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