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EVByilSra LEDGBB-PflXLAPftEPHIA, FRIDAY, SEVEMBfltt 25,
' I . . ' lull . ' ' " L' " ' ' - - - ' . . m !. . '" ' ' ' " ' " ' '
3NANCIAL ANDOMMMcIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
AGAIN LIFTED IN
NEW YORK TRADING
Bond Houses Given More
Levvay to Encourage Sales
, Because of Better Feeling.
Talk of Reopening.
BANKERS DENY THERE
IS ANY MONEY HOARDING
Wire Secretary McAdoo They Know
of no Extortion.
Another step townrd a general re
lumpllon 0f business wns tnken today
in New York. The Stock Exchango ls
tued an nnnounccmens to tho effect
that It has been deemed odvlsablo that
trading be permitted In unlisted stocks
t moderalo concessions whero neces
sary from those prices prevailing on
July 30, provided It Is not considered
larmful to tho general situation.
There was a large disposition to trade
en the part of local Investors, liond
houses are reporting a fair lncrcaso In
business, one firm having announced
that Its dally transactions for tho last
10 days have aggregated about 10,000 a
There came Into tho market his after
noon Inquiries from London Investors
inxlous to Kct hold of some high-grade
railroad securities. One larger buyer
asked particularly about St. Paul. This
it a good Indication of the general feel
ing abroad and reflects tho greater con
fidence apparent In the futuro of Ameri
can rtallrond Securities. This confidence
hs been helped materially, both at
home and abroad, through tho Interstate
Commerce Commission decision to re
open the Eastern freight rate case and
the general belief that tho rate ad
wnces to bo asked by the Western linos
wilt bo granted.
A Londan cable says that Government
action In some form looking toward the
re-opcnlng of tho Stock Exchange Is ex
pected to follow tho announcement of an
extension of tho moratorium to November
t, when nil forms of moratorla nro to ,
cease. Action may taite mo rorrn ot a
guarantee by the Government of unsettled
A governor of the New YorK stocic izx-
ehancc. when questioned regarding tlie
r.nnpnlnir of the Exchange following the
announcement of resumption of trading In
lmllatcrl securities, said that lie could sec
no reason why the Hxchnngc should not
be opened again by November 1, provided
the Federnl Iteservc system Is In oper
ation by that time.
The $100,000,000 good pool has been suc
eessfull completed. Announcement of
h success of the plan to rnlse $15,000,000
P In sold among the New York banks and
truft companies as tnnt. cuy s quota, oi
the JtOO.OOO.OOO was sent to "Washington by
Albert H. Wlggln, chairman of the spe
cial Clearing House Committee and presi
dent of the Chaso National Bank. Mr.
Wlftgln notified Governor Hamtln, of the
Federal Reserve Board, that sufficient
subscriptions had been secured to nssure
the success of tho project and to warrant
the board In giving Its approval to the
r'Enrly advices from banks In Chicago,
Philadelphia, Boston and other cities In
dicate that those Institutions nro ready
to give up their quota as soon us they
ire called upon to do so.
Contributions ot the more important
'thw York financial Institutions will be
approximately as follows: Chaso, $2,000,
000; National City. $5,500,000; First Na
tional. J2.S00.CO0: Bankers' Trust, $2,400,000;
Guaranty Trust, $3,000,000; Jlnnovor, $2,-
600,000, Commerce, J3,20O,0O0; Mechanics
and Metals, $2,200,000, and tho Park,
Securities were firm In London today.
Trading was moderately active. Ther
I was further Increase in denls offered on
the tape. American railway shares wore
dun, the August earnings of tho Bal
timore and Ohio producing n depressive
eftect on the Ismies of that system.
Steel common was firmer at M'.fc.
The financial district Is anxiously
enaltlng a statement from tho Stock
f Exchange Committee rolntlvo to reopen
ing, now that the end of the mora
torium has been settled upon. A call
for 513,000 on a city of St. Petersburg
loan was due today.
WASHINGTON, Sept. 25.-Dcnlat Hint
tho banks of tho country were engaged
In hoarding money nnd refusing ci edits,
enmo from four directions todny In an
swer to Secretary of tho Treasury Mc
Adoo's telegram of warning sent yes
terday. Telegraphic responses were re
ceived nt tho Treasury from Ohio. Oro-
Bon, Alabama and Connecticut. In each
case co-operation with the Government
to prevent extortion or extreme conserva
tism was promised.
Emory Lnttrnnrr, of Columbus, Super
intendent of the Ohio State Banking De
partment; S. G. Sargent, State Super
intendent of Banks of Oregon! A, E.
Whlker, State Bank Superintendent of
Alabama, nnd Frederick P. Holt, State
Bank Superintendent of Connecticut, all
promised to assist the Federal Govern
ment In every way possible. Other re
plies are expected during tho day.
Tho State officials declared they had
no knowledge of extortion by the banks
In tho matter of Interest. They also de
clared their Ignorance of any attcrrpt on
the part of the banks to withhold ad
vances to those- who applied to the banks
with safe collateral.
ADOPT FINAL PLANS
WAR WILL LEAD TO
OF STEAMSHIP POOL
Creditors 'Will Get 15 Per
Cent, in Cash and Balance
in Interest-bearing Notes.
Forming New Corporation.
Enslish Interests Are
pected to Ask U. S. Court
to Formally Declare the
Tho European war situation may lead
directly to a complete dissolution of tho
North Atlantic steamship pool, which
has existed for many years between the
principal English and German steamship
lines operating between this country,
Canada nnd Europe. Tho basis of oper
ation of the pool was an agreement
whereby each of tho lines affiliated with
It was nllowed every year a certain al
lotment of tho total steerage travel on
the North Atlantic.
It Is understood that because of the
extreme bitterness which now exists be
tween the English and Germans, the Eng
lish members of the nool will make nn
agreement with the United States Gov
ernment to have dropped by It the eult
recently brought under tho provisions of
the Shormnn anti-trust law to dissolve
the combination. A consent decree will
probably be entered In the United States
Supremo Court which shall enjoin tho
English lines from entering any futuro
agreement with German steamship In
terests covering ocean passenger tramc.
This action may bo taken within the
next two weeks by counsel representing
sonio of the English lines.
Under the terms of the ngreement,
which was made In London In 1001 the
various steamship companies affiliated
with the pool were nllotted percentages
of tho total steerage travel on the North
Atlantic as follows:
Westbound, Allan Line, .62 per cent;
Anchor Line. 3.40 per cent.; Cunard Line,
13.7.-, per cent.; Hamburg-American Line,
39,61 per cent.; Holland-America Lino, 0.G3
per cint. ; North German Lloyd Line, 26.63
per cent.; Ilcd Star Line, 9.71 per cent.;
International Mercantile Marine Company
(White Star), S.60 per cent.; American
Line, 6.C8 per cent., and Dominion Line,
1.4 1 per cent. On castbound traffic the
allotments wero as follows: Allan Line,
4.W per cent.; Anchor Line, 3.93 per cent.;
Cunard Line, 12.77 per cent.; Flume
Trieste Service, 2.35 per cent.; Hamburg
Amerlctn Line, 12.33 per cent.; North Ger
man Lloyd, 18.79 per cent.; Holland-America
Line, 6.10 per cent.; Bed Stnr Line, 8.56
per cent.; International Mercantile Marine
Company (White Stnr Line), 15.19" per
cent.; American Line, S72 per cent.; Do
minion i.ine, 1.50 per cent.; Canadian Pa
ciflc Line, 4 49 per cent.
WHEELING AND I.AKR EMU,
August gross ftW,Ml
To months' Erom.. 1,047.0,1 1
"et 202, 75S
JMrd week Kept.... $1,183,000
From July 1 14,000,03.1
August nper. rev.... $,'l,770,;nn
S" , 1.VS3.IIJ1
operating income.... 1,14'J.urj
Two months oper. rev. 7,3.12,427
operating Income .... 2,001,001)
CHESAPEAKE AND OHIO.
.....I. re oeoi l.iii:
fiirom July 1 n u.7.7ini
CENTRAL OF OEOflCJIA.
Tr ended Juno 30:
"rerailng revenue 114,210,7 n
i";ut KtOM tlO.lM.4SI
$ 114.53 1
CHICAGO, INDIANAPOLIS AND LOUIH.
in, i vi U.K.
FRANCE HOARDS FUNDS
$400,000,000 Reported HeldSmall
month" ,bee.n estlmatl 'hat during the
month of Alirust .Mi,.,.. ... . ....
?nl",,t.0'.,W0-000'000- or 2.W.O00.000 franc,
went in.,. Ymici ... -c .. .:
Pfllr... V """'" " ne, says uio wall
tmtn ournBl- diniculty of making
T..7.H.V. "f "nnrr ,neso circumstances
from iM88.1"" notes of denominations
m a.hal . ,ranc to Trancs cacli.
rh.H,8 Vr,nctlonfl currency Is ma.lo ex
liFMr'wf atTJhe Ilanlt of France for
Bvee,?nV7 ". BJlver c"ency in the
rnanv An,tr e? t't V- England. Oer
inio hoard to about the mm extent, then
twM B" J?;000-000- n silver alone o?
mult Fle PU?"C aebt ot th0 Un"e' States,
i mL.Ve """appeared In tittle more than
n?nJl' Assumns that as much gold
IHm ?r.ent ,nt0 h,d,nff' tho flve
tloi. I haV2 wh3fawn from clrcula-
.( 4000 ciorMn P,?S,t a ffron'1 to,al
t M.voo.coo.OOO of metallic currency.
BIG GAS COMPANY FAILS
Receiver Is Named for 0,000,000
WaUfjfArV- N- Y- Se -Th nuf
tlfl2l.it ComPan5'- manufacturers of ar
rel, gl i Went ,nto th8 hands of re
it v! today- APPcatlon for the re
SlumS. was tnade by Alexander C.
aiumrhreys president of the company,
coin... VA l'ar,T T' namsdell were ap.
polntea by Federal Judge Hazel.
ne recsilvprfthtn iu .u ....,.
ini 'n bought by the Plntsch Compress.
vvmpany, of New Jersev. A bond.
now.rs commlttea wilt be appointed. The,
&fiJv Ga" Company la capitalized at
CINCINNATI BUYS COTTON
Starts Movement to Take $200,000
Worth to Help South.
CINCINNATI, O., Sept. 2S.-Cinclnnatl
business men havo started a movement to
buy $200,000 worth of cotton nt $50 a bale.
The Met chants' Association has Initiated
the movement to purctmse tho cotton In
the Interest of the South. Moro than
2200 bales havo been subscribed for nt tho
Htandard price of 10 cents a pound. A
commlttea has been appointed to solicit
I.hlgh Valley fonl Sales Company, regular
ouarterly 2't ,er rent , payable October 17 to
stock of record October 8.
Penman. Limited, regular quarterly 14 per
cent, on preferred nnd 1 per rent, on common.
Preferred la ratable November 2 to stock of
record October 21. and common mvable No
vember 10 to stock of record November S.
Tonopali Mining Company, regular 25 per
rent . payable October 21 to stock of record
Nntlonal rireprooflnK Company, regular
Suarteriy 1 per cent on preferred, payable
ctober IS to sto-k of record October .1.
Tho reported movements of currency
this week liullcnto n gain In cash by
banks of JU.3lS.0C0. Now York banks
received from Interior J10.S05.0OO and ship,
ped to Interior $3,351,000. Including JS31.000
national bank notes sent to Washington
for redemption. Oaln from Interior was
$!6.E4t,0O0. Onid exports were J3.787.000 to
Canada Ordinary disbursements by the
Sub-Treasury wero 110,017,000.
Final plana for tho reorganization of
tho II. B. Claflln Company, which re
cently went Into tho hands of receivers,
have been completed and will be pre
sented today for final approval by the
Merchandise Creditors' Commlttco, which
will meet In New York James S. Alex
ander, president of the National Bank
of Commerce, Is chalrmnn of tho Note
holders' Committee which formulated
Failure of tho Claflln Company was
ono of the worst blows received by the
business world for many years. Tho
compnny operated a chain of 23 largo
stores throughout tho country nnd
millions of dollars of Its paper was out
standing at tho time of the collapse. A
large amount of this paper was held In
Tho reorganization plan provides that
tho Claflln creditors shall receive 15 per
cent. In cash and the balance In three
year Interest bearing collateral notes
of a newly organized corporation, re
newable for another two years.
This new company will bo known as
tho Mercantile Stores Corporation and
It will acquire the assets of the H. B.
Claflln Company, the assets of John
Claflln or such portion of them as may
be deemed by tho commlttco to be ad
vantageous, Including all of the capital
stock of the 23 companies now In the
hands of receivers, all of the capital
stock of McCrecry & Co., of Pittsburgh;
of tho Wllkes-Barro Dry Goods Com
pany, and of MacCallum & Clouthler;
$2,290,050 par value of the capital stock
of tho Scruggs, Vandervoort, Barney
Dry Goods Company ($2,103,650 of com
mon and $187,000 of preferred), $100,000
par valuo of tho capital stock of the
Hlgbee Company, $100,000 par value com
mon capital stock of James H. Dunham
& Co., $6,268,000 par value of tho com
mon stock of tho United Dry Goods
Companies, and other assets and equi
ties owned by John Claflln. which have
been transferred to representatives of
the noteholders' committee for the benefit
of the Mercantile Corporation.
THE NEW CORPC-rtATION.
The Mercantile Corporation will cause
to be organized a new corporation to bo
known as "Tho II. B. Claflln Corpora
tion," to carry on such portion of tho
wholesale business now conducted by tho
II. B. Claflln Company, a New Jersey
company, as may be deemed by the board
of directors to be advisable. It Is con
templated that there will be transferred
to this now corporation approximately
$6,000,000 of assets of the present H. B.
Claflln Company In exchange for Its
capital stock, all of which will be owned
by the Mercantile Corporation. The value
of the assets transferred to tho H. B.
Claflln Corporation shall be as agreed
upon by Its board of directors and the
board of directors of tho Mercantile Cor
poration, The notes will be dated December 1. 1914.
and will bo Issued In 21 separate series,
one series to be delivered to the general
creditors of tho II. B. Claflln Company
and each of the other 23 series to be de
livered to tho holdors of notes executed
by one of the several companies nnd In
dorsed by the H. B. Claflln Company.
Tho collateral tniBt notes will be se
cured by stock collateral to be deposited
under a trust agreement with tho trus
tees to be selected by the committee. The
notes received by the direct H. B. Claflln
Company creditors will be secured by
one-sixth of the capital stock of the
proposed H. B. Claflln Corporation, tho
wholesale trading company.
Each of the remaining 23 scries of col-
nicwn iruui nuics, neing tlie notes re
ceived by tho noteholders, ivill be se
cured by the entire capital stock of the
particular company, which executed the
notes to be exchanged for the new notes.
REPORT OF RETAIL STORES.
A summary of the assets and liabilities
of 20 of tho 23 stores that executed notes
In favor of the H. B. Claflln Company
WHEAT EASIER TODAY:
CROP REPORT FAVORABLE
IUtsslnn Harvest Was Better Than
Expected, Say Advices.
CHICAGO, Sept. 85. Wheat was easier
today. Resting orders to buy were
reached at $1.10 nnd below for December.
Confllderable export business was done
late yesterday. The market nt Liver
pool was lower.
The Russian harvest, according to a
semi-official report, was bettor than had
been expected. In India the weather la
more favorable and the general crop out
look has Improved, but holders are firm.
Corn wan quiet nnd paster. There were
export sales of 200,000 bushels of corn
hero late yesterday. Receipts of old corn
are light and there Is no pressure on the
market. The arrivals here today were
Oats waa active and the market was
steady. Some cash concerns sold, while
export houses bought. Additional sales
of 400.000 bushels for export are reported.
The receipts here today were 212 cars.
Leading lufurea ranged as follow:
wnoat- upen. ingn. lmvt.
December 1.10 1.10ft 1 r
Corn (new rlellvervl
September ........ ..
January no.37 10.40 10..17
January 1D.33 111.73 10 .'IS
SHOWS GREAT GAIN
Number of Plants So Oper
ated Increased 91 Per
Cent, in Ten Years,
U. S. Report.
PORT OF PHILADELPHIA
Sun and Tides
Sun rises. ..S:r0 a. m.Sun seta.
HlRh water 15:43 a. m.lHluh water
Low water.. 2:41 n. m.Low water.. 12:33 p. m.
High water 2:34 a. m., High water
Low water. 0:11a. mLow water
High uater .... a. m.iHigh wntcr.12.-22 p. m.
Low water. 0:45 a.m. 'Low water.. 0:30 p.m.
.S:S4 p. m
0:1S p. m.
.1:07 p. m.
0:1S4 p. m.
8tr. John D. Rockefeller, White, Copen
hagen, Joncph C. Gabriel.
Sir. Bellucla (Br.), Kiddle, Hltlgo, Joseph
Sir. A. A. Raven, Hecker, New Orleans,
Phlladelphla-Ncw Orleans Transportation Com
pany, Str. Sun, Ockelman, Sabine, la. Newport
News, Sun Company.
Str. Delawnre, French, New York, Clyde
Str. George W. Clyde, Forrest, Norfolk, etc.,
Clyde Steamship Company.
Str. Anthony Groves, Jr., Bristow, Balti
more. Ericsson Line.
Schr. Ellen Little. Yeaile, Humncoa, P. R
A. D. Cummins & Co.
Schr. Francis Goodnow, Blaine, Boston, A.
D. CummlnB It Co.
Schr. Delaware Sun, Janssen, Newport
.-cws un tow sir. nun), Hun company.
Steamships to Arrive
Name. From. Date
Mongolian Glasgow Sept. 10
fUampalla Naples Sept. IS
Dominion Liverpool Sept. 16
City of Durham Calcutta
Start Point ..
.Rotterdam ....Sent. 1.1
.. Hotter ilam ....Sept. 1."
..London Sept. 12
..Manchester ...Sept. 10
..Huclva Sept. 14
..Stnvanger ....Hept. 1.1
..Cardiff Sept. IS
..Lelth Sept. Ill
..London Sept. 22
Steamships to Leavo
Stnmralla . .
West Point .
PORT OF NEW YORK
THE MONEY MABKET
The , iatM for money at all the leading
flnauclal centres today were quoted as folloii
Philadelphia Si"' """a-
New York ,...0S Has
Itauon ... g"" Mg
Chtiuio ; 7 y8
rniiaueipnia--i ommerriai paper, three to !
itwmiii.,, tuirt i'er cent.
NEW YORK BUTTER AND EGGS
NEW YORK. Sept. 2.1.-fiutter. 57IM pack
ages received; market steady: creamery eitrm
mt'MH-- : tlrns, Slivasuj.; held, extras, Su
K Receipts. 10.040 crates: tone of mar
ket steadier, freah gathered, extra firsts. Silii
27o ; first, 24g2.1c, refrigerator firsts. 24Sc.
CHICAGO. Sept 2.1 -HOGS -Receipts. 11
Oftfl: murket 5c lower, mixed and butchers
fSlWJUn. kouiI heavy. Isuva&OJ. rouxri
heavy. SI D3N 60. light, S4iauo.1; pig, in
(H 10: bulk $!1.WS7S CATl'LE.-lUfeipiV
IH; market steady beevea. J7 40&irua'
cows and heifers. 1430 CO; stockers and ffe.l
ers SiUOii8 3.v Texans. 7 .V)a 00, cartel
10.30S11 50. SHEEP -Receipts. 10000. mar
ket steady: native- and Western, I3.2SS3 75
tombs. f3.(UVf. -xio-ia,
SOUTH AMERICA ORDERS STEEL
I'lTTSMTHUH. Sept. 2S.-The largest
export order received hi this country
since the European war started has been
taken by the Lackawanna Steel Company
Jt calls for from 3000 to 4000 reinforcing
steel bars for Government wo . at
"etios Aires, Argentina.
II. Batterman Co.,
The Bedford Co.,
Castner - Knott D.
Goods Co., Nashvlle
M. J. Connell Co.,
ing Co., New York.
Hennessy Co., Butte,
Jones Store Co., Kan
Th Joslln Dry Goods
Kline Broe., Altoona.
Lion Dry Ooode Co.,
Lord 4 Gage, Reading
The Geo. W. McAlpIn
Co., Cincinnati ....
Mcllougall & South
wick Co., Seattle..
Montgomery Fair. Mont
Tb People's Store Co.,
Spring Dry Goods Co.,
Grand Rapids ....
Watt. Rettew & Clay.
Inc., Norfolk .....
Thos. C. Watklns, Ltd.,
J. H. White & Co.,
Whltehouse Co., Spokane
Vessels Arriving: Today
Str. Mauritania (Br.), Charles. Liverpool
Sept. 10. to the Cunard Steamship CoT Ltd
SoykcdTtTeTm. ma"S nnd ""ndl.i'
Steamships to Arrive
. . , . , DUE SATURDAY.
Philadelphia Liverpool ..
Duca iyAosta Naples .....;
Steamships to Leave
New York . . . ,
FREIGHTS AND CHARTERS
tinges CflarT aW.eady, iMerf,'
, .n'ark'er0"' b" "-""-
UnTVKa.nn.d'onn;-)'?nn,r',a'.? pl Pons
0d . October. ' manors. :
S?"'1"' (r- M garter,, fame.
Municipal owncrnhlp of electric light,
heat nnd power plants In this country Is
maklnr? rapid strides. Tho theory that
municipalities enn construct and operate
public utility plants moro economically
and with greater efficiency than can ex
perts representing Private corporations,
whlln It hafl not been proved to nny con
clusive cxtrnt, Is, nevertheless, gaining
ground. This Is made plain In a report
Just Issued by the United Htalos Census
Bureau covering tho ten-year period from
1902 to 1912.
In tho period, tho number of municipal
plants Increased from 815 to 1562, or 91.7
per cnt., while the privately owned plants
Increased from 2S0J to 3059, or 30.1 per
This total of B121 central electric sta
tions Is considerably less than tho num
ber reported In commercial directories.
The report explains tho apparent dis
crepancy by statins that where several
plants aro under ono ownership they arc
reported as one establishment. In the
directories each plant Is regarded as a
unit for tho purpose of listing. The re
port takes no account of electric stations
constructed primarily for tho heating or
lighting of hotels or factories, even If
some of tho electricity la sold to the
In 1902 more than 22 per cent, of the
stations were municipally owned. Ton
years later tho percentage of such sta
tions had Increased to substantially 30
per cent, of the whole number. In total
Income tho commercial stations had 92.3
per cent., which was greater than In
1902, when the commercial stations con
stituted a larger percentage of the total.
In that year they received only 91.9 per
cent, of tho total.
MUNICIPAL OUTPUT REDUCED.
The municipal stations. In output, fell
much behind in the decade. In 1902 they
produced 7,8 per cent, of tho kilowatt
hours, whllo In 1912 their production fell
to only 4.7 per cent., which Is less than
their percentage In 1907, when It was 4.9
per cent. Whllo their relative production
fell off so greatly, the municipal plants
greatly Increased the capacity of their
gas and oil engines, having no less than
20.2 per cent, of such engines In 1912.
But, while the percentage of gas and
oil engines owned by the municipal plants
lncrensed so largely, the total horsepower
of all engines, turDines, waterwheels,
etc.," fell off from 8.7 per cent. In 1U02 to
7.4 per cent. In 1912. The kilowatt capac
ity of the municipal dynamos also ran
down from 9.4 per cent, to 7.2 per cent.
The total Income of municipal stations
Increased from $6,963,105 In 1902 to 23,
21S.9S3 In 1912, or 233.4 per cent. That of
the commercial or privately owned plants
Increased from $83,700,605 to 302,lX"i,599, or
252.5 per cent.
The total expenses. Including ordinary
repairs and a proper depreciation account
In the municipal plants. Increased from
3,245,9S7 In 1912 to U6.917.1C6 in 1912. un
Increase of 222.5 per cent. The total ex
penses of the commercial plants rose from
J68,01.376 to J234.419.47S, or 214.3 per cent.
For that Increase In total expenses the
commercial plants brought about an In
crease In kilowatt hours from 2.507,051,115
to ll,532,963,0u6, or an Increase of 300 per
cent. For their Increase of expenses the
municipal plants brought about an ln-
creaso of kilowatt hours of only 171.1
hours. In the Increase. In figures, being
from 195,901,139 to 537,526,730.
During tho five-year period from 1907 to
1912, approximately 10,5 commercial stations
passed Into tho hands of municipalities
and SO passed out of the hands of muni
cipalities Into the hands of private opera
tors. The greatest increase In municipal
stations took place In a group of states
composed of Minnesota. Iowa, Missouri,
the Dakatas, Nebraska and Kansas. The
number In those states Jumped from 274
to 399. Arkansas, Louisiana, Oklahoma
nnd Texas come next In tho number of
Increases, from 55 to 122.
0LNEY BUSINESS MEN
FINANCING NEW BANK
Site Still Undecided, But Charter
Will Be drnnted November 30.
Olney business men are organizing tho
Olney Bank, for which a chnrtor will
bo granted Novomber 30. The site has
not yet boen selected, but tho bank will
be In tho centre of the German-American
population of Olney. It will be some
where botwpon Hlslng Hun lane and Broad
street nnd between 4500 and S00 north.
The capital stock will be SO,000. This
has already been subscribed at 0 a
sharo among Olnoi' residents. In ad
dition there Is an undivided profit fund
A. L. Stilton, who organized tho South
Penn Bank nt 29th nnd Dauphin streets,
Is at the head of tho temporary hoard
directing the preliminary work. "Tho
bank will be In the centro of th bus
iness section," sold Mr. Stilton today,
"and It will fill a long felt want In
Olney. There Is no bank near the loca
tion we are considering.
Those Interested In tho plan, who prob
ably will be nn tho board of directors,
are Alfred Stclnhousc, Sixth street and
North Tabor road; II. A. Kahhach, Fifth
street and Olnoy avenuo; W. 1j. Frnnck,
210 North Tabor road; John It. Coon,
4,"5 North Tabor road; Thomas Tnnsey,
601 Hlslng Hun lano, nnd Henry Franz,
2300 North Front street.
Government Inspectors Re
port Greater Care Being
Taken by Railroads of
Country to Insure Safety.
BRITISH TRADE CRIPPLED
IN FIRST 'MONTH OF WAR
Manufacturing Centres Are Hit Hard
in the Midlands.
LONDON, Sept. 25. The trade returns
for August the first month of the war
have Just been Issued. As was to be ex
pected, they reveal a decline In trade
without precedent In tho recent commer
cial and Industrial life of England. Com
pared with tho corresponding month of
last year exports show a falling oft of
19,000,000 ($95,000,0)0), or something like
60 per cent., whllo the Imports are down
by 13,000,000 J65,0OO,0O0), or like a tUartcr
of those received In 1913.
It Is the manufacturing trades which
have been hardest hit, and the way Lan
cashire haq been punished Is shown by
the fact that the exports of cotton goods
havo declined by nearly 5,000,000. Iron
and steel, machinery, ships, wool, chemi
cals, all, to uso a word which has now a
real.mcanlng. arc "going."
The Continental trade cannot, of course,
be recovered while tho war continues; but
much of tho disaster that has befallen
British Industry Is due to apprehension
and dislocation, and Is therefore tem
porary. Already trade Is beginning to
adapt itself to the new conditions. In
many directions there aro signs of now
llf, and It Is clenr that the losses In
some directions will lie balanced by gains
In others. There will be much reshiftlng
and reshaping, and those will do bst who
are able to take occasion by the hand
and adapt themselves to tho now condi
tions. It will go hard with those who have
got Into grooves and find their routlno
suddenly destroyed, but for tho man with
a quick and adaptable mind there will be
a period full of opportunity and rich In
Oreatpr enre Is being taken by tho
railroads of tho country In keeping their
locomotives In good condition. This la
shown by reports of tho Intcrstato Com
merce Commission covering tho Inspec
tions of locomotives by the commission's
60 Inspectors In the last three years.
The reports show that the number of
loroniotlvos Inspected hns Increased and
tho number found defective In any way
For Instance, thero were 74,231 locomo
tlvos Inspected In 1912. Of this number
C5.7 per cent, wero found with noma
slight defects. Last year the number In
spected wns 80,356, and 60 3 per cent. wer
found defective. This year 92,716 havo
been Inspeeted, and only 52 9 per cent,
were found with defects. Many of then
defects, however, were not In violation
of the law. The defects that wero In
violation of the law represented 4.5 per
cent. In 1912, 5 2 per cent, last year and
3.0 per cent, this year.
The grcateot troublo from accidents)
has been, according to Frank McMan
amy. chief Inspector of locomotive boil
ers of the Interstate Commerce Com
mission, with the failure of arch tubes,
and four out of flvo of tho accidents aro
caused by their Improper application.
The greatest care being exercised In
this direction by the railroads is reflected
In a material reduction In the number
of accidents due to tlie failure of loco
motive bollf-rs and their appurtenances.
Thi accident record for the last three
accidents. Killed. Injured.
Totals 13,I70,46l 28,330,767
Poe;. no lncl"l'e J. Baron & fions, Louis.
llle, Ky.; The Fair Company, Cincinnati. O..
H i d Dry aoo,, Company, Terrt
COMMODITY HATES SUSPENDED
WASHINGTON, Sept 25.-Frelght tar
iffs of the Atchison and other ratltonds
proposing to withdraw tha concentration
rates on eggs, butter and poultry at
Oman and other Western nolntn w.
suspended today by tho Interstate Com
merce Commission from October I until
January 21. Under tha proposed tariffs
the rates on such shipments would be 45H
cents per 100 pounds Into the concentra
tion point plus 35 cents from the concen
trating point to St. I.ouls. The commls
sion will conduct an Investigation Into
tha reasonableness of tho advances.
Because of urgent demand the supply
of foreign exchange grew entirely In
adequate today. The market was not
active, but rates advanced violently. De
mand was quoted at )96197Vi. cables
MSW1.9SU- Continental exchange was
quiet. Leading International bankers are
of the opinion that the foreign exchange
nuirket Is not likely to reflect appreciably
the operations of tho gold pool until
about 25.OOO,O0O has been transferred to
r.imrnoor cur), Oulf to Marseilles
U.1O0 quarters, 3. Jd.. nrornn,.
i-ape 1,-orso (ur.), 2810 tons. N'ew vn,v .
Australia anrt .New Zealand, vf" Panlrrm
Canal, general cargo, private" term October
Thora (Nor). B.W tons, Now York to Scan
Nicholas Cuneo (Nor ), 1 tons, same
Stamboul Nor ), 1.102 tons same oSSIk..
Ulabrand .Nor.!: 125 tor,"." ."me." Ct0ber'
Krcy (Nor.). l!W tons, transatlantic trade
one trip, basis 7s.. delivery Mobile, rede fw,y
Scandinavia, prompt. iumry
Ella M. Wllley. 735 tons, Savannah or Bel
,avlt;.1, I? lS5in' In1"11". PrUate terms.
M.lr,c"5 N. Pobb. 3ft) tons. Charleston to
north of Hatteras. klln-drled buards. private
"BSiVrt'tf 42oV.Tm.Vorl'" prlva" "-.
EPISCOPAL LOOKS GOOD
Havo Six Veterans Back as Nucleus
for Fast Team.
Episcopal Academy is looking forward
to a very successful season In football
this year. Six veterans from lust yenr's
.-... ..-. .o.utucu iu suiiuoi, ana as
there Is lots of good material to nil up
the positions left open by graduation.
Coach Washburn should have no trouble
mi luirnns uui a. Kuoa team. Tha six var
sity men who are back In school this fall
aro Captain Applegate. Stowart, Bonsack,
Bculd, Qllmore and Earl.
Some very promising players are Blddle
Cupit, McCall, Earp. Push. Wai ton'
Townsend and McElroy. .
The schedule la as follows: October
Bryn Athryn, at 63d and Walnut street,
October 9. Haverford. at 63d Tand Walnut
streets; October 16. Sw.rthmoA.ilt
?.Tnhrfmw :,cftob.er Chestnut Hill. a
l!d and Walnut streets; October SO. at
I.ukos at Wayne; November 6, Herman
town, at 62d and Walnut streets. Novem.
ber 1J. Penn Charter, at Queen lane; NI
yember 20. Friends' Central, at 6d and
ANOTHER OUT IN OIL PRICES
The Imperial Oil Company has an
nounced another reduction of five cnt
a barrel to ItS5 In the price of oil.
As Indicating tho general better feeling
which Is apparent, ono of tho large bond
houses in this city has. within the last
ten days, had average daily sales of from
J25.000 to $:,C00 worth of bonds. Tho nver
age number of transactions dolly has been
sevon to ten. These Bales wero principal
ly In unlisted bonds nnd wero made with
out the aid of salesmen.
Tho raport of the Chicago and Eastern
Illinois liatlruad and tho rocelverH' ac
count consolidated. Including the Evans
vllle and Indianapolis Itnllroad, for tho
year ending Juno 30. 19U, shows total
operating rovenuo of $!5.5U,2)5, not oiwrat
Ing rovenue. $2,575,274; operating income.
$1,911,774; total Income, fJ,93J,W; detli-lt.
William S. Evans, who is associated
with Henry & West, of this city, bus
been unanimously elected president of
tho American rnstltut of Banking nt
tho annual convention In Dtillas, Tex.
Mr. Evans Is the first I'hlladelphlan to
occupy that office.
Tha suhtreasury gained J209.000 from
banks yesterday and since Friday. jt.
Tho Htandard Horseshoe Nail Com
pany, of New Brighton. I'n,. has re
ceived a large order for horseshoe nails,
presumably from the French Govern
ment. Copper exports for tho week ending
September 25 were 3527. decrease, 2s5b;
month to date, 14.07; decrease 67K; from
January 1, 23,273, increase 17,119.
Operations were resumed tevday at th
Sparrow's Point Steel rail mill of the
Maryland Steel Company. The company
will now finish rolling 13,(10 tons of steel
rails, taken some moftths ago for an
Gross earnings of the subsidiary com
panies of the Philadelphia Company in
August were f379.S3l. decrease $S6.772. net
$110 877. decrease $74 034; five months'
gross. JJ.SrJ.tm. decrease 31.6.S5; net tl 115.
7. decrease J36.7S1.
During the month of August the Tono.
pah Mining Company produce,! swam
ounces of gold and silver, valued at 1166 .
815. This shows an improvement over
July, due to a batter grade of ore haUnir
Tho Commonwealth Power, Hallway
and I..lBht Company, In which local cap
ital Is largely Interested, has ask.-d the
Michigan II nil road Commission to ap
prove an ordor for tho Issuance of $521 -000
In bonds to be divided among its
The Monongnhela Valley Traction Com
pany. Hutchinson W. Va.. will build a
$.100 000 electric plant to develop fXiO horse
power for electrical transmission 100 miles.
1!12 MB nl 1003
lul.t H-jn ::r, bit
1911 011 21 07-4
NOTES OP THE RAIL"
r.eturns received by the Electrical
World from the central station compa
nion of tlie Mountain and Pacific 5'tnten
for June, 1914, do not show as large gains
In earnings nnd output over the corre
sponding month of 1913 ns did thoso for
May, and the latter also was behind
April In these two respects.
Beturns from Mx large cities in Cali
fornia, Washington, Oregon I'tnh and
Colorado, representing over 60 per cent,
of the centrnl station industry In tho
Mountain and Pacific .States, show gross
earnings for June. 1911, of $1.5J9 5W, nn
Increase of 5 1 per rf-nt. over June 1913
with output of 140.191062 kilowatt hours!
an increase of S D por cent.
Tho standard of efficiency of train serv
ice mon on the Pittsburgh Division of tho
Pennsylvania has boon raised as the re
sult of a method known as the "progres
sive plan." They have to pass a first,
second and third year examination on air
brakes, machinery and knowledge of a
The new shop of tho Chicago and Alton
at Bloomington. 111., to cost $1,000,000, are
nearlng completion. They will replace old
buildings of small .slzo that were erected
30 years ago.
What has been known for many years
as the American Association of General
PaSfonger and Ticket Agents has been
changed tc that of American Ase-oclation
of Passenger Traffic Officers, which Is
more In keeping with its membership. The
president Is Gorrit Port, passenger traffic
manager of tho Union Pacific.
The Massachusetts Public Service Com
mission has suspended to November 1,
1911, the proposed changes In certain pas
senger tariffs on Boston nnd Albany Rail
road. A hearing will be held October 13.
Tho tariffs suspended withdraw from sale
HO-ride Intrastate and 10-rlde tickets. The
changes would make certain lricreasos in
ratei of fares.
Effective October 1, M. E. Wells has
been appointed senior inspector of motive
power, division of valuation, Interstato
Commerce Commission, for the Southern
district. His headquarters will be In
Chattanooga. He Is now engaged on the
appraisal of the Pere Marquette for the
Michigan Railroad Commission.
Automatic block slgnnls are being In
stalled by the Texas and Pacific Railroad
on Its line between Addis, la., and Don
aldsonvllle, a distance of 21 miles.
Tlie Cincinnati. Hamilton and Dayton
plans to build 105 caboose cars in Its
own shops. The compnny Is also In the
market for twelve nil-steel coaches, eight
all-steel passenger nnd baggage cars, four
nll-steol baggage and mail rum. rive all
steel baggnre cars and one dining and
two wrecking cars.
M. A. Mulligan, trnlntn.-u.tpr of the Le
high Valley Railroad at Jersey City, has
boon appointed general yard Inspector
His offices will be in South Bethlehem.
.rv,l'f:A.T-rll'i;:'r";: .n . uu
change in winter Cur lm.i, In export e.ovat'.r I
v ;, " .re,1. ' " unl Hei'tember, f Unfit. U, I
i 2 re.1 Wesiern. I1.1111S. No. 1 Northern
Dllluth. $lltiflSI. .... ruicrn
COIIN Heeelpts. C070 bushels. Trade '
V.- o '- -t iru.-ie. as l, toi'dllan
but irad, u.u!et
choice, 1 hi-lil it, c. .
I art sKlms, li'sllc
K U. 1
1'rlng , hl.-kens.
New Vork. full-
do . do . fair to
Haiti. . In h
ii.ll'M., guineas, per
. and ,er mi l e
pply and quiet at
Wi17l,. .,ld rixjate-s.
rdinc to dual
I. imi 14.- do. i rim:
No. 2 yellow. ss,uo . stearner'ye low ir, Si ifiV.J ViM,1 ., .."u.'.?H"f
,P ri? nlpt. 30.717 buih-jls. Offerings
moderate ,nd prl.'es steu l hut trade ."ji"
SIVjc.. No .1 white MVoNMo.
ri.ont He, elpu. S1S0 barrels, 1.0TA.0SS
lb In saplt. Trade slow urd values UreulJ
nominal. The mark.t dull and weak un.l'r
pressure to sell. Winter, clear, fl TSU.1 do
trainht. IMi.121. d,, patent. V4.tl TO
Kansas, siralshi. Jute sacks, f.VS04l!l !k do
patent. Juto sjeks. ft iiofi-i oo. si-rlns. rtre'i
clear. U 7.M15 do . t-rjlKht. JT HkSft jo jo
,?"fm S"U.M 'to. favorite brands. ta
0 25. city mills, .hole and fan.-- patent. jBfi
5-J.,clt' mills, rcsuiar rj..lo -winter, clear
ll.T.lfft. do. straight, J.VcfS SO. do. uatenr
."Oo . old.
?&'!&." per bbl ,
-Steadily held but rjulet at
B5?L 0lllV!t compare v. tin corres
spondlhi day lut to year. ""'
1911. mil ......
r-hllad. .121,157 88S I24.U70 SM . iiw '.-. .
. 17,lM,T3i 21,S57 5K,a wiwO.&Oi
lie s to a
Trade slow and prices un, hanged rttv bef
In sets, unokd and alr-lr'el tlfctlg- . Went
ern Nef, in sets, sin.jkel 5lf.ijc,; city bef
KnucKies ana tenders, smoked and nir-drled.
.UjJ4i: . Vetjiern beef, knuckles and lenders
stroked. S5a;4c . beef harm. -JufrlSe ; p,"rk
Urn J y. .w.'7. llama. S. l. cur.T lo.i, .v.
(SlBHo.: do. skinned, loose. 15m?18c . So
Jo., amoked. 158103.. olhsr bams, smoked. clt
cured, as lo brand and in erase. tsnuilo.
hams, smoked Western cured, l-luc di.
boiled, boneless. H'u2:t, picnic shoulders. '
1. cured. loo, 12ffl2Wo . ,u . smoked lie
UHc. bellies in id. kle. according to inersatt.
loose. Identic.. breakfa.st baion si to brau 1
and average, city mre.J Il'Mo . breakfast
bacon. Western eurel 2Ur23c. . Hni, Western
refined, tierce. 11MM1V do. do., do. tubs
UWUc lard .Pure -it. kettle rider,i
Quiet, but steadily held. Standard granu
lated. lS.Sr. . tin granulated. 0.75c . powdered.
0 SSc confectioner' a, 0.83c. ; soft trudis.
1IITTKH Quiet with moderate but am
ple offerings ut former rata Western fru
solid-packed, creamery fanc specula, jtK- '.
eitra. 31c . estra firsts. .Wt flrsw. 2tete
sc.. seconds 2V7V . ladle-packed. 22
28c, as to quallt. narl. prints, fan. y. ai,-
do . awruKe xira. dj-a-Efc- do . (lists, 3.t
31c . do . sejonda. 276MV Social fano branda
of ,nn! ! bblutf at .isiB-ii,.
Wilih Strl. tly nne fresh eegu v. ell ,-i.inel
up anl Ual. Mrlliim an I p.i lok dull
It. freo hum u.arbj mru, tu par dux
nearby arws f 40 pur standard ca, narbv
curect rMli.U. 7.2o7 U per standard ..aM
Western extra amis. S per case, do Mrata.'
17 2fl7&0 rcr case. d. Ve. end,. ' J moSS,
per .ase. Candled anl recrated friah ,
er. lobbed out at 3587e per do" alt
tUEESK ortcrlurs moderate an valuta
pair nune. Melichlni
7'- do . ns Khlrig 11-
uo ueiuninit 1 11,
t'lurons. per pair n
lllili:i Desirable stock steady, with
'lWl.nJ.J"1!l ,g ."l" """-l'"" Fr.ijh-kll.el
r,jwl, par lb. wclghinu 4V-1 lb at lee
J'fc do. lfhiiu 4 lba ai.lete. JOt. do,
weighing a. It, a, ie,e. 17lSc . do.. eigh-
!?, "'. U"!'.,.Bn'1 m'"T I-' 'M roosters, dry.
pkkd. t.li .: brullint: ihhkens. ntarb,,
Wki"Ji,B8 ,U'? ,b ',,", 'W--' brdlini
chlck.ns. nearby, fair to g. o, IHiSc chuk-
S?i..,W,lUrn',381 "'" ' '"- to. d".
w- J.Jf '.'.c1t V'UUi brollins chUkens.
1; irn' W- U, !"". KilIS.-.. broiling
chitkena, W-ctern. fair to K.H,d, lMiifl.
q'ltth. ir d.-VhltP. wetghliii! U to 12
)'ii,?r .!0,.i ! M. white. neigh
S,.K, lo J, J" p" tjt- ',:i-73. white.
weUhlng 8 Ins, , ,io , J2.2.'tlE0. do. lo
T lb. nt 1oi, II 7BW'J do., d. OSBVa Iks .
?ftO ,'al-5u' Jar! and So. I ffcll
i-ernea quiet and easier. Other
showed little (tiar.ee
.pm. . Lt i.td. - Or eniteln. JL60:
i ?,.. lo,6u':;':!V' '',h,r KO"'1 l"ng arletes
II BoK.'.Ss. medium, fli, l ',o. aiiI.i iju.
wr mn -rnnsuanid per
' wr iHii, .. i I'lnff
tui plea per crate
it W a ran-
J""" nit-y. i i-u'O.l.sn. Florida
AT"8!i,varV "O Frl ' l"r bll J4 U
iiVC V!' o ., """ 'ea. Ji-reei tr ctate
i.i.J1 ""!s'' hn'- i1 saT iiu.k-
hasket. '.'r.T .',.
lS.lcrf!i Z?' t&.i- ' l'r'fre and Mao-
Tlli ill w47" w"'K ": "i l""" ''
?i, hSJs" wbLl '"'. rHw "4XETSC. . me-llum.
aXi" P1"' Jersey, nhlte par H -basket.
.naOilc ; do. do yellow tr S basket 23t
a i?'.. ""arby. imtr bhl Hurtlett No 1
e-Jtto.BO. do., No a. '.' ft'iead. I'lapp a Ka
VorTta. Ni. t flVifHW. 0 No 2 5 "rtll
ESeii,J,' .Vi.V.- N Concord.
KTnf"1 ha- V Oo pr 4-lb basket
rS iiuoi?1 S"hrn Ulaare. pr car.
rtei. 4(Mj5 . grate, r.mvor.l. i ur crate 40
rOc. . rums, rwr sib tauket itiv ' .,;
Illllui. . ,.l .u.l.. .. . ....J1. .T t -"
i. ....""" vmw "'". (iim. Oo
ilOai"a watermaloua, Jersey
?7j!' n'1 ,tb"u, Imponaat change.
fuia.vw vki uuau i muylvanu.
ew . it" o M' 1 .rk Mia Vic ,k. rt,r-
Jurati. per Ukl -Hvu IV it laitatoti'
Kaati-m Shore, iwr bll N., I. iSeW'
do do do Nu. 2. 70 tal du di oui
t-'arolUu. pw bbl No f' ji iXt,- J,, rtn
J.0 J ,5. Jil. do d,, . J.rv.v ,. t.kl
t2.Vi1j , , do do . do No 2, uiit
Western .. 1 ;-.ne. ilu, V.iIeT"7k;i,T' ,"i
tag si lo. metilum i r lU)-ib. tag
. abtage doouatl fr ton IlOttll
s. r l-UUit, L-ruU. '