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EVENING LEDGEE-PHILADELPHIA', WEDNESDAY, OCTOBER 2f, 1913,
t$$
13
FINAWCIALAND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
j
MARKET FEATURE IS
ACTIVE DEMAND FOR
. HIGH GRADE B0MD5
Railroad Securities Yielding
Five Per Cent, or More
Are Wanted Particularly
by Small Investors.
AH developments In financial nntl com
mercial affairs today were of a favorable
character. The New York city Issues
cere In brisk demand, with more active
trading than has been noted at any time
tines the few days after the subscription
closed- The one-year notes sold at 100.
The1 three-year bonds wore In good de
mind at 10i, and there was unusually
Urge trading In the prior city Issues.
One of the governors of tho New York
Stock Bxchange said that the demand for
raltroact bonds had disappeared, with the
beginning of the rate Inquiry, but a can-
of bond houses Indicates that this
il&lcment Is not well founded. Many
orders arc In bond brokers' hands for
amounts ranging from $50,000 to $100,000.
PHIVATB INVESTORS ACTIVE.
These orders arc being filled as bonds
itountl a 5 per cent, basis can be ob.
Ulned. The demand for both municipal
and railroad Issues comeB largely from
private Investors and reflects th0 accum
ulation of funds which has been In
rroxrejss for some time. Money conditions
are easier, but the Improvement Is not
jet reflected In ruling rates.
Borne loans are being made dally both
on call and time, but the bulk of Wall
treat accommodations remnlns at In
terest charges practically unchanged from
those which were established early in
August.
FOREIGN EXCHANGE WEAK.
Foreign exchange continues weak be
cause of exchange being created In large
Tolume In all parts of tho country. This
morning demand sold down to W.919S, a
drop of 1H since yesterday morning and
compared with HDI less than one week
ago. There have been sales of railroad
Btlchmarks as low as S3 In arrangement
of a private settlement, but tho market
Is quoted at 91, at which today's trans
actions were made.
TarH cables and demand were both
tieak, selling at io.O'Si. Advices from
Western and Eastern sources are of
heavy demands for commodities of all
kinds from foreign sources. They Include
addles, harness, blankets, flour, prepared
foods and utensils, and cover almost the
entire schedule of manufactured goods
and food products.
MAT REDUCE PRICES.
The New York Stock Exchange Com
mittee has now before It a proposition
to reduce prices of listed stocks to con
form to changed conditions since July
SO. This action Is part of a pre-arranged
program to recognize the loss of earn
ing power of tome securities before act
Ing.on application to reopen the exchange,
to .tlvnt whatever unfavorable develop
ments had occurred would be fully dis
counted before open trading Is resumed.
PREPARING APPEAL IN
STEAMSHIP POOL CASE
Government Will Take Adverse De
cision Before V, S. Supreme Court.
Although the war has demoralized tho
steamship conferences In all parts of the
world, preparations are being hurried by
the United States District Attorney for
taking an appeal from the recent de
cision of the United States District Court
of New York In the North Atlantic
steamship passenger pool suit under tho
Sherman anti-trust law.
The Federal District Court, while con
demning tho uso of "fighting ships," ruled
that the conference wan not Illegal. These
"fighting ships" were placed temporarily
In service with reduced rates to compete
against a vessel whose owners were riot
members of tho conference. Tho action
of the court placed tho burden of carry
ing the case to tho Supremo Court on the
United States Attorney.
It Is expected that the Government will
bo represented before the Supreme Court
by O. Carroll Todd, assistant to th At
torney General, assisted by Henry H.
Guller. counsel In District Attorney II.
Snowden Marshall's ofllce In Now York,
who conducted tho case against the
steamship companies before the United
States District Court.
unprecedented conditions confront
steamship companies because of tho war,
and It Is exceedingly doubtful that any
conferences will be In existence at the
end of hostilities. The North Or man
Lloyd and the Hamburg-American com
panies, two of tho strongest factors In
the North Atlantic pool, aro at present
completely tied up. Their big fleets,
which formerly carried a vast amount
of tho world's passengers and freight,
are Interned for fear of capture, and not
one vessel Is known to bo steaming on the
seven seas other lhan those converted
Into auxiliary warships.
EUROPEAN WAR HAS
CAUSED $105,822,490
LOSS TO INVESTORS
Many Concerns Have Cut,
Passed or Deferred Divi
dends $ 1 4,500,000 Rail
road Bond Interest Defaulted.
OPENING OF WHEAT
A LITTLE EASIER IN
CHICAGO MARKET
Affected by Lower jLiver
pool Cables, Sales by Ar
mour Grain Company and
Large Receipts in Northwest.
FINANCIAL BRIEFS
A seat on tho New York Cotton Ex
change has been purchased by C. V.
Geran from T. D. Deems for $7000, a de
cline of J5000 from the last previous salo
on July IS.
The rail mill and open hearth depart
ment of the Tennessee Coal and Iron
Company, at Birmingham, Ala., which
has been closed since October 1, has re
turned, operations, running full time.
For repairs to the shaft, the Butte and
superior mine has closed and will proba
bly be shut down for several weeks.
During the month of September 2.E00.916
tons of coal from mines on the Xnrfnll
and Western Railway and from other
railroads were shipped over the system.
William A Law, treasurer of the Ex
ecutive Commltteo of the Philadelphia
Xuy a Bale of Cotton" movement, said
tccay that a meeting of the commltteo
IU be held shortly to consider many
things that have come before It Is con
nection with the plan to relieve tho cot
ton situation.
The net earnings of the Tonopah Mln-
", company, of Nevada, and the
D'sert Powor and Mill Company for tho
quarter ending August 31, were J228.513.
?5p?rfd vltn 303'S3S tor the same
Period last year.
P?j B?? ot BnBland today bought
ra.oro gold bars and 15,000 United States
b7m8 Cn,lca&o. Milwaukee and St. Paul
vi'a has ma(le "PPllcatlon to the New
ru stock Exchange to list 130.000,000
S'reral and refunding iy, per cent, bonds.
Ties A, due 1011.
hadhSt?rn,Vn!?" Tsraph Company
cm U..00 stockholders on June 30. 1914.
-J"1," Baldwin Locomotive Works has
locTmoHves" 0rder 'r tW ela"a"
Investors In the United States havo lost
approximately $1K,S22,430 this year by the
passing, deferring or cutting of dividends
on stocks and the omission of interest on
bonds, due largely to tho depression
caused by the European war.
Since the eatly part of July, 110 corpo
rations have cither cut, passed or deferred
action on dividends and in less than four
months of this year. 213 concerns have
either decided to omit disbursements to
stockholders or reduce them.
It Is very likely that the total losses of
Investors are much larger than these
figures, as undoubtedly many small con
cerns have taken the same action, but
figures nre not available to show that
such is the case.
Hallroads have defaulted on about $14,
TOO.OOO of Interest on bonds since the be
ginning of this year, and of this amount
7,50O,OfO has been since the beginning of
duly.
In the following table, prepared by the
New York Journal ot Commerce, are given
the corporations which have either passed
or deferred dividends amounting to ?100.000
and upward since the early part of July:
caiumci & Arizona
Calumet & IlecU
CamvU .Steamship Lines
-'tee Service pM
Crucible Stcol pM
I'mcrson-nrantlngham pfd
Uraiiby Consolidated
Oreene Consolidated Copper
Grecne-Cananea
International Han-enter
Miami Copper
Netada Consolidated
North nutto Mining
Pittsburgli Steel pfd.
Fi.ro Oil Co
tlay Consolidated
Republic Iron & Steel pfd
Ithorla Island Co
hliattuck Arizona
South I'enn oil
Steel Comrony of Canada pfd...
Union Oil
I'nlicd Dry CSands Co. pfd
United Oae Klcetrle first rto...
Union Provident
U. S. Smelling & Kenning com...
o. ueuiiy fit improvement ....
CHICAGO, Oct. 21. Wheat opened a
llttte easier today, affected by lower ca
bles from Liverpool, selling by the Ar
mour Oraln Company and large receipts In
the (Northwest. At the slight decline
there was freo buying. Offerings sudden
ly Btopped and the niarket rallied smartly.
The market at Liverpool was Influenced
by freer Manitoba and winter offers, bet
ter reports from Australia, India and Ar
gentina and the liberal visible supply In
America.
It was estimated that yesterday's ox
port sales In American markets exceeded
1250.000 bushels. There Is every Indica
tion that export buying will continue for
some time. The visible supply of wheat
In Europe Is 66,038.000 bushels. against
68,184,000 bushels last week and 78,800,000
bushels same week last year. Ilaln Is
needed In tho United Kingdom. Plowing
Is lato In Franco, owing to tho scarcity of
labor and dry weather. The area overrun
by the Germans represents more than a
million acres.
Preparations for the new crop In Ger
many are slow and supplies there are
light.
Offerings of corn- wero small and the
market was stronger. The country con
tinues a light seller. Weather conditions
remain favorable. The market at Liver
pool was quiet, with offerings from
Argentina smaller.
Oats had a little dip at the start, but
rallied. Trade was light. Cash houses
tried to buy, but found little for sale.
Provisions were heavy. There was
scattered commission selling because of
a decline of 10c. In hogs and heavy re
ceipts. Lending futures ranged as follows:
Yesterday's
ne-u upen. man. low. close
ueccmner 1.14 l.in
Mav 1.2014 1.22
Corn (new delivery)
December M fiH
May 70t? 71
Oats
December 40 ma;
May rati n.1
October 10.32 10 32 10.2". 10.40
November 10.20 10.20 10.17 10.27
January 0.87 0.S7 0.85 0.02
Hlbs
October tl0.70 flO.70 '10.50 ....
January 0.75 tt.80
Pork
January 18.65 18.70 18.05 18.77
Uld. tAsked.
REDUCTIONS ARE MADE
IN WAR RISK INSURANCE
Ortly on Shipments Through English
Channel Has There Been Increase.
Less fear of German commerce de
stroyers hoe Influenced war risk Insur
ance underwriters to reduce rates on
freight shipments on British and French
steamers.
The 3 per cent, rate which has been In
force, a shipment to the east coast of
England at Scotland, north of Dover, wilt
stand and there Is an Increase In rates
on export to Rotterdam by way of the
English Channel, The reasons therefor
are tho prevalence of explosive mines In
the channel and recent activities of Ger
man submarines In tnat territory.
The following table of rates, prepared
by the American Institute, of Marine
Underwriters, shows the approximate
rates of premium for tho two weeks end
ing Octobor 31 for exports"" rom New
York, Boston, Philadelphia or Baltimore:
Belligerents,
i.Mttti.ioi
1.20U '1.20V4
.?
07M
701,
40
52J
401
.12H
To-
fnclSH mtA
west coast, and Ireland 1
London, English and
French Channel porta.. 1
Knginnd and Scotland.
eaat coast, north of
Mralts of Dover 3
Atlantic European ports, .
Havre to Gibraltar lU
Mediterranean, not east
of Blellv a
Italian Adriatic porta...
South Africa BU
Wost Africa 3
Bast Africa
Via Cnpe of Good Hope 4
Via Sues 4
India 4
Australia, New Zealand.
Philippines, Straits
Settlements
Via fiuex 4
Via Cape of Good Hope 4
Via Pacific Coast 4
Via Panama Canal.... 4
China and Japan
via Suea 4
Via Cape of Good Hop 4
Via Pacific Const 4
Via Panama Canal.... 4
Bermuda 1
Cuba, Porto nice 2W
Other Weat Indies 214
North coast S. America. 2W
Uracil 314
Argentina and Uruguay. 4
West coast S. America
Via Panama Canal.... .114
Via Magellan 5
East coast C. America. . 3
West coast C. America
Via Panama Canal.... 314
Via Magellan S
Nova Scotia, New Bruns
wick, Newfoundland... 1
Ex. Germans Ntu- Amer-
and Auatrlans. trals. leant.
Scotland,
W
1
244 2
1
tti 1
a 114
2 U
a 114
2 114
1"
iH 1
I $
ih y.
a i
3 1
H4 M
2 1
3 1
CITY LIFE SPREADS
RAPIDLY ON 60TH ST.
AND BALTIMORE AYE.
Suburban Conditions Lose
Ground in Section to Resi
dences New Streets
Filled With Homes.
PHILADELPHIA MARKETS ,
PORT OF PHJLADELPHIA
Ctiesaoeake & Ohio
Clilcaso Klevator pfd
.. 1., tai. v. sc. 1.. 1st rira...
1A nA
N .Y., Chi. M. Louis !
NOTES OF THE RAIL
ere ro
Includln
hann. ,?rf, ot ,he Albany and Susqtie
SusT JU.Vway ere re-elected at the an
nual meeting.
eMh. lStal meetlnB of the directors
held ,JhliLn Valle' Railroad was not
rresen. ,y. bf,';au3e 'luorum uas not
Wednesd Probably take place nest
,urh"apeake arul 0hl directors w,
Jiected at the annual meeting, inc
board rranam- ho was elected to tho
rjc?. Frank a- vand"p.
resigned In August.
i1' l,he c'se of business yesterday
Cna1d'4eralr,S, b0nJ3 ' the Itock
li TrS". ,.been d8Pslte Wh the Wal
itoVy o? h "lpanv- ln New Vork' P0"
now ha. w ?S,ro ,,eJ Th co'"ltte
of a In,i . i,W0 hon,s on deposit, o-u
01 total of j7l.ono.ooo outstanding.
efPtneynltr,J'11 as "-elected president
tui.i ?a?-gor l"d Aroostook at the an-
""" directors w
Porto Rico IlallwavH rnm...
Portland ItaiUny. Light & Power...
Puget Pound Traction. Mght A Pow.
Railroad Securities pfd
Tennessee Railway, I.t. & Pow. rfd.
Capital Traction Co
Southern Railway pfd ,
Amalgamated Copper
Anaconda Copper
Buckeye Plpo Une
Indiana Pipe Une
Ohio Fuel Co
Oiher companies (est.)
77n.mii
FOO.iKO
12.1.000
110.M2
U7.S0')
mii.ntl
224,077
.v),ono
100,000
WO.Ono
37.1.".:0
70O.O. K)
. 48.1.7(10
KI.7.V)
SIM.TCO
.Hn.oco
47.2
1. '..1.0(10
n23.ono
n.V.i
277. Wi
1S0.7.I5
n 1,7ns
lw.nsi
2H.1.1IA
2O2.0T;
27,ti20
310,00,1
aio.otX)
12.VrfX
30,000
1!'i.,cl)
1SS,.'57S
3K.7.1S
102.STO
ISO, 0li
WO, 000
l.JWS.XTII
3.2W.37.1
lro.mo
iro.ono
t.lO.OiiO
I.SOO.C00
PROVIDENT COMPANY PAYS
STATE TAX OF $505,844
Corporation Compiles With Decree of
Supreme Court.
City Treasurer William McCoach sent
to the Stute Treasury at Harrlsburg to
day $r05,SU.95t being the personal property
taxes of the Provident Life and Trust
Company for 1012 and 1313.
The payment was made by the banking
concern under a decree of the Supreme
Court.
The State Treasurer returned to the
city $379,SU71, three-fourths of the total
fund, in accordance with the net of As
sembly. This amount was deposited In
the city's general fund and will be sub
Jrct to appropriation by Councils.
The act of the last Lcsllslature, which
became effective January 1, last, makes
possible the retention of all persona!
property taxes ln the county In which
they are collected.
Sun and Tides
Sun rises.... fi:l a.m. Sun sets .1:14 p.m.
PHILADELPHIA.
HlKli water. 2:4ft a.m. I High water. .1:13 p.m
Low water.. niKOa.m. (Low water. .10:3(1 p.m.
REEDV ISLAND.
High water a.m. I Hlsh water.l2:03 p.m.
Low water.. fi:l7a.m. I 1nr water.. fl:B4 p.m.
nREAK'n'ATBR.
High water. 0:23 a.m. I High water. 0.54 p.m.
Low water.. 2:M a.m. I Low water.. 3:33 p.m.
Vessels Arriving Today
Str. Delaware. New Tork, merchandise, Clydo
Steamship Company.
Str. Krlcason. Ualttmore, passengers and
merchandise. Ericsson Line.
Str. La Flandre (Dutch), Rotterdam, ballast,
Joseph C. Gabriel.
Str. Klruna (Swed.), Narvie. ore, L. 'Weater
g.iard. Str Rruckhansen (Dutch). Marbella, ore.
Galley, Davis & Co.
Sailing Today
Str. Orn (Nor.). St Ann's, Keystone Piaster
Company, cleared October 0.
btr. uttar (Nor.), uisen, Santiago, Munson
Steamship Line,
Str. Mlnnota (Nor,), Evensen,
Port An-
Port Antonio,
Galley,
tonlo, Atlantic Fruit Company.
sir. L'mao i.vor.), uamcisen,
united Fruit Company.
Str. Snail (Br.), Abbey. Now York
Da Is & Co.
Str. Conlston (Dr.). Kelly, Galveston. Charles
M. Taylor's Sons.
Str. Evelyn, Jacobsen, Roca Grande, O. G.
HempMead & Son.
Str. L. V. Stoddard. Bergmann, Bangor.
n.iMd E. Williams & Co.
Str. Lussfll, niacklln. Charleston, Tampa
and New Orleans. Philadelphia-New Orleans
Transportation Company.
RAILROAD EARNINGS
ere re-electuj.
DIVIDENDS DECLARED
rguur"!!,rly !a!,."M l"ower -,ny.
ralitr 14 to .liXt'h p,r Sm" PyWe So
. Ktllogg sltVhj?L"co!,'3 Pober 31.
J'Wltr aulfttru"! nd eu"" Company.
' 31 to itiii . . 3 Pr nt ratable cVstS-
nh'V'" &Tk" a ,0t41 et
Ur' 1 J?,rlrl Gororany. regularly ur.
'PDecCeeraUrP15y." 5uSy " 5l Si I "k
CHESAPEAKE AND OHIO.
1014. Decreaie
Second week October.. 1704,647 185,72a
July 1-Oetober 14 . .. 11,710.111 878,333
CHICAGO. INDIANAP. AND LOUISVILLE.
Second eek October . S13n,8!lO 20 103
July 1-Octoher 14 . . . 2.008.442 B7.R03
COLORADO AND SOl'THERN.
Second k October.. (21)1,441) 111.330
July l-Oetober 11 . . 4,041.413 420,017
GRAND TRUNK.
Second week October. S1.012.32S tTO sal
July 1-Oeti'l.er 14... 13.269.nil 06S.0S7
MISSOURI. KANSAS AND TEXAS.
Second week October.. IAiO.332 $25 437
July l-October 1 0,409,738 539,670
SOUTHERN RAILWAY.
Second week October.. l,272,20fl
July l-October 14 10.510.9.10
TEXAS AND PACIFIC.
Second week October.. (385,172
July 1-Ouober 14.... S.OS8.S83
Increase.
DETROIT AND MACKINAC.
Second week October. . . . 2l.0l 12,071
from July J. Mn.twi) 40,i63
DENVER AND SALT LAKE.
Second week October.... 434.017 J14 SOa
Krom July 1 , 560,403 Ollssii
Increase.
RUSHING WORK ON PIER
Heading Awards Contract for Re
building Burned Structure.
No time will be lost by the Philadelphia
nntl Heading Railway Company In re
constructing the modern pier at Dela
ware avenue and Catharine street, which
was swept by Are last week. The con
tract for the reconstruction has been
placed with Lewis F. Shoemaker &
Co. The Shoemaker Company was
the original builder of the big structure,
which was nearlng completion when the
fire destroyed moat of the superstructure.
The pier cost J500.000. The estimated
damage caused by the fire was halt this
sum. It will be necessary to replace
about 1000 tons of the structural Iron
work. An army of men have been placed
at work to clear away the debris and as
soon n this work Is finished, rebuilding
will begin.
Steamships to Arrive
PASSENGER.
Name. From.
Ancona Palermo
FREIGHT.
Mlssourlan JIllo
Hesperos Bombay
Canrera Ornn
Ruby Gibraltar ....
Giuseppe Genoa
Juno Plymouth ....
Abrahamson Plymouth ....
Canton Chrlstlanla ,.
Noordcrdyk Rotterdam ...
Date.
.Oct. 15
Manchester Exchange. . Manchester
Arsn jriniaati ...
Stanford Immlngnam
iumne London
Steamships to Leave
PASSENOEH.
Name. For.
California Copenhagen ..
Haverford Liverpool ....
Ancona Naplea
FREIGHT.
Rapldan Lelth
Manchester Miller Manchester .
Mackinaw London .
Crown Point London ...
fnton Chrlsttanla . .'
West Point London ...,.;
Sept. 20
.uct. 2
.Oct. 3
.Oct. R
.Oct. 0
.Oct. 8
.Oct. 8
.Oct. 9
.Oct. 10
...Oct. 15
...Oct.
...Oct. 16
.Oct. 17
Date.
. .Oct. 22
.Oct. 24
.Nov. 2
.Oct. 20
Oct. 21
.Oct. 25
Oct. 28
.Oct.
Nov. 11
PORT OF NEW YORK
1261,202
844,723
$17,041
142.4 IS
UTILITY EARNINGS
KINGS COUNTV ELEC. LIGHT . POWER
1914. Increase.
Groes oper revenue . 11,550,301 $470,419
Net after taxes 1,448,360 60,250
REPUBLIC RAILWAY AND LIGHT-
September groaa $243,679 5.082
Net after taiee 07,09 '1,513
imii momns- gross . 3.0IS.2SO 140,575
Net after laaee .... 1 2J0.517 102,113
AMERICAN RAILWAYS.
September gross $460,131 (209
Three months' gross.. J, 466,067 '3.623
VIRGINIA RAILWAY AND POWER CO.
September grots .. .. (42I.0SI $10,125
Nt 220.567 tl.OM
Three month' grou . 1,31 1,088 21522
Nil 701.310 18,216
KANSAS GAS AND HLBCTR1C.
September greM . . $80,249 $11,379
Net after taxea 33.361 7 802
Twelve months' gross 1 130,585 115,473
Net after taxes 410,61 03,133
Decrease.
CAMDEN TROLLEY DEMANDS
Utilities ' Commission Hears Com
plaints Against Public Service
Railway.
The Public Utilities Commission of Cam
den today Investigated charges brought
against the Publlo Service Railway Com
pany by the people of Camden, represent
ed by B. O. B. Bleakly. City Solicitor.
The meeting Is the result of the post
ponement of a similar hearing held lost
July when three months was allowed to
the company either to rectify or satis
factorily answer the charges then made.
Chief among the demands made by the
people Is that the company restore the
old crowi-town trolley routes which were
abandoned upon the completion of the
new line running from northeast Camden
to Broadway, while minor demands were
that more cars be run on lower Broad
way; that a single faro be charged be.
tween Haddon Heights and Camden, and
that a discharging platform at the Penn
sylvanla Railroad terminal be erected as
promised In July
The last named demand waa not pressed
when It waa found that the Railway Com
pany has been making arrangements for
the new discharging platform with the
officials of the Pennsylvania Railroad.
ADOPT UNIFORM POLICY
Western Fire Underwriters Approve
Form in Use Here.
At a conference, at Atlantic City, mem
bers of the "Western Insurance Bureau,
made up of representatives of 40 large
tire insurance companies doing business
west of the Mississippi River, adopted a
uniform form of policy.
The new form follows closely what U
known as the New Vork standard policy
now effective In Pennsylvania, New jer.
sey and other Eastern States, and is de
signed to avoid future conflict In the west
ern districts conforming to the require
ments of States which have Imposed stiff
restrictions upon th Are Insurance bugi.
ness.
Steamships Arriving Today
Name. From.
Europx Naples ...
Sailed.
Oct. 10
Steamships Due Tomorrow
Sailed.
. Name From.
"V.'".: "T?' Oct. is
...... . jumernam Oct. 13
Baltic
Olympic . . .
Mauretinla
Ilellg Olav.
Steamships to Sail
,.., Liverpool .
Glasgow ...
Liverpool . ,
Copenhagen
..Oct. 21
..Oct. 21
..Oct. 21
Oct. 23
Movements of Vessels
Str OldfleM Grange (Dr.i. Cms nnH. ,
Philadelphia arrlveS at riIiboOe"0biV,Vo,0r
Str. Washlngtonlan (Am ) PeciX? ,"i
Seto'cA l'h"a1"'hl' ""id rfVo'm B.'SJ
Str. Mlssourlan lAm.l, Hawaii mH .
?onb.rC20,0r WILdtlphli. lle3 VrnalboS
Str. Merlon (Br ), Philadelphia for liv.
pool, passed Fastnet October 20 Llver-
Str New Sweden (Swede), for PhlUrt.lr.hi.
sailed from Qothenburg October 19. pl-
riv ,:3n",''. ?" Tork,
One of tho most rapid changes of a
section of Philadelphia from suburban
to city conditions noted recently has heen
going on In the 46th Ward, In the Bal
timore avenue section, at Coth street.
This waa largely brought about by tho
activity of builders along 60th street,
which from Market south Is an active
business thoroughfare, local trade hav
ing developed to a marked extent. Mow
ever, when Catharine street (8M south)
is reached, stores give place to attrac
tive two-story dwellings, with porches
and terraces, which extend until Cobb's
Creek Parkway Is reached.
This fine boulevard, 100 feet wide, runs
south from Market street, taking the
place of 63d strcrtt, until It reaches
Washington avenue. Here It makes a
graceful curve, and at 62d street takes
the place of Federal street, running east
until It Intersects with Baltimore avenue.
Along the north side, from 60th street
to 59th, a fine row of two-story brick
porch front dwellings with heavy porch
pillars and terraces are now about fin
ished, and a number aro also nearly fin
ished on tho east side of 60th street north
of Cobb's Creek Pnrkway.
The street Is being graded, and will
soon be opened. In tho triangle bounded
by this street and Baltimore avenue, east
of 60th street, very little now remains
In acreage, the streets being opened and
graded. Practically all Houth of Christian
street loss than five years ago was farm
land and belonged to F. S. Elliott, Ber
nard McMackln, George Lorenz and
others.
Active, however, as this part has been,
It has been surpassed by the -west side
of COth street. Nearly the whole tract was
owned by the Sellers-Hoffman estate,
from Christian street to Baltimore ave
nue, and from 60th street to the curving
line of Cobb's Creek, the city boundary.
Early last spring Ramsey Brothers be
gan to build on Mllllck street, running
north from Baltimore avenue near An
gora Station. Thirty-eight dwellings were
finished and are all occupied. On Edge
mont street, a parallel street, 20 more
two-story dwellings are now b-oing up,
10 are up to the first 3tory, the rest
under roof, while the same builder has
eight dwellings on COth street and three
stores on Baltimore avenue.
Moss & Taylor have a fine row of two
story, porch front dwelling on Latona
avenue from 60th to tilst street, being
the first street north of Wharton street.
The asphalt company Is also busy with
tho roadway.
Tho large mills of the Lyon Ynrn Com
pany occupy the southwest side of Bal
timore avenue at this point, so In going
further south the scene of building
activities Is likely to shift to a point
further east. There Is some available
acreage on me east side of ESth street
The rim of the city's built-up section
.ii hub poim in tne 4otn ward has driven
out even semlsuburban conditions.
CROSS-TOWN TROLLEYS.
It Is easily seen that the opening up
of the abnvo section Is In a great de
gree due to tho good car service on 60th
street, and the building up of that very
important street to its entire length. The
same can be said of 52d street trolleys,
which may some day extend along that
thoroughfare to cover th section south
west of Baltimore avenue, where city
development Is going over the old grounds
or the Aronlmlnk Golf Club, instead of
going along Baltimore avenue to 43th
street and on to Paschal! avenue.
A section greatly needing transporta
tion Is the stretch of the city lying be
tween 40th and 52d s'reets, which has only
the slight relief of the Spruce street line,
which covers 45th street from Chestnut
to Spruce. It Is hard to move quickly
between points and the result Is shown
a..6 Iar"e tracts ot undeveloped land.
A line from Baltimore avenue to Mar-
y.i. rircei on -mm street, reaching a sta
tion on the Market street elevated or
on 4Sth street, would show wonderful
results along all real estate lines. Five
or six years ngo such a line was cer
tainly under consideration by the Rapid
GRAIN AND FLOOR
WHEAT.- -Peeelpta, B2,90 bush. The
market ruled firm and 1c. hlghr under
stronger ontalde advices Quotations- Car
lots, in export elevator. No. 2, red, spot and
October, 1.10Q1.I4; No. 2, red, Western,
fl.in1.19; No. 1, Northern Duluth, $1,231$
1.2S.
COltN. Herelpla, 4000 bush. Supplies
email and values steady at the Inle a-dvane
Quotations: Car lota for local trade, na to
location No. 2, yellow, 82iircfi3e. ; steamer
yellow, 82i3S2Me.
OAT8. Receipt, 113.121 bush Sold
fairly and ruled firm and again He. higher.
Quotations- No. 2, white, M?r3Hr ; etnml-
(iiVits
",3Hr ;
white,
flflOQrtpo per ease. Candled and reeraled
fresh eggs were Jobbed out at 374t3Dc per
doz.. aa to quality.
POULTRY
I.IVt: Offerings fairly liberal and the
market dull and unchanged. Quotatlonai
Fowls, 130ine. , old roosters. lMHZe.: spring
chickens, according to quality, 12J13c.; ducks,
lSflUc, geese, 13SHc; gulnens, young,
weighing 2 lbs. and over apiece, per pair,
"Or , do, weighing lWfllW lbs. aplec. per
fair, ofirr,e. , do,, weighing 1 lb. apiece, per
tJr, f0 ; old, per pair, fiOc. i plgeona, per
pair. lMlfle
t)iu:str.t. - Fine deslrabte.elzed stock
sold fairly and ruled steady. Quotations:
Fresh-killed poultry ForOe, per lb. .Se
lected, heavy, ale , do., weighing, 4 4 fct fl tbs.
nplere, 20c . do, weighing Iba. apiece, lOWe J
do., weighing 314 lb apiece, tnWflilOMc: do.,
weighing 3 Iba and under, i4ll3e. , old roost
ers, dry-pl'ked l.'lMc . broiling chickens, near
In weighing l'i'Si lb apiece, 2(HR22c,; broil
ln hlrkeni nearby fair to good, lilfllSc.t
elir)cn. Western. 4 Ihe. and oxer aplec.
He; do., do, 34 lba. apiece, fat, lfttfl6e.i
In , do. 2V3 Iha apiece, Mil4c. : brolllnr
chicken Western. 1'4W2 lha apiece, 17e ;
broiling chlekena, Western, fair to good, 12
He Squabs por rloi. White, weighing 11 to
12 lbs. per do? , r?3 0.-f 4.2.1, while, weighing
II to 10 lb per dozen. J2.7M3 SO. while,
weighing 8 lbs. per dot, 2.2.V32.40; white.
wpmning t in per nnz., i.,.74, wmte.
ard white, C2WQB3e. i No. 3,
eze,
FI.OUR. necelpts. 242.', hbls , 1.709.7Sn
lbs. In sacks. Trade slow, but mill limits
steadily held. We quote per 100 lbs., In wood,
Winter, clear, $4 float. .. ; do., straight, S4.00
Oil. IB; do, patent, $..2SO,S.tl0j Kansfti..
straight. Jute sacks, $3.10i3fi.3.: do , patent.
into sacks, J."i. lOffjr, fir.t spring, first clear,
SSJB.2S, do, straight, tS.j.lifJ.VttO; do,
patent, . RQfjlfl ?R; do., favorite brands. $'1
ffgl.iV); city mills, choice and fancy patent,
l0g0.C0; city mills, regular grades Winter,
clear, $4B04..'., do., straight, $4.1)0(35 IS,
do., patent. ti.2nittR.00.
ItVK FI.OUU. Quiet and unchanged. We
Snote nearby and Western, In wood, at $31
.30.
PROVISIONS
Trado elow and largely of a lobbing
character, but prlcea ateadv. Quota tlone
City beef, In sets, smoked and nlr
dried, 30931c. Western beef. In sets, smoke I,
8og31e. , city beef, knuckles and tenders,
smoked and alr-drled, 31R.12C; Western beet,
knuckles and lenders, smoked, ;ilo.n.2c. ; beef
hams, $.180, pork, family. $2320 .TO. hams
8 P. cured, loose, imQISs. do , skinned,
loose, 14iyin3e , do., do., amoked, lfllOHr. ,
other hams, smoked, city cured, aa to brand
and average, IO'43iTc, do., amoked, Weat
ern cured. 104017c. do., boiled, bonelc,
239'21o. , plcnlo shoulders. S. P cured, loos.
llKtfttc; do., smoked, l3Viei4c.: bellies, In
pickle according to average, loose, lBUlft4c ;
breakfast bacon, as to brand and average, city
cured, 20tr2jc : broikfast bacon, W'eatem
cured, 20521c. ; lard. Western refined, tierces,
lO-flllc. . do., do., do., tubs, 10y,i311c. latd.
pure city, kettle rendered, In tlercos. lovii;..
lard, pure city, kettle rendered, In tubs, 110
HMc.
REFINED SUGARS
Tho market dull and unchanged. Quota
tlcns: Standard granulated. O.OKc . fine granu
lated, 6c. powdered, ft 10c , confectioners' A.
B.OOc; eoft gradrs, B.l.M7.7Sc.
DAIRY PRODUCTS
CHEESE Trado fair and the market
strndv. under moderate offerings Quotations.
New Vork, full-cronm. cholro, l'401.','4c ; do.,
do., fair to good, IVWlTic.: do., part skims,
off 13c
ItlTTKR. Fancy stock scarce nnd firm
with demand equal to the offerlnga, but
medium grades dull end weak. Quotations:
Western, fresh, solid-packed, creamery fancy,
34c. ; ettra, 32c , rxtra firsts. 30ia.11e. ; firsts.
2Sf2nr. ; seconds. 2flfj27c. ; ladle packed. 21 W
23c. as to nilalltv. nunrhv nrlnfn. foncv. .l.-.r .
do., sv.rnn tm :i5ff?ain dn flriti lam I No. 2. $SVrB3. Uourre Dose. $4W SO: Sheldon
31e ; do., seconds. 2728c. Special fancy, $43"'. Ceurre Clalrgeau $2 ROM.BO; Heurre
brnnds of prints Jobbing at M(H(c. 1,'.AnJja1A!s2:1r.:1 M- n.uehess. 2.2fiM.:3: How.
vr-r-o t , i j ... ell. 2fl2.v, other varieties. $2tr3; peare. rtart-
EGGS. Demand good and fine new-laid I j nni prne, per bush-basket. 1.2.'?1.75.
eggs well cleaned up at full figures. Qunti r.rapes. .New York-Tonrord. per 8-lb. baakot.
tlons: ln free cases, nearby extras. 3V per imjiv do. pr 4 lb. basket. MJ-Oc; Niagara,
dor. ; nearby firsts. $0 per stanrtird -ase..pfr 4.lh bBBket. SfilOc , Delawarcs, per 4-lb.
nenrbv curren' receipts, $8 lOftS 40 rwr stand- f,aket. 1231. . grapes. Concord, rer 20-lb.
aril case. Western extra, firsts. $0 per rt. Ici-kct II594IV I'antnloupes, Colorado, per
do, firsts, $8 10(5.8.40 per case. do., seconds. I crate, $lrl 50. . do., do, flats, .V37Sc.
weighing tlm Us rer doj , $1.201 M, dark
nnq ,-vo. !, nocijfi in
VEGETABLES
Trade fair and values generally well main
tained with sweet potatoes lightly higher.
Quotations White potatoes, per bush. Penn
sylvania, r,9(303r . New Vork, fiOQBIe. ;
white potatoes. Jersey, per basket, 35?i4Bc;
sweet potatoes. Eastern Shore, per bbl.
No. 1, $17r.(H2 3J; No. 2. "5ci$l ; aweet
potatoes. North Carolina, per bbl. No. 1,
$1.73W2; No. 2. 7ScC(l$l , sweets, Jersey, per
bbl. No. 1, ti 7.-.Q3, No. 2, fl.60Ql.7Bc
eweets, Jersey, per basket, SOiailOc Onions,
per bush., .10ffl3.V ; do., choice, per 100
Ib. bag, ft: do, medium, per 110-lb, bag,
75X00e. Cabbage, domestic, per ton, f8(3P.
Celery, New York, per bunch, 10ifI30c Mush
rooms, per 4-lb. basket, f 1.40(31. HO,
FRESH FRUITS
General trado quiet and soma kind
a shade easier. Quotations: Apples, per
bbl - Jonathan. g'lfM.fiO, Gravensteln. J2
f!2 7.'.. Ulush, $2f2.7S, Twenty-ounce. J 1.50
2. Pippin, $1. 7MT2.23. York Imperial.
$1 rvgi ,,-,, other good eating varieties,
fl.T.Vl 2 SO: medium, $1(31. SO. crab, fiq.SO;
crab apples, per buh.-basket, fl.SOtfl.7ft; ap
ples, Western, per box, flQl.79, apples. Del
aware and Pennsylvania, per hamper, 25330c ;
Quinces, pr bbl., $2ft.1.SO. Lemons, per hox.
J.'lB-t. Grapefruit. Florida, per crate, f l.AOtf2.ro,
Pineapples, per crate - Porto Itlco, il-2.VQ-3.2Y:
Florida. $132 SO. Cranberries, Cape Cod, ry
black, per bhl., $3.SO04, crnnbcrrlea. Caps
fod. rarlv black, per crate. $1i31.40. cranber
ries, Jersey, per crate, $1J?1 50. Peaches, Vir
ginia, per 20-lh. basket. 4og75e. . do., do., per
crate, f 1111 73 do., Delaware and Maryland,
per basket. SOBOc . do., do, per crate, $lfj
1 73. peaches. New Y"rk and Pennsylvania,
per basket Large whlto or yellow, GOc.311;
medium 40ppnc. Pears. New York, per bbl
fckei m -rfi?., , namen, ;so. j, 4tt..oo; no.,
HOW THE EUROPEAN ! NEW YORK EXCHANGE
WAR WILL AFFECT ; NOW HAS A DEFINITE
SECURITY MARKETS PLAN FOR REOPENING
Rates for Capital Must Be Will Refuse to Liquidate
Made Attractive, Other
wise New Enterprises Will
Be Greatly Curtailed.
Any American Foreign
held Securities Except for
Bank Balances Here.
Testlfylnc In the freljht rate case before the
Interstate Commerco Commission, as an ex
pert, concerning financial conditions as af
fected by the European war, and particularly
" related to American railroad securities.
Charles A. Conant, of New York, auinor of
many authoritative works on finance, brought
out aomo interesting facts concerning the
prnhnhl. fntit.. a. .t.i. ......... . .. ...
rrarkets. His argument, which represents th ! Paish' the n0,ed British economist, who
bankers' viewpoint of tho situation. Is printed ,s "ow ln Washington consulting; with
herewith.
It was announced in financial circle
horo today that a definite plan for re
opening of tho New York Stock Ex
change was now helnp considered. Th
resumption of business on the Exchange)
is expected to follow a conference of
tho board of governors with Sir George
The cost of the war, if it lasts approxi
mately a year, will not be materially less
than $15,000,000,000.
The demand for capital for purely war
purposes, and for the settlements which
succeed the war, will be so sreat a? to
absorb an amount equal to the entire
savings for Investment made In all
civilized countries for a period of several
years.
The effect of this abnormal demand for
capital, n hlch Is belnt: consumed without
economic profit, will be to raise the roto
of Interest on Investment securities higher
than It has been for many years.
ar-
lower
tB&D'E5"o.?00hr.,&om p'h''"a. arrived
at.p.Wt'obVr fT" d.lphU. arrlv.1
8tr. Grecian. Philadelphia for Boston wee
ber J " ' K'r S'Un4 ' noon o""
Str. Toledo, towing barge Delaware Kim .
bine for Philadelphia, was 120 X s"n:, s:
Sabine at 8 p m October 19. ' of
6tr Gulfllght. Philadelphia for Port Arthjr
wa.,6 mile, north of SaSd Key 'aM noon Oct
Ml'tran.A..ab.rfr31n Phll1'P'".. arrived at
Str. .Tuscan. Philadelphia for Jacksonville
was 85 miles south of 'Diamond 8hoa! light:
ship at T p. m. October 20. "" iigni-
Str Paraguay, Philadelphia for Sabine ws
iS.ff'SSe'io'bV Dlimonl 8hoa, WW"
FREIGHTS AND CHARTERS
i?sU,inni..1". "h,,r ln. th '" market
with a limited amount of tonnage offering to
5?' ,h,V"1'. demand Rates are stronger
chtiedl "" "" mrk" r,mal" un'
STEAMSHIPS.
Murjek (Swed I, Philadelphia to Scandl-
grF.n:e!o.TU.r?rr...OU8lid,N0lv:r;,b'.1r,e''
Bigrun (NoV . 15S1 ton. t,2ntUntle
trad., one trip on time charter, ba.U, io" m
roJnd'trfp'.'VTu'term;32?- "- -..nraVcir3.
,3?.MMrSSgJ. 'Soh''T"'
SiOOIHiiL lUutchk 1D7Q Mn. v.iI7.T'' ..
BahU coal. We.. Dromit ' """" " faiuaelphia
.). STI
Transit Company, and since that date Its
need has greatly Increased.
NOTES ON THE STREET.
Building societies have been extremely
active, their loans lately being double
the amount of mortgages made to trust
companies. This, however, does not in
clude loans made to builders, which are
made In bulk, the mortgages appearing
later. The announcement that 150 two.
story brick buildings aro to go up at
11th and Butler streets would indicate
that trust companies and banks were ac
tive along these lines.
IvOCUSt Stlvet. from ll-.. t.,.. .
rw juuennouse
square to !M street, has been relald with
asphalt. It Is a distinct Improvement
to a tine residence section. TwlnMh
street also has been relafd at this poTr,
The weather is all that could be wUhed!
for outdoor work, and Is being takln
advantage of all over the city and out
ln the Hiihurh nl.ri . . ""u Ul
- " '"t) ny counts
RATE MUST GO UP.
The fact that such enormous sums to
pay the costs of the war nre sought al
most exclusively by means of Govern
ment loans will make It iroposslblo to
obtain capital for other purposes, except
at a rate of Interest considerably higher
than that paid bv Governments.
The financial disturbances which will
occur during the process of distribution
of these Gov-rnment loans to Investors,
extending over several years, will Involve
thp sale on the American market of rail
way and Industrial securities now out
standing f nn amount which will in Itself
absorb 50 much of the new capital avail
able in the United States that It will b
extremely difficult to obtain any for new
enterprises.
EARNIN'GS A FACTOR.
If, therefore, American railways and
Industrial enterprises are to obtain any
new capital whatever during the next
Treasury ytllclals.
Whatever action New York shall taka
will be followed almost immediately by
the Exchange here.
:N.,f,a,uru r ,hp Dlan- according to
uilliam C. Un Antwerp, a governor of
the New York Exchange, is a refusal
to liquidate American foreign-held se
curities in gold One of the principal
obstacles to the opening of tho Exchange,
he declared, was the fear that It would
at once be swamoed bv fnrolpii hni.,.
of American securities, who would de
mand gold for thWr holdings. It is pro
posed to check this tide of gold to Eu
rope by redeeming the securities only
for bank balances in this country.
Vun Antwerp declared that $300,000,000
in gold had already been shipped to Eu
rope from this country this year.
"This means." he said, "a shrinkage,
in our bank credits of 2,400.000.000 To
protect our credits it is absolutely essen
tial that a stop be rut to this outflow
of gold.
"The bufinees of tho country demands
the reopening of the Stock Exchange at
the same time. Its closing has put &
stop to practically all corporate enter
prises. I personally Know of J3. O.000 In
municipal bond Issues which have failed
because of no bids. The closing of the
Exchange has meant the stopping of all
raiiroad and industrial enterprises and
It must be opened before we can have
any ral rewvul of business."
Tho European war has provided a con
clusive reau.m why the New York Stock
Exchange should no- be incorporated,
according to Van Antwerp. He Issued 1
statement today in reply to George W.
renuns and benator3 Polndexter and
Shaftroth, all three of whom have urged
h., lh. L.V.nc w- ... . .
, .... ..,- uiiuiib! wo iiui nerm teji rn
few years, it will be necessary to make 1 reopen except under Government con-
issues of t-ecurltles verv nttrnetlva n. ,D'-
only In respect to the rate of interest, but
In respect to the evidence that the interest
and dMdend payments are absolutely
securer) ny adequate earnings
WJSSUR.
Sir. Conant quoted authorities indleat.
Ing that the world's new capital nor.
molly available for investment amounts
to auout n.(.M.oi,oM per year,
concludes'
If the cost of the war for one year has
to be paid out of the amount of annual
RESERVE BOARD MEETING
Expects to Announce Today Date for
Federal Bank Openings,
WASHINGTON, on. ji. - Governor
He than ' f""1"" ;" ' other members of the
""" nwrn uoaru toaay reconvened
th- convention with the reaerve bank ill
tec tors to teueii reports front the elBht
savings Indicated hv ihus fic,.r, ,h. committees appointed vesterdav
every dollar of new capital for approsi- i1 U understood that all of these com
mqtely four years will be absorbed in ! u , i have reported an agreement, and
Government loans, and thero will not b ' or r'y to report reeom-
a penny available in any financial market 1 mend,i"' 'or adoption by the board
for building a railway spur, putting ur a i . ,hf '"re'"rs Srdlng all the le.
new station or terminal out of capital ,,, '" he pbUa organlwtlon
account, adding a bohbin to the miiiId- ! r,!s nw b,xk
ment of woolen and cotton mills or rank. ' , , ' ""' is being held behlivl
ing h single public Improvement In the ! "!" "T1' "" n" l"wtUin was nwde
city of New York or any other mun'cl. "f ?.,? hn ,h" Pf'r '"' nxom.
pallty. except out of current revenue " 'l u U T '"'"'.' J"1 'ol4W bs '
- ". pubju Sornu of the minor delalls win
MUST BII FOR MONEY b anaouaired this afternoon, whsreaa
Wfrlfi nart tka e.nll...n ...us a- . .. th mOff- iniDArlnnt llama .II....-.I
NZ RK BUTH AND EQOs'Mlaym wtte;;T.r Til! '"' - lB
,rtt,w vokk. Oct, 21 -Butter- M.rw.. ..... ,..,.. . ,w. I . . '"
LIVE STOCK QUOTATIONS
T.5( . DCS. 17.IR h.,11. irk , i "VJi
ntciipt. 10.000. iEVk;,T w :w u rv&
iire em xh r.i iniui . t
hIJ". 3S(I0 15, "siock'ers
OH.
ana
am
ni reeeru.
M, YORK. Oct. 21 Butler M..L-.. ..
to firm, receipts. AW wckiMi S.""11
tra .T.V.. higher coring nVe -ram e-
tggs-iiarKtt etealr. tecert., ssts ea,
greah extra, rlr.t.. 32c . tiKflr,g
BANK CLEARINGS
Bank clearings today compare lth ,
srondlng daj Ut to ya7iTP ltB """
PUlUdelphl $25 7a"l Wl.aEwso MBftJl'aiT
THE MONEY MARKET
Call
. Ty.kland (Dan.,
T6 ton., TJaltlmor to
i.u. cum, private term.. promDt
i iJSS"'' m t0"- UrtU to
New York
Boston
Chicago
II
Time.
a:
9 rlllfi H Pill 11 1 ihi-fAnn atvn.. .
! fmn .b .....-. -w. . . ...... - --"" wj. vuhic ume
.....a ..-.., ...i, wUtsi4i-nej nanus or '" umre
the Powers which have ben blowing
away tlwuan4 of million, is powdor
and ball become an lnterMtiBg consider
tlon They rout come into the odb
market and btt against the greatest
state in the world for some scanty bo,
tion of the supply of lnrHtn, -u,
Leaving aide the qu(ion of a..-!!, , ,
panic, the moat inaporuat VJtX?1! PrlS
HfzfJ? return .f Ar,rlca K.uri.
Vfti lha .-unterein'e tiulat- it i i,,i
10 be ahl to announce with Htae de.
gre of jc . urai- when the reserve Uanka
Will be open for bulne
FOREIGN EXCHANGE LOWER
e to Low Lvel, Then
him Again,
wtb um aHfoaa is lsi m.,niA i ...- .. -
It will diwlnUh tte hirul of i.."i -ZZZ ' ...V,iln ." ' - n '4k
e nnkH.nll. ...l. . - - "'"l
I. normaiu available for eW inveatmm.
In this direction the effect t the Fu "-
j,.. , .wa -,., aru,.u (.
..... .-,... rim II n,.t a !,-,!. ,,.
nSf1"' Commercial paper tb-e, ,0 ' American money apcears a 2 r i I .
Ix month, matumiea, TgTla Pr cent. the new loans, ttppe;U8 M f.ll-i f,
flange market tla. which brm,.i,, j.
maud urling to IMSl, a "
I.wl th.ra was a raUy to IK bw
I 4. maud rd 1', for cable.
Marks e P ,n,orttd f bave aoM at 91.
, e , I , rr rrJ a, n,llr,,t j,,
I da t ji-h were ay at 508, '"'"
if
'
W
fi
1
II
3
iail
11
H K
M