo Yalp has had sencral members of
the Tiger RUgby Club of Mnmllton, On
tario, as Its guests while Imparting their
knowledge of the open passing garrte
This Information finally reached the ears
of Harvard supporters
Not to be outdone the Harvard au
thorities have conducted negotiations
with the Hamilton Rowing Club of To
ronto, which has one of the best rugby
teams In this part of Canada The ar
rangement finally made Is for six of the
most proficient members of the local
teatn to visit Cambridge and spend more
than a week working under the general
guidance of Head Coach Percy Haugh
ton to teach tho Crimson plovers the
open field tactics of the Canadian game
The local players will leave for Cam
bridge Saturday night after their gamo
against the Ottawa team
GREAT FARM LAND
WASTE IN THE NORTH
Declares 921,996 Acres1
Were Agriculturally
Abandoned in 1910 in
Pennsylvania, Maryland
and Virginia.
REFINERS EXPECT
SUGAR PRICES WILL
TOUCH LOW LEVEL
Lack of Export Demand
Puts Excess of Raw Prod
uct in Markets Beet In
dustry Booming.
TORONTO EXCHANGE OPEN
Trading Permitted Today "Under
Same Restrictions as In New York.
TORONTO, Ont.. Oct. 15 -The plan
adopted by the New York Stock ex
change for purchase and sale of stocks
was put Into operntlon by the Toronto
Stock Exchange today.
The Exchange has been closed for mote
than two months, with no tranBactlons
tecorded. The modified reopenlnsr will
permit of Tash transaction only and solely
In approved listed issues.
CAMP OUT AS TREASURER
NEW HAVES', Conn., Oct. 15 -After
holding the position for 21 vcars, Walter
Cump has resigned as treasurer of the
Yale athletic departments During his
career the athletic authorities have ac
cumulated a surplus of $125,000, after pav
ing for many Improvements. Henry Hob
son was elected to fill the position temporarily.
PHILADELPHIA MARKETS
NOTES OF THE RAIL
Decreaja
JIM, W0
4 114
5.410
212.1(13
T.477
13.-'SJ
I4.40T
7,060
32 278
', Da
CHICAGO AND ALTON
inn
August operating- ?v ll.32S.562
Omatlnj iniomt 425 013
lanc . S7S.208
From July 1 optr rev 2 607.000
Operating Inconi . 800.653
Balance. . . 610.079
BANQOR AND AROSTOOK.
August grots . J232.S18
Net . . . . in oro
Two months grow . 475.JM
00.224
MISSOURI KANSAS AND TEXAS,
Flnt week October . JM-'.IM 133.741
Tom juij T . 8,783 406 5U.242
LOUISVILLE AND NASHVILLE
FUH week October I10S.1.SW J267 47S
rom July J . . 15,200.853 J.403.S6S
-increase
ALABAMA GREAT SOUTHERN.
Tear ended Juna SO '
I""1 IS.385.S0I
T"tsl lneotne ' 1.3388S2
ijurpivs alter charge 767,187
JfTfenel dividend 202,821
BSurpius . . . 451 3rt
PACIFIC" OAST
Augut g-o . 1849 793
11 71 i
CJOCtb' g-OSi J 2,8 243
$153,321
271. SSI
3S0 31i
377 433
358 4J3
Net ..
3i2.itf
$60 852
1S0W6
itCCI
Ivy L Lee, executive assistant Penn
sylvania Railroad, In the course of an
address before the Pittsburgh Chamber
of Commerce yesterday, said "To re
store the health of the rallraods, to make
them the efficient agency of commerce
which they should be, we should provide
them with ample revenues, and, In ad
dition, prevent the Oovernment from med
dllng with management Insist that rail
roads play fair and perform their due
obligations yes but outside of that, en
courage and foster a spirit of enterprise,
enthusiasm and energy on the part of
railroad managers themselves, so that
American traae may continue to enjoy
the services of the greatest transporta
tion system of the world"
A E Preble has been appointed super
visor of the Camden Terminal Division
and West Jersey and Seashore Railroad
He entered the service of the Pennsyl
vania Railroad In July. 1900.
A special meeting of the stockholders
of the Lake Shore will be held In Cleve
land on December 22 for the purpose of
ratlflng the agreement for the consoli
dation of that company with the New
York Central and other roads
Tho Public Utilities Commission of
Ohio, has ben asked by the Hooking
Valley for authority to issue $1,000,000 one
j eat 6 per cent gold notes The proceeds
aro to be used in refunding a similar
issue of notes due November 1.
Quota-
": I t
NEW PERUVIAN MORATORIUM
LI'I . Pe-u 0"t 15 Provisional Presi- 4
dert Bnavlde has signed a decree) pro
malsati . new moratorium ion Peru.
GRAIN AND FLOUR
WHKAT. Receipt 57,350 bushel Mar
ket steady with a fair Inquiry rrom miller
and Importer and exporters. Quotations
Car lot In export elevators No 2, red spot
and Octtober, f 1 H7-1 lOv,. No 3, red, West
ern Sliynll4i4, No 1. Northern Duluth.
$1.17tj4t 1 SMS.
CORN. Receipt nothing Offering light
and trade quiet at former rates. Quotations
Oar lot for local trade, ae to location
No 2, yellow, 8U,gS2c., steamer ellovv. mgi
rf.VTS Receipt 83,738 bushel Trade
nulet, but price steady with moderate offer
ing Quotations No 2, white, 51 V352e .
SOW1 ' whl,e' v)H0,51c.. No 3, white, 0iy
FLOUR, Receipts. 1185 bbl . 874.200 lb
In 9ck Trade rlow and market largely
nominal Quotations ner IDA lh. In u.,-,1
rln,er ilear " ftp3 8S d0 straight, $4 01
3 '! . do Patent. $5 2Jfffi 80. Kansas,
straight. Jute sacks, 5.10g$5.l5, do. patent
i" t o aaclcs. .4u.S5 65 spring, first clear
lll,l0 bt"'ht; $3 10fl do. patent
$we.17 do favorite brands. aa$6 V), city
mills choice and fancy brand. $626 50. city
ni'llr. regular grades Winter clear. $4 60ffl
$3;335W "'' $IOO6 15. do..' patent,
i.B rLPU,,'-7D,?,M and unchanged We
30 y ani Wt,tern ln wo3 ' $59
PROVISIONS
Trade low and market unchanged
lions city beer In set, imnlni
dried. 3033lc , .Western beef. In set, smoked
and alr-dtled 31032c . city beef, knuckle
-, nmti", iiu,Keu ana air-ariea, ain.i2c i
i"" beef knuckles and tender, smoked
31382c . beef hams, $3840. pork, family
15c , do skinned loose. HVj13c , do.
do. smoked tagiOHc , other hams, smoked
city cured, as to brand and average, laue
17c. do, smoked, Western cured, 16it
17c . do, boiled, boneless 23024c, picnic:
shoulder. S P cured, looae. lH;12c do .
moked HHOllc . bellle In pickle, accord
ing to average, loose. 10cftl6Ue hraaWa,- h,.
con, as to brand and average, city tured 209
21c , breakfast bacon Western cured. 20J21c ,
lard, Western reflned tierces, lO4011c do ,
do. do., tubs. 104gllc . lard pure city, ket
tle rendered In tierces 10,(Siic lard, pure
v.;, Aiiuq renucrea. in iuos, iiag'iiuc
REFINED SUGARS
Dull at former rate Quotations Stand
ard granulated, 6.30c , fine granulated 9 25c ,
powdered. 6 .i3c , confectioners' A, 6 15c. . soft
grades, 6 406c
DAIRY PRODUCTS
ni'TTER. Fancy creamer) scarce
and one cent higher but there was no im
provement In the undergrade, which con
tinued dull Quotations Western fresh oltd
Sacked creamer), fancy, specials 31c extra.
ic , ext-a first 3l331c rlrt. 2a;oc .
econds. :i-27c . ladle racked, 2 tea" as
to quality nearby prints fancy 35o . do .
average extra 32834c . do., flrst. 2lSO ic ;
do , seconds 273iSc Special fancy brands
of print Jobbing at 38;4lc.
EOGS Fine fresh eggs were in very
small supply, and 30c per cam or So per
dozen higher Quotttfons In free case.
nearb extras S3c per do , nearby first.
SO per atanlard case, nearby currant ,..
celpts, $8 103 40 per standard caae. Weatern
extra fl-sts, SO per case do, first. I8.1O0
8.40 per case. do. seconds, $8 GOt38.tx per
case Canoled and recrated fresh eggs were
Jobbed cut at 37339s per do J., aa to quality
ijibbaKi, iuq uia.t wne quiet Willi
ar' is tifler'ag at f raer rate. QuotUun.
Nf5- York fuTl-reata cbo!- 15U 4o.. 4a.
fair fa Eoad. 14MS13C.. do., bait akisu an
13c ' "
POULTRY
, I.H E. Offering fairly liberal and mar
ket quiet and unchanged Quotations. Fowls,
1415c . exceptional lots higher, old roosters.
11612c. : spring chickens, according to qualltj,
13815c , ducks. 13914c , geese, lSOHc,
guinea joung, weighing 2 lb and over
apiece, per pair. 70c. do. weighing mei
lb, apiece, per pair, fi0305c j do welghlrg
1 lb. apiece, per pair, 50c , old, per pair, 50c ,
pigeons per pair 15fflSc
DRKSSKD. Fine deslrable-slzed atock
prettj well cleaned up at full figures Quota
tions Fresh-killed pouttri Fowl rer lb,
selected heavy, Jlc . do, weljhlng 4y.35 lb,
apiece. 20c do , 4 lbs apiece, 10lC , do ,
34 lb apiece l'5ffl7Vjc., do, 3 lb and
under, l.Vfjlflc , old roosters, dry picked, nte ,
broiling chltkens nearby w etching H32 lbs
apiece, 20822c , do . nearby, fair to good. 18
18c , chickens Western. 4 lbs and over apiece,
18c , do , do . ."H lbs apiece fat. 15f)l6c .
do, do, 2tvfj lb apiece. IVSHc, broiling
chicken Western 11482 lb apiece, 17c do ,
fair to good, 12llc, squabs per doi White,
weighing 11 to 12 lb per doi , $3 OlfN 2V
white, weighing H to 10 lbs per doi , $2 75
?J 50, white, weighing S lb per doi, $2.25
2 40. do . do , T lbs per doz , $1.732, do , do .
OQaH lbs per doz. $1258-150. dark and No.
2, 60c 8$l 10
FRESH FRUITS
Apple plentiful, dull and weaker Othet
fruit In moderate request at revised prices
Quotations Apple per bbl Jonathan $3Q
3 50. Gravenstefn. S20.2 50. Rluih 'itf n
Twenty-ounce $17502 50. PloDln. SI 7502
York Imperial $1 1081 75. other good eating
varieties, $1 752 50, medium Slejl 50, crab.
$4 505, crab apples per bush -basket SI 50
re I ja. Apples western, per box Jonathan,
$1259163. Grimes' Golden. $1 25(81 85,
apples Delaware and Pennsylvania, per ham
per. 253c . quinces, per bbl , $23 50,
lemons, per box $3ffi4, grapefruit, Florida
per crate, $2 50 Qi 50 Pineapple per
crate Porto Rico. $125(1.125, Florida,
$12 60 Cranberries, Cape Cod, early black,
per bbl $4 503. cranberries, Cape Cod
early black per crate, $1 75KJ2 Cranberries,
Jersey per crate Dark $175SJ2 25, light.
$16125 Peaches, Va . per 20-lb. basket,
40675c . do, do per crate. $1175, do
Delaware and Maryland per basket 45SOc,
do, do per crate. 11Q175. Peaches New
York and Pennsylvania per basket Large
wnne or yonow ducuii, meoium -iu(rauc
Pears. N Y , per bbl Seckel 1 50aa.
Bartlett, No 1 $435 3J, do. No ., $2 50
q;3, Beurie D-. $13 50, Sheldon. $425.
Beurre Clairgeau, $2 50-jja SO, Beurre d'AnTou
$2 253S3. Duchess. $2 2533 23, Howell
2g2 30, other varieties, J 26 3 Pears
Bartlett or beckel, per bush-baaket $1 21V
Grapes. New YorkConcord, per 8 lb basket,
13815. do . ptr 4-lb basket. 839c Niagara,
per 4-lb basket. SSlOa. Delaware, per 4
lb. basket 12915c grape. Concord, per crate.
40350c do do., per 20-lb basket. .16 SIC- :
plums, per S-lb basket 20825c , cantaloupes.
Colorado, per crate $ltn 50. do , do . fiats,
30&76c . watermelons, Jersey, per 100, 110
23.
MONTREAL EXCHANGE TO OPEN
The Montreal Stock Exchange will re
open shortly nnd conduct business along
the same lines as those adopted by the
Toronto Stock Exchange
ALL-STARS GATHERING
Three Mackmen Join Barnstormirtfr
Crew Bound for Pncific.
CHICAOO, Oct. 15,-The "all-star"
teams representing- the National and
American Leagues, which will tour the
Pacific coast and Honolulu, will gather
here tomorrow under the leadership of
Frank Bancroft, business manager of
the Cincinnati Reds, and Ira Thomas,
of the Athletics
BUI James, of the Boston Braves;
Te-sreau, Fletcher and Burns, of the
Giants, and Vaughn, of the Cubs, are
among the National "all stars." Walsh,
Strtink and Thomas, of tha Athletics,
head the American league star
contingent
Sugar refiners nnd planters are In a
quandary. Thev are confronted by un
precedented conditions on account of the
war. What the solution of th- quandary
will be Is nieir conjecture. But It Is the
concensus nt opinion that there will not
be any Immcdlnto rise In the. price of
raw or refined sugar. In fact, the chances
for a decline In price of the latter are
very favorable to tho consumer
Cuban sugar planters, with only a rem
nant of the last crop on hand and a
bumper crop due, are resisting the ef
forts of the refiners to compel them to
sell out the remnant nt a low price Re
finers are anxious to obtain the remnants
so they can fix the pries on thp Loulsana.
crop of about 200,000 tons, which will soon
bo retdy for gtlndlng. On top of this
thero will como an unusual amount of
beet sugar from Colorado and Michigan.
Importations of refined sugar are lim
ited. Great Britain la the only consist
ent Importer. She purchased S000 to
12,000 tons last month at r, 20 to 1.23
net cash In bond It Is expected that
orders for ahout 30.000 tons per month
will be received during tho remainder of
this year.
The planters of Cuba, Porto Ttlco nnd
other Mlgar-grovvlng Islands of the Vst
Indies are deprived of the!'- nuiopean
matkets by tho war and wilt be com
pelled to dispose of their products to this
country Itenllzlng this, the teflners are
not nnxlous to buv futures They ate
playing a game of "watchful waiting" in
order to get tho raw product at their
own prices.
One of the advantages of the war to
this country has been tho revival of
the beet sugar Industrv- of the West.
The reduction of tat Iff on the beet sugar
from foreign countiles was expected to
put an end to beet sugat growing here.
The war, however, has cut off completely
the Impoi tntlons of beet sugar Plant
ers wero quick to grasp tho opportunity
thus offered, and tho latest reports are
that "Western growers will have good
lclds.
Tho grpat plants In southern Cali
fornia are now running night and day
In an effort to cope with thfl situation
nnd reap the rpward During the last
SO days one beet sugar factory handled
2T0,v tons of beets every 21 hours, break
ing all previous rapacity rocords, and
the company Is expertlng to pay a divi
dend of 45 per cent on Its common
stock.
THE GOLFERS' AFTERMATH
The nnnual fall tournament of the
Country Club of Atlantic City will be
held at Northtleld on Thursday, Friday
nnd Saturday, October 23 30 and 31, In
the matter of weather this event ha ,iot
always ben treated too kindly, but In
spltrt of that the entiles, mostly Phila
delphians, have always numbered consid
erably over ino We have had no ram
for more weeks than we care to count,
and presumably It is holding oif until
the last week In the month
niCHMOVD, Va, Oct. 15 Today's ses
sion of the American Bankers' Associa
tion, now In annual convention here, was
given over laigely to an "agricultural
symposium " One of tho principal speak- ,
ern was Cyril O Hopkins, director of
agriculture of the Southern Settlement, j
and Development Organization, of Balti
more, and professor of soil and crops at,
the t'nlverslty of Illinois
Mr. Hopkins, who spoke on "Soil Fertil
ity," declared that the money spent on.
tho Panama Canal might far better have)
been devoted, at this time In our national6
history, to the investigation of American
soils-to securing necessary Informations'
and to the demonstration of Its practical,
application In profitable systems of pcr-)
mancnl soil Improvement, contrasted with
the rjast and present systems of aoll i
robbing, land ruin and farm abandon- -
ment. ,rJi
He also made the Startling statement
that 021,'j'kj ncres of land farmed ln 1500 ''
were fcund agriculturally abandoned ln
1'ilfl In the States of Pennsylvania, Mary-.,,,
land and Virginia This, ho said, exceeds
the total area of Improved farm land In '
Rhodo Island nnd Delaware combined.
OUR. AGRICriVrURAI., WASTE,
"If a State like Maryland should en-s '
tlrely stop farming," said Mr Hopkins,"
"the people of responsibility and Influence1
In the United States would promptly "
wake up. and the startling fact woulT''v
be given the widest publicity at home anct""
abroad, with resulting Investigation axA's
remedy, but th- fact that farm land far''1'
In excess of th" total land area of May-,,
land has been agriculturally abandoned7
ln the noith Atlantic and New England"1-
States during the last SO years Is com-
monly unknown and almost unnoticed. -
"From ISsO to 1910 the area of Improved r
farm land (farmed land) decreased by
0,909,531 acres ln New England, New, 7
York, New Jersey and Pennsylvania Thl a
aggregate of agriculturally abandoned, .
farm land Is double the nrea of New
Jersey, It is greater than Maryland and,.,
Delaware combined: It exceeds the total-vi
area of Massachusetts, Rhode Island and,.,
Connecticut r-
"The two preliminary causes for the de-v ,
crease In productive power and the final -agricultural
abandonment of these vast v
n;eas of farm lend aro lack of knowledge .-5
and lack of profit in farming as compared
with Industrial and commercial enter
prises A few men of broad vision hava 7
seen thf conditions, but their commentat
or warnings have been lnrgely Ignored,' "
and as vet comparatively little .has been ,,
done bv tho nation or by the States to
remedy the basic difficulties "
Wit, ELECT PHILADELPHIAN.
rinal preparations were made here this
morning for the election of William A.
Law, president of the First National
Bank of Philadelphia, as president of the
American Bankers' Association. The
Philadelphlan's election Is assured.
Either Seattle or San Francisco will
get tho 1913 convention of the association.
financiers today declared. Seattle'!
chances appeal best
James K. Lynch, of San Francisco, will
bo elected vice president of the asso-i
elation.
B F Harris, chairman of the Agri
cultural committee, presented his re
port. He urged diversification of rrop
In the South as a solution for the over
production of cotton, saying that more)
grain, cattlo nnd hogs should be raised
Instead of devoting all the soil to these
cultivation of cotton.
Logan Walter Page, Director of Na-" ,
tlonal Highways, spoke on the necessity
of good roads, saving that they were"'
necessity for the better development of""
the commercial and agricultural Inter
ests of the country.
Flour Men Help Sale of Cotton Crop
WASHINGTON. Oct. 15 -The Depart-'
ment of Agriculture announced today, "
that In order to Increase the demand for -cotton,
one of the largest flour milling
firms in America has directed Its man
agers and salesmen all over the country
to urge its customers to accept deliveries . ,
of flour that are shipped In cotton In- -stead
of jute sacks.
VEGETABLES
VEGETABLES. Offerings fairly liberal
and market quiet and barely steady Quo
tation White potatoes, per busb. Peon., HOJ
vw. . v. iwswv,. nun? iH?iiecs, jer'
eer, per bikt B5T41c Sweet potatoes, East
Bra
b
tlho
rn dhore. per bbl No. 1, 1 75S2 35; No. 'i.
5c 81 Seot potatoes. North Carolina, per
ill No. 1. J175B2. No 2 TSe Hit ai.JSi
jc(r, jser 0010. w0- TO, JVO, a. 9150
?:l 73 Sweet potatoes, Jersey per basket.
3 ft 60c. Onion, per busb. 35S4V, . do..
cholcs, per lOO-lb. baj. $1
100- lb, baa. T58-30C .Vbl
tOO. IVCJILI.
da . rrrtinm ,
ibftKA. drrriiMi rvatr
Cmlerv. Niw York tmv hHh u
Uusluooxai, pr 4 lb, tint .. if! id
SCHOLASTIC NEWS
The De I.ancey coaches have been
working tooth and nail for the past week
to get the eleven In shape for Its bl?
game with Chestnut Hill Academy to
morrow at St Martin's Eddie Bennls
plans to use the open game almost ex
clusively on the attack, for he has two
of the fastest ends In the city in Robin
son and Logg, and in addition they have
been very successful In catching forward
passes to date Tavaner, the big fullback,
still remains In the limelight as the
team's best individual ground gainer, and
will be used to tear up an opponent's line
whenever necessary.
Several big school games are carded for
tomorrow, and from them some idea of
the respective merits of several of the
teams can be gotten The most important
battles are those between Penn Charter
and St Luke s at Wayne, and De Lancev
and Chestnut J1H1 at Bt Martin's The
other games scheduled ate as follows
Geunantown Academy vs Radnor High
at Manhelm. Catholic High vs Chelten
ham High, at Elkiu s Park, Lan&downe
High v Bryn Athyn, at Brn Athyn.
Southern High vs Vineland High, at
Southern. Episcopal vs Swarihmore
Prep , at Swarthmore. Spends' Central
vs Lower Merion, at Ardtnbre
Coach Howell, of the Central High
School football team, has been doing a
great deal of xperlraentlng to enable
him to pick the moat capable quartet
of backtield men from the numerous
candidate The four who Mem to work
together best and to be the moit con
sistent ground gainer) are Gottvals,
quarterback Stephens and Thomas.
halves, and Butler, fullback G"rd 1,
os3 and H'ory have all been tried o-tt
behind tfe line, b'4t they do jjt, wm
o tit Inti tM --mb!naUon as we'' as
-he first four mentioned. ,
J D. Baker recently won the presi
dent's cup at the Bala Golf Club and he
had a pretty good Held to beat at that.
The results of the matches In the first
round were: F. M McAdams defeated
J C. Hutchinson. I up, P DeLong de
feated C J. Parry, 5 up and 1 to plav ;
W B. Supplee defeated H 31. Newlin.
4 up and 3 to play1 W B Scott defeated
A C. Alexander. 2 up. P J Reilly ds.
feated A. 31 Ehret 1 up; T 31 I'hlor
defeated C T Wells, I up, J. n Baker
defeated J C Parker, 5 up and 3 to play,
C II. Long defeated J P 3lurphv, 6 up
and 5 to play Second round MeAdams
defeated DeLong. I up, Supplee defeated
Scott. 2 up and I to pli . Reilly defeated
L'hler, 2 up nnd I to play . Baker defeat- 1 J'?1"1
ed Long, 2 up and 1 to play Semifinal 1 jjfl
roumt ouppiee wcirtiiea .uu.-tiiitm, i up;
Baker defeated Reilly, 5 up and 1 to
play. Final round Baker defeated Sup
plee, 3 up and 2 to play It was a han
dicap event which accounts for the
elimination of A C Alexander, the cluo
champion, A 31 Ehret and C J Pairv
In the first round The final 3-5-h-il.
match was one of the best ever seen it
Bala Every hole of the first l w if
won in par figures or better, and Bilirt
was 2 down at the turn On the Ui l
Baker gradually overhauled his opt oueru
and finished orf the match on the 34t'
hole The winner has a handicap . t 14
arid the loser one of 13
DIVIDENDS DECLARED
Wttljs Overran i I'wnpsni regular quarterly
Hi per cent ,n tommon pavabla November I
to stock of record 0, toher 22
helten Trust taniranv. regular semiannual
s per cent ratable November is to atock of
record October IS
Merchant I'nlm Trust, a quarter!) $1 no,
pa v able October 10 to ttock or record of that
date
Vet Cnd Trust Company, regular eml
at nual 4 per cent pavahle November 3 to
stock of record Outober J5
Ileal Tatate Trust Company, regular semi
annual 2 ter cent ratable November 2 t
toek of rotord October 15
F W Woolworth Company, regular
quarterly 14 per cent, on common, paya
ble December 1 to stock of record Novem
ber 10
NEW YORK CITY NOTES
New Vrk cltv 6 per cent corporate nstea
wero quoted to.Uj a follows
ii Asked. Last sal
W.!', 10a 102 la-tsj
Kin. inn. mi.
1B15 . 100 7-lfi lWO-lll lOVj
HE II ESTVTE FOK KALE
New Jersey
,lfBBj
-a
-r f-vr HwsmU fTU
mz. ' e
MORE GOLD SHIPMENTS
NSW YORK, Oct 15. - Gold .out
amounting to 51.ft.(V0 wag withdiawn
fiom the ubtreasury this morning for
shipment to Canada. There has been
witluirav.-H from the aay olrke i"5.o.)
In gold bars
NEW YORK BUTTER AND EGGS
NEW VORK, 0t. W. Butter Top grade
stroa Receipt. UH package Craarv, -tra.
38c higher (coring. 3,'c
Egg Firmer Receipts 11 140 e Kre.b
extra first :src iresn irsts 2i.'T
BANK CLEARINGS
nan ri-armj ioi- Qet" ra A vs
1 ,1,, ,,. jjh
t "Uaaei-J-'T. rj
"w irons ifr
twavou. jOS': .juOiad
Ger7t
1.1-
15''
f , I. J " JT' i I "
Hsue,-' ',! -
'
Conveniences of a Flat
WITH
THE ISD1M0I AL1TT OV A
HOME
A I 'tl" 'beertul basement
10 m with Lrfa e entrance A
oi lerful g)inn!um for Iht
hll iren or dutiable for future,
erlarcement First floor-
Trs Three sleeping chambers, lora
p,vi wh wwtm Klicaeo,
dialog room and living room.
SELLING BEFORE
COilPLETIOK
We have five of tnee at
tractive bungalow bargains
left -two at $1950, three
$.11" Modern term.
Cramer Realty Co.
3115 FEDERAL STREET
CAMDEN, N, J.
i
fe&
,H,..,vl,S7S J
r- .'' i. "-