GOSSIP OF THE STREET
FINANCIERS FORESEE GOVERNMENT
OWNERSHIP OF
Ijany Leaders in World
Will Bring Pronounced Change in Methods;
Gossip of the Street
i
IT IS ecneiallv believed that when tlio war Is over one of the great questions
to be solved will bo Uovernmcnt ownership of public utilities Somo financiers
go so far as to a that Government ownership of railroads, telephones mul tele-
' iraphi "' become mi accomplished fact
f drag beyond a vonr from now.
This view lias been considerably strengthened by a report of n. special com
mittee, organized to ImcstlRntc tho subject, to the National Association of Hallway
Commissioners in Washington.
fc After outlining vviim is ui-i-csury 10 piaco tuc rauroaus on nn clllcient liasls, the
I report Bavs inai auumonni unuons 01 capuni are necessary tor tlio purpose, and
dds that since regulation can not permit the advance of railroad rates to n point
v where the necessary capltnl will bo provided from net earnings, the necessary funds
muit come from Investors or uicuovernmcnt.
The report also concludes that "properly planned future railway cpanslon can
only come about through Government direction."
In this connection tho old question, ni to Government operation being moro
nwteful than management by private ownership. Intrudes Itself, but It may safely
I Inferred that after this transition period through which the nations nro passing
and in which we are learning economics In n new cchool, when the tlmo comes
for Government ownership of the greater public utilities, such ns inllroads,
telephones and telegraphs, there wilt bo n new niniy of oxperts returned from tho
war, with now Ideas of Government and thcli ilutiTJ hs litUens, and enpjblo In
every wnv to conduct nnd manago our utilities for tho greatest benefit of all. Old
arguments on this BUbJcct will not hold.
There Is another phase In the matter of public utilities which Is receiving much
deserved attention bj tho convention of railroad commissioners In Washington, and
that Is the public control of tlio Issues of bccurltlcs by utility companies, and the
dual redernl and Stato control of railroad financing. Theio Is crying need of
reform In this connection. In no other civilized countrj would such laxness in the
Isjuo of securities bo permitted ns exists in tho United States Tho lack of homo-
i genous laws In the various States on this
to the necessary rotorm. &o long as irresponsible perhons can obtain n charter
i,for a money consideration from one Stnte, to
Riecurltles in a neighboring Stato, Just f.o long
Even in tlio matter of the Issuance of
under the permission and supervision of Stato public servlco commissions there are
frequent abuses, which arc patent only to cpcrts, but It Is seldom that experts me
appointed on such commissions.
The committee on capitalization and corporato relations reporting to tho con
Mntlon of railroad commissioners In Washington, theiefore. recommends tlio tmssace
' of legislation by Congress giving tho right to Stnte commissioners to sit with the
, Interstate Commerco Commission In Its deliberations on tho Issue of fcccurltles.
If Flexibility of
Two Important decisions havo Just been mado by tho Government In nn Inter
pretation of tho new war tax, ono of which gives unusual prominence to tho flexi
bility of tho Liberty Bonds as a substitute for surety bonds under certain clrcum
nances. Thero is a law requiring distillers nnd bonded warehouses to fllo now bonds to
cover whisky In bond. The amount necessary at this time would bo about $500,000,000,
and with the distilleries shut down n strict enforcement of tho law would cause a
great hardship. It has been decided that now bonds will not be necessaary.
The other case refers to tho law requiring taxpayers to make a. return within
thirty days by Inventory of tho value of stocks of goods In tno possession of any
Individual, firm or corporation as a basis for taxation.
Whnn tlin. revenue) rnlleptnr tins pnmtintpd thn tnv. fnien mnnlha la nllntin.l in
jf which to pay, but any one taking advantage
I tome corporato surety company lor an amount not less than double tho amount of
1 the tax, and not less than $1000 In any case.
j The decision Is that the taxpayer may Instead deposit liberty Bonds for the
exact amount of the tax. This concession
corporate surety bonds, but ho draws his
deposited.
Liberty Bonds
Frederick T Chandler, of Chandler Brothers & Co., In a letter to President Noble,
of the New York Stock Exchange, makes tho suggestion outlined below concerning
lubscriptlons to tho Liberty Loan. Mr. Chandler vestcrday morning received n letter
acknowledging his communication from President Noble, who commends tho sug
gestion as a good one.
"An Incident occurred here recently which haB devoleped nn Idea that might
ha of considerable benefit to tho Government in the present Liberty Loan campaign.
"One of our customers whoso account required an additional deposit, subscribed
to $10,000 of tho Liberty Bonds through us, and then requested that we place these
bonds on his account to properly margin It.
"The extreme depreciation In tho price of stocks and bonds on the New York
Btock Exchange during the last few months has undoubtedly kept many Investors
from subscribing to tho Liberty Loan, Innsmuch as these people were being called
upon from time to time for additional cath to properly margin and strengthen their
accounts, and as a result tremendous amounts of money have been deposited with
brokers.
"Had tho plan ndopted by our customers been followed by other customers of
the various houses throughout tho country, viz, to have them subscribe for Liberty
Bonds, and have the bonds placed to tho credit If their accounts as additional margin,
It would mean a tremendous Increase in tho bond sales. While wo could not, of
course, require this from customers, yet I believe the suggestion would bo largely
complied with, and that tho volume of sales mado In this manner would round Into
many millions of dollars.
"To me this would seem to' work to the advantage of both customer and broker.
The customer would havo mndo his subscription to the Liberty Bonds and tho broker
consequently would havo the very best collateral to use In his loans with tho banks
and trust companies. Furthermore, In doing so ho probably would be able to get
abetter rate, which would ultimately work to the benefit of the customer."
Bond Business Virtually at Standstill
That business in bonds during tho next two weeks will be virtually nil, Is tho
opinion expressed In tho banking and Investment houses. Some of theso firms had
been doing considerable business in telephone and mall orders slnco the beginning
' of the Liberty Bond campaign, when all tho members of their sales staffs who had
ot been conscripted or volunteered for service have been out selling Liberty 4s,
This telephone nnd mall business has been gradually tapering off, until It has
now almost reached the vanishing point, partly thiough lack of interest of tho pro
spective buyers, and partly because orders could not be filled for many bonds which
ere In demand, those holding them preferring to wait for better prices, but also In
many Instances the firms who had them refusing to transact any business except
liberty Bonds.
Comptroller's Statement Reassuring, But Belated
Certainly the statement of Comptroller Williams saying that theio is no reason
for the nrenfnt lnw nrlnea nf utnr.kff. hnnda nnd securities, -md limine tho hnlrlAt-a tn
fi borrow on their holdings to obtain tho funds
'very reassuring from such a source,
' Investors had already sacrlfled their holdings to obtain the necebsary funds, but
opposing they had had the Comptroller's
ltt had kept going down as It did, with the
'he feeling would not be a very comfortable one. Of course, they could have added
the Liberty Bonds purchased with the loan to the collateral already put up, but
many would not think of that beforehand and would take tho easy way out and
B sacrifice, as many have unquestionably done,
Wten generally we would not in all probability have seen such a demoralization in
Prices of gilt-edge securities as was witnessed recently.
Excess-Profits Tax a Puzzling Problem
The excess-profits tax in the new war-tax law Is dally becoming more of a
Problem to the executives of large concerns whoso function It Is to be thoroughly
conversant on such matters.
At first the method of computation seemed simple, but when the real meaning of
the term "invested capital" comes under the microscope of Investigation thero would
aeetn to be as many opinions as disputants.
The treasurer of a large company remarked, "I have et to find anybody who Is
Wiling to give a legal opinion ns to the
that Is very troublesome is what may
A prominent lawicr rxnressed on onlnion that there Is more than one "Joker"
Involved.
Speaking of "this, war-tax act, a prominent banker lias said:
"There is onlv one wav to remedy such unfortunate situations and that Is to
have the President give his mind to the matter and guide Congress Into the paths of
jWmmon sense. The Senato appointed Its experts to committees who after the most
jareful study of several months evolved a bill which the Senato Itself with one day's
liberations tore Into shreds. The House proceeding was the same. The report
,t Us committee of experts as submitted after months of deliberation and study was
also torn Into shreos by the House with little If any deliberate consideration.
Economic matters which are scientific matters cannot be left to Congress without
uldance, for In that event either nothing happens cr tho result Is an abortion such
ine tax bill, which wns in desoeratlon
ular assemblies had ripped up and
. riot only did Congress not ask
Wa umtU." .
PUBLIC UTILITIES
of Business Believe War
before cry lontr should tho war seem to
subject Is one of tho great stumbling blocks
organize companies nnd lf.suo unlimited
will tho abuse continue.
securities on public utility propositions
Liberty Bonds
of this provision must fllo a bond with
not only eaves tho taxpnver tho cost of
4 per cent from the Liberty Bonds so
As Margin
they desired to purchase Liberty Bonds,
but it arrived a little late. Many of theso
assurance and advice earlier, and tho mar-
banks calling on them for more collateral,
but If the Comptroller's advice had been
interpretation of the new law. One question
be considered as 'Invested capital.' "
adootcd and passed in a day, after the
nullified the deliberation of its own com-
outside advice, out h ovorrmu m nuyjce oi
i
EVENING LEaPGHaR-fHipAPELPHIA, SATURDAY, OCTOBER 20,
LOCAL MARKETS GRAIN
PHILADELPHIA
MARKETS
CHAIN AND FLOUR
WIEAT-rtecelpts. SJ.02T bush. Th market
rilled steady Quotations Car lota In curort
elevator. Government standard Inspection No
Ii? J "l N" 1 red. J.Sl No 2 red.
I? 24: No 2 soft rrd. 15 Sit No 8 red. 12.211
No 3 soft red 12 llii No. 4 red, 12 lit No. 4
o(t red. 12 13 White, wheat relatively yam;
price a a red (Mined wheat, 2c oft.) No. ft
wheata, red or aoft. and ''sample. will be
bought on their merlta, but rn no case above, le.
under No 4
COIIN Ilerclpta 2000 buh Supplies were
small but trad waa alow and prices vvere
largely nominal Quotatlona! Car lota for local
trade, aa to location Western No 2 sellf
.' 1"W2 12 do No 3 vellow, nomlnali do No
4 mellow, nominal, do No 5 lellovv, nominal
OATH Hecelpta, 137.4WI buh There waa
Itttlo trading nnd the market was unchanged
Quotatlona No 2 while new. M'4 tf tide
atandard white new l4f5c No a while
new. infinite n-o. 4 white, new. rix0nic.
FI.OUH Rerelpta. 8Vi barrela and 41)0 lb In
sacks Tho market waa generally alead, wltn
demand aMnrblnis the limited offering "VYl"
tlnna per lint Iba In wood Winter alralRlit
new. $lii SS in an. Kanaaa. clear new imtC
1H35 do patent, new 110 1SW11.40 aprln
nrt clear apot IllWlt 2V eprlni flrat clear
new mill ehlpmrnt, tliitriuno eprlnK patent,
apot $12 r.t)Hj TV, aprlnn patent new mill
ehlpment till 13A it 4n aprln favorite brand"
til 701,2 21, clt mills choice nnd fan,
pattnt. til Tflftsss. ilt mllla regular
Eradr winter Straight tHU'eiOJO inlent
tin Viglim
livi: l.t.m-ii n .in. u hut ruled tend
TW" quote tUTItflllVI mill ahlpmenta till JV
Win In spot , ,0 c,uall
PROVISIONS
Trail ua. ..t. ... n.in. ! firmly
rrlnn
'M. .Quotatlona follow City beef In eta.
jmoked and air-dried .IV, weatern beef. In aeta.
moked, 38c. cltv beef knuiklea and tendera.
""I and air-drted. 34r weatern beer
kmicklea and tendera amnked 31c 't pm!
14.. pork famlh tiMfi." Imma P I " ren.
71? .do do .moked 2S"S'c other tin in a
Sni2kV,.?"y rur"1 " to brand and """,:
'ai2;S!r- hnm"- "molted weatern cured
-J1 ."' e. do boiled lonelra lc rljni
houlder. fi rurel lon.c 24c do "''
T.Jr ''J1" In rkklc nccordlnir to "V""!
loo.e ,13c i,rpak,,t hir,,n. na to bran and
aeraae clli ( ured 4iN breakfaat .'""
."rn cured 4(k Urd weatern rflnJ. '.-
-He do do do tuba Mi. do rura y. ketiw
rendered in tier, e jn, . do. pur iUV- 1'l"",
rcnderid
In tuba JDc
REPINCD
SUGARS
.VS. mirket wna nulei but firm,
on a basla
" c ool mr extra line cranumicu
DAIRY IMIODUCTS
, HCTTKIl Whol, anle Irnde an uvial on the
Inat day of the week win qulot but prices ru eil
aleadj ontrltl tan ait.ik. ,n, rlimanf which
were tlklit ciuotatlnna VV . at, rn aolld pacKed
crenmen hn, y apc lain Ilk extra I3' yc'
"Xtra flrata Ik, llrata 42S aicollda 41W4.'C.
nrnrh prlnte fancy, Isc iivcrni.- xtra 4Hj
47c rlrela 44V4V ie, onla 4JW4I, apcclal
brand of prints jobbing at .11 il 54,
I IlltU IN.... ..!. ...lit itrviM Mill KCirCO
and firm with d, mind equal to the offerliiK!;
lut unnttriiitlx. alnik waa dull and weak to sell
Quotations wcn ua follows 1'reo laaes neur
it firsts tlJ tin per atandard cnae, currcn
rirtlpta flj .11) pir iae, stiond" tlOUiUll.i
I" run. H.atirn extra firsts tl2 l (I per ease,
llrata tlJ .III pnr hip, accunds fUMioSf 11. 2j
per case fano s lei ted CKKS wcro Jobblns at
."tiW.'li pi r dozen
'1li:i:sr. sold slowh nnd wns Imnlv steady
Tim quotntlonH follo New Vork full cream,
fancj Juii. Jillf.'il'jc. do di fn all made. Beat,
-n do do , hot, e Jl'-a4fJlt do do do. lair
to Rood .'.I'j ijjlc ,
POULTRY
MM: -Tho nnrket waa dull an I weak under
accumulatlnc siilipllca Kollowlm; are the quo
tations Pow as In quality Jlt(24r roosters,
lli'li'ik si hub chlikcns. not Lcphorm cc,0r;L"
Init to quTllt 21Vi.'1o While l.eithorns Ills
Jlc, ducks Pekln .-Uf.i do Indian llunner.
l'lW.'ik do aprlni. 2.,1i.'l, lurkejs. 2-'W. Ici
bUlneas young per pair wilBhlntf l'aP- lb
ipUo IMirnutl snuller sljes. "OWUOC. do
old im r pair tllltdtV plKcons, old. ptr pair,
2VW Mi il joiiiib pirpilr J1IW24C
lillKtsKD The nurkft was quiet, but
values n stiaillh lull on line, desirable
sized atmk of mi st diairlptlons CJuotntlon
wire iih fulluix I n 1J to box milk f, d
dr rbkid fams Hlitid II, do uilahlui: I'i
lbs in lit 3il'n do , Ikhlng 4 lbs npliie V .
do welKhlny .l'i llii apiece Jllc do welBhlni;
3 Iba npleco 27MJSi funis It'd in hbla fancj
dr picked, wilshlnir 1'4 lbs and ovtr apiece.
30c do. welahlnu I lbs apiece 2llifJlac do
smaller sizes JtOJSc. old rooster, dn clckad,
22c, broilers wiBliinir 1V WJ lbs apleco ler
ey, fancy aittlilo Vlrxlnla. fancy. 30033c.
other nearby JHW30i per lb wi stern -" 10c
roastlnB chickens western weighing- iba and
oer apiece J7f,i)j,r chit kens, western weigh
lne SH lbs nplcie 23i do, woliihlns. S'lW
lbs apiece J1W24i , turk'ie. fresh killed lr
lb, western lust here J7frjse i ommon 23flp
.T,c sprlhB duika J,VJs( squ iba. while, weigh
ing 11W1J lis per doz t" 3"iH do welghlnB
lliiDIO lbs per doz 14 7"iWa J"i do weighing H
Iba per doz I Hl I :., do wi Igning ( ids per
doz, 3 2W3 5d do weighing OOH'4 l"s
doz. t.' Sue.' 7S do dark, l-'JJi-'TJ.
per
do
small and No 2 7&clll oil
PRESH FRUITS
Demind waa only moderate and peara and
pluma were a ehxiM easier Quotations Apples,
New York per bbl Jonathan. IWI SO. King.
tVWd, Maid n lllush t3fl Twentv ounce.
t4 nntrs in tlnivensteln I IWr. .' Wealthy.
tS0 areenlng t3i 'i Duchess t1W4 .10
Ilaldwlu t.1fi,1 crab, tNWu apples, 1'innsyl
vnnli and Virginia per bbl Alexander 14W1
Home Heautv tl.10$,1o Stumen VVlncsap
tltlllu arlnus- (lolden, tSf'il Northwest
(Iretnlng Wu'i. Starke, tiSS.1 clano t3W4r.il,
Vork Imperlil $4S(4 ii lien Davis t3SJ4.
summer ltnmbo i lilGIM, applea. Western, par
box Jonathan tJS'J'iU Winter Uanana,
II 71GV i.i.11 apples, lxarby. per hamper. f0c W
tl 10, do do. p. r S -bushel basket. 21c Otl 2J.
crab applea im r S bushel basket tl 7fi- .1
Quinces, N'ew ork per bbl, 1,10(1 no Lemons,
ler box t.' lon Ilannnas per leh tl Jiftl
.'1.0 Ornngis California per box, $2W1 ill
rineapplts I'orlo Hko per crate, 3 Jllf i
(IriiKs New ork pir.llb basket 18tf Kk k
do per 111b Insket i,ii1i7oc do. California
Tokas. pir ir iti tl'HJ do California Malagas
per irate fin l In do, California Muscatel, per
cratt, till 1 10 do California Cornlchon per
irati fl Till'.' J1 Prunes New York, per 4 qt
basket 20f40c Plums New York per 4 qt
basket Damson 4 ip41c Green llage, 4(1W
41c , pluma California (Jross per crate (1 ,'W
2 in Cintaloupes Colorado, per Hat crate
whltn rinds JHil.ll Teaches. New York per
bushel basket tlJ do do, per 14-111 Qt bas
ket 41WHOi do California, per box roc Offl
l'ears, Niw lork per bushel basket llartlett
tllo-fujl beckel l.'Kfl ,10. pears New York,
per bbl llarthtt tiSd. heckel fMS, pears.
California llartlett. p. r box ti3 5n cran
berrlea Jersej pir irate, fj3 J3, do do. per
bbl , tUHfll
VEGETABLES
Tha market ruled firm and onions were a
shade higher but demand waa only moderate.
Quotations Whltn potatoes, Jersey per -bushel
basket No 1. fiocWfllO. No 2. jnfB
hoc. do do do per ISO-lb bag Giants. f4
4 21 do. do per bushel. Pennsylvania fanc.
tl.USWl 85 do. do fitvt York, tl 8001 71 do.
do. Now Jersej. tllOUllll Sweet potatoes,
Kastorn fehore. per bbl No J, 1383 75 No J.
I22 23 do do, Jersey, per S -bushel basket
No 1. 7380c. No 2 BOfrfillc Celery. New
York per bunch 20073c Lettuce, New xork
per box. nOcfffl f.0 Cucumbors New York, per
bushel tie J 2.1 Caulinowor Long Island per
box tl17n do New York per box t2 2101
Watercress N'ew Vork. per 100 bunches tl 50
rti Cabbage New York per ton tJ8w 41
do, Danish seed per ton t31W37 Onions, Jer
sey, per hamper fll 7.1, do Orange Counts
S" Y per hamper II J11 7.1 do, New York,
Massachusetts Ohio and Indiana per 100 lb
big No 1 t1017.1 No 2 JJ2 40. do. Cal
Ifornla per 100-lb bag t3 7.14
MONEY-LENDING RATES
riHIjADKLI'IUA Call, S per cent; time,'
613164 per cent Commercial paper, three
to four monthi, 5i35H per cent; six
months, BVSOS per cent.
FOREIGN EXCHANGE
vrav YOrtK, Oct 20 Dullness was un
interrupted today and there
quently but little feature.
was conBc-
Quotations weic.
Demand sterling 4 76 3-16, cables
4 76 7-16, sixty-day bills, nominally, 4 71'3
and ninety-day bills 4.69 "4
Franc cables 6 77?i, checks 6.79
Lire cables 7 77, checks 7.78
Swiss cables 4 63, checks 4.66.
Guilder cables 43'1. checks 43
Pesetas cables S3 45, checks 23 35
Ruble cables 14, checks 13.
Stockholm cables 37 25, checks 37
Chrlstlanla cables 3m, checks 31k
Copenhagen cables 31?i, checks 31'a
1
BANK CLEARINGS
Rank clearlnga today compared with correl
.poUnr day .a.;owo y.ar.
DIVIDENDS DECLARED
rimlra and VVIIIIamsport Railroad Company,
semiannual of t! 20 on the common, payable
JiVember 1 to holders of record today
" i Ivirtt Electrlo Light Corporation, usual quar
i.ixi of ' ti 50 aaha.ro, nayabla November I to
jiwell Elecirio l.igni
3 of W 50 a share.
stocK oi.kj; -," ,."i
r.v r record uciooer
Atiantlo Coast Lino Railroad Company, usual
,rS innu.1 of 2V4 p.r c.nt on Pr.f.rr.d. pay.
WWiVr-miii- irT
'. ilv.mh.r 11.
uuu kiu.a vvvuwr .a aim
irr-'!,., ji,n and Trust Compa
varmers ln ana iruii ionipanr, usual
niiarterly of 4V, per cent, payabls November 1
?H holders of record today. L
' Fori ; Dodge and Dss Moines Southern Hall
wav usual qunririi hi 74 V w.ii- un cum-
tnon and preferred, payablo November 1 to
hinders of record today. '
iilveralds Eastern Oil Company, quarterly of
ihrVa-auartera of 1 per rent on common ana
ii! per cent on preferred, both payabls lo hold
ra of record October 31
Atlantic Coast Llna Railroad, regular seml
annus.'.. of 2V, per cent on preferred, payable!
Vlorss'Vc 10 Hooks closed October 27, rgopen
'!' -"-.-. .I.. .1. ... ..
J4- -rfr -
commoD.
?
able NovemiW 1 to atock of record
Qe0Vtt
CORN OPENS EASY,
WITH PRICES STEADY
Market Is Approaching New
Crop Basis Offers Come
More Freely
drain nr.t.T v.u.Titi:ri roiuxusT
UlICAdO, Oft. 20 Illinois rn.cltled,
probably with light rain In the, north and
central, warmer In southrnstt Monday partly
rlnudy.
.Mlssonrl Unsettled this nllernoon followeil
br partly cloudy tonight nnd Mundari colder
toalf-ht northwest.
Wisconsin Unsettled tonight, probtblr snow
or rain southessti Nunday fair,
Minnesota Fair tonight nnd Sunday, colder
tonlghti warmer Wunday west.
Ion , Partly cloudy nnd colder tonight!
Sunday falri warmer extreme west.
North Dskota Fair tonight nnd Sunday!
colder southeast tonlghtt warmer Sunday.
south Dakota Pair tonight and Mundayi
colder east tonlghti warmer Sunday.
Nebraska Fair tonight and Hundarl colder
cast and central Jonlxhtt warmer Monday.
Kansas I'nrtlr cloudy tonight and Hundarl
colder tonlghti wnrmrr Nundnr north and west.
Montana and Wyoming Fair tonight nnd
sundnt, rxcrpt prohol.lv rains extreme north
west Sunday und Monday.
rmcAoo. Oct 20
The understono of the corn market was
easy thta morning;, but changes In prices
remained narrow The new crop Is being
offered somewhat moro freely, nnd while
so far tho tenders have been taken, the mar
ket really Is rapidly approaching n new
crop hauls It la expected that farmers
will market freely and a. larger movement
was looked for shortly.
The receipts here today were 71 cars
December opened at SllEffllSla,
iigtlnt tl 15, n.t tho close, yesterday, and
later sold at $1 U May Rtarted He
lower, at Jl 10i4 and Inter sold at tl 10.
The mnrket at Liverpool was firm on
lighter export clearances World shipments
fnr tho week are cxperted to bo small Tho
weather In Argentina Is fine '
oats alsr were easier on predictions of an
enlniged movement from tho farms The
receipts here today were 184 cars. Decem
ber opened nt ERtafE8He, ngalnst B8SC
nt the end jeaterday, nnd May nt 60HIH1
60 'ic compared with GOije. tiro final Quo
tation of jeaterday Tho market at Liv
erpool wns easy with somo reselling
The receipts of when nt Minneapolis and
Duluth today wero 517 cars, ngalnst 485
cars last vcar At Winnipeg 916 cars,
against GUI cars; at t'lilngo b5 cars, com
pared with 61 cars
I., ailing futures' ranged na follow a
lorn in, w dellveri
Test.
Open High
IVii-mliHP 1 n, 1 n,
Januarv 1 in 1 10
Maj 1 10'i 1 ln
O-its
OLtober 'iR,
Detember ,sU rS
Mai . II0S HO,
L-ird
October i'4 10 '.14 10
N"o ember V3 07 -J4 no
Janunrj -.'l rn ill ,n
lllbs
October
Januar 21 40 21 43
l'ork
October 41 71 41 nn
amiarj , 4n lr. 40 1
Ull f Asked
T'T. Close close
1 I4'4 I 14,ti 1S
I IIBlJsl imlj tl ll
1 (111 1 Oil, 1 lO'-i
'.RS
M4
tun j
sa nn t.'i nn ji in
I fin .'1 rn .'4 n'i
.0 00 Jl ml .'I U"i
27 an
20. so 2d an ui u".
41 7S U on 4i nn
8S on las uo ttu .10
GOVERNMENT'S LOCAL
MARKET REPORTS
Tfils ffnlly report Is sent out bv tho
nurrau o Market of the United State
Department of Agriculture, Philadelphia
branch, with headquarters at 300-31S In
'Uraiioo exchange- Building. Bell Telephone,
Lombard 117.
'VVIiolesile prices on largo lots to Jobbers,
biscd on sales at the arloua railroad depots )
ttlUlTS
Al'PI i:s. per barrel (40 to 4V quarter recks).
Pennsvhanln and Virginia York Imperials "A '
2V,-ln,h Jl 23. "II' grade JW 1 2V tav
men VVlnesap "A" grade JV Inch, I'OV'ii
Orlmes A grade. 24 -Inch l'iVir,n Jon
athans 'A" grade 24 -Inch. IH0O 2V Main's,
greenings 'A' grsde. 24 Inch (4 7103 23.
II grade J4. Ilubbardstons SIWS Hen
Mivla II ,',n Delaware stamen Winesip "A"
grale 24 Inch (1V3 21 per box (Oil to 188
apples) Washington Jonathans. (10002 73
IIAII AI'I'LBS. nearbj, per H -bushel bas
ket (Ii quarter pecks). (3
CANTALOrpfH no sales
I IIANIIKHIIIIIS. New Jersey per 32-qt.
rntes (2 21r
tlllAPFH Now Tork per 3-lh basket Con
cord isnic , per 15 1b. basket. Concord.
il.li 7ne Niagara line.
I'KAIIS New Vork. per bushel (14-15 quar
ter pecksl llarttetts, (1 r.OSM (10
rBACHGS N'ew York, per bushel (14-18
quarter necks) Klherlaa ( 1 75
vni'NKS no salea
l'l.t'VIM no aales
Ql'INt'KS N'ew Tork. per birrel (40 43 quar
ter pecka). poor quality. $3 3n
VEaKTABLKS.
nRAN'3. nearby. pr 4 -bushel basket (0-10
quirter pecks) green, 75c (1 50. llmas, Jl
I ni wax. (101 23
HIIBTH nearby, per bunch. 2fft.
CAI1I1AOK. New York, per ton. (1()T3r!
C MIKOTS. nearby, per barrel (31-41) quarter
pecks) IJ J1f, 75
CAUMrWIVKR Long Island, per box (14-18
he ids) (1 2K83 3n
ci:i.i:nY. New York, per bunch (12 atalka),
II wine
KOCIPLAN'TS nearby, per -bushel Insket
(lr.-'jn nlanta) 6ni81c
LKTTUCE. per box (2 doien heada), 80c
II r,n
ONION'S, per 100 lb sacks, ellow. New York
II "ill M.I (13. Maasachusstta 13 50, California,
Atiktrallan brown. II SWI
PAIISNIPS nearby, per S -bushel basket (0
quarter pecks) finwolo
PEPPBIIS nearby, per -bushel basket (8-10
dozen) 20."J1c ......,.
POTATOES nearby, per S -bushel basket
(33 lbs ) firsts. I14CI in, seconds nnttKnr
bulk per bushel
Innsyhanla, II 73
1 M New York (I mini i
i
basket , bushel
1'LiMl'Klfli nearuy, per
(1 7 In basket) lHn"l
ic
SVVKUr POTATOI.S Eastern hhore of Vlr
alrda. per barrel (13-4n nuarter pecks),
per barrel n.
(3 11693 80 seconds, (22 4n, nearby, per "i -hushel
basket (K-H quarter pecks), firsts jet
low 73c I reds, ROOSSr . seconds, 4njf3nc.
SPINACH nearb) per barrel (40 quarter
pecks) (lrl 50 t ., . , . , .
TOMATOES nearby per Sbushel basket
(7-m quarter pecks). 5n7.1c , few higher
TUKNIPH nearhv, per S -hushel basket,
white. 40 011c . yellows. 50 0.1c
VVATi:ncm:si Now York and Pennsylvania,
per bunch, 14 2c
HOLD AT AUCTION YESTERDAY
OrtANOLS, California, per box, large, also
(lll-U doien) (J 214 40, medium, alia (14-18
doren) II 11W I 4Ui small size (20 27 dozen).
GUAPES California, per 24-1
11 15il 10; Malaga. II 30 1 8
Tokay.
Federal Ilescrve IJank Statement
Tho condition of the Federal Keserve
Bank of Philadelphia for the week ended
yesterday compares with the previous week
as follows
RESOURCES
October 10 October 11
0t1n1caC?e.nrnn'varurt' I1B.035.875 00 U8.SU.ttO 00
fSndrt ."!!""""' 7.34-T000 00 30.985.000 00
"wneiM .f.",.',., 3.875 000 00 3,675,000 00
Thyabankf.hf. . 40,87f.873,00 138,031,020 00
0K.m7 SfSS!" 41.302.835 00 44,240.783 00
und "l:?.".1"".' 030 000 00 050 000 00
Total gold re
Hrve ....
182.230.700 00 1101.123.403 00
T..l t m n A r
notes, silver, etc. 710.832 00 780.407 50
Total reserve.. (02,947.302.00 (101,917,812.50
"rnem'beV.T1:'" 10,008.544.39 0,318.403 31
Bopn m.Urkh.t. .'" 14.800.454.44 17.461.825 91
Total bills o n
hand
U. 8. Gov't long
term securities.
U S. Gov't short
term securities.
Total U. S. se
curities . .
Municipal w a r
ranta (24,398.098.83
650.400.00
3,075.000 00
(20.780,291.22
650,400 00
3,155,000 00
(3,623.400 00
10,000.00
(3.705.400 00
10,000 00
Total earning
asset (28,031,398.83 (30,493.691.22
Due from other
KR banks ret 7,087,726 86
Uncollected Items 41,269,818.29 80.080.728 97
Deductions from
gross deposits (48,357.839.85 (80,680,723.97
Voluroegh.? " "' 224,710.51 21B.004.4T
Total resources. 1109,604, 041. 10 (160.309.231.10
LIABILITIES
Capital paid In.
aovsrnmsnt de
posits . ...
pus to members
reserv account.
Collection Items.
Duo to other .
jl. banks, net...
13.273,400.00 (5,275,400 00
1,622,101.53 69:,69.62
71,188.070.80
32,663,106 3.'
75.327.699 OS
20.150.473 93
1.948.110 53
Total gross d
(105.473,347.71 (101.007,880.13
F, II. notss In ao
n,.i ..ireulation
58,181,100.00 56.413.383.00
All othsr liabili
o38.ltS.4S 612.569.03
ties;
7&rtii.bmut..'iw.M..ou. u6.o.sjt.i
AND COTTON
COTTON IS WEAKER
ON GOOD CROP NEWS
Traders Discount Reports of
Small Yield Liverpool Short
Interest Largely Liquidated
COTTON lir.t.T VVIIATIIF.R CONDITIONS
NI.VV 10HK. Oct. 20. Tha weather was
mue n colder In me cotton belt this morning
"iin neavr
In l alBtm
section. There was some light precipitation,
jhe following temperatures were recorded!
Nashville. 32 lllrmlngham, Sli I'nrt Nmlth.
hnttanoogn. linowlile und Atbtntn. 30(
Nhreveport. 38i Oklahoma Illy. Little lloek.
Mneon. . Montgomery and Thomastllle, 40
1'ensaroln
J2 Nun Anlnntn. Memnlila
i no
loime.
Corpus
iloblle, 44i Kaleigh, 4(li New Orleans. 4Si
an
Corpus tlirlstl, Am (lalvrston, Augusta and
atannnh. All Wilmington, AA Jucksonillle,
uni i nnriesion, ir iiinllia, Ti,
There, wns ,01 Inch uf precipitation nt
Augusta nnd Nnslullle, ,ri nt savannah.
Mobile nnd lllrmlngham, ,04 at Wilmington
and Tampa, .OH at Ner. Orleans, .Si at
Raleigh, .40 at Atlanta und .44 nt Knowllle.
ni;v Yont:. Oct :o
Tho lone- of the cotton market was
weaker today on a hellef that a small crop
had been discounted.
Liverpool waa a seller, nnd thoe carry
ing; Kngllsh business Indicated that the
Liverpool short Interest here had been
largelj liquidated lluylng for this account
has been an Important sustaining factor
for some time
Pesplle the fact that there were more
unfavorable crop weather conditions In the
South tho opening tone was easy. Decem
ber nnd January being 1 point higher, but
later positions Bhowlng ecllncs of 5 to 17
points on tho call.
The selling especially of the Inter option,
was more general than It had been In a long
lime and tho dem ind was only moderate.
It being the Impression nround the ring
that the present high price has caused all
Interests to exercise ciutlon so far as
making purchases Is concerned
Liverpool, room traders, commission
houses and New Orleans Interests wcro tho
leaders on tho selling side, while spot firms
and somo uptown Interests bought
The effect of tho export embargo wns
Indicated by tho decrease of 49,171,800
bushels In tho exports of wheat nnd flour.
In tho exports frpm July to date, compared
with Inst j ear.
Cotton receipts at the ports for tho day
nro estimated nt 38,000 bales, ngalnst
22,582 bales a vveel. ago, and 45,012 b.iles a
year ago.
Yesterda's 11 10
loftn Open a in 12 in
October 21 17 2 ."
December . 27 V .'7 (HI 27 30 27 31
January . 27 1 I .7 ii 27 01 27 "t
March . . .(I Ml 211 1C .'il 7T .'0 7 1
May .. . . JO 711 Jfl 7(1 20 01 20 01
1 10
Pm
-s nn
27 37
2(1 0
.(1 71
20.03
CLOSING LIVE STOCK PRICES
CHICAGO Oct 2n HOOI Receipts, in 00')
bend Closing slow at early decline Hulk.
JlilWld.T) light 114 I1-.5IHII J5 mixed 114 WI
or 111 75 hea 114 DOtllfl 60, rough. 114 11(1 W
13 in
CVTri.TI Hecelpta. 2000 head Weak. 117 10
NIIEEP Receipts. 2300 head Weak I1J UU
I vmbs (IS
MII'TII OMAHA Oct 20 HOGS Receipts,
COiin head Market uneven, steady to .'1c lower
CATTLB Ileielpta 1500 head Market mosl
1 direct uneenl lower
lti:i:r Receipts 37UO head Market noml
nalb stead).
NEW YORK COFrEE MARKET
Ni:V YORK, Oct 20 Tho market for
coffee futures opened unchanged to an ad
vanco of 1 point. December wns the only
month traded In, nnd there wns little liqui
dation on the position right after the call
Yest
Open High Low Close closo
December 7.13 7 13 7 12 7 i 7 11
March 7 3(1 7 8J 7 31
Jul 7 (IV 7 US 7 (IS 7 67 7 flll
Hcp(ember . . 7 8(1 7 S3 7 5 7 83 7 8J
BANK CLEARINGS INCREASE
Business 14.6 Per Cent Above Corre
sponding Week Last Year
Hank cloarlngr throughout tho country
for the week ended today Uiowed substan
tial gnlnv over last week nnd tho bame
week last ear. The total for nil cities
Is (7,282,088,165, ngalnst (5,377,877,807 last
v-eek and (6,355,672,44') the corresponding
week last ear Philadelphia's Increaso Is
20 3 per cent
Details follow
1017 IBM r r
New York (3.503 asu 7DI) 13 214, (l.M, 298 i 7 4
Chlcaro
41111 Hill) 11(17
317 007 07
417 8nnsl (-111 II
2sn inn 87". jo i
211 750 '171 .M .1
UO 7M noil 44
110.0V7 747 27 3
72,tn7 IN 37 (
(0 72h nm in 2
411 815,241 3.7
.14 371 (IKK 20 7
3d 4 45IIM) 20 4
Philadelphia
Hoston
Kanaaa City
m I-oulii
H Francisco
Pittsburgh
Detroit
llnltlmore
New Orleans
2111 1U7 487
1110 II .'Il sin
140 HO 021
011,8113 'il I
71 012 (UK
41) 513 ."'RU
44 572 281
43 KOl.flll
11 cities. 5
das 15,:
11,575 175 1 1
025 410,020 12 7
035 278 014 23 9
Other Hues,
I days.
821 471,823
Total of all
cities for 5
daya . . (0 037.046.038 13 280 fiOl 010 14 3
All i Hies, 1
day ... L2lt.041.217 1 074 077 509 15 0
Total for all
cities for
week .,..17.282 088 15 (fl 3"i5.072.110 14 0
NEW YORK BANK STATEMENT
Bipr Increase in Average and Actual
Loans Surplus Decreases
SCW YORK. Oct 20 Tho New York
hank statement this week shows big Increase
In average nnd nctual loans, with decreases
In surplus In both c-ises Demand and tlmo
deposits decreased.
Details follow:
AVERAOn
Loana
Net denund deposits
Net tlmo deposits .
Circulation
Cash In vaults. . .
Reser In memoir
banks . ...
Resero In Ktato
banks and trust
companies . . .
Resero In atato
banks and trust
company deposi
tories Aggregate reserve .
Ileservo required
4 071,410 nnn '181, 815 nnn
3 nil 2ii5 nnn nt 723 nnn
2JJ.3t)4,oon 5.021 ono
U.H48 nnn 2V nno
tlOO.814.000 .V.'O.'.OOO
457.772.000 3,028,000
(02,210 000 '3 210 000
7rt 272 Ono
5i) 284 nnn
501,141.200
114 042 0l)
1121.470.000.
4 4M) nnn
4 8s non
N,8ni ann
d.t93,800
Surplus
ji
nerln Included.
tUnlted Mates deposits deducted, (191.9S9.000
ACTUAL
T.nana
. (4 0(17.077.000
s 13 619,771.000
(14,171.000
31.S2S nnn
3 102.000
281.000
1,637.000
Net demand deposit!
et time deposits
Circulation . .
Cash In vaulla
Resero of member
banks I n Reserve
Hanks
Reserve In Stat"
banks and trust
compantea .
Reserve In 8tl
banks nnd trust
companlea deposi
tories Aggregate reserve
Reserve required
Hurnlus ..
.'.'il iVi uuu
.12,229 000
108,148 000
426.205.000 30.427.000
151,107.000 11 017.000
93 490 000
07.1 872,000
407,872 0.10
70,499.070
21.014 000
JO 9611,000
1.070,080
35.983.320
trnllfd Htatea deposits dedu
(Specie Included (ill 200 000
lJecreaer,
oslts deducted (227,442,000.
OUTSIDK HANK STATEMENT
BTAlli un.nia
Loana, Investments
Oold . .. .
Currency, bank notes
Federal reserve banks
(431,983,000
28,819,200
20 29H.200
20, 107, S00
607,114,600
(1,845,800
407.700
481.000
2.417 600
18.080,700
VCIVSIia i I
Reserve on deposits
110,272,900
1 388.000
Percentage of reserve
5.3 per cent, Increase,
3 per cm TRU8T COMPANIES
Loans Investments (1,890,093,700 (20,504,100
Oofd.... 82.670,400 4.263 700
Currency, bank bills 14.871.600 420 900
Federal reserve banks 87.107.200 2.427.100
niMSlts 2.180,812.700 20,843,400
neierve. on deposit 848 118.600 '5 044.100
rercentags of reserve, 21 per centi decrease,
.3 per cent
STATU HANKS AND TRUST COMPANIES NOT
REPORTING TO CLEARINO HOUSE
Leans. Investments . (846.707,400 (8,443,900
Sold I . ' 56.999.400 49500
Currency, bank notes It-SOS.OOO 078.100
Federal reserve banks 6,023.000 904,200
Total dPOslta 1.009,857.900 12.083 800
N.t deposits.. . JIMSMffi " M.
Reserve Ten deposit 1M.807.40O '852.600
Percentage of reservs, 23 9 per cent, decrease,
,S per cent
Decrease.
England's Currency Notes Increase
LONDON, Oct. 20. The Bank of Eng
land reports the amount of currency notes
outstanding; as 1166,276,978. aa compared
with 1165 638.761 In the previous week. The
amount of gold held for tho redemption of
' weh noleB rTOalM ftt j"'00'
1917
U. S. WAR SPIRIT AROUSED
BY LOSS OF TRANSPORT ANTILLES
Continued from Page One
would take the first big casualty list. The
war admittedly has not been popular, but
If the reports of editorial comment through
out tho country reaching here today are
to bo relied on this loss of American lives
will solidify the people behind the President
In tho determination to carry on the war to
successful conclusion
It wns pointed out today that this attack
had been expected and that 4t in no way
Indicates that tha submarine menace Is any
greater than It has been It simply marks
the first successful blow struck by dermany
at the American lines of communication
over which a continuing stream of vessels
carrying men nnd supplies Is passing.
The sinking of tho Antilles will result in
the removal of civilian crews from all
American transports The Antilles was
manned by a civilian crew, which natur
ally was not ns efficient In the emergency
as a navat crew would havo been
Officials refused to say where the Rttack
on the Antilles took plnce No additional
Information other than that contained In
the official statement of .Secretary Daniels
Issued by tho Croel committee last night,
after It had been held up for several hours
without any explanation, was forthcoming
today. It was stated that no further
cables had jet reached the department.
HANDLINGS Ni;WS CIUTICIZnD
Meanwhile there was more or less specu
lation over tho fact that there was an ap
parent 'leak" In connection with the re
ceipt of tho report Financial circles yes
terday wero concerned over what was de
scribed ns an expected statement dealing
with submarines Inquiries at the Navy
Department, however, brought forth the
statement that no Information regarding
any prospective statement could be given
Later on In the day when all tho Informa
Hon dealing with the sinking of tho Antilles
had been received It was turned over to
tho Creel Hureau. nnd that organization de
cided to withhold atij announcement until
7 o clock last night No reason for this
action 1ms bocn mado public, hut It had
tho effect of augmenting rumors that a
"very serious disaster' had taken place
and that presumably tho Antilles was
loaded with troops when It was attacked
As a result, many officials today criticized
severely tho manner of handling the news
Socretary of the Navy Daniels today ex
pressed regret of ' the unnecessary delay"
that attended the giving to the public of
the news of tho disaster jesterday nfter
noon Ho raid that steps will be taken at
once to tnnko a repetition Impossible. He
explained that It has alwajs been the policy
of the Navy Department to withhold bad
news until relatives of tho victims may be
Financial Briefs
Commercial failures this week In the
United Stntcs, as reported by II. O Dun
& Co, were 265, ngalnst 185 last week, 242
tho pritedlng week nnd 297 In the corre
sponding week last year. Fnllures In Can
ada numbered thirty, against sixteen last
week. twcnt four In the preceding week
and tvvcnO six InBt jear.
The committee on admissions of the New
York Stock Exchange nnnounces tho pro
posed transfer of the sent of James M.
Leopold, deceased, to Alfred M. Leopold,
nnd thnt of LewlB O. Morris to Charles
Morgan The consldyratlon In both trans
fers Is $5000 over last sale.
The Hankers Trust Company, New York,
nnnounces that definitive three-year 6 per
cent gold notes of tho Oenernl Electric
Company, dated July 2, 1017, are now ready
for delivery in exchange for the outstanding
temporary notes.
GOVERNMENT BONDS
Illd Ask
97
n4 H7H
09 100
90 HI)1!
inn ion
inv ion
84
8T
n7; ..
74
NO
84
2s registered 1030
2s coupon 1 030 .
Is registered 1018
3s coupon lnij.
4, registered 102ri
4s couion 192J
3s registered 1040
Is coupon 104(1 . .
Panama 2s registered 91J
Panama 2b registered inly
pSiiuina 3s registered 1001
Panama H coupon . .
Tonopah Mlnlnp; Output Increases
Tho Tonopah Mining Company, of Ne
vada, and tho Desert Power and Mill Com
pany combined Income and surplus account
for the quarter ended "August 31 shows
gross value of ore milled $385,014, com
pared with $336 287 during the preceding
quarter Net earnings for the quarter were
$119 512, ngalnst $97,017, or an Increase of
$22 465 Miscellaneous Income Increased
$802, with net Income for the quarter In
creasing $28,790.
NEW YORK BUTTER AND EGGS
NEW lORK, Oct 20 ntlTTER Receipts
hD'iM tubs Market steadier Prices unchanged
EGOS Rt-elpts, 10,21)3 cases Prices un
thanbed Hoover Cuts Sugar
Sales for Luxuries
Continued from rnge One
candy as a luxury. Bakery cake Is not,
but tho usual frosting on It will have to be
eliminated In the future.
CANDY SALES INCREASED
Forty-five per cent of the sugar used In
this country goes Into luxuries, the food
administration estimated.
Appeals for economy In sugar consump
tion having failed to relieve the shortage,
today's order was decided upon by Herbert
Hoover,
Candy consumption has Increased enor
mously In the United States recently, despite
a rise In price of the confections. The In
crease wns rcportod to bo particularly
noticeable in prohibition territory and
around armj cantonments.
Thousands of workers In candy factories
are expected to be out of employment tem
porarily. Manufacturers believe the admin
istration's order will have this result as well
as the closing up of retail candy stores
Some candy-makers do not expoct any re
lief from the new beet sugar crop before
December, or barely in time for part of the
Christmas candy season
WILL APPEAL TO PUBLIC
The food administration Is preparing a
scries of sugar conservation appeals to
tho public. The housewife faces a short
period of sugar famine, in which It may
be Impossible for many to obtain any sugar,
lletall sugar prices are slowly mounting,
being held In check only by Hoover's re
ctnt Indictment of retailers as one of the
principal factors In hfgh prices.
An important detail In handling the com
ing Cuban sugar crop has been arranged by
the food administration In obtaining a
plentiful supply of Jute bags from India
through the British Admiralty's assign
ment of the necessary shipping.
2 POUNDS TO CUSTOMER
GROCERS' LIMIT; THREE
REFINERIES STOP SALES
ugar speculators who have been unload
ing sugar at exorbitant prices to housewives
throughout the city were dealt a blow twlay
when several prominent grocers decided not
to sell more than two pounds of sugar to
any person unless they wero known to the
salesmen,
Recently grocers discovered that uniden
tified persons have been coming to their dif
ferent stores making large purchases of
granulated and cut sugar. Some would tell
the salesman that they were new arrivals
In the neighborhood and were planning to
open boarding houses.
, The frequent purchases of sugar by some
of theee so-allsd boarding house proprietors
created suspicion In the mind of the big
grocery stores. A watch was Instituted,
which resulted In many of the purchasers
being shadowed to outlying sections of the
city
The grocers vrno were interested In the
lnVeitiotloB ? learned ttat kfi
r
tb
j .
T7sj
notified, to save them tho shock of learn
Ing of their loss through the newspapers,
but that in this Instance no harm could
have been done through telling the publld
that a transport had been sunk and that
lives had been lost.
Officials are Inclined to believe) that the
submarine which sunk the Antilles had been
lying In wait for a France-bound transport
nnd that she took advantage of the appear
anco of tho Antilles to get her unsuspecting
victim. It is accepted here that the con
voying squadron of destroyers searched for
the undersea craft, but unsuccessfully, m
tho report from Vice Admiral Sims em
phasizes the fact that neither submarine
nor the torpedo which sank the Antilles waa
sighted.
PIIODAIIIA DAYLIGHT ATTACK
The comparatively small number of lost,
whenrconsldcred with the fact that the An
tilles sank within five minutes, is generally
accepted hero to Indicate that the former
Southern Pacific liner was attacked In day
light This, however, Is a guess, ns up to
the present the navy has withheld all re
ports of survivors.
When Secretary Daniels reached his desk
today he stated that he had received no
additional Information regarding the sink
Ing, but expected a complete report from
Admiral Sims within a short time. He
ngaln emphasized that It would take icon
slderable tlmo to get the exact names and
addresses of the victims. Inasmuch as the
muster roll In France must be consulted
and a complete check up of all survivors
made before the Identity of the missing can
be established,
In tho absence of details officials were
speculating as to the number of destroyers
In the convoy. It was not believed that
there were moro than two or three.
Another question which Interested offi
cials was whether there were other trans
ports with the Antilles at the time she was
sunk. For strategic purposes the transports
sailing loaded with troops have been sent
out In squadrons, which has made the task
of protecting them somewhat lighter. If this
plan Is bclrg followed by the returning
craft, then It Is entirely likely that th
hostile submarine missed nn opportunity to
do even more serious damage. Under the
rules for combating submarine warfare all
of the vessels under convoy Immediately on
hearing the explosion of tho torpedo which
blew tho vitals out of the Antilles would
scatter nnd begin zigzagging at top speed,
whllo the destroyer guard would locato the
attacking force If possible.
The Antilles was well armed and carried
n picked gun crew, but at the Navy De
partment today Information as to the Iden
tity of the officer commanding tho guard
was withheld. '
sugar was delivered to some designated
spot It would be distributed among a
group of men who later would peddle it
among the housewives.
Tho prices paid by the housewives run
from fourteen cents) to sixteen cents a
pound. The "bogus salesmen" would urge
the women to buy at the high prices be
cause In a few days thoy wouldn't be able
to get any sugar at all.
Though some of the prominent grocers
wcro reticent today as to what led to the
change In the selling of the sugar. It was
learned that tho purchases by bogus boarding-house
proprietors had something to do
with It
At Olmbels today only two pounds of
cut or granulated sugar ccAild bo purchased
and only then In connection with the pur
chase of other groceries.
"We are doing this," said ono of the man
agers In the grocery department, "to pre
vent any person from hoarding up a supply
of sugar. In this section we do a great
deal of transient trade, and frequently w
don't know every person who comes In to
purchase sugar. For tho present we will
only sell two pounds of sugar at a time and
oniy wiin grocery purchases."
Tho stores of the American Stores Com
pany, which have branches throughout the
city, were selling not moro than two pounds
of sugnr to ono person unless the cus
tomer was well known to tho salesmen on
duly In many of the company's stores it
was said that sugnr could only be pur
chased If other groceries wero purchased
nt the same time
All three sugar refining plants In this
city have refused to tako any more orders
for sugar They cannot get the raw ma
terial. Thse refineries aro filling only the or
ders that are now on their books Their
selling offices are closed. They do not ex
pect to get further shipments of raw ma
terial before the new Cuban crop comes into
the market In January.
The retail dealers In this city say that
there Is enough stock on hand to meet the
public need If the consumer will continue
to buy according to' his usual custom and
not "hog" Hs purchases by taking such
large amounts at this time that he robs
the small consumer unable to purchase on
a largo scale.
They point out that If the public will
havo no fear of a shortage and avoid a
panlo of buying, the stock In hand will sup
ply their needs They point out that brown
sugar may be used for cooking and other
purposes where this more syrupy product
Is adaptable, that It sells for eight apu a
half cents a pound, one cent less than the
white product, and that the refined grade
will thereby be that much conserved,
Tb nub of the situation ,was explained
today by Thomas O, McCahun, of the W.
J. McCahan Sugar Refining Company, oper
ating a big refinery In this city, when he
said that tho Government and the Interna
tional Sugar Committee, composed of three
Americans and two Englishmen, controlled
the markot.
The refiners are not allowed to offer a
quotation above that set by the Govern
ment, so that while there Is still a quantity
of raw material In Cuba of the last crop.
It cannot be obtained If the growers there
will not sell at the Government price.
Cotton Buyers and Sellers
NEW YORK. Oct 20. December Cone,
Guild, Freeman nnd Newman bid: Hyman,
Schley, Hentze, Ketffer and Wilson offered.
January Jay, Cardoza, Parrott, Hopkins,
Cone, Kellfer and Hyman bid; It, Hubbard,
Wilson. Ranger, Kelffer, Hardcorn and Hy
man offered
March Martin, Rlordan and Newman
bid ; Cuppla, Hagedorn, R. Hubbard, Bur
nett, Hentze, R. Moore and Sellar offered.
May McEnany, Hyman and Martin bid;
Downs and Watklna offered.
July Wilson and Schlll bid; Sellar and
Schlll offered.
CONSERVE FLOUR, IS CRY
OF FEDERAL GRAIN BOARD
Eat Bread a Day Old, Is Urgent Mes
sage Best for Health and
Economy
Conserve flour Every housewife who
pledges herself to eat bread a day old to the
very laBt crumb of the loaf will bo thereby
doing her country a patriotic service. Is the
gist eft a message expected to be Issued
shortly by the officials of the United States
Grain Corporation.
The recommendations are In the inter
ests of health and economy as well as grain
conservation. It was stated today. Bread
a day old Is regarded as more healthful
than on the day it Is baked. Less bread
also will be eaten.
Meat Shipments Increase
CHICAGO, Oct. 20, Shipments of fresh
and cured meats from Chicago during the
week ended October 20 were 47.t08.p00
pounds, against $$,101,000 the previous
week and 51,071,000 pounds the samo week
last yaar.
i.
TOO LATK FOIt C'LAreiMCATlOy
Waal Estate far Bale West I'hllslttpMa
0585 OIRARD AVE. . $4000
1818 N Aldsn at. .. B24W
1M0 N VVsnsmaker St. .. 2?
N. VV cor Red field and Media sts. . ,,, 870
1812 N, ootn St
B.11S Olrard ave
14&S N, 00th St
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