Newspaper Page Text
EVENING LEPaBIt-PHILADELPHLgrSlUJESDAY, SEPTEMBEB 29, 1914.
FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
BROKERS ARE GIVEN;
GREATER LEEWAY IN
Permitted Now to Trade
Among Themselves Ex7
change Reopening Plans
Depend on Reserve Bank
Coincident with the lifting; today of
certain restrictions which have pre
vented a broader Rcalo of trading In the
listed and unlisted securities, comes
word from bond salesmen on the street
that they aro finding Individual In
vestors In a very receptive mood arid
willing t listen to reason. Thcro ap
pears to bo a general feeling of con
fidence In tho ability of the financial
situation to readjust Itself, and the re
ult has been a brisk domand for
securities of the hleheat grade, partic
ularly tho utilities.
Success of the Now York dlty note
Issuo of $100,000,000 has Inspired greater
confidence and thero Is a brisk demand
locally and In New York for tho three
ear notes, due In 1317. Prices today
were boosted to 102. and even at this
figure, which represent a hV per cent,
basis, the notes woro hard to got.
The Investment bankers arc reporting
business generally good-so much so, In
,-t timt there Is talk of having tho
Stock Exchange committee lift tho ban to
the extent of permitting ir.iuus mount,
. -. i. .1.. ,l-,.1 n,i.(l tiia Ilia anmA
NATIONAL BANK CONDITIONS
Comptroller's Iteport for Mils District
Shows Resources of Over Billion.
The Comptroller of Ihe Currency has
Issued a report showing condition- of tho
758 national banks,' as of ' Jutlo '.30, 1D14,
located In Federal Heservfc District No 3,
.comprising eastern Pennsylvania and nil
of New Jersey and Delaware. Total re
sources o? tho hanks on that date were
91,248,921,250. .Only thq New York and
Chicago districts exceeded this total.-
Of 'tjle'rcsdurccei fho largest Individual
Item,' loans and discounts, amounted to
W23,597,15, or llttlft morn' thnn 1) per cent,
of tho total, fionrls and securities other
than stockn hold by tho banks amounted
to 1209,762,605, the second largest Item of
resources.. Included In tho tlab'llltlea
against these resources was $730,183,217 In
deposits of Individuals, $U5,212,833 surplus
and $27,001,310 undivided profits.
BAMS HERE ARE NOT
TAKING VERY MUCH
brokers In the listed securities the same
as are being made In tho unlisted stocks
and bonds. Tho special committees are
not hotdlnK brokers to prices as of tho
closing cote of tho Exchanges-July 30
and sales, are being made on a basis ot
three to four points, In some Instances,
below those figures, with the inquiries
and actual sules exceptionally large at
the low prices.
Beginning today, and until further no
tice dealers In Investment securities
which nro not listed on the Stock Ex
changes may trade as between them
stives. They may Issue circulars or a
list of their security offerings, but the
prices to be quoted, either In Individual
sates among brokers or to Investors, must
first be scrutinized and officially approved
by the special committee representing tho
dllferent bond houses, named some tlmo
aso to sanction proposed stock and bond
Thi la the first time since tho exchanges
closed that such privilege has been of
llclallv granted tho Investment brokers.
I hey have been permitted, for several
weeks, to negotiate sales of their own ho
curitles to Individual Investors, subject
to the committee's approval, out ui?i
have been restrained from transfers as
bUwcen th-jmsel-.es. The Idea of the orig
inal plan was to prevent the letting down
of bars that would permit umestrictcd
transactions that might have a tendency
to Influence the very liquidation which
Investment houses everywhere and tho
banking Institutions that hold their se
curities as collateral have been trying to
stave off. And it is for this same rea
son that tho officials of the various ex
changes throughout the country are go
Ins slow on tho reopening proposition.
TALK OV REOPENING.
The gradual wiping out of tho restric
tions that have surrounded trading since
the end of July Is nn indication of the
better feeling regarding tho general flnan
clal outlook. In New York today invest
ment bankers are talking of a formal
reopening of the Exchange about Decem
ber 1. The original dute set by several
veil-Informed trndem was November 1,
but there was not taken Into consideration
In this prophecy the fact that It is very
likely the Federal Reserve Board plan
would not bo In operation by that time.
And there Is evqry reason to believe that
there will bo nothing done In the lino of
a general official resumption until these
plans shall have been completed.
Inasmuch as there Is coming duo
October 1 a largo number of American
debts owed abroad, there has been a
general stiffening in the foreign exchango
market. Prices in the last few days have
taken a decided upward tendency, espe
cially In the case of cable rater, which
are so much In demand now in view of
the Impovslbllity for the transfer of gold
to Europe by bteamshlp In time to reuch
foreign ports on the October due date.
Extension of tho British moratorium
from October 4 to November 4 does not
apply to bills of exchange other than
checks or bills on demand. On account
of the fact that these obligations arc
excluded from the extension, pertons on
this side who had been taking advan
tage of the moratorium are obliged to
buy exchange In order to cover their ob
ligations betore October 4.
It is understood that a large volume
of finance bills had been put out during
the summer months, -bankers expecting
to cover these bills with grain and cot
ton exchange at low rates, but their
maturities have been extended from time
to time under the moratorium. Now that
settlements must be made by October 4
there was also a good Inquiry for de
mand bills on London for the Maurc
tanla, which Is the last boat to reach
London by October 4. Some of these
finance bills have been renewed, but It
U believed In some quarters that no
small pan of them will be paid off.
Their Reserves So Strength
ened Thai; Demands on
Subtreasury Are Light.
$10,157,000 Taken by
GREAT WATER POWER
Cramp Notes Directs At
tention to Firm's Change oj:
Policy in Engine Construe
Banks In this city and the country
banks In this district are In a very much
stronger plstlln now than at any time
slnco tho closng If the Stock Exchangen
of thq wlrld when hostilities In' Europe
began. This Is lhdlcated by tho faat that
thero has been a let-up In tho Issuance of
emergency currency at the Sub-Treasury
In this city, particularly 'In the last three
weeks. Tho few applications which are
now coming In are principally from coun
try Institutions. Another Indication o'f
the stronger position Is tho statement of
condition of tho Phliadelp-hla . Clearing
House i members in the last three weeks
showing an Increase in reserves.
The, National Curreiicy 'Association of
Philadelphia, which has jurisdiction over
the Issuance of emergency currency and
acts on the applications of tho banks,
met dally In the tirst part of August
to act on applications as. to whether the
association should recommend the issu-
lance of currency to them anil whether
tho collateral bffercd by them, was sat
isfactory. These meetings have now
dwindled down to about two a week, and
are then called, only when some applica
tions are on hand. This week there .has
been only ono meeting, a,ml it is under
stood thero may be'" another before the
end of the week, although it Is not now
Slnco tho first emergency currency was
taken out on August 7, approximately
seven weeks ago. thcid has been issued
at the- Subtreasury a total of $10,157,000 to
21 banks and $310,000 of this amount was
taken out .this week. This is an aver
age of Jl.451.000 per week. A majority
of the banks still have a largo amount
of it in their vaults, having taken It out
as n. precautionary f measure. To 'meet
tho demands for emergency currency
when they were first made, tho Comp
troller of the Currency sent to the local
Subtreasury $:0,OTO,000 worth and $3,SI3,
000 is still In tho vaults.
THE COLLATERAL DEPOSITS.
Against tho total of $10,157,000 issued
there has been deposited collateral with
tho Currency Association to the umount
of approximately $H,000,000; which is
nqw being held In the vaults of the
Clearing House'. Of this collateral It is
estimated that 60 per cent.- represents
commercial paper and the remaining JO
per cent, railroad and other bonds.
It Is provided In the Aldrlch-Vreeland
law that currency can be Issued to an
amount not exceeding 75 per cent, ot
the cash value of commercial paper de
posited and to ah amount not exceeding
90 per cent, of the market value, of
State, city, town, county or municipal
bonds. Tho Secretary of tho Treasury
has reduced the percentage on State and
municipal securities to 85 per cent.
Secretary McAiloo, In accordance with
his campaign against hoarding money
and banks charging excessive Interest on
loans, has fcent a letter to the currency
associations throughout the country which
requires them to becuro Information from
applicants for emergency currency as fol
lows: Tho legal reserve held, rate of
Interest charged on renewals of time
loans, rato of Interest charged on re
newals of call loans, and the rate of In
terest charged un new time and call
THE MONEY MARKET
Ju'lge II A. Mathews In the Bibb Su-p-iir
t'ourt. Qeorgiii. granted a pcnna-I'-nt
iniunctlon against the Macon G.is
' unburn from increasing Us capital stock
above "PjO.OGO. The company some tlmo
a petitioned the Railroad Commission
"r authority to i&sim $:"OO,000 additional
(-' nimun stock.
The California Railroad Commission has
authorized the Valley, pipe Line Company
io i-iaut o3.ini shares of capital stock at
n-t less than $S0 per share. The minimum
P"'e 4d rued by the commission be.
i.iic of the piesent European war comtl.
tion- The pruceeds from the sale of tuo
"out are to be used to construct an oil
Pipe line from the lands of the California
';" i if Ids. Ltd.. near Coallnga. l-'resno
jui,u. to Martii-ez, Contia Costa
The Ohio Public Utilities Commission
's authorized tho Ohio Service Company
to Issue tkW.OOQ of new capital stock to
oe ut, ur the acriutsltion of electric
E . "' "ehting properties at Co-,,nP,01'-
Cambridge Canal Dover. New
niludi'iiiua. fiichsvllleand Dennlson.
Unjoining the Newark Natural Gas. and
f. -ompany from advancing its rate
'or natural gas from W cents to as cents
a thousand cubic feet, tho Ohio Court of
Weals lus sustained Judge Jewell, of
.lit, ,ommon J,as t'ourt. who rendered a
Ohio '!' Uvor ot he clty f Newark.
"Wo. against the gas company.
The Nassau Light and Power Company
?ux,w ,e!?na rP'U gross earnings of
You , ll,e 8l month ending June 30.
with a.lJ.,'ucr,5.M Q 'K5 a compared
i-rtL ' Nfc ""Kings for the sam
pTt. 4 .Wcre ,nr'r lhat m tne bo"d
.!.?." ,b& eTct amines hay.- Jn,
eaea 97 8 per cnt in the last six years.
New York .
Philadelphia ('Ommeicl.il nnnur th,o ,rt .1
months' maturities, 7i37(S rr rent.
NOTES OF THE RAIL
A bill appropriating JSSO.OOO.ono for the
acquisition by the Government of com
mon carriers of the country was intro
duced n the House yesterday by Con
gressman Rupley. of Pennsylvania.
Management would be placed under a
board of control to consist of three mem
bers, serving ten years and ineligible
for reappointment. They would each
receive a salary of $25,0CO a year.
The Missouri Pacific Railroad has taken
an nppeal from the drder of the Nebraska
Hallroad Commission making a reduc
tion of 19 per cent, in class rates.
The Canadian Pacific1 now has under
construction 600 miles of track. Including
second track. In Wi-stem Canada.
The th annual convention of the Na
tional" Association of .Hal' way Commis
sioners will be held In "Washington, No
A eg rU inw to George J I. Miner, assist
ant general solicitor of the Erie Railroad.
the'J!K.00i) car trust equipment of which
upproval 1 asked ot the New York Up
State Public Service Commission is one
of the most favorable that the road has
ever been able to project. He saya that
the certificates, which will be known as
BB will bear ' per cent- Interest and
Lreel &. Co.. of tl.ls cltv, have ottered
to luy them In their entirety at W and
Announcement by bankers that they
would pay, in advance tho $140,000 -notes
due January 1, 1015, 6f tho William Cramp
& Sons Ship and Engine Building' Com
pany has attracted attention to the
affairs of this company, which have been
handled In such a manner as to bo Able
to meet Its notes In advance.
When William Cramp early In the last
century founded tho famous shipyard
which still bears his name, he apparently
had dreams of mighty armaments to be
constructed -and with what pride they
would carry tho American flag to all parts
of tho world and thunder forth tons of
steel In defense of It, If necessary. His,
vision came true In more than ono way,
for the Cramp-built ships wcro tho
"cracks" of trjo American Navy, and at
Manila and Santiago poured forth tholr
bolts In fulfilment of the vision.
With tho dawn of a new century, how
ever, tho successors of this great mind
realized that tho wonderful opportunity
of tho business man of America, was not
in the building of engines of destruction,
but those of development", and few peo
,plo In Philadelphia know that tho Wm.
Cramp & Sons Ship and Engine Building
Company Is ono of tho foremost design
ers o hydraulic turbines for the develop
ment of water power In the world an
Industry which Is being exploited by the
comparatively newer form of Investment
known as Public Utility.
The first effort of private enterprise to
develop the water power of this country
to make It a salable commodity was
made in 1S90, at Niagara Falls, where
a company known as tho Niagara Falls
Power Company began work on a hydro
electric generating station, which was to
exceed In size and importance any which,
up to that time, had been constructed,
either In tho United States or Europe.
When It Is remembered that up to this
time a turbine of greater capacity than
1000 horsepower had never been construct
ed and this effort called for 10 units of
DU00 horsepower each. It Is not surprising
that the venture created quite a little In
terest. It Is not generally known that It
was our own Philadelphia conoern which
was awarded this contract ond carried It
out to successful completion.
NIAGARA FALLS PLANT.
Success of this venture 'advertised tho
possibilities of this kind of endeavor to
the moneyed Interests throughout tho
country, and with' their usual celerity
they seized the opportunity with avidity.
Tho first Important work attempted, after
it was thoroughly demonstrated that this
was a safe field for private Investment."
was the Canadian Power Company, which
In 1M0 at Niagara Falls constructed a
'plant which, although only two units were
.planned, yet each one called for a ca
pacity of 10.00Q horsepower. The Cana
dians followed up this effort with the
construction of larger plants capable of
delivering 43,500 horsepower.
By this time investors rro quite fa
miliar with this form of security, and
dealers had no hesitancy In offering them,
and, as a result, water power sites
throughout this country and Canada were
The most important of these have been
the Huronlan Company, Ontario, 10,630
horsepower; West Kootenay Power and
Light Company, British Columbia, 16,000
horsepower; Toronto Power Company,
52,000 horsepower; St. Lawrence River
Power Company. New York, 21,000 horse
power; McCall's Ferry Power Company
(later the Pennsylvania Water and Power
Company). McCall's Ferry, Pa., 81,000
horsepower; Central Colorado Power
Company, Glenwood, Col., 18,000 horse
power; Great .Western Power Company.
California, 72.000 horsepower; Washington
Power Company, Spokane, Wash.. 36,ri)
horsepower; Tennessee Power Company,
20.000 horsepower, and the Appalachian
Power Company Virginia, S6.000 horsepower.
These nre Just a few of a great many
corporations which extend from Alaska
to Porto Rico and from New York to
British Columbia, and the figures men
tioned above are merely thi Initial In
stallations. Since that time a great many
of them have doubled their capacity.
The most recent developments have
been the Mississippi River Power Com
pany at Keokuk, Iowa, which has n
units of 10,000 horsepower each, and
which Is the largest plant of Its kind In
the world, and the Cedar Rapids Manu
facturing and Power Company at Mou
treal. which has nine units capable of
delivering 10.800 horsepower each, which
Is the largest turbine In the world, this
company being the greatest development
ot us Kinq in u-anaaa.
TURBINES ARC BUILT HERE.
. As a matter of Information It may be
staled that So per cent, of the linpor
tant turbines Installed by the various
companies on this continent were con
structed by the I. p. Morris Company,
which is the department of Cramps that
constructs tnis roim'or machinery.
Philadelphia capitalists were amoiiH the
first to recognize this field of activity as
a probahle use on funds, and perhaps
tiw companies In which PhUdelphinns
are intciested are as, well known, if not
better, than any of tho others. Tln-lr
effoits have been usually confined to
the mvirons of our own country, where
the possibilities are almost unlimited.
Meanwhile, the Investor is becoming
more and more familiar with this form
of security, and the bankers managing
the properties expeilence very little dif
ficulty In disposing of their wares.
William Ciamp, if he could come back
to this mundane sphere now, with the
Stealer part of Europe engaged in bloody
strife, would no doubt fully expect to
find tho great plant which bears his name
busily and exclusively engaged in the
building of ships of war. What would
be hts surptUtt to rind that the activities
of the plant were largely engaged In the
coustiuctlon of mighty engines of peace
and Industry? And while the apostles of
conservation are busy uiglng the passing
of laws to restrict the use of our natural
resources, it is interesting to note that
Canada, which has been Jealous to guard
and foster Its Infant industries, was quick
t'o perceive the oppoituulty offered and
perhaps us a result Is a bit in advance
of us in this particular industry of de
veloping water power.
Needles to state It would be far better
to have our resources developed alone in
telligent lines, where the lUk is borpe by
the promoter and Investor, than to allow
power which has a might behind it which
nQ,maii can gauge to lie dormant at our
UTILITY COMPANY FILES
PETITION IN BANKRUPTCY
Atlantic das rind Electric, n. Holding
Corporation, "Unable to Meet
NEW YORK, Sept. 29.-A voluntary pe
tition of bankruptcy was filed In -tho
United Stales District Court today by
tho Atlantic Gas nnd Electric Company,
which was Incorporated on April 2. 1912.
Undef the laws ot Connecticut, to acquire
control of established gas atld electric
properties through the securities of cor
porations owning tho utilities.
Tho company controls tho following
properties: Eastern Pennsylvania Power
Company, of New Jersey! Easton Gas
Works; Interurban Gas Company; Penn
sylvania Utilities Company; Blnghamton
Light. Heat and Power Cdmnahy1 Sayre
Electric Company: The Jersey v Corpora
tion, and the Chemung' Land Company.
Tho assets consist of material nnd sup
plies in tho possession of the, Pennsyl
vania Utilities Company, of Easton, Pa.,
with stock, bond nnd note claims against
subsidiary companies nmou'titlng to $5,3.1i,
710. Tie bankrupt company held In Its
treasury bonds and stocks 'of subsidiary
companies totaling $1,14.1,817, and of Its
own stock and bonds tho company still
retains $1C0.600. Included in the assets
aro also stock, bonds and a noto of the
Pennsylvania Utilities Company totaling
Tho liabilities Includo secured (claims
amounting to $2,420,852, and unsecured
claims of $2S,523, The Atlantic Gas and
Electric Company owes its subsidiary
companies $2S,2$S, and t1 - series "A"
bondholders $1,666,000, foco value of the
securities being $2,301,621. Scrips "F"
bondholders' claims amount to $503,000.
. RAILROAD SECURITIES
Pretext Is That Canadian Pacific
Has Refused Dividend Payments.
'LONDON, Sept. 23. Tho Austrian Gov
ernment has confiscated securities of the
Canadian Pacific Railway held In Aus
trian on the pretext that the company
has refused to pay dividends due Aus
trian stockholders, says a dispatch from
Observation cars belonging to the Ca
nadian Pacific, on tho Austrian Railways,
have also been seized.
AT WORK-ON BOARD
Adversely Affects Values.
Futures Close at Decline of
3-5 to 5-8 Cents. .
BUILDING FIRM ASSIGNS
NEW YORK, Sept. 23. Flelschmann
Brothers & Co., general contractors
and erectors of numerous cftlces and
theatre buildings In this city, this
afternoon assigned for the benefit of
creditors to David .1. Fox. Guitav J.
Flelschmann is president of tho com
pany, which was incorporated In 1903
with a capital stock of $200,000,
CHICAGO, Sept. 29. There were Im
portant counter Influences In wheat to
day, with the result that the market was
an Irrcgtilnr affair. A limited specu
lative trade counted heavily ngalnst
values, as did largo accumulations of
supplies at rrvallablo centres. There has
been an enotmous flour trado with Euro
pean Govcrnhipnts. Cash wheat prices
ruled higher In all directions, presum
ably the tesult of competition from
millers. Cash handlers tell of Increas
ing difficulty In buying wheat In the In
ferior. Bids to.local exporters nro re
ported too low for working of wheat.
Cash Bales wore 131,000 bushels. In
terior receipts of wheat today were 2,
838,000 bUBhels. Clearances of flour from
tho seaboard today werc3?.000 barrels
nnd of wheat 674,000 btfshels. Futures
closed ,i to 4 cents lower.
Corn was firmer early nnd weak later.
Interior receipts today were 453,000 bush
els. Clearances from the seaboard were
20CO 'uishels. Futures closed Vic. to lie.
Oats was strong eatly, hut broke badly
later. Cash sales were 232,000 bushels. In
terior receipts of oats today were 1,234,000
bushels. Clturances from the seaboard
were 573,000 bushels. Futures closed llAc.
to lic. lower.
Heavy selling of .lunuary product from
nn Influential tource carried the provision
Le ailing futures ranged as follows:
wheat Open. Hlsh.
September .. 1.08V4 l.osi-j
December . 1.111 1.11
May 1.17H l.lS'i
Corn (new delivery)
Low. Cloie. clone.
l.WM l.nl'4 l.OO'i
MINNEAPOLIS AND ST. LOUIS.
,. , . tr14 Decrease
Third wc,ek September JsnT.fiOO jln.SKi
July 1 to September 1.... 2,410,171 181,403
Third week September
September 1 to M ....
July t to September 2'!...
Tin. month"!' cross
$.171 4!2 $11,211
. 422,7.lit n.n.vi
CINCINNATI. NEW OIU.KANS AND TEXAS
Third week September M7l.n.-. MS.tlfW
From July 1 2.214, 70rt (I3.S31
TpInDO. S.T. LOUIS. AND 1VF.STERN.
Third v. eek September tnr,,S3 , $935
From July 1 1,007,035 22.1S7
ALABAMA GREAT SOUTHERN.
Third week September $4,u7o JD.5I2
From July 1 1,1:17,215 1S.301
CHICAGO AND NORTHWESTERN.
AuKust BrosB $7,7i-.s.71 SifM"!.-
Net after tax 2,017,42s .12,30.1
1in months grons l."i,07fc.OW 2ni.r,71
:et after tax 3,t10,44! MKJM
CHICAGO. ST. PAUL. MINNEAPOLIS AND
August cross $l,n7.nt7 'yiM.ini
Net after tax .-,07,2.-1 i'l.l.ino
Two months' uroja 3, 2.15. '. HiV :im
Net after tax , Kit. 710 .'J.M.22I
August grosa $I,04n,cs.2 $10 fi.yi
Net after tax 2.1,nw fifi'.zm
rno months' eross I,ii22,l.'ut 23 'io-'
Net after tax 513,301 l.'.oiocS
COLORADO AND SOUTHERN.
Net after tax
Two month' eross
Net after tax
AuEUst crofi $8.iI3iiJ7
Tuo months' gross.... 111,027.2(14
1 SI. 923
NJ-.W YORK. ONTARIO AND WESTERN.
August grofl $1.0011,7.10 '$4,053
Net .1rtl.H7!) 5.11.1
Surplus 233,170 ' Itfiil
Tuo months' gross .... 1.0U3.2M U.ilhS
, 723.515 TUl.-i
Surplui ii!(,73C "2 71-
September October . .
janinry . .
7.1 1 i
PORT OF PHILADELPHIA
SUM AND TIDES
Hun rises .. 5:3.1 a m I Sun sets .. B 17 p.m.
tllili water, fi -50 m. I High water. 10:27 p.m
Low water 4.11am I.ow water . 4.52pm.
High water. 0-49 n m I High water. 7tnpm.
I.ow water. .12 40 a nl. I Low water.. 1:10 pm.
High water. 4:35am. I High water. 4:44 p.m.
Low water.. 10:23 a m. I Low water.. 11:1 p m.
Sir Joseph J Cuneo (Nor.). Aamodt, Tort
Antonio, Cuneo Importing Company,
litf. Aurhenblao (Hr.), Malr, Haltlmore. J. A.
' Ptr?rTas, Stefielln, Now Tork, W. F.Hagaj-
St' NeWon. Erlkswn. Port Arthur, Earn
Lino Stermshlp Company.
Sir Shawmiif, Hwenson, Mayport, Southern
Sttamshlp Company. ....
Htr. Orerlnn. Page, t!otnn, Merchant and
Mlnem' Transportation Company.
Ptr. Ericsson, Willis, Haltlmore, Ericsson
'sclir. Llle M Parsons, Pharpley, Hampton
Road'. A. I). Cummins & Co
Schr. Chllde Harold, Hneeney, Calais, J. II.
Stetson & Co.
Steamships to Arrive
Name. From. Salle.)
Mongolian .....nlasgow Sept. Ifl
StampalU ... Naples Sept. 18
Merlon Llerpoil j-ept. 2j
California Copenhagen ...Sept,
City of Durham Calcutta Sept. 1
in) k fir,u?ruam
Ptart Point London
Man. Mariner Manchester
Adolfo Huelta ....
Stprmfels Calcutta . .
Canadla , Stannger .
Zerentiergcn Cardlrf ....
Missouri Iondon ....
. .Hept. 12
. .Bpt. 18
Greenwich Newrastle.N n.Sept. 'X.
Wlnlaton St.Vlncenl.C.V.Sept. 17
Man. Milter Manchester Sept. 21
t.'nrrlston roey Sept. 25
Eolborg Hartlepool ....Sept. 25
Steamships to Leave
Name. For. Date.
Dominion Liverpool Oct. 3
Plampalla Naples Oct. (I
Mer'on Llierpool Oct. 10
Mongolian Glasgow Oct. 17
Calllornla Copenhagen . ...Oct. W
Uranlenborg Copenhagen ...Sept.
Wes- Point ..London .ept 30
Canadla ChrlstMnla Oct. 3
Graclana I-IUi Sept. 3o
Zlldyk Rotterdam Oct. S
Man. Mariner Manchester ... Oct. 10
Start Point London Oct. 10
Missouri ....London Oct. 14
Hapldan L-ith Oct. 10
PORT OF NEW YORK
' 12 13
lf.!)7 10.07 10.67
lllil. tAskcd Nominal.
LIVE STOCK QUOTATIONS
CHICAGO. September 29. HOGS Receipts.
10.(00: markets. 5c higher: mixed and butch
ers. $S.25fi!).2S: good heavy. $.75ir!i: rough
heavy. $7.05518.05: light. $-v50.!fU.15; pigs
$0 13118.35: bulk. $9.1Sifl M.
CATTLE. Receipts, O.OOo; steadv: beees,
S10.4mT711.01: cows and heifers. $3 75ffl0. mock
ers and feeders. $G3S.10. Tosans, $7.407jS.SO
SHEEP Receipts. .17.000; weak, native and
western. $1.2535.75: lambs, S5.iywj7.7B.
NEW YORK BUTTER AND EGGS
NEW YORK. Sept. 20 Butter. Arm.
receipts. 14.512. packages, i reamory. extra,
:i0-!?.10S; state, dalrv tube, 22ig20c. , Imitation
creamery, firsts. 21ft-4t-jc.
Egss nrni. receipts. 20.i'.22 boxes, nearhy
white, fancy, 5Vj?40e. : nearby mixed fancy,
253 2Sc. fre.sh firsts, 245 10o.
STOCK EXCHANGE FIRM FAILS
It was announced at the New York
Stock Exchantf this afternoon that the
firm of. Cowperthwalt & Clark, of 43 Kx
chatifte place, was unable to meet its
obligations. The firm was established
on September 27. 10OS.
Vessels Arriving Today
t'ant' Anna Naples
Steamships to Arrive
United States Copenhagen ..
Steamships to Leave
. . 8 A. M
Now York ,
.. Liverpool .
. . Liverpool .
.Glasgow . .
. . Naples
. . Liverpool .
. . Rergen . .
. .Sept 30
. .Sept. 30
. . .Oct. S
The forelRn pxchnnsf market closed
steady; transactions were almost en
tirely confined to HtPrllnff. Demand v.as
quoted 4 3S3 and cables. o.WS.
CONDITIONS OF TREASURY
WASHINGTON. Sept. 2?.-The condi
tion of tho I'nited States Treasury at
the beslnninc: of business todu was:
Not balance in senerjl fund. JUUW.SSO;
total receipts jpsterdav. J1.063.S13; total
payments osterd.iy. S1.S03.1SS The do
licit this tlsc.il -vear is $21,179,639 asalnst
a detlclt of $!.tiLfi,47ti last year, exclusive
of I'.uuimnl Canal and public debt transactions.
GRAIN AND FLOUR
FREIGHTS AND CHARTERS
Tonnage offers steadily to meet the llntltel
demand for carriers of (fraln. roil and the
full cargoes for tran.ttlantlc ojaans hli-h
keep rates firm In tho steam market. Con
ditions In the sail market remain unchanged,
with buslneaa dJll and rates low.
Prosper III (Nor.). New York to French
porta, oats. 40,000 quarters, prlxate terms
Tartars- (Br-). Baltimore to French Atlantic
ports, oats. 3.1,000 quarters. 2s. 3d., prompt.
,Lucadla (Dr.). Gulf of Antwerp. grain
IW 'juarters, 2s. 4'ud , prompt. '
Milton iBr.). same. 22,000 quarters, 3s. 6d..
Abaris (Br I. gulf to picked ports. United
Kingdom, grain. 2s Dd.. prompt.
Rtverdale (Hr.) 27.12 tons. Baltlmoro to
Rln Janeiro, coal, K,s., October.
Standlsh Hall (Hr.). 2344 tons. Baltimore
to Alexandria, coal. Lis., October.
Ello, (Ital.l, 220, tone, Baltimore to west
coast of Italy, coal, private ternn. prompt.
fllenfruln (Br.). 202a tons. Palamos to
Baltimore or New York, cork shavings, S7V).
Ship Sava (Hal.). New York to Copen
hasten, reilned poirolcum, private terms,
Sch. Kenwood. 707 tons, Bridget ater, N. S.,
to Havana, lumber, private terms, prompt.
SHIPPERS GET RDLES
COVERING WAR RISK
Federal Bureau, Ready to
Write Cargo Business,
Outlines What Shipments
Will Be Underwritten.
5 lt. rrdo5 , 2.2ft2 40, ih . io 7 lbs per
1 HEAT. Market firm jmi i. i.ii.hF I v, ... .. i -.. .i -, .i v. .. '.... .., ,rt .
.-..-W. In .!, .,;. n. .....- .... .. . ""- --.-.. . v.l ..4 . " . .,! .".
JSn1.-?. . "r.-e'r" Jh:...?.-rh?.'. . "".... vegetables
In export elevator-No 2 red ti...t un.i ! ' "tIu,'" " better request and values well
September. Si 00 li.i; No -J red Western umaina utr.er leviable showed little
1.12n 17; No 1 Northern Dulutli fl li I -"a"l!" hlte potatoes per bush -Pennsjl-
(p l 2.1 Minm, .t-o'" .
COItN necelntu TjUVl l.,,i. r..n j .PUlalOSS. Jel3H
osaln i,o lower imrier un.ni' ,:,..,.:.. .1 pot.-itooii llasteni
sell far lots for loial trade, a to Wml m. I ; w. No. 2. T.ic.iSl. beel potatoes. North
Ni 2 ellou, snodic. . toamer yelloir S.V- . Car 'Una, per bl I -No. 1, fl 712 No. 2. 73e.
"' I ftl Stteeu. Jersey, per bbl No. I. $2 y
O.VT.n. Itecelpta. OI.OW bush Quiet with , -"!' ' -. 1 '"817S. do. JVrsey, per baaket.
moderate but ample offerlnss at th Ute le- ' IM'fcV. Oi.lonn. per bush . 403iW jo
v'iw,NoV." "n"8 Slfi.MWc. standard u-hile '.Ituiie. nr WO-lfc bag. l. do. medium, pef
.v.';..,..-' ' " """ ':. imi-io hoe. i.'TMm. i 4ouaRp. noniestlr. nor
t-1.01 ll.-lleielptt. 2121 bhls.. 1 0S3,itSi) tun J1211I fUr. New York, per bunch
lbs. in sacks Trade a little more actlv im1 . Imi Vv. Mathrooms. per 4-lb. basket, sue W
Ik; i. .:.-. r.. .-".- '""" '!. .. " -i ""
ina. ui nut, -, iiiirr vie;r, fl unvt f.fta . in
strnlBht, 4 0()i1 in. do., patent. .1 2.1i5 rt
Kansas, mrubshi Jut aik, $3.20.1. w, do ,
patent. Jute u. K, 3tiQ.l T.l, spring first
clear. 4.7.18 .". : do, eirulght, .1.nn.t u; .Io .
patent, )j5iihi: do., favorite brands, tiitt
Approximately J175 (iti of thr 5 per cent,
first mortfi-aKP bonds nf the Btrinlngliann.
Enslev and nepcenr! n.illroad. Interest
on thlch was defaulted on September
1. hao beon dopo.itfl with th Amerl
oan Trust Company, of Boston, depos
itory of the Minority Bondholders' Pro
tectlvo Committee, since the call for the
deposit of the bonds was Issued. The
Investigation of the railroad, which was
started by tho minority committee. Is
By direction of the Secretary of the
Treasury authorized and Usurt bonds
of the territory of Hawaii nre now ac
ceptable security as a basts for the Is
suance of currency to national banks I
through the national currency associa
tions, under the amended Vreoland-A Id
rich currency act
The Federal Bureau of War Risk In
surance has completed Its policies cover
ing cargo Insurance and Is now Issuing
them to steamships outward bound for
foreign ports. This announcement was
received hero today by shipping Interests
and exporters generally. The bureau Is
now prepared to quote rates. Issue poli
cies and, In ireneral, perform the duties
for which It was established.
In a Btntement announcing the comple
tion of the bureau work, Chief Delanoy,
head of the department, says It will bo
necessary for persons wanting Insuranc
to communicate direct with the bureau at
Washlrmton, although, ho says, applica
tion forms may lie had from the collec
tors of customs In the various ports ot
the United States.
Tho bureau will write policies either
for voyage or for time. The voyuse poli
cies cover h specific voyage, the vessel
not to call at moro than two ports during
the voyage, unless by special agreement
with the bureau. Time policies arc writ
ten for periods of 00 days only.
The war risk clause In the policy reads
" 'Touching the adventure" and perils
hlch the insurer Is cuntei.t...l to bear and
dows take upon himself, they are of men-of
ar. letteri ot marque and tnuntermaro.ua,
reprisals, taklmts at sea. arrests, restrains
and detainments of all Klnics, Princes and
t-oples of nat nation, condition or iiualtly
so-ier, and all consequences of hostilities or
warlike opi rations whether before or after
declarations of war.
"'Watranted not to abandon In rase of
blockada and free from loss arising from an
attempt to evade blockade, but In the event
of blockade to be at liberty to proceed to open
port and theie. tad the oyage.
" 'Warranted not to abindon In case of
capture, seizure or detention until after con
demnation Warranted free from anv claim for in
terest, lois of market or damaee by dt
terlcratlon. but not to delay.'
The bureau announces tho following
articles contraband of war which will
not be insurtd:
Arms of all kinds,
portln? purposes and
Projectiles, rhurses, and cartrlds's of all
kinds, and their dlstlncIHe component parts.
Powder and exploshcs cspiclally prepared
for use In war.
Gun mounting", limber boxes, Umbers, mili
tary wagons. Held forges, and their distinctly
nothing anu equipment of a distinctively
All kinds of harness of a distinctively mili
Saddle, draught and pack animals suitable
for use In war.
Articles of camp equipment and their dis
tinctive component parts.
Warhlps. Including; boats and their dis
tinctive component parts of such a nature that
they can only be used on a cssel of war.
Aeroplanes, airships, balloons and air crafts
of all kind anil their component parts, to
ut ther with accessories and articles recos;
nlzahle as Intended for use. In connection with
balloon and air craft
Implements and apparatus designed exclu
sively for the manufacture of munitions of war
and for the manufa.-ture or repair of arms,
or war material for use on land and sea.
SHIPMENTS TO BELLIGERENTS.
The following artk-lfa will not be In
sured if destined for the use of the armed
forces or of a Government department of
a belligerent State, or are consigned to
a contractor established In a belliger
ent country who. as a matter of common
knowledge, supplies articles of this kind
to a belligerent State, or are consigned
to a fortified pl.ic belonging to a bellig
erent or other place serving as a base
for the armed force of a belllzerent:
rora'e and strain suitable for feeding nl-
lncltldlnr arms foe
their distinctive cora-
of the Now England Trust
which have been In the courts
vM, v..t iiw- V..wT. ' - . . ....,.,, ,..c7 Menu in uir i;ourt9
: re? tiSSi. &?. K i Jfr ffcral yearn, wore terminated in
m i-hnre. per bbl -No t. Jl.75 iTovtdence, j. j toddy by the diecharge
uulrt and without Inumrtant rhin... ......
reif. m sots, rnvikcd ond air-dried, :it32e
..K-rii beef in ten, smoked. :llwfy'
nothinz. fabrics for clothinp and hoots nt
shoes suitable for use In war. J)
tolil and fcllvcr in coin ojlllon; papr
Vehicles of ill kinds av-atlan.d for use in ar
and tl.olr omponetu parts
Veeels cr-.ft and bouts of all kinds; doitlng;
docks, pdrti of docks and their component
ltall'av material, both fixed and roltlnr
fctiwk. and material for teleeraphs, wireless
telegraphs and telephones.
fuel, lubrl. .nits.
Powder and exp1o?le not specially prs.
pired for use In war
U.-hd wire and implements for fixing and
Hrft aI.o and shoeing materials.
Harncsi. and naddlery
Iteld K.isses telescopes, chronometers and
al! kinds of I'm Ui al instruments.
h'evt n foreign vessels with an aggregate
of .J.TI( giuss tons were admitted to
American registry under the recent act of
Congress during th.- week ending Septem
ber .', uc'-or'llnc to the Department of
i Commerce tod Six were. English and
one (ivrroan vsel.
of John P. Doogan us receiver.
Representatives of the State anJ na
tional banks of Cleveland have voted to
contribute JI.7SO.00il to the tlfVKO,oa) na
tional gold pool.
Tha Wheeling and Ube Kris rtallraau
i onipany huB laid off 4ft. mn at lw
Rrrwitrr. o , shops, and has mada a
similar rcducttor: in Us hops at Kast
Tolodo, n. The strike of tha Ohin coal
( ..!.. ur If e.u.it.l A. al .J-.-.. ..- Tf " ' ...1 1
1.2.1. city mills, i-hoi.e and fancy patent. Uft a lr ir ed .12 T ." w7t.rn TeVt kn t . 4nl """" " t'-Hl me earnings of the
'i,-'lvt'"y,miU.-- r'e,llar W"1- w'n"r- "'' r tep'..ri ioliiI. T2 "e.bcrr'llami sToqBA , coniPai
JlilOJtlW, .1.. straight. JID.IO.Via; do.. ,prl, fsmTlyf JVTs7. him" S? ft fl?Jri.f ' -
?ilVK 'KMlVit.-wu.e. but steady, at ja ' XSP io 'Stiii-l.1 mvic e'th."' na)?? ' , ' .,S. """'" Y that en ord.r
S..1U for nearby and Western In wood. I smoked, tlty -ured. as to brand ami averac! f0 "' ,ons uf fia billets has been
nAiHV nnrmiTP'Pc ' XfSxi ,BC5i , ",l'Vu- Wc"tSJ1' cured. i Siwn to the rennsylvania Steel .m-
i,ef i" nMrflr.TrrUl".".! vulu.s steadily ;,ncks.l 4fi.4.J..,1,.ilWs l ii pi'Su a'.Vrdmc recentb particlpatod In the big contract
lllTTKIt. Oulet but steady undr mod.r. I Welt.rn retlnt-.l -ier.- 1 1 1 s. i 1 . "'f ' ""a
ate offerlms Wioterii fresh. olid.jkia.J.
..r&a...K. Vn...' .....lit. ". , - .. . ...." .. .
extra firsts aiV rtrsts. V'Siafljtjc . jeconts
'.."j'JI'jc Udls paiked. '.tdS.i... as t uall. ,
nearby prints fancy. t. . do . avurace extra.
:t2i.'.'!c , do nrsts snt-tic. .to.. sr.nd. 210
2c. aiwilal fancy brands of prints iobbi&i
at SH to. "
KfMiV Kins fresh ects In rood re.mest
and kept well 1 leaned up at steady prUes In
frto cases, n-arbv eMrM, 31c. ir doj , r.-ir-by
flMis. f 4") lr standard case, nearby
current re.eipts J7 27V per stan.lard nt,
Western extn firsts fS u per -ase. d . firsts,
J7 20i37r4) per ase. do. wtoiul. fi! Soiji: mi
per iae Candled and recrte I fresh ices
were jobbed 'jui at 3Jtj3Tc. jir do., as to
I.IK '"L'!-T',V- 9.u'e' a' revissd prlcss
KokIs. 1-1817. : old rosters. 1V0IV .
spring thickens, a. cording to iiualtty. tltflio. ,
., .. .. 1 . ' r ' i:
. iim. uuj wipr auisis.
TOa-. . do .
tW4ii.V . Jo
weighing Hitt'li 10s nple.. ttOQuac . do
weighing I lb. apitve. aoc . old, UK , iiicsuos
pr pjlr. litllV '
lli(r:nr.ii rut 1. 1111. una detlruble
slsed stnk pret.y well clune.l up a. full
figure Krb killed poulir Fowls, mz lb
selected. h4. 2lVt.. wlbln 4Vsf5 11,'
stle- Sii'.c . WKlgblng -lbs uplsce 20c,
wtlghtiu 3j lbs apiece. 1701S, tm,u
Jbs. und under &plv. 16c. old rosters. dr
weighing 1.,8J lbs. apiece. 2uin22v-.. du., fair
10 4. ..I l...us. , eld ksns. Western 4 lb
ant oer aj Icre lv , do I 2 uj Us
piec 14c . broiling chickens. Yerrn',
n..Mu 44, iu. Aiisiec , ao. xair to good.
SVJ8.DS. pr du white weigh s n
tsrr .Ms . tj tfti 5-. t,k,,. w .... ,
5-810 lbs ir doi . .' 7j3 jt., mute, nr Jh.n.-
rfe-. Vfi'it-AV'ffa I !..! M.ni&K ? Pur
eiit renacreu. in tubs. UVjtfJJ'ie.
.!!:,ur?Sfc,,.!M 8i '"rra"..r Standard
So...r.,i k K.V ,...;":.., ,"u"'i-.. -Tac
rud.;. owiaoao.. ' "' A' "w
,' '." .u.'i u'1 ssnuwiiy ta,iy
4.8 2:1 other' a..7.T T'T.:'. "JV..!' .5"
i.-"i JIlVn:1 u ,.
-1. w. T.rs Witrk. ifr lilll , li.lftA ,tu flftl
- - .. W I H n rulPMBH .
sTl 4l'0, t Bnl-serInu .
fit. .UffS'-" 1?'.. ' Vi
f.b.la.- psr Jo lb uTskt.': isaKS WW
l' . l)l(UV.j4l. n,i ls-v
.!. . . T"
National Oank a as th laraast c-ontrihutor
J so'4 juol fund of li(ii,mo.uoo, thu
"no u.-4mj,hiiiS nIU, (jno csac-nuajrter mil,
Hon, which 1103 tho largest dpoit In
I he State.
The Now York; 8hlpbqU4na Compel
has received an order from U UulfOll
Companj to construct a large oil tanker
cosiine aoout i30,UM.
annniiniuH r...h. t n
the Northern Electric Itailwa, will
;lt on October 1 on counona u
Underlying bonds Interest n tc iuV
m Junior bonds as UfuUe4' da
Jtino I. w
Uii inn 101a
New Tork I241 .1.WO8T 4.T.T. 72 SV) J.Mr, timwi
Thllad.'li.hU 21 ill.' ajli li2il 1-.'S t. ii7 W
!iit n Jti lil. lt 2T n-'i i-'.i :
Chl.aso 44 4S1 Olt S7.MMIS
St. Iuis .. . ;i,'Bj(,7.'l ll.vjst
KI'lSON 1 OM-
Aagusi sres resnus tl I.ilm $! silt
Nst rsiriie '."J7 SIS 11 '.on
.'UP .'Li i i.m. ri n Tin. ibi.i'MiN'Ar-
l.Nii .'. 'MI'ANY
.Bust gross .-H-n.nss $2i 4 -o JI4N4
'.emunii In-oit-e ... 1 10 .W 'i.rt
(,ru. earning. . .. (:BI 4'0IIH
i.peatlnsr ineoms 1ISJTST'. l:n 3H7
fkciric I'KW'fcH A.M. M.illT I'oMI'AS'Y
Atiu.:.t s-ross enun 11214.11 flu UK
Net ejrnlBjjs til jNl 4 ,K3
l-ci M u on'hs ended u;ut '!t
iruss sarmnas 1 .1121. i
N'i-i esrr.itufs . . 7..Vi ui u
Ctndler Motor jr sj--it di 1 Un I n
o union sloiS si rtsuUr yusrirl. 1. ptt
. iBt ., .rlrrl liiitl.i. .I'Meno .,11 ,,.
ruoo. a psr ceui. ss 141-1 'lire uinti.s bku
ItldfS ni 1U reuUr ssii.1 4iin.ial t
pel nt '4atlt' . t'Ut .; 10 sl'jtk if r . rd
Kaaiwk 4S l.:hl
!. i'vr ent. p4i4tde
rtKord ei I' mbvr 2
1 ' t'jUcr
tu t.,( a of
Htatss ladus.rts. AU dwl -mi.jn.
.1 irti-! ier er.1 on 1 r.ferr. 1.
t"lr 11 tu st i. k of rs ord ' 'iier
fr.',ivtp bT.?.V Vn-a'aJ "? SlV- t unseutea financial condi.
t. n ;a. vsihe. rMnsylanU iwr taVkst l on' l':tOe' of the American Public ' : " :
Jt,i5.. d No 2 J2 5U.8. .uppsFarriti. , 'J"- Th regular quarteri, dlvWewT of Ths Bo.rd .pir.a.,?, .(",,', 'dr.
per s-ib. ijuket ios.-joc CmWc,r "' 'Traction Comrani were re-elected at th " ' er i. jii " ' ,B,, ",
W.urgJVrlfVMl- ay" """" tockhoU1" I Ch w,u "-'"j1 M BAXTER