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EVENING LEDGER PHILADELPHIA, THURSDAY, NOVEMBER 12, 1914.
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FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
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JRMONAL BANKS'
, 10RK IS DEFINED
: BY RESERVE BOARD
New Federal Institutions
"Will Not Exercise All of
Functions at Beginning.
Rules for Rediscounting
Paper.
WASHINGTON, Nov. 12.-Tho Federal
jReserve Hoard lias Issued ft circular
Krjvcrnlnif the operations of liic 12 now
rt-Vidcrnt rosorvo banks for the first few
months uf their existence, from next
Itonday, when the new Institutions are
opened for business. The new banks will
not exercise alt of the functions Riven
them under the Federal reserve net at
the beginning, but their operations will
be gradually Increased as conditions per
lit, Among tlii! things defined in the circular
Is commetclal paper. Tho question of
double and singlo-namc paper Is not dis
cussed, although preference Is shown for
the two-namo variety. It Is pointed out
thai tho banks arc to make very careful
Inquiry Into Blngle-numa paper which Is
presented to them. The discount rate
will not be uniform In all the banks.
The plan o'f operation of the new Insti
tutions at the beginning Is Indorsed as
follows: Acceptance of deposits of re
ntrves from member banks; discount of
Dills of exchnnge. and rnmmercl.it paper,
nnd acceptance of deposits of checks
drawn by member banks on any reserve
bank lit a reserve or central reserve city
wlthlnxthelr Federal reserve districts.
INFLUENCES OF WAR.
Discussing war Influences and the con
sequent economic changes that may bo
xpected, the board says In Its circular:
"It should be borne In mind that al
though our exports are showing a gratify
ing increase, there Is still a large cash
balance duo to European countries for
-which gold may be demanded, and a large
quantity of American sccurtltos held
abroad may be returned to the United
States; -while marc than $3a).M,000 of our
emorgency currency must be gradually
retired.
"it Is probable that at the end of tho
war Interest rates In Europe will be
higher than In the past, and greater In
vestment returns will be yielded. The
tremendous destruction of property nnd
waste of capital will not only check the
flow of European savings to the United
(Hates, but mny dispose foreign Investors
to return the securities they now hold.
"Lower money rates In this country
would be likely to accentuate this tend
ency, while, on tho other hand, higher
interest rates and larger Investment re
turns on our side would check It.
"Tho function of tho Federal Reserve
Bank Is, therefore, two-fold. They should
xtend credit facilities particularly where
abnormal conditions have created emerg
encies demanding prompt accommodations,
and they must protect the gold holdings
i of this country.
"".Vhllo credit facilities should be liber
ally extended in some parts of the
country. It would appear advisable to
proceed with caution In districts not In
need of Immediate relief, and to await
the effect of tho release of reserves and
of the changes In tho credit mechanism
of the pountry before establishing a defln
Tilte discount policy,
"While the most acute stage of the
recent financial emergency appears to
have passed, conditions In other countries
make It necessary that the United States
should to the utmost Organize and make
available its own resources."
COMMEItCIAL. PAPER DEFINED.
In defining commercial paper the board
ays:
"No bill shall be admitted to redis
count by a reserve bank the proceeds
of which have been or are to be ap
plied to a permanent Investment.
"Maturities of discounted bills should
be well distributed, so that ' a reserve
bank should be able to liquidate one-third
of all Its investments within 3a days."
Bills presented for rediscount should
be "essentially self-liquidating."
In addition the board requires that such
paper be indorsed by the membei bank
offering It for rediscount: that the In
dorser, bank waive demand notice and
protest; that such paper be Issued or
drawn for agrlcultutal, Industrial or
commercial purposes or 'the proceeds of
which have been so used; that, if In the
form of acceptance, they "must bo based
on transactions involving the Importa
tion or exportation of goods, and have a
maturity of not longer than three months.
Acceptances must be Indorsed by a
member banlc and the total amount of
fered shall not exceed one-half Its paid-
up capital ami surplus.
The aggregate of paper bearing the in
dorsement of any one peison, corpora
tion or firm redlscounted for any one
bank shall not at any time exceed 10 pet
cent, of the unimpaired capital and sur
plus, this not to apply to bills of exchange
drawn against actually existing values.
Paper drawn for trade In Blocks and
securities will not be acceptable, nor such
paper drawn for "merely Investments."
This excludes paper, the proceeds of
which may be used In Investment In land
plant machinery, permanent Improve
ments or similar transactions. Specula
tive purchases of commodities being
"mere" investments would be excluded.
LIMIT OF REDISCOUNT.
For the present the limit for which a
-resena bank may tedlscount paper "for
agricultural purposes or based on live
stock," having not more than six months
maturity. Is fixed at 36 per cent of the
capital of the bank, but this limit miy
be Increased In agricultural districts in
time of need.
It Is hoped to establish a. central credit
bureau for the benefit of all reservo
banks In which the financial record of
the big borrowing corporations, firms and
individuals will be kept.
Until January IS next, a. written state
ment of an. officer of a bank applying
for the rediscount of any qualified bill
will be eulflelent. After that date, how
ever, no paper will be rediscounted unless
it bears on Its fact) evidence that It Is
eligible under the board's regulations, and
that the seller has given a statement
-under oath to the member bank. This
statement will show the character of
business, the balance sheet, the profit and
loss account, permanent and fixed In
vestments, slow and qulek assets, capital,
long term and short term loans, and
also the maximum aggregate up to which
tite borrowing concern expeots to fell
sfcort paper. The giver of the statement
hall obtain the member bank's consent
before exceeding the agreed limit.
The signature of a member bank on
such papor will be binding, and guar
antee that tbe paper compile witb tha
ThJ information will be op 10 in
ejection to examiBent and copies snaU k
furnished, an request to the, BMrv
ord
SANK OUUJiUXas
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PHILADELPHIA EXPORTS
INCREASED IN OCTOBER
Imports Fell Off In Month J No Sugar
Brought In.
Tho value of the exports sent through
this port during the month of October
showed a slight Increase over the same
period of Inst year, while the Imports
showed n decrease, according to the re
port Usucd today nt the Custom House.
One of the remarkable features of the
report Is the fnct that no sugar was re
cetved during the last month. This Is
accounted for by the largo supply of
raw sugar now In tho hands of the re
finers. Which prevents them from buying
from the plnntrrs nt the present prices.
The planters decline to mako any reduc
tion In tho pi Ices asked.
The total exports In October were
.'.SM.Solf. ngalnst 5,(SS,t2l: Imports $5,116,
CMJ, against $3,002,73.3. The totul exports
for 10 months were 130,310,663, ngulnit 161,
771,27$; imports $79,133,131, ngntnst 175,714.
740. The total Imports of sugar this year
ImVo been 575,210,172 pounds, with a value
of $11,691,021. compared with 427,518,211
pounds in the same period of last year,
with a value of $8,071,423.
Exports of coal In October were: An
thracite SOSo tons, value 37,:01: Inst year
6S91 toiiB, value 130.493. Bituminous 57,04.,
tons, vnluc ilCI.419; Inst year 92,501 tons,
vnlue $272,039. Ten months' exports of
coal wete. Anthracite 49,916 tons, value
$233,2l; Infct year 63,153 tons, value J2I0,
762. llltumlnous 537,378 tons, value JI.539,
786; last year 80S.72I tons, value $2,292,253.
PORT OF PHILADELPHIA
Sun and Tides
Sun rites
0:11 a.m. I Fun tots
1.47 p.m.
r rillLADnUMIIA.
UUli water. 8:.M a.m. I High water. !:"0 p.
Low water.. .1:.11 a.m. Low water.. 3:51 p.
nEHDV ISLAM),
filch water. 3:11 a.m. I Mult water, thirt .
Low nutcr nun. I Low water. .12:WI p.
nnUAKWATCtl.
Hlsh water. '.. -."4 a.m. I High water. 3:1:! p.
Loir mater.. 8'31 n.m. I Low water.. 0:SI p.
m. ,
m. 1
Vessels Arriving Today
tjlr. Roanoke (Dr.), llaltlmoie. ballast, llun
son S. 3. Co.
Sir. Turan. Iloston, passengers and mer
chanrllte. Merchant anil Miners' Transporta
tion Co.
Str. Indian Jacksonville, etc.. passenger
an I mcrclmnillse. Merchant nnil Miners' Train
poitntlon Co.
Str. Prlcsson. Baltimore, pasocngjrs ami
merchandise, Ki lesson Line.
Vessels Sailing Today
Str. Ardrarry (Ilr.), I'lcrson, New York,
riilllp llalzi-ll.
Movements of Vessels
Str. Crown Tolnt (llr.l. from Philadelphia,
arrived at London November U.'.
Str. Nooderdyke (Dutch), l'hlladclphl.i for
Rotterdam, passed Lizard November 11.
Str. Uoralaml (Nor.), for Delaware Break
water, steamed from Shlelda November 10.
Str. Grecian, from Philadelphia, arrived at
BoMnn November 11 anil cleared to return.
Str. I., v. Stoddard, from riilUdclpliia. ar
rived at Dnston November 12.
Str. Tordonskjold (Nor.), eleared for Phila
delphia nt Ualtlmoro November 11.
Str. I'crnlan. from Philadelphia, urrhed at
Jacksonville, Noember 11.
Str. Auehendnlo (Ilr.), from Philadelphia, ar
rived at Newport News November 11,
Str. llarrv Luclienbncli. from Philadelphia,
arrived nt Han Francisco November II.
Str. Gulfatrenm. Pott Arthur for Philadel
phia, wn.i 27f miles east of Sabine bar .it
noon November 11.
Str. Toledo, towing schr. Delaware Sun, Phil
adelphia for Sabine, wan 35 miles west of Tor
tucaa nt ! p. m. November 11.
Str. Onlfoll. towing barge Shenango. Phila
delphia for Port 'Arthur, wa ins miles north ef
Jupiter nt noon November 11. ,
Str. Paraguay. Philadelphia for Sabine. ias
33 imles south of Jupiter at 0 p. m. Novem
ber 1L
Plr. Nor (Nor.), for Philadelphia, -teamed
frnm New York November It!.
Schr. Charles 11. KllncW. Philadelphia for
niddep'ott. passed Highland Llilit at 2 p. m.
Nnverjlbe- 11.
S;hr. Kmlly I. While. Philadelphia for BIJ
rfeport. aalled from Hjannls, Maw., Novem
ber 11.
Steamships to Arrive
rA3suNonn.
Name. From. Date,
Taormlna nenoa Nov. n
Mongolian Uverpool Nov. 10
.'..ciaitT.
Name. I'roin. Sailed.
v.mmiu Copenhagen ....Oct. 15
DanU Copenhagen let. IT
Oakland Grange Jiordeaux Oct. 18
New Sneden tlothenburg Oct. !!
-.-.-.. t.,i n.-t 'Jt
Crickelt"!'.!!'.!" !"I"san Francisco. .Oct. si
Argo naiouai i'. -
Virginian Win Oct. S3
Arrmteldili notterdam Oct.
Henry Tenser Trom Oct.-:
),Fii(rni 1'nrt NHlal Oct.'-1."
Adriatic Newcastle. N. Il.Oct. 29
Monialdaii, IJueHa Oct. .10
Start Point London Oat. .11
Missouri London , Oct. .11
Virginia 1-elth Oct. at
I.honla Hull Oet. 31
Djorcvln (lothtnburc ...Nov. t
Viiiland (esleo ........ Nov. ..
n.iUlngtoti Santiago Nov. ..
Mnerlea Itergon Nov.
John D. nockefller...onenhagn ...Nov. :i
('Inn Hu-Hu Nnv, X
Manchester Miller. ...Manchester Nov. it
Teesdal Jamaica Nov. R
norgland Hhtelda N'nv. 1
South Point Loudon Nov. 11
Steamships to Leave
PASSENGER.
Name. For. Date.
Merlon Ltrpool Nov. H
" ' FIlEIQUr.
West Point..
Amstoldyk . .
Virginia
New Hweden.
London ...
Ilotterdam .
. . ..ronenhagen
. ....C'lirlJtlanla
London ....
.Nov. 11
.Nov. IT
.Nov. 10
.Nor. II
.Nov. H
.Nov.
.Nov. 18
.Nov.
.Nov. -1
.Nov. 21
.Nov, 21
.Nov. 23
4
i.mc(!uu ,..
Linda Fell
Nnnce
Manchester Exchange. .Mnnchester
Standford .Tuborc
Missouri London ....
ltlorcvln Chrlstlanls.
Start Point London ....
Chlltern Ilange Lelth ......
PORT OF NEW tfORK
Steamships to Arrive
Name. From. Sailed.
naltlc Uverpool Nov. 4
aiatanzax ,.. ..Rotterdam Oct. 2D
Vlrjlnle Bordeaux Oct. 23
Steamships to Leave
Name.
Veneilii .-. . ,
fit. J'aul . . .
Humpalu
Menominee
Iloohambeau
Orduna ....
For.
.Marseilles ..
.l.tVQrpool .
.Onoa
. London . . .
.Ilatre .,, .
Liverpool ...
!ai.
.Nov. 12
. .Nov. II
. . . Nov, 14
...Nov, H
...Nov.il
...Nov.!!'
BANKER DESCRIBES SIEGEL'S
FINANCIAL OPERATIONS
Witness Cross-examined la Trial of
Department Store Promoter,
GKNI23EO, N. Y., Nov. 13.-Herbert T.
Howell, vice president of the National
Hank of Commerce, took the stand when
the trial of Henry Blegel, the New yorlc
department sto're promoter, was resumed
this morning- before Justice Clark and
a Jury. Howell's cross-examination was
continued by R. M. Lovell. of eouniel for
the defense. The witness testified as to
the defendant's financial negotiations
with the bank and quoted from a mass of
figures.
The prosecution will play Its trump
card tojlay when It place Oscar C. I'hall,
Slegel's confidential man, on the stand.
Frank V. Champion, cashier of the Sav
ings Bank, -which 8iegl oowlueted in the
eld 11th street store, will also be called
to testify against his former employer.
It is said Champion will be the (Bute's
strongest witness and may reveal the al
Uged Juggling of books to conceal the
manipulation, of millions of dollars.
BRITISH ADMIRAL ACQUITTED
Tioubrldge Cleared of Blame in
Goeben's Escape.
PORTLAND. KU-. Nov 12 -Admiral
Trouiu-hUe, who was la ccuuruaad of the
BrHJUUt Medstara,nain fteet at Uu time
the Oema ruier eott w Brelu
eira from UMtea, udey was -ulUe4
by the cu-ujrtlJ befire which
he was Iried on dUM'tce foUowuiw the
IHgitt uf taa wrhle.
MOVE INDICATES
REOPENING OF K. Y.
STOCK EXCHANGE
Special Committee Permits
Publication of Quotations
Listed in Outside Markets.
Plilladclphla btokera dcclaicd today
Hint the most Important action yet taken
In the direction of rcopcrflnc the New
Vorl: Utock Exchange was that by the
Special Committee of Five today In an
flouncing that tho exchange had rio ob
jections to the publishing of quotations
on nuy stocks not Hated on the exchange.
This virtually opens nil other markets
for securities In which trading was con
ducted by organized bodies of trader?,
Including Standnrd Olt Issue on tho Now
York curb, public utilities, municipal
bonds, nnd short-term notes.
Members of the Governing Committee
conllrmetl current statements to the ef
fect that this action Is In the direction
of nn nppro.tchtng consideration of the
opening of the stock exchange, nnd pre
dictions were made in quarters having
full Information of the situation that the
question of fixing n date for reopening
soon will bo formally discussed by the
Governing oCmmlttce. .
cvnu nnoKEHS busy.
The Ilroad Street Curt Association of
Xew York lias hot taken formal action,
but curb brokers did not watt for the as
sociation to act, and traded openly In the
various curb Issues from an early period
in the forenoon.
All the Standurd Oil Issues vtcrc estab
lished at higher prices. Anglo-American
was quoted at tl'i- Pralrlo Oil Bold nt
MJ nnd Ohio Oil at ICO. United TVoflt
Sharing sold nt lli and United Cigar
Stores at SI.
Trading In tho outlaw market on Ner.
utrect dwindled nwoy to a. small volume.
Orders from outsiders there were nearly
all on tho buying side and quotations for
good stocks like Pennsylvania. Now York
Central, Southern Pacific nnd Krle were
only moderately under those of July 30.
The lending industrials In this outstdo
trading range from 3 to 6 points under
July Z0 pi Res, but this lower range Is
moderate In View of tho dividend changes
In the Intervening period.
PAYMENT ON CITY LOAN.
The syndicate has called for another
payment on the New York' city loan of
JH.278.COO. This will take cate of all ob
ligations up to November :0. The matur
ing foreign debt'of New York city Is no
longer n factor In the financial situation.
Only 113,000,000 matures In December, and
a email amount In Jununry will close the
entire city foreign debt loan account.
Sterling exchange was In free supply
nnd sold ut it new low level fclnco July 21.
Demand ielded to 4.68'- and cablet) to
l.&S'j. Xtelchsmarks made r. new low
record of 864. The free supply of ex
change apparently Indicated that there
has been accumulation by bankers for
which there will now be tin use, nnd
selling of this character was the most Im
portant feature of the foreign exchange
market.
FINANCIAL BRIEFS
The minimum rate of discount of the
Bank of Kngland remained unchanged to
day at 5 per cent.
The National City Hank of New York
has le tired J15.000.CvO of emergency cur
rency that It has Issued since the begin
ning of the war. The bank had leceived
JJO.000,000 of the notes, but used only one
half tho amount.
The Canadian far and Foundry Com
pany has deferred action on the dividend
payable January 2.'. Tho last quarterly
payment on the preferred was made on
July 23. The Octobei 25 dividend Has not
paid.
George If. Hill today celebrated the SOtli
anniversary of his set vices with Diexel &
Co.
The Faimom and Mechanics' National
Bank has retired $.'10,000 emergency cur
rency at the Subtreaaury.
Applications amounting to nearly w.
000,000 were received for the 5,000,000
Indian Government bllla in London to
day. The average rate for the six-month
hills was 3 13-16 per cent., and for the
yearlings, i 5-1S per cent.
Cotton e-tporta from New York yester
day totaled 1S.S6U bales, an Increase of
io.lS.". over a week ago.
New York banks lost to the Subtrea:ury
yesterday 13,000, and since Friday have
lost 113,000,000.
Chancellor of the Kxcbtquer David
Lloyd-George will make his financial
statement on Monday.
The Illinois Public Utilities Commission
has suspended the proposed increased
rates on milk by railroads throughout the
State. The commission will hear further
arguments March 3,
ACTING CASHIER NAMED
Federal Reserve Bank Directors Ap
point Arthur E. Post.
Arthur B Post, who was recently ap
pointed clerk to Blehard 1 Austin,
Federal Reserve Agent of the Federal
Reserve Bank of Philadelphia, and also
placed In charge of the statistical work
of the hank, was today named acting
cashier of the institution by the board
of directors at the regular meeting, ef,
fcctlve next Monday, when the bank will
open for business simultaneously with the
11 other banks,
Ilr. Post will hold the office until a
permanent cashier Is elected by the di
rectors. He was appointed to that posi
tion so that the bank will not be hamper
ed In any way when It opens.
The directors took no action In naming
a representative on the Federal Advisory
Council from the bank In this city, and
the only other business done consisted
chiefly in making preparations for the
formal opening of the Institution.
LONDON TRADING INACTIVE
Kaffirs and Oil Shares Pirms Metal
Exchange Hesumes Next Week.
LONDON, Nov. lA-Tradlag In secur
ities in the street was not active today,
brokers blog oeeupled with prepara
tion! far the settlement. Member of the
9tek Bxehange weie obliged to state
U 1 o'etoek whether the would provide
uttigtaa ,! egie to pay higher coa
tasaeea a epea &nimltenta.
There was areat rush to obuiw U
reUteA 'frost cheats lu time. This a
due to the committee's ute alteration
In the rules. There w some selling
ef iaveeUBMt securities to provide
ftto4a for niaigiue Keif Ira au oil
shares tie t)mi rite Metal BKcaasge
wlil resoma un restricted builoen aeit
I'etk There will be one saseloa a day
h stead ef i atoo, u la Hernial
U.e.
RAILROAD EARNINGS
JEnsKY CBNTnAI.
inu.
Spl ember groM ... f ,tg." 'J4."i
tecrn
7 Wit
IKVlin
170.SX1
IH!).Sni
SlH.flTi
;et l.:i:l,ll.
Fiirplns ni. Mil
Throe, months jsiosj... . S.MS.Slt)
Net n.Tin.'JIrt
Surplus 1,060,17;!
ST. I.OflS SOUTHWrjSTRnN !
Fltsl wee!. Notember.. 22(!.0 flS.000
From July 1 4,01f),.WJ 740,41:1 ,
CltKlM'MAKK AND OHIO LINES. '
First wek November... $ifl,iS 10.I7.!
From July 1 11,821,010 unO.OM
Inerense.
MINNEAPOLIS AND ST. IDUIS.
First week November. . $2ii8.n07
From July 1 .1.771. IV,i)
WESTEIIN PAClFtO.
First week Noembor... $l)0..'"
Ftom July 1 2,ai:l,lo
Incrcaie.
JI.2S5
ItS.OOl
j:.7".o
PHILADELPHIA MARKETS
GRAIN AND FLO till
Wit HAT. Trade fnlrlr active nnd market
advanced 'ic. on both winlcr nml spring &
netted. We uot- .nr lots, In export elevator
So. 2 red, spot and Nowinber, l.l"llW
t.lM'ii So. s red Wesiern. l.lS'.swl.'.II'j; No. I
.Northern lhiluth. $t.'-at.V3.
COIIN. Itecelpls. 77t(l bush. The market
ivai quiet and stead , with moderntB ofter
Ir.ss. uuotntlons: Lar lots for local trade, a to
location So. -2 )ellow, s.'gsa'tc: steamer jel
low, MiS3c.
OATN. Ilecelpts. n2,(!ia bush. Price were
well maintained, but iradn was quiet. Quota
tions: No. 'J Bhlte, BlflJH'se.; standard white.
f193J,c.; No. 'wiilte. nUWdc.
l'l.OL'lt. rtccetpts. SOS bbls. and LASO.'SO
lbs. In racks Trado quiet nnd ntlerinus, Mille
moileratf. ere ample, l'rlce without Impor
tant chanse. Quotations, per 1UU lbs. In v.oo.1
Winter, clear, l.73tf4.oi: do., stralstht, 3n
S.S.I, do., patent. s.1.rK"B3.T3; Uansas, slraliht,
Jute nacka. M.'-trfffUU; do., patent. Jule sacks,
5 11W3.U1: iprlnir. ttrat clear. 8.i0t3.: do.,
atralsht, f.1.ir,S.M: Co.. patent. 5.iUff.,.0U:
do., fntorltr brands. i!ufl.r,U: cl y mills,
choice nnd fancy patent, IIKHJW): city mills,
regular gradrs Winter, clear, Jt.T.i'tM.fO: do.,
stralaht. 6.".M: do., patent, ."i.RUa.iu.
IllK 1'I.OL'H. In small supply and values
tendlly malntnlncxl. We quo.o nearby and
Weste-n in wood at tS.SysAM.
PROVISIONS
Trade quiet and the market ulihout Impor
tant rhaiiRf. Quolatlons: City beer. In sets,
amoked and elr-drtcd. suOSU?.; Weatern bref.
In sets, smolcd. I'UtfSOc.; city beef, knuckles
and tend'ra. smoked and alr-drled, .lofpttc. ;
Western beef, knuckles and tender, smoked.
SOfl.'lte.j beef liama. rJ38; pork, family,
fj.-iftld: ham, a. V. rurcd. loose, lllfllKc;
do., skinned, loose. HffUHc. : do. do., ainnked,
loijinV ; other hams, smoke.1, rllv ure,l, as
to brand and average. lrUjltlOo. ; hams,
tinoked, Wenlern cured, 13'ilTIKc,; do. boiled,
boneless. L'OliUlc : picnic shoulders. S. I".
cured, loose M4lil2i.. do., smoked. lSQWtc:
lielllrs. In pickle, according to averaae, loose.
KlvniHic; breakfast bacon, as In biand and
averaae. tllj- cured. Iliffi'JOc; breakfast bacon.
Western cuied, HifflVOc. ; lard, Western, re
fined, tierces. lnjllc; do. do. dn.. tubs,
llrllc. tird. pure cltj. Kettle rendered. In
tlrrce. iai,lle. ; lard, pure city, kettle ren
dered, In tubs, llftllUc
REFINED SUGARS
The nuiket firm nnd 10 points hlxucr under
a fair demand. Iteflners" list prices: Htandard
Itrnnulated. .".I.V.: fine irraitulale,!. MOc.: pow
dered. 3..S0C.; confectioners' A, 5c: soft grades,
4.1'.-itfl.S.1e.
DAIRY PRODUCTS
lll-lTKIl necelpts llsht and market
firm with tradi- fair. (Juotutlous. Western. ,
irrsii, hoiu-pacxeo creamery, lancy spociais,
,"e.: exceptional lots hlBher: extra, .lAu.lik',;
extra hnln. il'itifHo.: (lists :;oii:ilc.: seconds.
l'(W.Sp.: ladle-packed, i'lfd'Se.. an to quality:
nearby prints fancy. SSe. ; do, averaui- extra,
",i;8.:,c : do., firsts, .Tjya.v. , do., seconds. :ioti
flip Spe'.lil fanc brands of prints Jobbing
at CWl.'ir.
KtiOS. Fine new-lnM eges In good re
quest and well cleaned uu at late advance.
Quotations- In fice tascs. ne.irbr. extra. R8c.
pe- doz. : nearby firsts. Slo.yo per standard
csso: nearbM currtnt receipts, (!).:nf?10.2O per
standard case: Western and Southwestern, ex
tra, first, in..SO per cose; do., firsts, JILOW
K'.L'B tier case: ilo., seconds. $7.I0ffT.S0 per
rase; Southern S.l0fiu per chso: rerrlierator
?. "tOc. per do.:., ua to quality. Fancy
selected candled fresh mi were Jobbed out
at 4.tH5c per dor.
ClIKKSi:. -Trade fair nnd Aolues sleadllV
maintained under mo-lerate offerlnas. Quota
tions: New York, tull cream, eliolce. t3-,e.-do..
do. fair to good, UVsK 15c : do., part
skims. Sft 13c
POULTRY
I.I E. Offerlnss moderate, but ample for
the limited retfulrementa of the trade, ana
prices without Important change, quotations:
re." Is, 1-dtHc. : old roosters, lucf lie. ; spring
chickens, ao orillne to qunllty, ll"tHc. ; tur
keys. lBWSoc.: ducks, latrllc. ; aeese. 1J?
14c , ailneus. younir. welchlmc - lbs. and
over aple'-e. per ralr. TOtlKSv. : do., welgh-
I Ins: lUdtli; lbs. apiece, per pair. j!"nc.:
welshlns 1 lb. apiece, per pair. BOc. ; old.
per pair. 50c.: pigeons, per pair. 134118c.
niCKSHKD. Demand fair for flna deslr-able-slzed
stock and nlue of till description
I firmly held under light offerings. Quotations:
Frcsli-kllled poultri Turkeys fine. large,
sprlnr. V.'V-lc, du . No 1, old. iuS'.'lc: do.,
1 ordinary. ISttfMc : fowls ner lb. Selected
I heavy, Uc: do., weighing -I'jtiS lbs. apiece,
lie : do, weighing 4 lbs. apiece, 15jlCc; do.,
,ne!ghlni S'j llw apiece, l'lt-sfUc : do., weigh
ing :t lbs and under, rJ'aUr. : old roosters,
ilry-rbked. i:ic: broiling clilrlsens, nearby,
nclehlng lijffi lbs. uplecc. ioai'.'c. : broiling
chickens, nearby, fair to good. IHfl.sc : chick
I eni, Western. 4 lbs and oer aplce, ltlc:
i do. do., .1''. lb apiece. 14c: dn. da.. "LMi;t
1 In, apiece, lSgi:Hfc.. broiling chickens West- I
I em i-iir- ius. apiece. lie : Droning chickens.
Western, fair to good. l-'tfUc. : squabs, per
uu-... nunc, eif mug H IU 1 IDS. per UOE.,
.tri!,i)9l.,-ui: white, weighing l to 10 lbs. per
doz.. J", I MCI. 75; while, neighing S lbs. per
rloT., '..WMiL,.i3: while, nelghlnc 7 Ihs. per
dcu., J:,il.,.'3: white, weighing (WjOU lb. per
doz.. Sl.L'Stfl.es: dark and No i!. SOc.lfJl 10.
FRESH FRUITS
Trade fair and market firm with some varie
ties of applen slightly higher, Quotations: Ap
ples, per bbl. Jonathan. .t'.l ,Vl; King. VJ.Mti
3J3; fllush, r.'.503,: Ilaldwlu, 1.7&Q'.,.S0:
tlreenlng. 1.T0fS.60; Twenty-ounce, K.Sfrtil;
1'lppln, Sl.TSfj'J sa; Vurk Imperial. ll.T.Vfi-';
other koik eating varieties. SI.7SU2.SO;
medium. llrtl.M; crab. I4tf4.C0. crab apples,
per bushel basket. 4l.U4tl,?3; apple, tvest
rn, por box, lI..V); apples. Delaware and
li.nnsylanla. per hamper. COfiCOc: qulncos,
fer bbl., Ktl.'l.&O. Lemon, per box, J.IUt.
Iranges, Florida, per box. Sl.f,01('- JO, Grape
fruit, Horlda, per box. II ..Vtf '.'.-a. 1'lneapptes,
per crate I'urto lileo, fl..vaj.r,: Florlaa, l
,&0, Cranberries, Care t'oJ, early, black. iet
bbl., J30t4: Cape Oou, early, blaik. w,
crate. Ilftl.tO: Jersey, per crate, Sltjl.lM,
l'eaches. Na York and Pennsylvania, per
basket Large white or jellow, toc.fill;
medium. 40trJOc. 1'ears, sw York, per boi,
Keckel, I.I..-jJfi3: llartlelt. No I. fi3.M; uo.t
No. 2, S'.'.SOS.I: Deurre Dose 44t3.C0: Hbeldon.
S46&; lleurre Clalrgeau. -'..",0J.t0; uurre
A'AnJou. J.'.'.'AJf.I.;.-.: Uucnrsi. I'.'.SMf.Li'J;
Hot, ell. !$'..; other varieties. '2nd. Pears,
llartlelt or Scckel. per bushel basket. II.'.'.-v-q'.',
drapes. New Yolk Concord, psr 8-lb. basket,
ISttl.V., do., per 4-lh basket. lOHllc. ; Niagara,
per 1-lb basket, 108 U'c; Delaware, per 4-lb.
basket, 12 S 15c : Concord, per -'O-lb. basket,
30641k:.
VEGETABLES
Demand fairly active and sweet potatoes a
stia.de stronger. Quotations: White poutoss,
per bfsh.-rennsjIvunU, tiORUSc. ; .Vew Vork,
46jfjUe,; white potatoes, Jersey, psr basket,
1M45;.; sweet potatoes. Kastern Shore, ner
bbl. No. 1, l.'J3fll.73: No. i". tl: swets. Jer
sey, per bbl -No. I, .S5!,'.50: No. '.'. ll.SStt
1.30: sweet, lersey. per basket, 40tftOc;
onions, per lih., 40fil.V. , da., choice, per
inn-lb. bag. tl: do., medium, per IDfl.lb bag,
73SOtV.j cabbage, domestic per ton. KtfS; do.,
Danish, per tun, 'ift!0: cauliflower, N'.v
York, per crafi. it-"MS0Oc. . celery. New Tork,
per bunch, ingaoc. . mushroomj, per 4-lb.
basket. Jltjl.10.
s'- -- " " s)
NEW YOBK BUTTER AND EQG3
NEW YORK. Nov. lS.-rtt,'TTRn-Market
steady: receipts, E143 packages; creamery, ex
tra. Sfle.j higher soaring. 3tHjo.: Stats dairy,
a-lttaic.; Imitation creamery, 23lQ:tlic,
Eflaa-Martct Irregular: receipt. MJTcsiei:'
flesh, extra, first. a&4eJc.t fresh firsts, 3l
3041.: nearby whites, 36c; nearby mixed, 40o. ,
special marks, Wc.
NEW YORK METAL MARKET
NEW YORK. Nov. S.-The metal mar
ket was quiet today. Tin. spot, in Ave
ton lots, JetifrtlUc and 5-toii lots, MH
qiiic; lead, !.W83.fiO; spelter, ?l.90.
DIVHDEND3 DECLARED
t-'lt' S'stsj, Lumber and Cot tea Co
PAy, lateilm illvWjj4 ii, per cent.
Vuiihl SecucJty Ufe IsWvwmw as4 Tfttst
'&$?m.
i4 slsM Ills
Csvattoenut Oil Caaspaay, regular qutrl
UnU4 WAl,? 08ubi Cwshu. i4Mr
(o stocs. at icw4 Dtvember 1.
lhiUidlpbU. OKWilma and NoirUwaxi
Rllrca,i recuiar v-vrl fl.M. v,aMi m-
Pbltoilf.UaU. iuactric t'eapau, ncuMr ouai-
stutlMi-e .ntesstc iuar 4waiM4y iv, star
.-U f to stevk n.ori S
kttatver IK
EXPORT BUSINESS
YESTERDAY HELPS
TODAY'S MARKET
wncago wneat rirmer,
Partly Because of Wednes
day's Sales of 2,000,000
Bushels Offerings Small.
CHIC.vao, Nov. U. Wheat was firmer
today, pai tly as a result of yesterday's
export business, which was estimated at
moro than 2,tO0,000 liushels In nil positions.
Offerings were small and there was n
fnlily good commission demand.
The weather waa partly cloudy over the
ttreater part of the belt, with snow ut
many points in the Canadian Northwest.
Shipments from Argentina for the week
were estimated at 40,000 bushel. ngalnst
4S8.(X bushels n year ago.
The market at Liverpool nn. quiet, and
parcels there were down 3 pence. Plate
offers were ample and offcra from India
wete larfier. The English market was
nffeeled by continued liberal locelpts
from the United Htotes and tnet enslnsr
stockx In this country. M the turn of
the year shipments of wheat trom ArRcn
tlna nrr. expected to be very lnrpe, as
money Is badly needed there, find the
price Is attractive.
Corn was stronser with offerings llht.
Sales by the country tveic moderate. The
Southwest reported a. Kood business over
nlRht. Yesterday's export bunlness. which
amounted to JOO.OOO busliels, helped senti
ment. Shipments from Argentina for the
week are estimated nt !,!30,000 bdshcl.,
oenlnst 2,323,000 bushels a year oro. Corn
at Uverpool wbb easier on free I'late
offers nnd n poor general Inquiry.
Offerings of oats were small and prices
were higher. The commission dc-.im.-i
was good on Armor advices frop: J.lver
poot. In the last 21 hours about r.O.TO)
bushels of oats have been taken for ex
port. American oats In Kngland are
meeting with ready sale.
Leading futures ranged as fullons:
Noon. Yes.
Whenl Open. High. Low. close.
December l.lfi'i 1.1.-. 1.14'. tl.lfji,
y 1.221. 1.22", 1.211. 1.211,
Corn (new dellverv)-
Deccmber i.SJ, l;B (W, fiW.
May 7ft, 71', 7l'l 171
Oats-
Doccmber 4!i ta'.j 4(i', tlf".
Jlay .','i 31", Mi, t3.t.
Ii rd-
November 11. If 11.40
.inuuno '""'I 10.32 10..V) 1I0.4S
Mav 10.1I2 tly.C'.'
nibs-
.Tanuary tlO.I'.O 10..'I0 Hi. 22 10 23
May M0.C3
1'ork-
.Innuary 10.23 ltl.23 1D.20 '10.22
May 1H.72 .... . . ... 19.H2
Hid. tAsked.
Come Here With Your Wife
Or Sweetheart and Plan
The Home Together
Ledger Central has established a new kind of helpful service to all .
prospective home-owners.
On a specially constructed rack here you will find plans and pictures. (
of beautiful homes that have recently been designed for Philadelphia
suburbanites. Eleven prominent architects have contributed 25
different designs, ranging in price from $2800 to $7500.
Surely many, of these sketches will give you new and helpful iijeas
on home building. Perhaps you will see the very plan you hope iq
find.
Ledger Central will also supply names of builders who will instruct
the House for the price specified, and names of real estate dealers who
specialize in the kind of properties, or b.uildtng lots, you d,3Sire.
This Service Is Entirely Free
Come and see plans of your future home at
LEDGER CENTRAL
Chestnut Ut reel
Al Brwd
0LNEY DECLARES COTTON
POOL LEGAL AND WORTHY
I Ex-Attorney General Says It Does
Not Contravene Sherman Law,
! ROSTON'. Nov. 12.-ttlchard Olnej'. for
I mer accretary of Slate and Attorney aon
i oral of the United States Under President
Cleveland, has expiessed the opinion that
the JI35,(X.O0O colton pool would not vio
late the Sherman anti-trust low, and he
holds that the proposition to raise the big
fund Is legal.
"The primary purpose Is undoubtedly
not profit, but the relief of n large body
of American cotlou producers." sa),s Mr.
Olney. ' The real object Is essentially
public and Inudnble; ilia lis, to meet nn
emergency, and to tide over nn Industrial
ctl'ls In which the whole country Is In
terested. "Such being the real object, and the true
intent being to accomplish It and not to
restrain Interstate trade or commerce, the
single miration is whether, notwithstand
ing Intent, the means resorted to can be
regarded as Involving nn Interstate com
merce transaction which would restrain
trade within the Inhibitions of the Sher
man law.
"t,o.ins are contemplated on the terms
pi escribed, and to Just the extent that
thn plan la a success to just that ex
tent there will be made contracts be
tween the syndicate and each Donower,
secured In each case by pledge of cotton.
Hut personal contracts of that nature
do not constitute Interstate commerce,
even when between citizens of different
States.
"Interstate commerce, as many times
defined by the Supreme Court, consists
In Intercourse nnd Unfile. Including In
these terms navigation and .tho trans
portation and transmission of persons and
property, as well as the purchase, sale
nrd exchange of commodities.
"Obviously, the loan contracts do not
f.ill wlthn any of the categories enu
merated. They do not constitute com
merce, but ore mere Incidents of commer
cial Intercourse."
BOOM IN U. S. EXPORTS
Exceeded Imports of Week by $10,-
300,000.
WASHINGTON, Nov. 12.-Exporte at 10
principal American poits for tho week
ending November 7 exceeded the imports
by more than $10,000,000, the Department
of Commerce announced today, although
there were only five business days that
week because of election.
TLa Imnnrta tntnlpil itt.lW RtfV nn,1 thn
exports were jr.5,013,767, leaving a balance
of trade In favor or the united Htatea of
$10,3i;,S72. More than J3.O0O.OOO was col
lected in duties. floston. New York,
Philadelphia. Baltimore, New Orleans,
Galveston. San Francisco. Seattle, Buf
falo and Detroit furnished the record.
Those ports handled S3 per cent, of the
customs.
BANK CLEARINGS
rhkaso 4D.M2.73t 3t.7IH.R44 .M.77S.H77
New York . 2)3,022..-l:l fl22,222,OaS .".74,142.372
NORTH CAROLINA,
REPORTED SUNK, IS .,
SAFE IN TURK PORT
United States Warship
Silent Since November 2,
Heard From by the Tennessee.
WASHINGTON. Nov. 12,-The United '
Stales cruiser, North Carolina Is safe In
Beirut hatbor. The American cruiser
Tennessee, now in the Mediterranean, r- ;
ported early today to the Navy Depart- , ;
ment that she had been In wireless com- " '
munlcatlou with the North Carolina yes- i
terday and that the ship was safe. I i
The North Carolina has been out of.,
touch with the Navy Department alnce .
November 2. when a wireless dispatch -
came to the department from her, Dhortly
afterward nil cable and wireless com
munication with the ship was cut oft.
The dispatch came from the cruiser
Tennessee at Mllylene, Greece. After the '
first message half a dozen' other wer, ,
received by the Navy Department
from the Tennessee over different routes,
Indicating a complete restoration of com
munication with Turkish cities after an "
Interruption of more than a .week. -v
The .dispatch.es contained no mention o ",
the reported landing of American marines "t
In Turkey, where they were said to be " it
piotecling American lives and property, -y 1
sor tins reason navy oniciais are in- '(
clltied to dotlbt the truth of the report '.'
and also that Americans are In any dan- "
cer. s
The North Carolina was sent abroad st !s
the outb'reok of the war to carry gold tp "' "V
American tourists stranded in Europe. 'f
After she had completed this mission she f
was sent to Mediterranean ports -with the, "'
aim of preparing for possible trouble ('.
there. "
The Navy Department made further ef- H.
forts today to get In direct commutilea- :
tlon with the North Carolina.
Bv-.
" " ' -";
DELAWABE JURORS REPORT -j-sf
-IU! f
Find Wilmington County . Instttu- Jy
tlons n Good Condition. X.-?
WILMINGTON, Del.. Nov. 12. Various V3
county Institutions are In good condition. -
according to the report of the Grand 'tj
Jury, which has Just concluded Its work. u $
It la recommended that certain rooms ,.2 f&
In the courthouso be placed In better. -.
shape pending the completion of the new, "J
City and County Building In course of ( ,
erection. ,,
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