Evening public ledger. (Philadelphia [Pa.]) 1914-1942, October 26, 1914, Night Extra, Page 13, Image 13

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Demand Sterling Declined
l0 4,91 Money Market
Continues to Grow Easier.
Steel Common in Demand.
The situation of an absenco of bids won
created In the foreign exchnngo market
In, New York, nml this morning demand
sterling declined to 4.91 against 4.83 on
FrMy ft week ago. There was no tie
mind for exchange on Paris, and tho
rtes for norlln exchange of 80091 wero
purely nominal. It Is current gossip that
iome of the banks nre long of exchange
tnd that pressure from these Institutions
hu been partly responsible for the sharp
The New York city financing with tho
shipment of $33530.616 gold to Canada and
th arrangements for the exchange gold
pool, which has deposited flO,0OO,O0O gold
)n Ottawa, together with the heavy ex
pansion of exports, has radically changed
the exchange outlook, and It would not
he surprising If rates fell to a range
favoring this country In future gold move
The monetary situation In New York
continues to grow caster with scattered
offerings of time money nt C per cent.,
but tho banks In their transactions with
.borrowers recognize to tho full extent
'changes In security values since July SO.
This Is done, not by lowering quotations
on collateral pledged for loans, but by
inflating on additional collateral, which
brings tho margin on tho loans down to
current street quotations.
There was a better dcmnml for Steel
common In today's open market trading,
with street brokers bidding 3S!4 for the
itock. Uncertainty over tho dividend ac
tion tomorrow Is greater than at any
previous time prior to tho district meet
ings of tho corporation, but so fnr as can
bo learned tho matter will not be decided
until the directors moot.
New York city bond Issues continue
tlcady, although slight recessions wero
noted In tho now loan Issues. Tho Itts
of 1964 sold at 94 and tho 4Hs. aro In de
mand at 10056, both under a flb per cent,
The outlook for reopening the Stock Ex
changes hero and In London continues
confused. Tho decision of the New York
Exchange not to make any changes in
minimum prices Is thought to Indicate
Indefinite postponement of tho resump
tion of regular dealings, and In London
the proposed plans for credit extensions
have been rejected by tho Government.
Thero li a better outlook for the re
opening of tho Cotton Exchange, and nn
announcement from that body Is looked
for In tho next three days.
A complaint declaring that a switching
charge of J2.50 per car nt Los Angeles
anil San Francisco was unreasonable was
filed with tho Interstate Commerce Com
mission by tho United States Steel Prod
ucts Company, of New Jersey, ngalnst
the Westoni Pacific. Atchison. Toneka
'and Santa Kc, and the San Pedro, Los
Angeles and Salt Lako Railroads.
The Interstate Commerco Commission
today held that a proposed tariff elimi
nating transit privileges nt Atchison nnd
i Levenworth, Knn., on grain, grain prod
1 ucts. sends, alfalfa nnd liny In carlnnts
on the Missouri Paclllo Haltroad was un
justified. Itntea on whiskey nnd distillers' dried
pain from Midway, Kentucky, over tho
Louisville nnd Nnshvlllo, Baltimore nnd
Ohio, and Southern railroads to various
points in Trunk Line, New England. At
lantic Seaboard, Central Freight Associa
tion and certain Virginia cities, on ship
ments moving through designated gate
ways, wero held by the Interstate Com
merce commission todn to bn unreason
able. Other rates on the same products
from Midway, Ky. via Cincinnati, o.,
to various points In Central Freight
Association territory were heto reason
Ko(mI wsek October.... 17(l.nWl
From July 1 T.ss.Vjai
Nino months ended Beptember HO:
Er" t3.HSS.5fio
J;ft Income 1,H!i'.Mlt
net for common, illv 60:1.005
1 1,52!)
377, 1 (.3
Vear enileil September 30: -n
H" l,?4r..n3i ?tT4,r.:i7
ftn 8bO,80B 72,030
W'ember grosi $31)2,100 S77.021
t.. :: 2M.S7S w.ma
vr.'V "wnthV gross... fl,47,OSI S0U,7tU
u.uun.ftji -Hii.uu-t
h-Ti't'iuucr BroiS IK.'jt.iWS
!' ma 5i
From January I grow.. 7,lS7o72
w 5,US,48t)
September gross fl87,42!
Prom January 'i'g'roLi!.'
Committee Plans Big Campaign for
Goods Made in America,
VnWJ0UK' ct M AH America will
snow about tho "Mado In America" move
fc. .,oon ,f the plnns of tne committee.
aJrn "2,C.arrlcd out A meeting has been
lh?v,0J rext Wednesday morning at
( aldorf-Astorla, at which time plans
taken jeneral Pub"c"y campaign will ba
llJlV-n' Tlprer' chairman of the Execu
rin, . m.'Uee of ,he "Mnde ' America"
ami,8 A6sociatlon, called the meeting,
.h! ""ejeated In the movement,
to attrdme " r not' have been a3ked
LtfeH.0.ntarl0 Stc31 Products Company,
en i'h ;erred the dividend of li per cent.
U du. ,.?J'.any'8 Pferred stock, which
m?'"1' UmQ- The ,Illtlal Payment
wa maP",eried- wlllch ia emulative,
M ma n November 15, 1913.
. "EW vi in i.- ...
?'. ntuliTti stis . "utter- JUrkM.
M. lii hV.i 8 Pckatr- Crarary x
'K' . Imita' WOf,n. 3-; St dairy,
p.... '"'"atlou rttaautrv liluii-i,. "
r . nu!iL 'teXBc.s nearby, unites. O.'M
Exports From New York Last Week
Largest In Eight Months,
Tnkjng tho exports from tho port of
New tork as a basis, tho balance of the
foreign trade of the United States Is
rapidly swinging In favor of this coun
try. Tho exports frofn Now York lost
week were tho largest In eight months,
and also tho largest of any week since
tho beginning of tho European conflict,
tho exports exceeding imports by moro
than $3,000,000.
The estimated exports In tho week
wero $21,411,271, an lncroase of $8,039,913
over tho previous week, and $3,41C,T69
larger than tho same week of tho provlous
The following tnblo given tho oxports
from tho port to all foreign countries
for the first 1.1 weeks of tho war, com
pared with tho samo weeks of tho
previous year:
October 21...
October 17 ..
October 10 .. .
October 3 . . . .
September 20
September 111
September 12
September G
AUKuat 20 ...
August 22 ...
August 13 ...
Auguat 8 ....
August 1 ....
. 13,371,333
. 17,512.001
. 13,370,fiOr.
. 20,032,132
. 17,203,101)
. 13,000,331
. 12,21U,tl80
. 10,214,802
. 8,177,301
. 10,723,082
. 12,071,030
. 11,070,010
Local Exporters Think Un
filled Orders Are Not Un
der Ban Half of Big Or
der Delivered.
Sugar exporters In this city believe that
tho embnrgo placed on the Importation
of sugar Into tho United Kingdom, do
clari'd by the British Government, will
bu of short duration, and In any case It
will not affect the unfilled orders now
held In this country. They nre also of
tho ojilnlon that tho prohibition Is di
rected chiefly against Italy, Sweden, Nor
way, Don mark nnd Spain. These coun
tries nro heavy buyers of the raw beet
sugar production of Germany, nnd It Is
this production Great llrltlnn Is anxious
to keep out of tho world's mart.
About HOO.OOO tons of raw nnd refined
sugar had been ordered by Kngllsh Im
porters from this country beforo tho
declaration forbidding entry of sugar was
promulgated. Nearly hnlf of this order
has been delivered, nnd exporters nro
continuing their plans for the delivery of
tho remainder, confident that It will be
accepted, regardless of the prohibition
At the outbreak of the war the Gorman
Government placed n ban on tho exporta
tion of sugar. Now money Is needed nnd
there Is moro thnn enough sugar In Prus
sia to satisfy the demands. Permission
has been granted for tho exportation of
22,000 hundredweight. When the English
Government learned this tho embargo on
importations followed.
Although the Sprcckleo Sugnr Refinery
hns enormous quantities of raw sugar
stored In this city, their plant nt Reed
street wharf Is closed down. Tho clos
ing of tho plant was duo to tho largo
qunntttlcs of tho refined product on hand,
which made It unnecessary to boll more
of the raw product until sales Increased.
Refined sugar exports aro leaving this
port on every transatlantic steamship.
The American Line steamship Haverford,
which sailed for Liverpool on Saturday,
nnd several tons stored In her holds.
Tho bookings on vessels to Iea-e In tho
near future nro heavy.
New York hnnkn lost to tho Subtrens
ury Saturday $103,000, and since Friday
lost $1,128,000.
A bulletin detailing how a 7,000,000
pound brldgo nt Tyndall. O., was rolled
Into position In seven minutes, without
Interrupting traffic, has been Issued by
the Pennsylvania Railroad. The hrldgo
replaces ono which was washed away
oy mo nooas in mo spring or 1313.
The gross earnings of the Hercules
Powder Company for nine months end
ing September 30 were $3,074,427. Increase
$313,037; net earnings tm,8, decrease
$11,231; surplus $691,831, decrease $56,915.
There wan withdrawn from tho New
York Subtrensury this morning $l50,nno In
gold coin for shipment to Canada.
Census Figures Show Increase
037,104 Bales Ovor Last Year.
WASHINGTON. Oct. ai.-The Census
Rurcau reported today that 7.610.6S2 bales
of cotton, counting round ns half bales,
were ginned from the 1914 crop up to
October IS. compnre.J with 6,973,518 In the
corresponding period of last year, an In
crease of (37.161 bales. Tho amount
ginned In tho same period of 1912 was
6.S74.20G. Round bales Included this year
numbered 15,239. compared with 49,030 In
1913 and 41,743 In 1912.
Figures by States, minus llnters, corn
pare with last year us follows:
Oct. is. 'li. r-.i. 1R i:t.
Manama mii.tmi
Arkansas MUT.ail
Oc"rsU 1,301,013
Iiulilans. 224,0'W
MIs.ilHstppt J7I..T.0
Florida 41.113
North Carolina ROI.olT
Oklahoma J.Vt.H.VT
South Carolina, Ui3.3i2
Trnncafitiu lft.1.070
Ml), SIX)
322.1 SI
101. 0.l I
2.12, ll
ftll), 720
Teias 2.712,712
United State
Conditions Favorable, Is the Report
From Nearly Every Industry.
POTT3TOWN, Pa.. Oct. 26. "Business
depression" Is a dead Issue In this city.
Investigation showing that in nearly every
line of business here conditions are ex
tremely favorable. Sotter Brothers, boiler
manufacturers, arc running their large
plant on a 66-hour-a-woek schedule. The
firm has enough orders to keep going on
this schedule until February.
Other mills here also are running on
full time. In the shirt, hosiery nnd other
plants where women and Kirls are em
ployed orders have been received that
will keep the plants running full time
fcr months.
Announcement was made today by the
Ohio Oil Company of u reduction of 3
cents per barrel In all oil handled by the
company. The latest prices follow: North
I J ma, 93 cents; South Lima, bS cents.
Wonster, $1 15, Indiana, S3 cents: UllnoLa
and Princeton, S cents.
Fluctuation Results From
Selling of December and
May, Led by Large Grain
CHICAGO, Oct. 26. Wheat opened firm
today on scattered commission buying,
but tho market reacted after the start
on selling of December led by tho Ar
mour Grain Company and on Belling of
May led by Logan & Bryan and Har
ris Wlnthrop A Co. A lending firm
hero declares tho Increase In the area
of winter wheat In the United States will
not be as large as the trade expect.
World's shipments of tho week from
North America were 8,100,000 bushels of
which 4,006,000 bushels wont to the United
Kingdom and 1,379,000 to France, Of the
total, Canada shipped 1,828,000 bushels.
Tho market at Liverpool woo firm not
withstanding tho fact that the world's
oxports were larger than had been looked
Tho market at Paris also was strong,
with offers light. Tho ICalser's troops
have destroyed more flour mills nnd ani
mals In northorn Franco and nro Inter
fering with socdlng oporatlons which are
proceeding on a most limited scale. It i
cstimnted that Argentina will have a
surplus of 100,000,000 bushels for export.
Trado In corrj was local and not largo.
Tho market was barely steady. Traders
wero on tho selling side. Tho market at
Liverpool was well supported and firmer,
with a better spot demand. Arrivals
thero wero lighter, with plate offers
smaller. Argcntlno holders are firm. Tho
weather there Is unfavorable, being warm
and wet. In the corn belt of the United
States tho weather la good, It being
clear and cold. Corn at Liverpool waB
affectod by higher Insurance rates, ow
ing to tho sinking of steamers.
Oats woro quiet, with traders waiting
for a cue.
Ix-nillnir futures ranged follows:
Noon. Bat.
Wheat Open. Hluh. Low. cloe.
December 1.1714 1.17W 1.1.V1 M.lflH
May 1.22 1.22 1.2041 tl.214
Corn (new delivery)
December' 04 9?4 ftOH fV4
-Muy 714 7lg 70TS '71
December MWt TOV; BO ,VH
May K1J !K 63 tMS
October 10.00 10.5$
November 10.42 10.42 10.40 lO.tM)
January ...1002 10.02 0.03 0.07
Itlb '
October 4U.no
Janunry 0.87 0.87 0.82 0.82
October 10.W)
January 19.18 10.15 19.07 '10.05
Hid. tAskcd.
CHICAGO, Oct. 2(1. HOCSS. Receipts. 05..
000; market Be. higher; mixed and butchem.
filOOitT.03; good heavy, 7.2O(7.05: rough
heavy, Jn.70fi7.15; light, 7(87.fli); ptgn, J.Vif
7.20; bulk. $7.25St7.55. CATTLE. Receipts.
1000: market steady to strong; beeves, ttl.JOT
l'J.83: cows and heifers, $3.5iiSO; Miockers and
feederH. $5.MiJ6; Teans, I7.4ftns.80; calves,
JH.M011. SHEEP. Receipts. 50,000; market
llle. lower; native and Western, T.13I15.50;
lambs, $3. 1037.70.
Conference for Ratification of Plan
to be Held This Week.
WASHINGTON, Oct. 26,-Enrly replies
received at the Treasury Department to
day from many Eastern bankers Indl
cato certain acceptance by tho banks of
tho proposed $135,000,000 cotton flnnnclng
pool suggested by tho Federal Ileservo
Board. A conference for formal ratifi
cation of the pool plan will be held this
week between leading financiers of the
cotton States, New York and other money
Sir George Palsh, of tho nrltlsh Hoard
of Trade; members of tho Federal Re
serve Board and big bankers will meet
hero Friday for further discission of In
ternational finance and a proposal that
England buy $100,000,000 worth of cotton.
BrltlBh Government DecideB Against
Extending for Indefllte Period.
LONDON, Oct. 26.-The Government to
day rejected tho proposal of hankers to
continue stock exchange loans for an In
definite porlod, provided that nn addi
tional margin of 10 per cent, would be
given. Tho latter would force many
failures, It Is believed.
Tho outlook for the reopening of the
exchange Is confusod at the moment.
Humors that the committee Intended to
resign because of disagreement and al
legations of tardiness were today de
clared to be without foundation In fact.
Thero wus a lurgo attondanco of brokers
In tho Btreet today and sentiment among
them was cheerful. Canadian Pacific was
bought at 155?;. Oil shares showed steadi
ness. Russians were firm on the Impend
ing Issuo of treasury bills of that coun
try, which will Insure Interest payments.
1014, DrCr6&S(B
Third week October... 12,040,000 11,212,000
Sept. oper. ruv 1073,411
Net 204,264
From July 1 oper. rev. 3,173,817
Net 733,837
nepiemoer gross ...... $., luu.uuu
Net 690,700
From July 1 gross.... 5,071,000
Net 1,205,000
Third week October.... (21,121)
From July 1 03,089
Third ok October. .. . 1218,317 I5B aiio
From July 1 3,607,045 624JU17
Year ended June 30:
Total operating revenue (2,235,700 J-Pfloil
Net operating revenue. . 09S..12O mut'ttb
Gioss Income lM3,aa7 MH1703
Net Income 647.111 1S.9.0I7
Franklin National Rank, regular semiannual
8 per cent., payable November 2 to stock of
record d-tuber 31.
Sao Paulo Tramaay. I.lght and Power Com
ranq, regular uuirterly 2VJ per ceiit.
Rio da Janeiro Tramway, Light and Power
Company, rvgulaj: quarterly lJ Wr cent, on
Canadian Hank of Commerce, regular quar
terly 2ta Per rent, and a bonus of 1 per cent
payable December 1. Books close. .November 14
ropn December 1. '
Dank of Montreal, raiuler quarterly 2tt rer
cent, and 1 iw cent, extra, payable De-cwmler
I to sto.-k of word October 31.
American UlllltU Company, regular quar
terly IK per cent, on prierrid. payabl No
vember 1U to stock of record October SI
Stewart Warner SpieJomerer (.'rporatto.i
regular quarterly Ik per cent, on preferred
and Hi per cent on common, rayabltt Ngveiu.
bsr 2. Uggks Uooo OctOMr 2i, (Cufxo Novoox
Ixr 2
American Bankers' Association
Blanket Form to Be Used.
WASHINGTON, Oct. 26. Regulations
were Issued today by the Federal Ro
servo Board governing the bonding of
Governors nnd other officials and em
ployes of all Federal reserve banks.
The form of tho bond required will be
he current copyrighted form of tho
American Bankers' Association In blan
ket form,
Tho bond for the Governor nnd the
Blaff, covering all the employes of each
bnnk, will be for a uniform amount.
Different forms will bo required for tho
reserve and deputy reserve agent and
staff, nnd will probably bo made In favor
of the United States. Tho form of this
bond has not yet been determined.
The Federal Reserve Board estimates
that approximately from 100 to 600 em
ployes will bo required In each of the
Federal reserve banks.'
Sun nnd Tides
0:22 a, m.lBun sets... .
7t2(Ja. m.Hlgh water,
2:00a. m.Low water.,
Bun rites..
S :07 p. m.
7:50 p. m.
2:27 p. m,
4:4R p. m.
11:23 p.m.
2:08 p. m.
8:27 p. m.
High water
Ijovf water.
High water. 4:15 a. m.Hleh water.
Low water.lOMG a. m. Low water..
High water. 2:00 a. m.llllgh water.
Low water. 7i40a. m.Low water.
Vcssols Arriving Today
Ptr. Evelyn, Daltlmore. ballast, master.
Str. Persian, Jacksonville, eto., passenger
nnd merchandise, Merchant and Miners' Trans
portation Company.
Btr. Lexington, lloston, passengers ana mer
chandise, Merchant nnd Miners' Transportation
Company. ,
8tr. Noorderdyk (Dutch), Rotterdam vli
Uo.Mon, merchandise, Holland-America Line.
Str. William P. Palmer. New York, mer
chandise, Southern Steamship Company.
Str. Ericsson, nalllmore, passengers nnd
merchandise, Ericsson Line.
Steamships to Arrive
Name. From. Date.
Ancona Naple Oct. 20
Dominion Liverpool Oct. 2t
Hesperos Bombay Oct. 2
Ituby Gibraltar ......Oct. 5
Giuseppe Ornn Oct. 10
Juno I'lymouth Oct. 8
Atirahamson Plymouth Oct. N
Canton Chr st an a . . .4Oct. 0
Texas Chrlstlanla, ...:Oct. 15
Stanford Immlngham ....Oct. 10
Maine London Oct. 17
Oldfleld Grange Cruz Grande. .. .Oct. -
Wnshlgtonlan Balboa ........ Oct. 20
Manchester Exchange.. Manchester ....Oct. 20
Mlssourlan Cristobal Oct. 21
Crlckett Snn Francisco. ..Oct. 21
Conlston Water Santiago Oct. 21
West Point London Oct. 22
Vltalla Cristobal Oct. 21
Argo Cristobal Oct. 22
Ohlnan Balboa Oct. 23
Amsteldyk Rotterdam .....Oct. 23
Steamships to Ieave
Name. For.
California Copenhagen
Ancnna Naples ....
Dominion Liverpool .
Crown Point London . . .
Canton Chrlstlanla.
WoBt Point London ...
Manchester Exchange. .Manchester
, .Oct. 27
. Nov. 7
. Nov. 7
.Oct. 2S
Nov. 11
Nov. 14
Noordcrdyk Rotterdam Nov.
Malno London Nov.
Steamships Arriving' Today
Columbia .
. 8 a. m.
.11 a, m.
Steamships Due Tomorrow
Name. From. Sailed.
Carpathla Gibraltar Oct. 18
Ancona Palermo Oct. IS
Steamships to Sail
Europa .
Adriatic .
For. Date.
Marseilles Oct. 27
.Vaples-Gcnoa . .Oct. 2S
Liverpool Oct. 28
Rotterdam Oct. 5.1
Duca d'Ahruzz! Qenoa Oct. 31
Philadelphia Liverpool Oct. 31
Krederlk VIII Copenhagen ....Oct. 31
Chicago Havre Oct. Ill
Columbia Glasgow Oct. 31
Minnehaha Ixindon Oct, 31
Caserta Naples Oct. 31
Movements of Vessels
Str. Terrier (Nor.), Philadelphia for Manila,
steamed from Sabang October 22.
Str. St. Louis, for New York, steamed from
Liverpool October 23.
Str. Berkshire, from Philadelphia, arrived at
Boston October 23.
Str. L. V, Stoddard, from Philadelphia, nr
rlved at Hangor, Me., October 23.
Str. Quantleo. for Philadelphia, steamed
from Jacksonville October 23.
Str. Indian, Philadelphia for Savannah, was
35 miles south of Winter Quarter lightship at
8 a. m October 2.1.
Str. Paraguay, Philadelphia for B.iblne. was
2'4 miles west of Tortugas at noon October 23.
Str. J. M. Guffey. Philadelphia for Port Ar
thur. as 101 miles north or Jupiter at noon
uctoDer :.
Sir. Nelson, Philadelphia for Tort Arthur,
passed Alligator Light, Fla.. 7 p. m. Octo
ber 23
Str. Toledo, Sabine for Philadelphia, was 7.1
miles north of Jupiter at A p. m. October 2T,.
Limited tonnage offerings In the steam mar
ket restricts business and keep the rata
strong. The Inquiry for transatlantic tradei
continues steady. Chartering In the tail mar
ket is exceedingly dull, with an ample supply
of tonnago on hand to meet the light Inquiry.
Harrovian (Dr.). Philadelphia to Untied
Kingdom, grain, 2!,ono quarters, 2s. Od . No
vember Longscar (Br.). Philadelphia to west coast
Italy, grain, 4c: option Montreal loading. Is.
Pd., or Gulf, At. TUri.. prompt.
Oakileld (Br.), Baltimore to London, oats,
dO.000 quarters. 2s. 3d.: option part heavy
grain, 2a, lid.. November.
Iloanoka (dr.). Atlantic range to picked
ports United Kingdom or France, grain, 25,000
quarters, private terms, November.
Kohliton lllr), 2010 tons, Baltimore to Per
sian Gulf. pipe, private terms. Nocember.
Kohlstan Ttr.l, 2010 tons. Baltimore to Per
sian Gulf, pipe, private terms, November,
Albcrgen (Duti-h). 1118 tons. West India
trade, six months, "J400O. Noemher-lecember.
Louise (Dutch), 131.1 tons, same.
Satllla (Amer.). 2044 tons, New York to Key
vv est. Lenient, mcuic uui, lu .ion lum, lies,
private terms.
John A. Hcoper (Amer.). 1321 tons. Baltl.
more to San Francisco, coal, private terms,
Sophie H.
Itto Janeiro,
(Dutch). 184 tons. Virginia to
coal, 13'. H.I., prompt.
Bascule Structure Over Canal
Lewes Subject of Complaint.
LEWES, Del.. Oct. 2S.-What Is to be
done with the fine, new bascule bridge
which the levy court of Sussex County
placed over tha Lewes canal Is a matter
now agitating the people of the county.
The bridge was completed some time ago
at a cost of about $35,000 and Is the first
bascule bridge erected In the State. It U
a fine structure, works well, as fur as
tha machinery Is concerned, and the levy
court accepted It.
Now the trouble Is coming. The boat
men, who use the canal, say the bridge
does not lift enough near perpendicular
to allow their vessels to pass through In
safety. It tukes considerable engineering
to get through without striking a, mast,
they say. and unites something Is dona
complaint will be made to the Govern
ment. The members of the levy court
will Investigate. It wouiu cost consider
able money to change the bridge.
Admiralty Declares Shipments Con
traband of War.
LONDON. Oct. 36. During the last 4S
hours German warships have stepped
and oaptured four Swedish tamshlp
bound for British poits with cargoes of
The German Admiralty has announced,
that timber bound for Great Britain Is
a contraband.
More Than $400,000,000
Will Be Released by In
ception of New Law.
Cotton Situation to Benefit.
WASHINGTON, Oct 2. Official an
nouncement Is mado by Secretary of the
Treasury McAdoo that tho U Federal re
servo banks will open for business on
November IS. Tho Secretary points out
In his statement that when the banks
are opened moro than $100,000,000 of re
serve money, now hold In the vaults of
banks, will bo released, as under the
new bnnklnK law 18 per cent, reserves
will be required, ns against 25 per cent,
now exacted.
Secretary McAdoo gays that he was
impelled to set November 16 a tho open
Ins; data for tho banks bocnuse of tho
cotton situation In the South and tho
general business conditions throughout
the country. Ho points out that tho
opening of tho banks should relievo tho
cotton situation.
In his statement Secretary McAdoo
"I am fully awaro of the physical dif
ficulties that must bo overcomo to set
the reserve banks In motion on the 16th
of November, but tho directors of these
banks represent tho highest degree of
American banking ability, nnd I nm suro
that not only can they meet tho situation,
but they will cheerfully tako up tho taBk
In tho samo flno spirit of public service
which animated their discussions at tho
Washington conference.
"As Ihe result of the enactment of tho
war rovenuo mensuro the parity between
receipts nnd disbursements of tho TrenB
ury will Boon bo happily restored. This
will make It possible for the Treasury to
render still greater rorvlco than It hns
already rendered In helping tho financial
situation In the South nnd In other parts
of tho country whero tho need has ap
"Tho prompt opening of Uio Federal
Reservo banks will make tho asslstanco
of tho Treasury doubly powerful, be
causo tho Federal Reserve act author
izes tho Secretary of tho Treasury, In
hlB discretion, to deposit a large amount
of tho moneys held In tho 'general
fund' In tho Federnd Reserve banks and
to require such banks to act as fiscal
ngents of the United States, nnd also
In his discretion to deposit the revenues
of tho Government, or any part thereof.
In the reserve bnnkR, and to mako dis
bursements by checks drawn against
such deposits.
"Under the present system the Secre
tary of the Treasury cannot with pru
denco scatter the 'general fund' of
tho Treasury among tho great num
ber of widoly separated national banks
throughout tho country. Up to the pres
ent time I hnvo gono bo far In that
direction ns I liavo felt It was wise to
go, but with the larger powers con
ferred by tho Federal Reservo net and
tho use which I may be ablo to make
of tho Federal Reservo banks ns fiscal
ngents of tho Government, It will be
prudent and wise to deposit a large
amount of tho 'general fund' In the
treasury of the Federal banks."
"As soon, therefore, as tho Federal
banks nre open I will transfer to them
as largo an amount of Government funds
as possible. This In turn will enable them
to extend large credits to national banks
and State banks which may become
members of the Federal reservo system,
which they In turn may extend to their
"By this means, and through the agency
of the Federal reserve banks, I hope to
give additional assistance to that already
given by tho Treasury Department to tho
cotton producers, the cotton Industry and
the business men of tho South.
"The now reservo requirements, which
will become opcrntlvo on the 16th day of
November upon the opening of the Fed
eral reserve banks, will release more thnn
(100,000,000 of reserve money and largely
Increase the credit facilities of the banks
of the country."
Gil Nichols, tho well-known Wilmington
professional, has not as yet fully recov
ered from the Injury he sustained in an
automobile aocldcnt at Capo May during
the summer. It was feared that Gil
would never be ablo to play golf again,
but, fortunately, this Is not so, nnd with
out a doubt ho will be fighting It out
around tho top In the open events neext
Tlaylns over the championship course
nt Deal, which Is, by tho way, about a
drive nnd an Iron from tha spot whero
Julius Caesar landed when ho invaded
England, the Hon. Michael Scott had tho
remarkable scoro of 63, mado up as
Out 3 4 4 2 13 4 5 4-33
In 4 43 124 4 4 3-32-83
This Is several strokes less than tha
record for the course, but does not stand
as bucIi, as It was not mnde In a stroke
competition. This score was made with
out a bit of luck and only one putt that
would bo considered long.
The male members of the South Herts
Golf Club, to which Harry Vardon Is at
tached as professional, presented him re
cently with a check for $300 and a silver
rose bowl, in recognition of his sixth suc
cess In the open tournament.
"Chief" Bender, like many other ball
players, la an enthusiastic golfer and al
most every day during the otf season ho
can be found chasing the oluslvo white
pill around the cnurso of the Bala Golf
Club. Recently the "Chief" won a handi
cap cup at Bala, and his rounds average
well In the S0-s. is,e
Entire Stable Entered
in St,
St. Louis Show,
ST. LOUIS. Oct. 26-.-WIU1 the entlro
stable of Alfred G. Vanderbllt entered,
competition between Eastern and Mlddl
Western exhibitors at the St. Louis horse
show was keen today on the eve of the
opening. Among the Vanderbllt entries
are Vigilant. Viking, Vogue and Victor.
rroy Vanderbilt will officiate as a
Judge of Jumpers during the show
Charles Wilson will act as whip for tha
Vanderbllt entries.
Ten army ottlcers In the vlolnlty of
St. Louis will show their mounts, and
another exhibitor will ba Miss I.ouU
Long, of Kansas City, owner of many
famous horses. Edward von der Horst
Koch, a German authority, will Judtf
the heavy harness class.
26, 10 If,
tVllKAT. With bearish speculation In all
homo grain centres, prices declined 2c. on win
ter and lc. on spring varieties, quotations.
Car lots, In export elevator No 2. rod, spot
and October. (1.1091.14) No 2..red Vestern,
Sl.13ffi.I9; No. 1 Northern IKltuth. 1.24fll.2i.
CORN. Receipts. 1000 husn. The ,mrket
quiet and unchanged, quotations: 'ar lots for
local trade, as to loeatlon-No. 2 jellow, 8lT
B4HO.J steamer yellow, KUiffslc. L
OATH. Receipts, 80,080 bush. There was
Utile trading, but prices, steadily held. Quo
tutlowi: No. 2 white. (HjplHe.i kandard while,
BJ0G3ic.. No. 3 while. S262liC.
FLOUR, Receipts. 14G0 bbli., .M,8M?
lbs. in eaks. Mill limits steadily maintain!,
but there was little trading. Quotations, per
IBfl its. In nood-Wlnter. clear. tLTMM.i.
do., strrtlght. r,5.25: do., patent. 5.r,lK35. 75,
Kansas straight, lute, sacks 3 255 id-
patent, Jute sneks. OrWAn"
clear, 3.10t(.30j do., straight, 15 35fi5.fl0i do.,
patent, l5.fofl5.8S: do., fnvorlto brands, JW
ft.50i city mills, eholco and fancy ratent. (1
fi.M)j city mills, regular (trades, winter, clear,
4.7&N.llOi do., straight, 5SG.23; do., patent,
JnKFLOUIt. Sold slowly and fhow'tl
llttlo change. We quote nearby and AVestorn.
in wood, at $585.30.
The market steady, but trade largely of Job
bins; character. Quotations: city beef. In sets,
smoked nnd a!r-drled. 3r331c.: Western ne.f.
In sets, smoked. 30tf31c: city beef, knuckles
and tenders, smoked and alr-drled, Slfl.yc..
Western beef, knuckles and tenders, smoked,
31R32r.; beef hams. 38fl40; pork, family, 2fl
020.60: hams. 8. P. cured, loose, 14UtnCc.,
do., skinned, loose, 14V4ifl5e.: do., lo.. smoked,
IQfhoHe.; other hams, smoked, city cured, as
to brand nnd averagn, iqiydWc. : hams,
smoked, Western cured. 10',4fM.. do.. bue;
boneless. 23024c., picnic shoulders .8. V. if d.
loose, lli&12e.; do., smoked, 1HW1 S
tellies. In pickle, according to average, loofo,
lnfflflUjc; breakfast bnron, ns to brand and
overage, city curd, 2021c. : do., do., rtom
cured, 20B21C.; lard, Western, refined tierces,
10149110.: do., do., do., tubs. J-MittJlf-i. P.u"
city, kettln rendered. In tierces, lOHBllc.j do.,
do., do , In tuhs, liellUc
The market quiet nnd 20 points lowor. Quo
tations: Mnndard granulated, n.83c.; nn gran
ulated, 6.80c. : powdered, S.rlOo. ; confectioners
A, 5.70e., soft grades, 4.D.W5.5&C.
F.IVE. In nmpla supply nnd quiet at
former rates. Quotations: Fowls, lUSluc. ;
old roosters. 1ISJ12C : spring chickens, ac.
cording to quality, ISQlOc. ; ducks. 1314c.;
geese, 13(8 l4c. ; guineas, young, weighing 2
lbs. and over nplecc, per pair. 70c; do.,
weighing lHiKHi lbs. apiece, per pair, C0$
O.'c. ; do., weighing 1 lb. apiece, per pair. 60c;
old, per pair, 50c; pigeons, per pair, 1518c
DRKS&ni). Demand suftlclent to absorb
the llmlttd offerings of flno dcslrable-sUed
slock at steady prices, quotations: Freih
klllcd poultry Fowls, por lb. Selected heavy,
21c; do., weighing 4HB" lbs. apiece. 20c:
do., wolghlng 4 lbs. aplcro. 18'4c; do., weigh
ing 3W lbs. aplcco. lfjfrlOe.; do., weighing 3
lbs. and under, 14iJ14Hc; old roosters, dry
picked. ISHrC ; broiling chickens, nearby,
weighing WS'i lbs. apiece. 2UB22c.: broiling
chirkena, nearby, fair to good, lOUlSc; chick
ens. Western, 4 lbs. and over apiece, 17c: do.,
do., 3',4 lbs. apieco, fat, ISfrlOc; do., do.. 2iii
3 lha. nplero, 13014c; broiling chickens. West
ern. 1H"82 lbs. apiece. 17c: broiling chickens,
Wf-stom. fair to s"od. 12il4c Squabs, per doz..
White, wolghlng 11 to 12 lbs. per doi., $3.0.-.
4.25; white, weighing 0 to 10 lbs. per dnz..
Agricultural Students Win Dniry As
sociation Prize.
CHICAGO, Oct. 2fl. The cnttlo Judglntr
contest, HtaRed todny nt thr stockyards
by tho National Dairy Association, was
won by Ohio agricultural students, the
winner scorlnK 3748.7.T. out of n possible
4SO0 points. Tho $103 Jersey scholarship
went to L. I nummell, of Ohio, nnd the
$100 Holsteln scholarship was captured
by C. L. Iilackmaru of the University of
Secretary of Afrrlculture Houston, In
nddresslnp; the association, snul:
"Up to two or three years bbo attention
was directed almost exclusively to the
production side of rural life. The slogan
was 'Make two blades of grass grow
where only one grew before." And Indi
vidualism characterized thinking nnd act
ing. 'Tho neglect of rural llfo by tho
nation has not been conscious or wilful.
We hnvo been so bent on building up great
Industrial centres, in rivaling nations of
tha world not so fortunately circum
stanced ngrlculturally.
"In manufacturing, fostering It by every
natural nnd artificial device wo could
think of, so busy trying to make each
city larger by &00,000 or more Inhabitants
for tho next census.
"Intlmntuly Involved In both production
and distribution of products Is tho mntter
of good roads. The railway will continue
for an Indefinite time to bo the national
highway. The emphasis Is needed on the
community road. It Is estimated that It
costs 25 cents a ton mile to haul under
existing conditions on the country road,
and that this could be reduced by half
If tho roads were Improved."
United States Not Considered for
Games, Paris Paper Says.
NEW YORK. Oct. 2o.-In th midst of
tho great European war tho Olympic
games have not been forgotten. A lead
ing Paris newspaper recently printed the
following editorial while tho German army
was threatening tho city:
"It was announced two weeks ngn that
the International Olympic Committee bad
decided that tho next Olympiad, due t.i
take placo In 1010 nt Berlin, would bo
transferred to tho I'nitod States. This
Information, w liavo been Informed, u
without foundation. Tha International
Olympic Committee hna not mado this
decision. The question will not even be
"Whether a transfer is or is not made
the Olympic games will not be held In
Berlin in 1916- And fur t!il thero are
many reasons. .Neither Russia, Prance.
Groat Britain nor Belgium will accept
participation. The victory of the Allies
will not be a reaton for forgetting. No
one of them will consent, it Is evident, to
making Berlin for one month the centre
of the universal athletic festivities.
"The Olympic games at New York In
1914 would be quito Welcome, but that
which would pbase would be a decision
of the International Committee fixing
them at Antwerp."
German Heir Said Now to Be in the
IIOMK, Oct. M.-The German Crown
Prince for several days lias been In
command of tho nrmy operating before
Warsaw, says a dispatch from Berlin.
This report. If It Is true, dl&prees of the
surmises cabled from London last Friday
that tho German Crown Prince had been
killed. These reports were based on the
fact that no mention of bio presence In
the campaign In Franca hail been made
for several days.
German Craft Reported Now in Otto
man Waters.
ATHENS. Oct. 24.-A seml-oMclal dU.
patch from Constantinople statM that
Germany has succeeded in tianitrtiig
two submarines by rail to Turkey.
They will feo put Into cuinmissloo as
soon as possible and b ottictr4 by Ger
There Is considerable friction lactwvi
the German military mn i Turkey and
Turkish so'dtrs. according t pirtn i
ceived here. At Adrlanople. TurkUh
troops cam to blows with Genua, i uf-
, r.rr v irracttl rlKht ,m,i,i s..
I eral cars filled with wounded wcrs hiiI lu I
$JT5.B0; white, weighing 8 b. per tat.,
2.252.40: white, weighing 7, lbs, per do,,
$1,752; whito, weighing OBfl',4 lbs. per dot.,
$1.2501.50: dark and No. 2, r,0c.e$l,10.
Offerings fairly liberal and general niar'-'t
dull and txirely steady. Quotations! "I. '
potatoes, per bush. Pennsylvania, BSBii
New York, 45fi5oc: whits potato, Jf
ger basket, 3T,845e. ; sweet potatoes. Ha i
hore. per bbl. No. I. $l.7S2.35; No, 2.
Sri; sweet potatoes, North Carolina, per I
No. 1, 1.7M2; No. 2, 75c$l weet. Jet
per bbl.-No. 1, I2.7MT3; No. , Z, II.Mfll.w.
sweets, Jersey, por basket, SOSflOc. Onions,
per bnBh.t0fiOc. ; do., choice, per loOdb, ba.
$1; do., medium, per 100-lb. bag, "BHWc. Cab
bage, domestic, per ton. 10: do., Danish, per
t"n, $12314. Celery, Now York, per bunch,
10U20C Mushooms, per 4-lb, basket, $l.Ka
Cranberries nlentlful. dull and ensler. Other
fruits generally sold fairly and ruled '"joy.
uumations Annies, ner noi. junai,..., -
Apples, per hbl. Jonainan, wra
enatein. 2(32.75j Dlush. $208,701
1.75 2 j Orecnlng. $1.75(22) Twen
$1.5002.25: Pippin, $r.75ra2.33:
s.co; oravenstein, -
Baldwin. i.
York imperial. '$l.r,n3ci. 75, other rood, eat
ing varieties, $I.752.60; medium, $11.50;
...... i, I4it i r.n. .-. KhfiUti nr lii1M.-nfl.tKrT .
Sl.fsOrT2l.75: nnnles. Western, per box. flf
ir box,
l.BO: Annies. Delaware unci i'nnt:
.. per
hnmner. 2GfiZ30c.
quinces, per bbl I2(I8.siis
lAtnnna. toor hnr tAtH4 1
grnprruu, rionu,
per crate. '$1.60(32.5(1; plnenpplM. P:ftte
Porto Rico. $1.25413.20; Florida. $I2.r.O;
cranberries, Cape Cor, early black, per ddi.,
$3.50if4; cranberries, Capo Cod, early black,
per crate. J1W1.40; cranberries Jersey, per
crate, $1(31.25; peaches, Virginia, per 20-lb.
basket. 40(3T5c. : do., do., per crat, 1Q1-j
do., Delaware nnd Maryland, per basket, 600
80c; do., do., per crate, $1(31,73; pencil.
New York and Pennsylvania, per basket-
large white or yellow. OOo.tf!,; '"""
401)500., prar. New York, per hbl.SeCkel.
$3.603; Harriott, No. J.!'6"' ,"
No 2. $2.60113: Hetirr) IV $185.50 Sheldon,
finr.f' Heurfo Clalrgeau, iM&L :"
a?An ou, 12.2003.25: Uuclicss. n: 1
ell, $292.60; other varieties. $2W: pears, "art
lett or Sof-kel. per bushel-basket. $1-2'M
2 Orapfs. New York-Concord. t per 8-Ib.
ba-kct. Wise; dp., rer -!. bar4!h
Sffl9c: Niagara, per l-fb. basket, 8ffl2c; Del
aware's. Ber l-Ib. basket, 12W1SC.; grapes, Con-
mrd. oer 20-lb. basket. 3541 4Qc.; cantaloupes.
Colorado, wr crato, $101.60; do. do
rili:r.Si:.-I.ltlle tradlnp. .but supplier
moderate and values steadily held. Quotations I
New York, full-cream, choice, inYi"t''nc-i
6n.. do., fair to good, 14'.4(tfl6c.: do., part
skims, 8(3 13c.
ULTTKIt. The market ruled firm under
small supplies and a fair demand and price
advanced lc. on all fanny stock. Quotations.
Westorn. fresh, solid-racked creamery, fancy
specials. 35c; extra. 33c; extra firsts. 31BjUc ,
firsts, 2SO(10r: seconds, 2.V(327c: ladlc-parked.
215f23c . as to quollty. nearby prints, fanci
arte: do., average extra. 33fl35c.: no. "rsl"'
nnriftSc ; do . seconds. 'JTnUr.. Special fancy
brands of prints Jobbing at 40tf42c
JX3C.S. Demand cond and prices of fin
new-l.tld stoik adan'ed 30c per case, or lc.
per dozen, under light off-rings. Quotations.
In free cases, nearby extras. 05c per dox ,
nearby flrrte, $n.CO per standurd case; nearby
current receipts. $".7Kn per stnndard case:
Western extra, firsts. $0.00 per rase: do, firsts.
JS.70SO por case. do., wconds, Jil.lsiu i.U per
cnee. Candled nnd rccrnted fresh eggs wer
Jobbed out at nfis-llc. per doz., as to duality.
Sinking Fund Commissioners to Ad
vertise Issue of S825.000,
Mayor Blankcnburg, City Controller
Walton nnd B. T. Stotesbury, members
of tho City's Sinking Fund Commission,
met at the City Hall today to tako action
necessary for advertising the sale of
$S23.OO0 worth of hands from the balanco
of tho $7,000,000 municipal loan of 1912. Tho
amount of the loan remaining unncgotlat
ed is $2..s:r..(y0.
Controller Walton notified the Mayor by
letter, on September 16, that tho available
balance of tho loan had been consumed
by contracts certified ngalnst It. He ad
vised that a block of bonds aggregating
$S25,(O0 be Fold to provide funds to meet
payment of the contract.
By ordinance tho bonds nro to be sold
to tho highest bidder either by public
subscription or by advertisement. The
bonds will be ndvertlsed for tlalo Im
mediately after election on a date to be
fixed by tho Mayor.
Mayor Blankenhurjf has always favored
the sale of municipal bonds "over tin
counter" to small Investors. This method
has always provided a strong demand
from the public for city securltlcfl. The
Sinking Fund Commission is also pre
pared to purchase tho bulk of the bonds
in tho pending Issue.
Head of Kansas Family Not
Enough to Smoke.
TOPE3ICA. Kan.. Oct. . The antl-
slgarctte law passed by the Kansas Leg
islature a few years ago and rigorously
enforced In Topeka Is oven depriving
heads of families of their smokes. Ar
thur Haynes. ono of the well-known farm
ers of Jefferson County, Is telling of a
young man who lives In his vicinity
nonr Perry, and who, although under 21
years old, Is married and the father of
a babv.
According to Haynes, the antl-clgar-otto
law Is being enforced in Perry quite
n well ns In Topeka. His young friend,
however, on account of being the head of
a family, had obtained a special dispen
sation fro monc dealer and was ablo to
get "the mnkin' " without any trouble.
I'innlly tho dealer decided to take no
chances and refused to sell his special
customer any more tobacco or papers.
Tho refusal was a blow to tha youn;r
man, who was completely out of his
favorite brand of tobacco when he last
attempted to purchnso some.
"So I've got to lay oft of smokln' foi
a yoar, liavo I?" ho Inquired of the ob
durate tobacco sailer. The dealer refused
to offer any suggestion anil the young
man pondered for sevoral minutes.
"Say!" ho Anally exclaimed. "If my
baby's grandpa says I can amoka will
you Hen me the maklna'7"
The careful merchant still refuged to
take chances and the head of tha family
has decided to abstain for a year,
Red Gross Wires Funds to Its Euro
pean Hospital Centres,
WASHINGTON, Oct. 34The Ameri
can Red Cross today wired 45,000 abroad
tor relief work In thf European war.
Of this amount $2i.u will bs used for
the Amtrii-aii ambulance at Paris.
$l(i.000 fur tho American hospital at
Puiicnton. moon for the American lioi
pltal at Munich, IM.GOu for other Ameri
can hospitals in Germany ami 110.00) fnr
the American hospital at Vtonna.
Frank MeCloskey's Chestnut 1 1111 Pro
fessionals and Hans Lobart's All-Star
battled to a draw through nln fiercely
thfuutfht innings yeHi-iiiay. the Hm tid
ing called al the end of the ninth with th
seoelM Th game as thrilling and
repletl and spectacular pias, being, wit
nessed by nn immense Sunday crowd of
mure than ' fan, who braved the cob)
weather to thr inl.d teams of Amer
ican, National. Trlstate and ven wieraj
League stars perforin.
SPOKANE. Wash.. Oct. V -Hill Jams,
of orlc fcc-rles fume, was invincible aft'
i tie nrsi in rung, anu ma ah-Nationals de
feated the. AH-Atnertt-aiis, II to J. la th
first tening the Americans scored thr
unearned runt..
1'hlla Uh'Lln mi ag (m.
Thr lllrinlwt hve M,l, li.. .lniaiJ . u.Ji.
.i.i.j.I "in. 1 t H'ilir o I'Kit "bnt
i-.. f tan mhIIj .V VKM1IEK J. ISM. Vj
ctvUr -1
f ..-.. m .,', Of T.MM. -..-
i ht sr. 1 1 le n.ll1
ic l'rj.lui uu4 Caliir.
y v viuiri:i;apj.