J II wvmwmu pmLADELPRiA ft' MAMCRTR I "J- illlAWikU Jri Htf GRAIN AND FLOUR ft.". ?.. ti..lnl 1RT.M1 huahata Willi 5Srlni. a food iport dtmind end itntarn advice prlcna advanced He. ?.T.inal Car 101". in "pari ciavaior fBR02.3i "learner No. a red, I'J.BOwa.flli i nS , $2.0dO2.01l rejected A. il.622.B7i .HJ"" .... UK .KIT huahats. Tha marVat r COB" "...i. hla-her under Itrht arteritis! llf.mina-er outside odvlcei. Quotations! Car Ir !t? local trade, aa to location Western IKfamllowV $1.031.4I western No, 4 yellow, tT.tVl.B2i Vfiurn No. B yellow, li.B8Ol.00i fSirfblrn No. 3 yew. 1.01l.d2. "'. Were small and prices advanced lo under IP" ", ndvlcea rrom im wcsi, wuoiaiions ETihUe 7T07o: standard white, TP7Jo R 8 whlti, 7!7ai No, 4 White, 747Bo Iftnuft hecelpta.C310 bbla. and 1.48B.074 lb., j.rWu" -!i. .i. n1.i1 firm anil hlahai- In gJiiThy with the advance In wheat. Quota. 1 K5: nir 190 lba, In wood (cotton or jute sack" ifefl So lessll Winter, straight, 111.71,0) 'lft.KanBa,clar, $U.2BU.7Bt do. stralitht. fiHiill!l2B do. patent. $1213.7Bi snrlnK, "Bt.J1'V,,JiJfliW.Bii!do. riatent. tll.7hia.7.M --. vii tni . .in . uu. uniuin. a MtV'"'i.'. r...J. linwl.l.lr.i rltv mllla. KSilcJ "S 'ncy i.atent.T lS18.7fi. PROVISIONS 1 il.... win a fair Jobbing demand and tha liSVt ruled rm. Quotations: City beef, In iiii. t!E amoked. 3SC. City beef, knucklea and tend Smoked I and fair dried, 4oc. Western beef. aMbiata and tennen. imoHPu. one uci iiaui. S" Pork, family., J44.BO04B. Ham.. 3. JmJrt loose. 2424HOI do. eklnned, loo.e. tMHc: do. do. imoSed. 200200. Other mi imoVed, city cured, as to brand and aver- lAsftVc: do' boiled, boneleM, 38c. Plcn'.o OUiuriBt . -.1-1,1. nrrnrrllnv in ft v ratr . 1... .. .mah na f a aa.ca aj4 t at jl 2UC. JjreBHldl. uhuuii, n im uaamv aim t iMran city cured. SIC ureaaiaei oacon, wbh tmcired, 81o. Lard, we.ttrn, refined, tleroes, "IE. do. do. do. tub., 28c. Urd, pur. city, idle rendered, in tierce. 28c. Lard, pure l'?,. kettle rendered. In tub., 23c. REFINED SUGARS A The market was firm. lTanlilln took b llttla PaJSnlas at 7:5lo. while the laat quotation of i r?'"ii.ni,avlvRnla Sugar Company wae 8.50c. W Juflnsrs were restricting orders. m. rA7nv pnnnirr.Ts I .i..rt?n nffprlnirH were mora liberal und r'tt. mtrket further declined 20 under a light tnO. VJUUIHlll'll.i "c.iouii ..can, .Uliu Si40Hc; special fancy brands of prints job- Vwifl rinmanri was irood and the market EirJ&A.itm at tho reoent advance with supplies Sail under control. Quotations! Nearby nrsts, iilO.SS per case; nearby current reoelpts, llu.BO I Hlf CUfl! weniutil n.itn tfiBva, vv.v. .bi i;.io BtE nr.es. JIO.CO per easel fancy selected can l. Iial wero JohblnK at 8040o.per dozen, HafWlTi'l TT - ,11 SlWOIORffiTriGITO " CANTATA BY SULLIVAN Strawbridge & Clothier Singers, Under Dr. Tily, Will Offer "Golden Legend" '.i,Lrl,?.Slr.?wbr,dge & Clotliler Chorus, under nlw Ctl...n of "eert J. Tlly, la ready lurJiX t0r.'.lle ,ro'lucon of Sir Arthur Sul- J,fJlB.,0"?w.Vwhlch wlu b0 divert tomorrow ?r ..ttt tho Mt-oPolltan Opera Itou-c. Hair tho proceeds from the concert will bo men for tha llclglan Children's Itcltcf Vn 1. B'f.'s,th9 "LenJ." tho chorus will ulng; "Qlorla In Kxcelsla," written by !CA0r yA Tllh a s"cclal orchestration by Catnllle Zeckwer, and tha "flanctls" from tlounods "St. Cecelia Mass," which wilt lucLcuo mo cantata. SololBts who will Interpret tha parts of Irlrico Henry, Lucifer, Klsla and Ursula ara two of tho best-known oratorio singers in tlio country, Florence Hlnklo Wither spoon and Herbert Wlthorspoon, whlln W. L. I ontlus as tlio tenor and Mabello Addison ?.1m . f'ralto represent two well-known Philadelphia' slnirern. Mr vitiinea,.inn was formerly a Philadelphia choir singer. The roar of tho tempest, tlio clang of cathedral bells, the defiant shouts of Lu cifer and tha absent voices of tho spirits of the air, which introduce tho Sullivan set ting of "The Golden Legend," mado such an Impression when tho cantata was first sune at Leeds, Hng., In 188B, that tho audlcnco was carried off Its feet. This bit of descrlptlvo music, followed by tho temptation sceno In which Lucifer fig ures In one of the most sinister drinking songs over written, wus only a preliminary to tho effect of tho pure music of the flniil chorus, which Is a fugue. Though the fugua follows tho regular form It is of un usual dramatic value, with a. climactic ef fect that gavo the composer such a reputa tion ns almost lo surpass the success ho achieved a year before In his "Mikado.1' Other cnthuslnsts of Sulllvnn's day pointed out that ho had surpassed the expectations of his warmest admirers, nnd declared tin work marked an epoch In tho music of that kind In England, worn BWIW1 HATCSr FIX GAS STANDARD Federal Trade Board Finds Oil Trust Still in Con trol of Industry COMPETITION IS ABSENT ZtWfmjHmki1m taa t)t 'V 2s refltr4 lfM 2s coupon lnso ... 3. registered 1818 ns coupon mis ,.... 4s registered 1023 ......... 4s coupon 1023 8s registered 1048 8a coupon 184(1 Panama 2s registered 108A,. Panama 2a registered In.VI., l'anama ns registered iwui.. Panama 3s coupon :x Hid PS 88 U BR 103 10S4 on no t OS i Asked 107 StPHi ftliranrv Anrll li.-L KMtatBaM4aM.,'1 head. Market Btr 10c hlgner. Mlied and butefi- ion IB.7818.Bl:. ilB.20BlS.B0l rood heavv, tIB rough heavy, t13.23tM3.70! light,- il4.0lB,78l pigs, ix.-j.itvi.u; duik, .ia.4Dtrio,e3, CATTI.K rtecelpl., 40CO head.Markt .teadr. lleevei, 8.0i) 13.40: cow. and heifers, 13 B34f' 11,2.11 stockera and feeders. 7.r.0O.83;,Teian. 18 OOOlt.GOl calves, I10W12.50. 81tKtU' necetpta. 11,000 head. Market steady. Native and western, lll.B0O14.40i lambs, tl2.B0Olfl.10, Www arrt.TBBtmo.'t nit ahi Nary, m member of Adams 'County's ;lrr called 'heavy family' died l his home near Orrtonna. He would have been. .sixty-two years, old today and he weighed 404 pounds, He had a brother who weighs 407 nnd a sister lives at York who Is heavier than either of the men. otil to ine iwniaH ' betn MralyseeL ' West Jersey, RaUtnw JttMU his automobile watvMrucJtlby'alnil. tin' was found among the wteckaire.ei car and Dr. J. S.sHatsey feaSnT ttt hit is broken. i Tv: -rfvi... Quotations t .i1" V-u -..., nAV flaTnl un.nl.1. hll.... MSSi Vult cream, 'fair to good. 2O02'ic; do. It Jit skims, U22c. POULTRY rr . nrftrlnrrm nf g1BltoKtA urri-lr utlira mnrl. . LlVri'VUCI ("h" V. uv. . . wvu.k luaa wa tt tnte and tho market ruled ateaUy with a fair . I.m.ii. .toErirv rnnaters. 1B1A20C: old rooatera. I H 17c: chickens, .oft-meated. 212Sc:eucks. Kkln 2022o: do. Indian Ilunner. 17ilSc: , licoiu. old, por pair, 28030c; do, young, per i 'sir, 29928c. C FRESH FRUITS Choice stock met with fair salo and values I nnerslly were well su.talned. a. follows: ap- in. iw. """- -- j-i" r arn7,i.;..: iV. No. 1, ll.BOOO; do, ungraded. $304. 2BS Klnrs. No. 1, .WDi" no, unaraueu. .owt, winesap. No. 1. $4.6068 do, ungraded, I2.B0W 150: apples, northwestern, par box Fancy, I'-'Sf JSO; choice, l.B02i lemons, per box, 341 ni IJ. nta llavlnrit ranm l tWt 150: Russet, fancy, IB.GOffMi poor, $Q'15 tTiwfruit, Florida, per crate, S3 ft II plno ibdW Porto Klco. per cratp, $34.ri0 rran CTZ.t.. pma nnrl npr hhl. -Fanev latft Varlp. k mi. $1.05.50: early black. $24Ht cranberrlea, F ttp Cod, per fcrate. $1.C02: rlof Jorney. pop trats JJH,l.oii; utrawoernea, iNorui arounu. 4!r """"' "" n -jfc VEGETABLES fMrractBtwas oulet and prices generally favored L'-Krers. Quotations: white potatoes, old rv iinTlvanla, choice, per nusii., ia.n.u fKw Tork, choice, per buih., 3.3BM3. WHEAT PRICES SOAR AS MAY SHORTS COVER Close Is About 8 Cents Higher for All Futures Weather Conditions Good 40; Maine, choice, tier bush., J3.40UP3.SO; Jersey, Mr basnet, ii.ni iwnas, Per ddi, iu. a, , ua b tv, tuim, H8. Sweet potatoes, Eantcrn Shore, per bbl. Sl.fi01.7ft. whlto potatoes, new bbl. No. 1, 111; No. 2, 110; culls. Hoi I. ntoe., Delawarn and Maryland, per hamper fid. 1. 1 1.4 a U' -.-)-rxu. -, t...i-U'l..i.i cuun, .1. t..i mnt.tnea. Jeraev. ner haakat -Nn 1. 11. Q3 ,-ei.75; No. 2, BOfneSc. Onions, Texas, per 3'Wsie wo. l, .s.nf4.iu; rno. -j. i;i,ini, nions, oia. per iuu-id. nag, sowiu. i.nDDage. lorlda. cer hnmDer. 1864.23! do. California. wr crate. 19M10. Holhach. Norfolk. Per bid.. l.KflftA? da. Tfiinti. Der llft.llDer. ll.72iaJ. Kilt. Norfolk, per bbl., I1.7.1WJ. Cauliflower, si.riuvr i, lUfornla, per crnto. .73. Lettuce. tb '5ci.P'f 'ffitffi'i MPWM?:- 6l, d..- nr in suuui iter LKtontn,,ii., uruueu. iurill ireiina. per uasKe.iiiituvu.icueiry, norma ,r 40-lneh crate, buih--ureen, fi f ern, per dozen i JM0e4.2S: tho! ,f? 4)-lb. banket. M. Sl2. llenns. Florida, ner S1.7rtfflf! War. t1.r.ns!!.Kn. Ernlant. Florida, vm TIT. S3K3.B0. Penners. itlorlda, per box I3.G0Ti'4, Pquaah. Florida, per ?:tx. $101. fill. real?. IHoViaa. perTasket, il.75 a. i;ucumners. nnriun. per casket, 2w3. Baets. Florida, per 100 bunches. HitO. Had uhes. Norfolk. perbs1flTjr,cli; Tomatoes. .Florida, per crate. l!.tKrJHtT25. Rhubarb. Cal ifornia, per box, 11.23 1,60 AsparaBus, south- uozen uunoiuis colossal, ; rancy. noice, j-j sows. Mushrooms, per ll.4O01.TX. o DRESSED SunnlledlVeVa timnll hut l.i.vera fire showing vers; jjULLlniorcst and prices of owls declined lie. Quotations: Fowls, 12 to " dry-picked, fancy -selected, ''7c: do, welah- ng 4H lbs. and ovtffHtflrtrriii'Ovic: do, do. stj . U. apiece, 2flc; do,-fib? IT lbs, npicce. 242Bo. , fowl" .In bbls. fancy, ilry-plpked, welghlntr 4',4 ' fi- anA?X!:r apieceijjeva.do. do. smaller , sues, 2226c: old roosters, dry-paclted. 22c: j routing chickens, western, dry Picked, Irj " boxes, welchlmr 8010 lbs. per pulr. 272(! . !; wjitern. In boxas, welglilne 7 tbs. per pair. Me) 26c: do. do. in ThliVltvtlrhrnr lnll. .: '" lilI,.s'828ci d0- a' d0- weighing 7 lb. per pair, , ,'IS55ci broiling chickens, western, In uxe.. a n,n,n. tm Jt in kak rtmim n.Mnn.. i....... ',S,llhl!ili!(i' lbs wr Pal"1' 23025ct do. mixed vjui .209 22c: broilers, Jersey, fancy. 600 63c I ' .V2,.nH' rby, weighing 1H02 lbs apiece. MfBJc: turkeys, pen lb. Fancy, western. 32 Me: fair to good. 30031a: old Tom.. 29O30ci "e E-i-v ' ,';1;ilif.0V; SO.UBDS. per. aoxen unite. USSt&!n "10 lbs.' per dozen' i8.OO04.'lO; do! hiWW 8 lb..Per doxen. IS03.1O: do, welsh- S. ins. per nozen. B.riiiey2.7n; do. welghlmr lbs. per dozen, 1.7B2.20: dark. ll.COf !0i small and No. 2, C0all.23. '), ' BAR SILVER Us' I.ast 1017 tS. , . Today. Yes. ,Tues. High. Low. KJUnden (pence).. 37 A 37 3BA1 3SA 8SH rJMW Torit cents) 73 12 73H 70 71' TOO IATK FOB CI.ASS1FICAT1Q.V DEATHS PLANET. April 23, JOHANNA C, vl.low "Henry Delanev (nee Hnurkl. nirad 77. Hal- I''.-DAKERS. AVirll nnnpnT t,,,.l.n.l nt W.VS . "UKer tnee l.alta). jteiatlves ami rlends Invited to services. Fri.. 2 p. n.. 2007 .in si. int. D'ernwood Cem. llemalns may v',;-"0" inursaay eve. SUVas and t.l.na InultnJ . ......! C-.l 'I !'. D.. 2S08 Qlrard ava. .Int. nrlvate. West. PWMjr Cem, Itemalns may be viewed Thurs. iJ.SJ- ra. Auto service. tvrortrjE8. April 23. Penrose r. fokbes, TV a rl"nds invited to funeral, rrl., .'ij: " -- o. nnaron ave.. nnaron jtiu. iu. II raii rlendi may call Thurs. after 7 p. m. M.!?""" April 24. ANNIE Q widow of 2..'J?amble. J1 Bansom St., formerly of BinSSBS5AD April 23. JOSErif BTE fcJAQQN OOODHKBAD. Relatives and friends .. S ,u9?J"'..ir'l.t "lo . istn si. cerv fHat ion Churoh. Hth st. and Columbia ave., y LP. m. Tnt T.. ileal Tflll r.m ENriERO. April S!4. HARRY GREEN- "J- oO. Relatives and friends, nlso Hyman ir,1 ,u: u. i. w, . A.., ana otner bocioiic. ORAIN BELT WEATHER FORECAST CHICAflO, April 24 The weather fore cast for thirty-alt hours Is: Missouri, Wl.conxln nnd Iowa Unset, tied, probably showers tonight nnd tomor romi roolrr tomorrow. Jjlnneaotn I'robably rnln and unsettled tonight and tomorrow, rain or snow In southern pari. North and South Dakota TTnsettlrd to night and. collier, probably rnln or snon, generally fair. Nebraska Unsettled, probably showers and rooler tomorrow. Kansas 1'nrtly cloudy tonight and to morrow, probably showers In cast. CHICAGO, April 24. Whllo Irailo In tho wheat mnrkct was not extensive today It was broader than on yesterday and tho tone very Btronp;, with offerings light. Operations were confined to largo traders and mostly In small quantities, but there was sufficient demand to keep tho list tight. There were reports of an inquiry for ex port and Government buying and premiums on the cash nrtlcle were sustained. Shorts In May covered, duo to rcporUt of meager contract stocks of only 355,000 bushels, against 2,014,000 bushels last year, and on tho belief that they aro mostly owned by mills and exporterH. Weather conditions on tlio wholo were favorable for winter wheat and the com pletion of tho seeding of the spring crop. May, after having fold at $2.31, moved up to $2.41 closing at $2.40 if 2.40, against $2.32',, at the end yesterday. July, after having touched $1.98, rot,o to $2.07 U, ending at $2.06 'i 2.00, Compared with $1.98, tho final quotation of yesterday. Sep tember, after having sold at $1.75',$, ad vanced to $1.829i, ending nt $1.82V4 1.81a4, against $1.75?,, yesterday's last price. Tho market at Liverpool was dull but firm because of the decreaso In tho lslble supply In the United States. An ollicl.il renort placed the yield of wheat In India at 372,800.000 bushels, against 320,000,000 bushels last year. Argentina has permitted tlio shipment ot 7,500,000 bushels of wheat to the Allies, provided Canada or Australia will return a like amount to them In July or September. It also authorized tho shipment of 100,000 tons of flour to Spain, Ura7.ll, I'araguay and Norway. The available supply In tho United States, according to Bradstreefs, Is 37,074,000 bushels, a decrease of 4,271,000 bushels for the week, and compares with 59,085,000 bushels last year; in Canada It Is 75,280,000 bushels, a decrease of 3,133,000 bushels for tho u-aek. and compares with 81,578,000 bushels a year ago. No cable regarding tho stocks at Liverpool was received. Corn also made a substantial gain on a demand from commission houses. Kurope Is readily absorbing all offerings at stiff prices. Fundamental conditions remained bullish. There was a good demand for the cash article and offerings wero not large. The market at Liverpool was firm. Oats were strong. Shorts took a line of May that was thrown on sale early, and thore waa an inquiry for more. July was also In demand. The market at Liverpool was dull and In clined to go lower because of reduced con sumption and Increased floating quantities. Leading futures ranged as lonows WhC"open. High. VM-. fUi 07 .. . - -rt 1 Ra, I. u .. "- ' 0K'-' ,. .1 .. ,1.ll,..rv uorn rirv , Yi, Mav.. 1.3 Jiifv.. 1.3" Bent.. 1.2 IM'i 01?. C4 f5Jh he was' a' member Invited to funeral ifiaV "A0-- - P. " 712 Houtn t. ini. nSS.lt P,n. Omit flower.. Auto funeral. y0.-"TAl"'l1 -3. MIT. THEODORE T.. lad Of Irene T) lfnr.1. mmH mnn nf ttlA lata lrJ'nd Sarah Morris, aged 45. Relative. -..-hub ui atiin wara. unomas uirmem .. fitPuclal Association of Recorder of 1 Office and Relief Association of Depart f Receiver of Tae. aro Invited to sorv- film.. 1 n m b. lOft V.Vs.n ut Int. liV" " "" "" " iJSSi'KR. April 22. DERTHA MUELT.ER fc.iS"r)' yldow of Richard Mueller, aged fifl, - ana mends Invited to runerai, jvea., i,.. parlors of dus A. Klrchner. N. W. " t. and I.ehlgh av.. Int. Orsenmount jS.--Aprll 21. EDWIN TRICE, aged 73, HTM sand 4.la.4. t..U.J av ?..naaaaal aa(.(lt ( l- "H IHsilllia IIIVllVU IU iUlldlsll Bva-.wv-. CIiia,. i.ii a. m. riea lain wuz. . X3lti are1 "i R.iatlve. and friend. In Kr,ri'uVral, Thur... 10 a. m.. at Hea Isle u"v"cs a nea isi. uuy unurcn. u. G V?m., Cap May County 1 latS afa.1. UAnnmt.A-n na. Tlnhtll Hal.. 'i4 riendj, also Trua Knight. Lodge. No. &79.Club. 11 w.ti and tha John Me- pRepubllcan Club.-nlvlted to funeral .erv- t'"i :L1,,', wnT or 1 pt.. Oats May.. July.. Sept... May.. 20-80 Sui:. S'?3 Sept.. 21. IJ MaIy.b.M,82 Sent.. 20.10 1.4fi 1.40 1.32 noH HS'i S5 IOW. B.31',4 1.1m 1.7BW 1.30 1.3s . 1.28. (ilose, 2.40U 2.IMV. l.S2, ,Trs. , Close, 2,2' 1,IIS' 1.7.1 a 21.05 21.27 21.35 10.85 20.1B 20.17 36.07 Did. t Asked. 04 B3t 20.80 21.U2 21.12 10.80 10.82 20.07 30.85 30.60 tNomlnal. tl.tt , l.SD'4, 1.31T5 cr.H 113 55 21.05 t21.25 21.32 tin. so t20.02 20.07 130 00 30.05 1.30'. 1.35!. 1.2'J (13 111 t53T. t20 80 21.00 21.07 110.R2 10.57 tl0.87 tan 57 1.10.00 tV a Staff Corrtitondent , "WASHINGTON, April 24, Fixing by congressional legislation of standards of gnsollno Is among tho Import ant remedial recommendations made by tho Federal Trads Board, which, after thor ough Imefttlgatlon, finds that refining, plpo line transportation und marketing of gaso line in this country are still dominated by the standard OH Intel csts. The report says that despite ths dissolu tion of the Standard OH by tho United States Supreme Court this domination has a funda mental bearing on tho gasoline prlcex, which. In the opinion of the Investigators, havo been arbitrarily Increased. Compe tition docs not exist between the various Standard Oil Companies because of Inter locking stock ownership though tho hold ing of a majority of shares In the con stituent Standard Oil Companies by Ideii ttcal Interests. Tho findings and evidence of the Federal Trade Commission were transmitted to the Attorney Genital for his nctlon. The chief findings nre: That In a majority of marketing ter lltoileH tlio Standard OH Companies arc dominant. That the teveral Staudard Oil Com panies have maintained a distribution of territory In tlw marketing of gaso line, and that m substantial competl . tlon In the chief yotroleuin products exIstH nmong the tefteral Standard Oil Companies. That this absence of competition is duo to a community of' Mock ownership. That the facts dlscloso rtuch advances In prices of gasoline and such differ ences in price corresponding to Stand ard Oil marketing territories ns nre not posslblo of explanation apart from the foregoing conditions. Tho commission has not found con clusive evidence of collusion among the various Standard Oil Companies In violation of the dissolution decree. That tho combination of pipe lines with tho other branches of the Industry has tended to establish and perpetuato monopoly. That gasolino has deteriorated In quality, a variety of products being sold under that name, Ilecoimnendatlotm of tho commission "with a view to preventing or remedying conditions" Include: Fixing by congressional lcgfalntton ot standards for "gasoline." A law providing for tho reopening of antitrust cases on the application' ot the Attorney General by a bill of re view for the purposo of securing Hitcrt modifications of decrees as new con ditions may require. Abolition by legislation, In certain cases, of common stock ownership In corporations which havo been mem bers of a combination dissolved under the Sherman law. Kffcctlve limitation upon common ownership of stock In potentially com petitive corporations by withdrawing tho power of voting and control. Legislation which, whllo recognizing common ownership, would fix upon such common owners the responsibility for tho acts of each of the several com panies so owned which prevent competition. Segregation of the ownership .of the plpo lines from the other branches of tho petroleum Industry. Federal collection of accurate sta tistics and Information regarding tho Industry. In detail, the commission urged that when It finds, as In the case of the gasoline In dustry, an antitrust dissolution decree has not restored competitive conditions, Con gress might amend tho trade commission act ho as to authorize and direct the At torney Genoral to reopen the caso for re view as to the efficacy of a dissolution de cree. In such proceedings It Is suggested that the commission's findings should be ndmtssibto evidence and that the courts should havo power to mako new decrees to Insure competition. Factors In Standard Oil domination cited In tho commission's report were: Division of gasoline marketing Into eleven territorial divisions, at least nine of which aro said to be dominated by various Stand nrd Oil companies Stockholders of the several Standard Oil companies are, to a great degree, tho same Individuals or Interests, moro than half of the stock of tho various companies being In tho samo hands. Moreover, tho report states that leading Standard Oil officers often hold considerable amounts of stock In two or moro companies. Standard OH refineries produced more than CO per cent of gasoline produced In 1915, sold about 65 per cent of the total marketed nnd held more than 70 per cent of gasoline stocks. "Correspondence of the difference of prices (In 1915)," the commission's report says, "with Standard marketing territories. Itself points to arbitrary price making. But the arbitrary character of the Inequalities In price Is conclusively demonstrated by the facts that as between most of tho terri tories there wero no such differences In de mand and supply and the margin between cost and price was widely different In the different territories." Wholesalo prices roBe between 7G and 85 per cent In 1915, according to tho comr mission's report, and retail prices also soared. Only a part of the advance was declared duo to Increased demand and scarcity, the demand Increasing 38 per cent In 1915 n"d tn8 Production but 7 per cent less. Very largo profits wero earned, as shown by the books of the companies and by enhanced stock market value of oil securities. The United Gas Improvement Company 35tl Annual Report FOR FISCAL YEAR ENDED DECEMBER 31tt, 1916. To the Stockholders of THE COMPANY: UNITED GAS IMPROVEMENT Real Estate, Philadelphia and elsewhere 1,046,9900 Cash 2,732,865.44 Accounts and Bills Receivable 4,286,074.76 Coupons and Guaranteed Dividends (accrued but ' not yet due) 678,616.77 Storeroom Material 179,535.20' Sinking Fund Securities i5,959;006.pq t. X Total i i!.. . .r . S91.775.710.4M 5 '" 4W ?! For the fiscal year ended December 31st, 191G, the sales of tho gas and electric properties in which you arc interested show, in comparison with 1915: City of Philadelphia 6.04 per cent, increase Properties outside of Philadelphia: . Manufactured K"s T..83 per cent, increase Electric current 20.G1 per cent, increase Natural Kas 13.83 per cent, decrease LIABILITIES 'uS V.' Capital Stock $55,502,950.0.0 Taxes (accrued but not duo) . 53,493.75 . Accounts Payable (duo companies in which Tho .',"'" U. U. I. Co. is n shareholder) 215,339.11 Sundry Accounts 108,082.87 Undivided Profits, December 31st, . - 1915 . ?32,586,140.31 . Undivided Profits of Year 1916.... 2,829,095.42 V Undivided Profits, December 31st, 1916; invested as above 1 35,415,244.73 ... .. M t. ri-i. The net profits for the ycuT?W shown in detail in the Treasurer s oi la ment which follows, were $7,209,331.42. This amounts' to i:i l iu per o:iu. v. the capital stock, or 8 per cent, upon the capital actually employed and invested in the business which includes the undivided profits. In answer to tho sUKjrcstion made from time to time that your management is ultra-conservative in not making distributions from undivided Prfiis' l cal1 your attention to the fnct that of the capital of your Company, including these undivided profits, $11,000,000 (in excess of tho securities now held in various sinking funds) are invested in working capital, and extensions and betterments for account of tho Philadelphia Gas Works and will not do iiqumuicu .m- the operations of the sinking funds until the expiration of tho lease; and tho balance is invested in the securities of various gas and electric companies, the interest and dividends from which go to make up tho gross incomo shown in tho Treasurer's Statement. Several of these companies, such as the Connecticut Railway and Lighting Company and certain New Jersey gas and electric com panies, are no longer operated by The United Gas Improvement Company, , but are leased to other corporations. Nevertheless they still receive constant atten tion from your executive officers, nnd in the judgment of your Board of Directors their securities should still bo retained In tho Company's treasury. Your Board of Directors appreciate the natural desire of stockholders for returns from their profits which have been invested in extending the business, and are of the opinion that the Company is now established on such a lirm foundation that it is safe to adopt the policy of distributing by way of extra dividends a larger proportion of the earnings than heretofore, when annual earnings and general business conditions will permit. In pursuance of tins policy on April 14th, 1917, an extra dividend of 2 per cent, was paid out of profits accrued prior to December 31st, 1916. TREASURER'S STATEMENT Profit and Loss Account for Fiscal Year Ended December 31, 1916 EARNINGS. From Leased Works and from Investments in Stocks and Bonds ?8?,a r-2"sn Sale of Securities 5nso? Construction Contracts i .-m Engineering and Supervision 'rnn Tntcrest 335,485.90 niLni'ai, .- pro ir ei f Stnrernnm Material 11,000..J Rental of Broad and Taskcr Streets Office 1,600.00 Rental of Offices in Building, Broad and Arch Streets, to Companies in which this Company is a shareholder 45,858.00 . 'f,Ma'rch 7th, 1917. Total ! ( $91,775,710.46 J it nas been the custom in the past to have the books of .your Company tfJ audited by its own Auditing Department and its securities cxamlnod and. verified y,:$f by a Committee composed of members of the Board of Directors not executive -9ta officers. This year this has been supplemented by the audit of Messrs. Lybrand, fyy "U,B "louiers anu Montgomery, tjertiiied I'ubiic Accountants, whose report ana ,.ii.i that of the Directors' Committee nre as follows: Mr. Samuel T. Bodinc, President. The United Gas Improvement Company, ' Broad and Arch Streets, Philadelphia. DEAR SIR: ' ' Pursuant to resolution odopted by tho Board of Directors on February 14th, 1917, we have counted all tho stocks and bonds owned by Tho .United Ga Improvement Company nnd found the same to agreo with! the amounts stated Sn the books of the Company. We have attested in writing detailed list of said stocks and bonds and have' filed the same with the Treasurer. Very truly yours, , WILLIAM WOOD, MORRIS L. CLOTHIER, , , EFFINGHAM B. MORRIS, THOMAS J. DOLAN," .W-'i lm 'AStfat 'M Wsa to r&v l.W, fj Total Earnings $9,440,557.08 EXPENSES. Financial Briefs inura.. a r?l-r8? . PJmr it. (near Fnmkford riff i;jaar lllll cm. rr ena my emu R8.--prll S8. PATRICK, on of th fJira and fUr&h Wateri. of Co. Tip pyiralma, nlttva and frUnd ara I; L1 funeral. Thur., 8:30 a. m. from 5020 .T.tanq v, uvm ana orr ;"," rnqiutra w,n TOM, t Bt, Blliamiu . a. ra. Int. Holy Ctom fro. JUJ TyANTKP MAIJC Itwanttd: ateady work. oo4 WW inro nf the Canadian Niagara Tmr Company for the three months ended KsiTeri $771.U3, an Increase of March 3Xjn ere ' lnreaR(ld J3(j5i to $41,283, anu mo - JB24.324. vt earnings of the American Hide and r .w romwiny for tho first quarter of iff "ew7sft?M. decreaao of 154.700 as compared with the corresponding quar ter ot 191S- ,. - onnounce the 'opening of a ,. hfireh offlct In the Oliver Building Plt? .11 mnrmwment of Albert McD. Barr. under the mnnagemen & mnter 't,y,N. "formerly of the Fidelity mun . ilmv Philadelphia, Is now asso fflw"razTer Co.' bond depart- ment, . i.nnl. of the Cerro de Tasco Th8 "SUSSS for the yar ended Dei C0VZl SI was K.5.216. equivalent to MM U "etaS on' the 666,666 shares of capital stoclf outstanding. ki,. mt to the New York Subtreasury SSJ ! 095,000? and since last Frl- JSr1. . lo p bi" '!i12M0(,, .o-nino-a of the Central" Leather Or08V?n? tS Quarter ended March SI Cornpany for the uart .,i94MM wera J'Ui"iJZaing quarter of last over The STlSooS. Tlnoreased 3,7S0.71 ya.r: -Th2.5et.J:T!ctor. at thovraeetlm Laboratory Department of Tests Registration of Stock 'Y'VUVl Expense of Restaurant, Broad and Arch Streets, over Receipts Rental of Safe Deposit Boxes Construction Department Storeroom Litigation, Retainers, Lawyers' Fees, &c Operating Telephone Service Dues to Trade Organizations : Advertising in Trade Journals. . . Special Advertising (Annual Report, &c.) Office Furniture ; Cost of Operating Building, Broad and Arch Streets, including taxiv? Salaries and Traveling Expenses Office Supplies General Expenses Taxes. State and Federal ''"VL"' Insurance, Taxes and Maintenance of Broad and Tas- ker Streets Office Contribution for year 1516 to Sinking Funds created in 1908 to retire Investment in Philadelphia Gas Works Total Expenses 52,171,26.20 m. Profits for Year 1916 7'26'33U2 $25,211.76 22,425.35 1,500.00 12,710.05 2,020.00 3,412.66 25,989.44 5,740.31 2,065.00 1,375.42 5,156.35 4,274.66 65,967.27 497,206.04 17,126.71 35,200.48 613,825.48 313.28 829,700.00 Dividends Paid in 1916: January l&tn April 15th July 15th October 15th Balance to Undivided Profit Account. $1,110,059.00 1,110,059.00 1,110,059.00 1,110,059.00 $4,440,236.00 2,829,095.42 $7,269,331.42 NEW YORK BUTTER AND EGGS EV YOniC. April 24. TJUTTER Ileoelpt., 7730 tubs Market unfttiod. HlKher -corlni, I't 4So: extra". c: flrt, 40Vi Hc: oSds. M10ci tnie aairy. iw wi-c; imna- " Tnua-llJcelptif ! sil'siS cases. JIark.t un- pettled. J'irsts. SiM 033c; no other changes. It U Easitr To Ketp Wall Than Get Well Higher per centage of nat u r a 1 mineral salts is found in BEDFORD MINERAL MTEK For Kidneys, Liver and Stomach Bottled at 'Bed- , ford Springs, Pa.. famous since 1804. Sold by drugglsta and grocers. Ask yours or write us. Bedford Springs Co., Ltd. WMener BtdWlng. Fhlls. 1915. 1916. $7,841,389.92 . $8,817,981.18 $976,591.26 Increase In comparison with the previous year this may be summar- izea b """" EARNINGS: From Regular Sources From Special Sources: Extra Dividend on Stock of one of the Companies in, which this Company is. a shareholder ........ Profit from sale of Securities 1,230,000.00 , 1,230,000.00 Decrease 622,576.50 'Increase $9',07i;389.92 Tntal Earnings .... Pvnenses, Taxes and linking Funds 1,871,909.25 622,576.50 $9,440,557.68 2,171,226.26 $369,167.76 Increase 299,257.01 Increase Net profltg $7,199,420.67 $7,269,331.42 $69,910.75 Increase "AUDITOR'S CERTIFICATE Morris Building, Philadelphia, 12th April, 1917. We have examined the Assets and Liabilities of The United Gas Im provement; Compnny as of 31st December, 1916, and the Income and Operat ing Accounts for the year ended .that date and found them correctly stated on the books of the Company. We certify that.the foregoing statements of Assets and Liabilities as of 31st December, 1916, ftnd Profit and Loss Account for tho year 1916 are in accordance with the books. LYBRAND, ROSS BROS. & MONTGOMERY, Certified Public Accountants." As the books of the Company and the Annual Reports state the assets SS IM at their cost price, frequent inquiries are made as to whether this represents j,p their actual value. Therefore an analysis of the Assets and Liabilities of thY Jjjg Company, as a going concern as of December 31st, 1916, has been made by - ,JX' 'm , 1917. Installments to bear interest at, the rate of 5 per cent, per i$ffl J-A J. i- 3 4-al. OrtiU 1f.1T . -F.. !-!-.. Ill t J. W.-r' Dividends $4,440,236.00 $4,440,236.00 To U n d i v i d e d Profit o bbo , Q , 9 R9 .. ., .,IUi,n.ui a,Uv,w.,.- Account 69,910.75 Increase $7,199(420.67 $7,269,331.42 $69,910.75 Increase Statement of Assets and Liabilities December 31, 1916 ASSETS Gas, Electric, Welsbach and other properties . eoat ,....'.... ?f3Tl?Tr-TTi UncopltedConstructloa,Contracts. ......... v. r?u'u . officers of the Company. The President nnd Board of Directors have considered this nnalysis in detail, together with the information' upon which it is based: and feel that a fair liquidating value of the stock should be not less than $100 per share. 1 i"1 Sw Tho Public Service Cornoration of New 'Jersey. -n which your Company T&l is largely interested, having established its position as an 8 per cent, dividend , $M payer, has adopted the policy of providing capital to meet the demands of its: rapidly growing business by the sale from time to timo to its shareholders of new stock at par. Your Company will be called on this year to provido $2 ior mis purpose, in aautuon, inero win a requireu ior uie extension ana Dei- .'.'; terment of the Philadelphia Gas Works $1,262,500. Other properties in which SWjL your Company is interested will require for extensions and betterments large wS sums, for much of which they will ultimately issue to us their securities. Your Company has recently also arranged to purchase, certain electric S$flj power properties in order to increase its business, the details of which will be $$$$& given in tho next Annual Report. V The present cash resources of your Company and those in sight are shortriSl of meeting these requirements to the extent of about $5,500,000. The Board ofM Directors therefore recommend that at the Annual Meeting to be held on May VyJKi! r.,t. iT- fl 1 tj " xl. li. A-1- it. r '' . 'f''l mi ine anarenoiaers approve an increase oi inu cupuui eiock oi me company iv. a. At.. a a m aid a..a . At. MnH ..ni.,M k ceo mn di u hi- &$& increase be authorized, shareholders. will be given the right to subscribe between ij$ Way Z4th ana June lbtn, iuiy, ior new swck at its par value or,?tu per snare to ta tlio extant of 10 ner rent, of their registered holdintrs at the close of husineis on tV'Aii f - 1 OaVl. 1 fs 1 T Vaf. h Vjai atknA llart tm sV r AV Of aaaASja a , at ja, nsn m a Tb 1 ffaVw rd, 'i iuuy iin, iiiii ; and October 1st, rmnum irom ine uaiu ui uuvmciiL iu ouukciiiuci oui.ii. apx i. larxuvisiuii win uc mutn1 . v.r.:.L - that subscribers for whole shares shall have the ritrht at any timo between Ma &?: 24th and June 15th, 1917, inclusive, to pay their, subscriptions in1 full with inter-liT 'J est thereon at .the rata of 8,per cent, per annum from March 31st, 1917, to the date of payment and receive stock certificates participating, in all . subsequent SjjX. .' dividends. Subscriptions for fractions of shares will bo payable in -full' in cash .J$Sy3 at the time of making the subscription and will bo exchangeable between July Si 16th and September 25th, 1917, for stock certificates when presented in.' lota f twS aggregating whole shares. After September 25th, 1917, full paid certificates of' $$& subscription for fractions of shares shall not be exchanged for stock,, but shall ''','M'2 bo redeemable in cash at the rate of $50 per share on presentation at the office t jfj 01 mo company uuiy uaaigucu in uiuim. vi i.ii.i.ai.t.-, ui ouuuiiiJuuu aui xrucuuna j of shares shall not bear interest. . rf At the request' of a number of shareholders the Board of Directors hasXa'2 decided to take the steps necessary to list the present andnewtck'ion theiSS 'pMWlnlnhin Stock Exchange. ' ' wJ -" r " . i '. ", . . '.iCSsl.T! In the Summer pf 1916jjNational Guard was mobilized for' service on&Hlp; the Mexican Border. One rKfired and fifty-one (151) employes.pf The United-'Sir '" Gas Improvement CompanySnd of the companies operated under its supe?4 b,-'.- ' vision wero members of tho Guard. The Board of Directors felt it proper undei" $ the circumstances to provide for tho payment of the salaries of these men during wf 2 their absence and to hold their positions for them until tbe'lr return. This' was, y J&ti made possible with slight expense to the Company by the men aholvomen left" behind cheerfully arid voluntarily performing'in addition to their own tasks thoaj of, their comrades at the front. We aro now faced by another; emergency Ifational Defenso, and your iioard oi uirecwrs on nprii nvn, iux,.autnor tim Prpsldent to issue the followlnir circular letter: ttr ...MMAtirl 4 Via 4- mii n4lir nil fVtncA mnn wrVin tVAin mil " " A X iCtUllIIIlC! tttts JTUU lUfcatV.J .aaV( ti.vi Tav v w vw -vfyJ when they went to the Border and aro still members of the National Gtu who may be called to serve in connection (With tho present National En gency, that until further notice their positions will be held open .for 'thejl and their salaries continued. Arrangd for men toftlethyou Powelra jij attorney for payment of their salaries to persons, speciiwqmv.w.i(Mpi ' . .J T 'a , . 'l-l.-'Tfl . I, 'A.- '. .' T t V 'Sit In 1916, as in previous years, the employees. of TheiUaWtJ.CJ ment Company and of the. companies in wWchv'lliei.Uatttf Qaf u)i Company is a shareholder,' have proved theinswifalttifjil.jfisW a..' .' '.'.VI !,, mIMI. .ann kw 'larML L' '"1 Wtfr-U'l'&J hd of the public whom thty'tumi.fk f04?ijm a ' i, ' ,'Jw, 'T'i'k" " "IS!! 5k& L"iiiir,r win raw .x , ... A..r m.vb. . . ..v liiifrnifMH '-l.r:, ." 14lv "" " ,"'JJ a TS.,. -W -V r- r .T&'l-v. ' ,. . i,V.al. m,k
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