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EVENING, LlBDGE.R-rPHlLAPEIiHlA, FRIDAY, EagHBEB 26- lj)!
FINANCIAL AND COMMERCIAL SITUATION AT HOME AND ABROAD-MARKET REPORTS
AGAIN LIFTED IN
NEW YORK TRADING
Bond Houses Given More
Leeway to Encourage Sales
Because of Better Feeling.
Talk of Reopening.
Another step toward a general re
eumptlon of business wna taken today
In New York. Tho Stock Exclmngo Is
sued an announcement to tho effect
that It has been deemed advlsablo that
trading bo permitted In unlisted Btocks
at tnodcrato concessions where neces
sary from those prices prevailing on
July 30, provided It Is not considered
harmful, to tho general situation.
There was a large disposition to trade
on tho part of local Investors. ' Bond
houses aro reporting a fair Increase In
business, one firm having announced
that Its dally transactions for tho lost
10 days have aggregated about 10,000 a
There came Into tho market this after
noon inquiries from London Investors
anxious to get hold of some high-grade
railroad securities. One lorgor buyer
asked particularly about St. Paul. This
la a good Indication of tho general feol
lng abroad and reflects the greater con
fidence apparent In tho uturo of Ameri
can railroad securities This confidence
has been helped materially, both at
home and abroad, through tho Interstato
Commerce Commission decision to re
open the Eastern freight rate caso nnd
the general belief that tho rate ad
vances to bo asked by the Western lines
will be granted.
A London cable says that Government
actlcn In some form looking toward tno
rc-openlng of tho Stock Exchange Is ex
pected to follow tho announcement of an
extension of the moratorium to November
4, when nil forms of moratorla aro to
case. Action may take tho form of a
guarantco by tho Government of unsettled
A governor of the New York Stock Ex
ehansc. when questioned regarding the
reopening of the Exchange, following tho
announcement of resumption of trading In
unlisted securities, said that he could see
no reason why the Exchange should not
bo opened again by November 1, provided
the Federal Iteservo Bystem Is In oper
ation by that time.
Tho JIOO.000,000 good pool has been suc
cessfully completed. Announcement of
tho success of tho plan to raise $45,000,000
In gold nmong tho New York banks and
trust companies as that city's quota of
the $ltfl.000,000 was sent to Washington by
Albert H. Wlggln, chairman of the spe
cial Clearing House Committee and presi
dent of the Chase National Bank. Mr.
TVlBKln notified Governor Hamlin, of tho
Federal Reserve Board, that sufficient
subscriptions had been secured to assure
the success of tho project and to warrant
the board In giving Its approval to tho
Early advices from banks In Chicago,
Philadelphia, Boston and other cities In
dicate that those Institutions aro ready
to give up their quota as soon as they
are called upon to do so.
Contribution of tho more Important
New York financial Institutions will bo
approximately as follows: Chase, $2,500.
000: National City, $3,500,000; First Na
tional, $2,800,000; Bankers' Trust, $2,100,000;
Guarnntv Trust, $3,600,000; Hanover, $2,
6V).000; Commerce. $3,200,000; Mechanics
and Metals, $2,200,000, and the Park,
Securities woro firm In London today.
Trailing was moderately active. There,
was further increase In deals offered on
tho tape. American jallway shares were
dull the August earnings of the Bal
timore and Ohio producing a depressive
effect on tho Issues of that system,
fiteel common was fltmer at EOVi.
Tho financial district Is anxiously
awaiting a statement from the Stock
Exchange Committee relative to reopen
ing, now that the end of the mora
torium has been BCttletl upon. A call
for 513,000 on a city of St. Petersburg
loan was due today.
LIFE INSURANCE COMPANIES
PROTEST NEW STAMP TAX
Say Scheme, Now Before Congress, Is
Injustice to Policyholders.
Protests aro being mado by life Insur
ance companies throughout the country
against tho proposed stamp tax of 8
cents per $100 on all new policies, which
ds provided In tho emergency revenue bill
Georgo K. Johnson, president of tho
Penu Mutual Llfo Insurance Company,
"Wo look up tho question of making a
United protest to Congress with other llfo
Insurance companies, but tho responses:
received were generally to tho effect that
Individual action was better at this time.
We sent letters to Congressmen on tho
subject, and other companies have done
the same, but have little liopo of having
this provision of the emergency tax bill
eliminated. Our protest was mado on tho
ground that It Is unjust to tax savings,
and llfo lnsuranca Is merely a form of
Asa 8. Wnlg, president of tho Provident
Llfo and Trust Company, said his com
pany would mako no formal protest "be
cause we regard It as helpless to have
Asa S, Wing, prcsldonl of the Provident
hard to get legislators to sco that llfo
Insurance Is a form of savings," he de
clared, "Tho Idea seems to bo to hit
capital wherever It appears. Wo aro
already, heavily taxed, As for our own
company, wo will be doubly taxed under
the pending measure. It provides for a
tax on capital and surplus of banking In
stitutions, and In the Insurance depart
ment there Is tho stamp tax on now
policies. Altogether It will amount to
about $50,000 a year for our company."
ADOPT FINAL PLANS
Creditors Will Get 15 Per
Cent, in Cash and Balance
in Interest-bearing Notes.
Forming New Corporation.
WAR WILL LEAD TO
OF STEAMSHIP POOL
English Interests Are Ex
pected to Ask U. S. Court
to Formally Declare the
As Indicating tho general better feeling
Rhlch Is apparent, ono of tho largo bond
houses In this city has. within the last
ten days, had average dally sales of from
$.5,CO0 to $30,000 worth of bonds. Tho aver
age number of transactions dally has been
seven to ten. These sales were principal
ly In unlisted bonds nnd wcro made with
cut the aid of salesmen.
The report of the Chicago and Eastern
Illinois Railroad and the receivers' ac
count consolidated, Including tho Kvans
vllle and Indianapolis Btillroad, for the
jear ending Juno CO, 1914, shows total
operating revenue of $15,511, 2S3, net operat
ing levenue, 52,575,271: operating Income,
$1,011,771; total Income, $J,0Jo,0t)B; (It-licit,
William S. Evans, who Is associated
with Henry & West, of this city, has
been ununlmously elected president of
tho American Institute of Banking nt
the annual convention In Dallas, Tex.
Mr. Evans Is the first Phlladelphlan to
occupy that office.
Tho subtreasury gained $209,000 from
banks yesterday and since Friday, $1,-
Tho Standard Horseshoe Nail Com
pany, of New Brighton. Pa., has re
ceived a large order for horseshoe nails,
presumably fiom the French Govern
ment. Copper exports for the week ending
September 25 were SD27, decrease, 2S3ti;
month to date, 11,037: decrease 6732; from
January J, 233,273. Incrcaso 17,119.
Operations were resumed today at the
Sparrow's Point Steel rail mill of the
Maryland Steel Company. The company
will now finish rolllns l3.fno tons of steel
rails, taken borne months ago for an
Gross earnings of the subsldlaiy com
panies of the Philadelphia Compuny in
August were $379,S3l, decrease $56,772; net
$110,877. decrease $71021; live months'
gioss, $2,573,100. decrease $91,635; net $1,115.
7.".'. decrease $235,731.
During the month of Aucust tho Tnnn.
pah Mining Company produced 227,tfl0
ounces of gold and silver, valued at $!.
915. This shows an improvement over
July, due to a better grade of ore bavins
Frederick G Bourne was today elected
a director of the Central Ballroad of New
Jersey, succeeding H. C. Fahnestock, de
ctased. Other directors were re-elected
at the annual meeting.
ANOTHER CUT IN OIL PRICES
The Imperial Oil rommnv h n.
Bounced another reduction of five, cent
a barrel to $1 In the prlc e4 oil. '
The European war situation may lead
directly to a complete dissolution of tho
North Atlantic steamship pool, which
has existed for many years between tho
prlncipat Kngllsh and German steamship
lines operating between this country,
Canada and Europe. The basis of oper
ation of tho pool was an agreement
whereby each of tho lines affiliated with
It was allowed 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, tho Eng
lish members of the pool will mako an
agreement with tho United States Gov
ernment to have dropped by it tho suit
recently brought under tho provisions of
the Sherman nntl-trust law to dissolve
the combination. A consent decreo will
probably bo entered in tho United States
Supremo Court which shall enjoin tho
English lines from entering any future
agreement with German stenmshln In.
terests covering ocean passenger traffic.
This action may be taken within tho
next two weeks by counsel representing
somo of tho English lines.
Under the terms of tho agreement,
which was made In London In 1501. the
various steamship comanlcs affiliated
with the pool weie allotted percentages
of tho total stcorago travel on tho North
Atlantic as follows:
Westbound. Allan Line, .62 per cent;
Anchor Line, 3.-M per cent.; Cunard Line,
1J...1 per cent.; Hamburg-American Lino,
39.61 per cent.: Hollaml-Ameiica Line, C.C3
per cmt.; North German Lloyd Line, 26.53
per cent.; Itert Star Line. 9.71 per cent.;
International Mercantile Marine Company
(White Star), 8.60 per cent.; American
Line, 6.68 per cent., and Dominion Line,
1.17 per cent. On castbound traffic the
allotments were as follows: Allan Line,
1.93 per cent.; Anchor Line, 3.93 per cent ;
Cunnid Line, 12.77 per cent.; Flume-
iricsto .Service, 2.35 per cent.; Hamburg
American Line. 12.33 per cent.; North Ger
man Lloyd, 18.79 per cent.; Holland-America
Line, G.10 per cent.; Red Star Lino, S.56
pet- cent.; International Mercantile Marine
Company (White Stnr Line), 15.19 per
cent.; Ameilcan Line, S.72 per cent.; Do
minion i.ino, 1.00 per cent.; Canadian Pa
clflc Line, 4 19 per cent.
I.ehlKh Valley Coal S-'ales Company, rccular
quarterly -'rt per rent , payable October 17 to
slock of record October S
1'tnmniM. Limited, regular quarterly 1U per
cent nn preferred und I per cent, on common.
Preferred Is panhl November 2 tn stock of
record October '.'I. und mmmon pnvable No.
ember PI to stock of record November 3
Tonopah Mining Compani, reKular as tier
rent , payable ouobcr -'I to stock of leeord
Nation il rirepiooflnff Company, resiil.tr
muriiTi i per iTiu. on nreierren, payable
October IT, to mo k of record October 3
Western Ohio Hallway Company, regular
quarterly l per cent, on first pn ferred stock,
paynhlo October 1 to slock of record Septem
Cardenas-American Susar Company, regular
quarterly per cent., and an extra dllil-tid
on preferred stock. paablo October 1 to stock
of record September 20.
Central and South American Telenranh Com.
pany, regular quarterly 1', per cent , payable
October S to stcck of record Peptembir -to.
Mexican Telegraph Compani, regular quar.
terly 2lj per cent . payable October IS to stock
of record September HO.
American Piano Company, regularly quarter
ly 1". per cent, on preferred, pat able October
I to stock of record September 2.1.
Philadelphia and Camden Kerry Company
regular quarterly .1 per cent . paahle Oitober
10 to stock of record September 23.
Final plans for tho reorganization of
the lL B. Claflin Company, which re
cently went Into tho hands of receivers,
havo been completed nnd will bo pre
sented today for final approval by the
Merchandise Creditors' Committee, which
will meet In New York, James S. Alex
ander, president of tho National Bank
of Commerce, Is chairman of tho Note
holders' Committee which formulated
Failure of the Claflin Company was
ono of tho worst blows received by tho
business world for many years. Tho
company oporatcd a chain of S3 large
stores throughout the country and
millions of dollars of Its paper was out
standing at tho time of the collapse A
largo amount of this paper was held In
The reorganization plan provldcn that
tho Claflin creditors shall rocelvo 15 per
cent, in cash and tho balance In three
year Interest bearing collateral notes
of a newly organized corporation, rc
nowable for another two years.
This new company will bo known as
tho Mercantile Stores Corporation and
It wilt ncqulro tho assets of tho H. B.
Claflin Company, the assets of John
Claflin or such portion of them as may
bo deemed by the committee to bo ad
vantageous. Including all of tho capital
stock of the 23 companies now In the
hands of roceivcrs? all of the capital
stock of McCrcery & Co., of Pittsburgh;
of tho WIIkes-Barre Dry GoodB Com
pany, and of MncCallum & Clouthler;
$2,290,650 par value of tho capital stock
oi tno scruggs, vanaervoort, rsarney
Dry Goods Company ($2,103,650 of com
mon and $lo7,000 of preferred), $100,000
par valuo of tho capital stock of tho
Hlgboo Company, $400,000 par value com
mon capital stock of James H. Dunham
& Co., $6,268,000 par value of tho com
mon stock of the United Dry Goods
Companies, and other assets and equi
ties ownod by John Claflin, which have
been transferred to' representatives of
tho noteholders' committee for the benefit
of the Mercantile Corporation.
THE NEW CORPORATION.
Tho Mercantilo Corporation will cause,
to bo organized a now corporation to be
known as "The H. B. Claflin Corpora
tion," to carry on such portion of tho
wholesale business now conducted by tho
H. B. Claflin 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 new corporation approximately
$6,000,000 of assets of tho present H. B.
Clallin Company in exchange for its
capital stock, all of which will be owned
by the Mercantile Corporation. The value
of tho. assets transferred to the H. B.
Claflin Corporation shall bo as agreed
upon by its board of directors and tho
board of directors of the Mercantile Cor
poration, Tho notes will be dated December 1, 1911,
nnd will bo Issued In 21 separate series.
ono series to be delivered to the general
creditors of tho H. B. Claflin Company
and each of tho other 23 series to bo de
livered to tho holders of notes executed
by one of tho several companies and in
dorsed by the II. B. Claflin Company.
Tho collateral trust notes will be se
cured by stock 'collateral to be deposited
under a trust agreement with tho trus
tees to bo selected by the committee. Tho
notes received By the direct II. B. Claflin
Company creditors will be secured by
one-sixth of the .capital stock of the
proposed II. B. Claflin Torporatlon, tho
wholesale trading company.
Each of the remaining 23 series of col
lateral trust notes, being tho notes re
ceived by the noteholders, vlll be se
cured by tho cntlro capital stock of the
particular company, which executed the
notes to be exchanged for the new notes.
NATIONAL BANK CONDITIONS
Analysis of Their Latest Roturns to
'Comptroller of Currency.
Complete returns of tho national bank
of Philadelphia to the Comptroller of the
Currency on September 12 show their
condition on that dato as follows, com
pared with their previous statements on
June SO, 1914, and with August 9, 1913,
the nearest corresponding date- Inst ycari
September 12. .lune .10.
Loans and Discounts.. $230,110,100 $233,058,140
Clearing House loan
certificates on hand.. 0,83B,OC0 ,...,..,....
Honna securing circu
lation etc........... 2R,0I7,W3
Premiums on United
Bondc, cecurltles, etc. 27,800,032
Hml Utile, etc TiRVT.oSt
fine ont brinks, tic.. 14,023,010
Exchanges for Clear- '
UK 1,(0160 . ,...ir,ii
Cash and rescres... 7r,,7r4,712 84,401,189
Totals $43.1,00:1,82:! $441,215,731
Capital $22,l)V,,flOO $22,0V5,00O
Burplns Hnd profits... 4R.3im.rHVt 4.-,airt,8.,SO
Circulation 17,841, R7if 12,lii,li7rt
Dun to bnnks, etc.... 101,21(1,75.1 112,315,210
Due to trust com-
iwinies, etc wi.nzi.sin m,,Z3,oiii
Individual deposits.... 183,101,807 180,308,310
Clearing House certifi
cates outstanding-... 5,030,000
Cashiers' checks, etc. 1,011,279
Other liabilities 0,081.207 1.174,070
SHOWS GREAT GAIN
Number of Plants So Oper
ated Increased 91 Per
Cent, in Ten Years, Says
U. S. Report.
BANKERS DENY THERE
IS ANY MONEY HOARDING
Wire Secretary McAtloo They Know
of no Extortion.
WASHINGTON, Sept. 25.-Donlal that
the banks of the country wcro engaged
In hoarding money and refusing credits,
came from four directions today In an
swer to Secretary of the Treasury Mc
Adoo's telegram of warning sent yes
terday. Telegrnphlo responses wcro re
ceived at the Trensury from Ohio, Ore
gon, Alabama and Connecticut. In each
caso co-operation with tho Government
to prevent extortion or extreme conserva
tism was promised.
Emory tiattenner. of Columbus, Super
intendent of the Ohio State Banking De
partment: S. O. Sargent, State Super
intendent of Bnnks of Oregon; A. E.
Whlker, State Bank Superintendent of
Alabama, nnd Frederick P. Holt, State
Bank Superintendent of Connecticut, all
promised to assist tho Federal Govern
ment In every way possible. Other re
plies are expected during tho day.
Tho State ofllclals declared they had
no knowledge of extortion by tho banks
In the matter of Interest. They also de
clared their ignorance of any attempt on
tho part of the banks to withhold ad
vances to those who applied to tho banks
with safo collateral.
COMMODITY BATES SUSPENDED
WASHINGTON, Sept. M.-Frelght tar
iffs of tho Atchison and other ralltoads
proposing to withdraw the concentration
rate3 on eggs, butter and poultry at
Omahn and other Western points, were
suspended today by tho Interstate Com
merce Commission from October 1 until
January .21. Under the proposed' tariffs
tho rates on such shipments would bo 4514
cents per 100 pounds Into the "concentra
tion point plus 35 cents from tho concen
trating point to St. Louis. The commis
sion will conduct an Investigation Into
the reasonableness of tho advances.
PORT OF PHILADELPHIA
Sun and Tides
Sun rises.. .5:50 a. m.Sun sets. ...5:51 p. m
High water 5:45 a. m.llligh water. fi :18 p.m.
Low water.. 2:U r. m.l,ov water.. 12:03 p. m.
High wnter 2:31 a. m.llgh water. 3:07 p. m
Low water. 0:11a. m.,Low water. 0:51p.m.
"'si' Micr .... h. in.ijugn wnter.j:'j2 p. rn.
nuicn u . ,.. u. Ill.'.Ul
WIIUKLINCS AND LAKE EP.1E,
Ausust grois $.1il,.-i41
Two months' Rrosn. . 1,047,034
t j 202,7.-15
Third week Sept.... $1, 183.000
Trom July 1 14,000.0.13
August oper. rev.... $S,770,34
Operating inenme 1,142,012
Two months oper. rev. 7,3.12,427
Operating Inenme .... 2,001,000
CHESAPEAKE AND OHIO,
Third week Sept $814,512
From July 1 0,057,700
CENTRAL OF OKOItOIA.
Year ended Juno 30:
Operating revenue. $14,210,743 $.153,871)
Aujust gross Sin. 10ft, m
Str. John D. Rockefeller, White,
hngen, Joseph CV (lahtlel.
Mr. Helluclu (Hr.J, Kiddle, Hltlgo, Joseph
ni,""-, iA;. Ai. Hliye". Hedter. Xew Orleans,
rmlndelphla-.Scw Orleans Tranportatlon Com
pany. Str. Sun, Ookelmnn, Salilne, la Newport
rvews. Sun Company.
Sir. Delaware. French, New Yorfc, ClyO
Sir. rieorge W. rfyrte, Forrest, Norfolk, etc..
Cljde steamship Company.
Str. Anthony firoves, Jr., llrlstow, Balti
more, Ericsson Line.
Sehr. Ellen Little. Yeazle. Humacn.i, P. R
A. D. Cummins A Co.
ehr. Francis Ooodnow', Hlnlne, Boston, A.
D. Cummins Co.
Schr. Delaware Sun, Jnnsen. Newport
?sen. (in tow str. Sun), Sun Company.
Steamships to Arrive
SilK Durham Calcutta
Zulderd yk , Itotterda
Municipal ownership of electric light,
heat and power plants In this country Is
making rapid strides. Tho theory that
municipalities can construct and operate
public utility plants more economically
and with greater efficiency than can ex-
pert representing private corporations,
while It has not been proved to any con
clusive oxtnnt, Is, nevertheless, gaining
ground. This Is made plain In a report
Just Issued by the United States Census
Hurcau covering the ten-year period from
1802 to 1912.
In tho period, the number of municipal
plants Increased from 815 to 15C2, or 91.7
per cent., while tho privately owned plants)
increased from 2603 to 3t9, or 30.1 per
In 1002 moro than 22 per cent, of the
stations wcro municipally owned. Ten
years later tho percentage of such sta
tions had Increased to substantially 30
per cent, of tho whole number. In total
Income tho commercial stations had 92.3
per cent,, which was greater than In
1902, when tho 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.
Tho municipal stations. In output, fell
much behind In the decade. In 1902 they
produced 7.8 per cent, of the kilowatt
hours, while In 1912 their production fell
to only 4.7 per cent., which Is less than
tholr percentage In 1907, when It was 4.9
per cent. While tholr relative production
fell oft so greatly, tho municipal plants
greatly Increased the capacity of their
gas nnd oil engines, having no less than
20.2 per cent, of such engines In 1912.
Hut, while the percentage of gas and
oil pnglnes owned by tho municipal plants
Increased so largely, the total horsepower
oi an engines, turuines, waterwhcels,
etc., fell oft from 8.7 per cent. In 1902 to
7.4 per cent. In 1912. The kilowatt capac
ity of tho municipal dynamos also ran
down from 9.4 per cent, to 7.2 per cent
The total Income of municipal stations
Increased from $6,965,105 in 1902 to $23 -21S.9S9
in 1912, or 233.4 per cent. That of
the commercial or privately owned plants
Increased from $55,700,605 to $302,136,599, at
252.5 per cent.
Tho total expenses. Including ordinary
repairs and a proper depreciation account
In tho municipal plants, increased from
$5,215,937 In 1912 to $16,917,165 In 1912. an
Increase or 222.5 pec cent. The total ex
penses of the commercial plants rose from
$6S,teUi3 to $231,419,478, 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 11,532,953,000, or nn Incrense of 360 per
cent. For their Increase of expenses the
municipal plants brought about an In
crease of kilowatt hours of only 174.4
hours. In tho increase. In figures, being
from 195,901,439 to 537.526.730.
During the five-year period from 1907 to
1912, appioxlmately 106 commercial stations
passed Into the hands of municlDallties
nnd SO passed out of the hands of muni
cipalities Into tho hands of private opera
tors. The greatest increase in municipal
stations took placo In a group of- states
composed of Minnesota, Iowa, Missouri,
tho Dakatas, Nebraska and Kansas. The
number In those states Jumped from 274
0LNEY BUSINESS MEN
FINANCING NEW BANK
Site Still Undecided, But Charter
Will Do Grunted November 30.
Olnoy business men aro organizing the
Olnoy Hank, for which a charter will
be granted November 30. The site has
not yet been selected, but the bank will
be In the centre of the German-American
population of Olnoy. It will be some
where between Ittstng Sun lane and Uroad
Btreet and between 4600 and 6500 north.
The capital stock will be $50,000. Thl
has already been subscribed at $M a
hare among Olncy residents. In ad
dition there Is an undivided profit fund
A. L-. Blllton, who organized the South
Penn Bank at 29th and Dauphin streets,
is at the head of the temporary board
directing tho preliminary work. "The
bank will bp In the centre of the bus
iness section," said Mr, Stilton today,
"and it will fill a long felt want In
Olney, There Is no bank near tho loca
tion we are considering.
Thoso Interested in the plan, who prob
ably will be on tho board of directors,
are Alfred Stelnhouse, Sixth street and
North Tabor road; II. A. Kohbach, Fifth
street and Olney avenue; W. D. Franck,
219 North Tabor road; John II. Coon.
45 North Tabor rond; Thomas Tansny,
561 Rising Sun lane, and Henry Franz,
2309 North Front street.
WHEAT AT CHICAGO
Actual Quantities Reported
Sold Fall Short of Ex
pectations Volume of
to 399. Arkansas,
nnd Texas come next In the number of
increases, irom oo to 122,
Start roint ..
. ttottoi ilani
. ...I.nnilnn ....
. ...lluelva ....
. ...Smvanger .
. .gept. IS
BIG GAS COMPANY FAILS
Receiver Is Named for 50,000,000
BUFFALO, N V.. Sept. ffi.-The Buf
fnlo Ohs Company, manufacturers of ar
tificial gas, wi-nt Into the hands of re
ceivers today. Application for tho re
celvem was made by Alexander C.
Humphreys president of the company,
und he nnd Harry T. Ramsdell were ap
pointed by Federal Judge Hazel.
The reteivetshlp Is the result of an
action brought by the Pintsch Compress
ing Company, of New Jersey. A bond
holders' committee will be appointed. The
Buffalo Gas Company I capitalized at
CHICAGO, Sept 23.-Wheat was Irreg
ular today, but the tone generally was
heavy. The best upward movement whs
Just after the opening. The low points
were VA to l'i cents below csterday's
finals. Exporters made cnnepsstlnna hr.ro
and at Winnipeg, where there was an
excellent demand. Actual riuantltles re
ported sold were not up to expectations.
The volume of speculation was small.
This, with easier markets nbroad and
continued, free arrivals at primary points,
more than offset the new export invest
ment and speculative buying. Interior
receipts today were 2,239.000 bushels.
Cash sales were 60.000 bushels. Futures
closed 4 to H. cent lower.
Bradstreet's report of the export of
wheat and flour for tho week at 6,859,633
bushels against 5,9SO,263 bushels last jear
and from July 1 to date at S6,023.,469 bush
els against 67.078,726 bushels for 1913.
Corn was dull and price changes narrow.
Exports for the week were 299,427 bushels
against -,T22 a year ago. and since July
1. 934,407 bushels againBt ?S3,005 buuhels in
1913. Interior receipts today weie 217
bushels; cash .sales, I'lO.CO buuhels. Fu
tures! closed unchanged to '40. lower.
There was good speculative trade in
oats; futures closed unchanged to Vje.
Provisions fluctuated Irregularly but
Anally showed some strength. The fea
ture was buying of conMderabls nearby
and some January lard by a largo local
Loading futures ranged a? follows:
Wheat Oren. Hlnh. Low. Cloie. clr.se.
September. l.i)'ls 1 07n "1.07
December .. 1.1" 1.10', l.fri'4 I lit l.Kiu
May 1.17 1 17H 1.10W tl.tt tl.l"
irrn mew atmcryj
Government Inspectors Re
port Greater Care Being
Taken by Railroads of
Country to Insure Safety.
Greater care Is being taken by th
railroads of the country in keeping their
locomotives In good condition. This in
shown by reports of the Interstate Com
merce Commission covering the Inspec
tions of locomotives by tho commission'
BO Inspectors In the last threo years.
Tho reports show that the number of
locomotives Inspected has Increased and,
the number found defective in any way
For Instanci1, thero were 74,234 locomo
tives Inspected In 1912. Of this number
f'.7 per cent, were found with some
slight defects. Last year the number in
spected was 90,3j6, and 60 3 per cent, were
found defective. This year 92,716 have
been inspected, and only 62 9 per cent,
were found with defeits. Many of these
defects, however, were not In violation
of the law. The defects that were In
violation of tho law represented 4.S per ,
cent. In 1912, 5.2 per cent, last year and
3.6 per cent, this year. ,
The greatest trouble from accidents
has bopn, according to Frank McMan
amy, chief Inspector of locomotive boil--crs
of the Interstato Commerce Com
mission, with the failure of arch tubes,
and four out of five of the accidents ax
caused by their Improper application.
The greatest care being exercised in
this direction by the rallroadR Is reflected
In a material reduction In the number
of accidents due to the failure of loco
motive boilers and their appurtenances.
Tho accident record for the last thret
acinonts Killed. Injured'
I ii 1 2
NOTES OF THE RAIL
Dominion . .
The reported movements of currency
this week indicate a gain In cash by
banks of $11.31S.0W. New York banks
received from Interior $19,S9j.0iio and ship
ped to Interior $3,354,000, Including $S31 000
national bank notes sent to Washington
for redemption. Gain from Interior was
$16,511,001. Gold exports were $3,7S7.0OO to
Canada. Ordinary dlsliurfcements by tho
Sub-Tieabuiy were J10.017.COO.
THE MONEY MARKET
The rate for money at all l he leajlne
financial centres today were uuoted us follow,,-
Philadelphia Hi"' Tla"e-
New York Kg ,,aH
Ronton s" !g
L'hU.lKd 7 7s0
I'lmi'ieumiu -i ummerc di paper three, to ,i,
lonlhs1 maturities. 7&7' per cent.
EW YORK BUTTER AND EQGS
JEW YOItK. Sept M.-llutter. 5IUS lack
afes reieUod, market steady: 1-ruamery extras
wllilimic ; ilrsts. ST'aa'A'.c.. held, extras. S'j
KBSS-Pccelpu. 10.010 crates; tone of mar
k steadier, fresh gathered, entru, firsts lit
"J7c ; first, SlQSIn... refrigerator firsts Sltf'Jc
i tm-Alll, INDIANAPOLIS AND LOUIS.
Third week September fl.'l.l.nus 7tni
Irom July 1 lTcv.u-J -w,!),!
"UI.II, . ft. OF NKV JKItSRY.
Total operating revenue. $20,2.11 no-.' $I.HT4 Vfl
et , I1..-.MV.NS 2, cjn'fLiT
NEW COTTON REGULATION
The board of managers of the Now
lork Cotton Exchange has made a te
port as to rules and regulations for deal-
iiibh in mime contracts under tho Fed
eral cotton fututes act, commonly known
as the .Smith-Lever act. The committee
suggests Immediate adoption of a new
contract. 'which shall conform as closely
as possible with the terms of that law
to bo traded In up to and Including Feb
ruary 17. 1915, and thereafter, except that
the contract shall he subject to Mich
chnnges as will be necessary through pro
mulgation of rules and regulations which
the Societary of Agilculture la authorized
.i., mi viu, i . ...eiH. 1
Steamships to Xeavo
Hotter. Iiiiii ..
Sept. : 0
PORT OF NEW YORK
Vessels Arriving Todnv
Str. Mauretnnla (llr.l, Charle.i ,,,
Pept. IP. , thB cunard 'steain.nl , fo'T?.l
with passengers, mala ,i IL. Li" '.?"-
j-iucneij ai a a. m.
Steamships to Arrive
rmi'AOO. Sept 25 -HOQ8 -Receipts n.
nio, murkst 0c lower, mlsed and buihiJi
J.L0UO5, KOOU nouty, WdOfflSSS- rnuirl!
Jl 40, bulk. $M&8 7S.' OATTLE i-lfiKip,"
1500; market steady, besits, 7.4oaii ri?'
toua Bad helfew. $4u W stoeters nTf.S'
(IS. IUWJS.3M -l-ensui, tT0UV8!
fU 'jOIUI V till V lic.-e.pt,, lt
k.t sles'tv )i4iiu and Western.
Uccause of urgent demand the supply
of foreign exchange grew entirely in
adequate today. Tho market nas not
nctlve, but rates advanced ilolentlv. ri.,.
mand was quoted at $1 9UV197',; cables
tl.9Mil.9SU. Continental exchange ja
quiet. Leading International bankers are
of the opinion that the foieign exchange
market is not likely to lollect appreciably
tho operations of the gold pool until
about tS5.WXi.0u0 has been transferred to
Uucu u'AMta : ....:.. Vaple, .. '
Steamships to Leave
New York ....
,.... Ltierpuol .
The Commonwealth I'ciwer. Railway
and Light Companv. In whleh local cap
ital Is largely Interested, has asked the
Michigan Hallroad Commission to ap
prove nn order for the Issuance of $321.
0(0 in bonds to be divided among Its
The Mnnongnhela Vallev Traction Com
pany. Hutchinson V. Va.. will build a
.'M000 electric plant to develop 3000 home
power for electrical transmission loo miles.
Ueturns received by the Kle-ctrlcul
W'jrld from the central station compa
nies of the Mountain and Pnclllo ritntes
for June, 1911. ilo not show as large gnlns
In earnings and output over the corre
sponding month of 1913 as did those fur
Mnj. nnd tho latter also wai behind
April In these two respects.
JJeturns from l large cities In Call
fornln, Washington. Oregon l-'tnh and
I'ulorado, representing over 60 per cent,
of the entrnl fct.ttlon Industry in tho
.Mountain and Pacific States, show gross
earnings for June, 1911, of $1,539 S, an
ltn.rea.so of 5 1 per cent, over June, 1313,
with output of U0.494.5dJ kilowatt hours,
an mcroute of S 5 per cent.
September .. 77', 77' j 7ilS t77 77
December . . 70-'4 7H 707, '70", t7"'i
May 7.1S 7.V, 73 '73U t7.1!,
September . 17W 47 41 M7 47
December .. K .Vi 4'.i, 'Vi;s tl.
May .V.'i, Xiv, 32;, ;2's K
September . P.."n ... 0 "Cn 0. IO
October ... 0 4.', n..V) K.4.1 H.fiO ! 4."
Jnnunry ...PP.1 IO.cC P.OO'a lo.Ou a OS
Peptember .... Il.:i7n 1 1 ..17
October . in,7fi in.7.1 10 70 '10 70 1110
January . 1U..17 111.40 l).:i.'. tl'U5 10.37
September . . . 17.2." 17.2J 17.22 17 t2
October ... . . 17 is
January ln.Vi l't.77 10.KS tin 77 l'.7u
The standard of efficiency of train serv
ice men on the Pittsburgh Division of the
Pcnnsylvanla has been raised an tho re-'
suit of a method known as the "progres
sive plan." They have to pas3 a first,
second and third year examination on air
brakes, machinery and knowledge of -locomotive.
The new shops of the Chicago and Alton"
at Bloomington. 111., to cost $1,000,000, are
nearlng completion. They will replace old -buildings
of small size that were erected
30 years ago. ..
What has been known for many yearn
as tho American Association of General
Pastengur and Ticket Agents has been
changed tr, that of Amorican Association
of Passenger Traffic Officers, which la
more In keeping with Its membership. Th
president Is Cerrlt Port, passenger traffic:
manager of tho Union PacIIlc.
The Massachusetts Public rforvlrn rvitn- "T2
I mission naa susponaea 10 Aovemner 1.,
j;ui, ino propofeu cnanKes in certain paaryr
scnger tariffs on Bosion and Albany Bail
road. A hearing will be held October 13
Tho tariffs suspended withdraw from sals"
KO-rldo Intrastate nnd 10-ride tickets. Ther
changes would make certain Increases in
rates ot fares. -
Effective October 1, M. E. Wells ho.. .
been appointed senior Inspector of mofUyo" "
power, division of valuation. Interstal
Commerce Commission, for the Southern
district. ills headquarters wilt be in
Chattanooga. He Is now engaged on the
appraisal of the Pere Marquette for thai
Michigan Rnllroad Commission.
Automatic block signals aro being ln
stalled by tho Trxa-j and Pacific Railroad
on its lln between Addis. La., and Don-
aitisonviue, a distance of 21 miles.
The Cincinnati, Hamilton and Dayton
plans to build 107 caboose cars In its
own shopx. Tho company Is also In tho
market for twelve all-teel coaches, eight
all-steel ra&senger and baggage cars, four
all-stel bnggige and m.iil cars, rive nll-st-l
bnggare cars and ono dining and
two wrecking cars.
M. A. Mulligan, trainmaster of the Le
high Valley Railroad at Jersey City, has
been appointed general yard Inspector.
His otllco. will be in South Rethlehem.
GRAIN AND FLOUR
' 'tea l,
W1IKAT lleieipts. r.O.opo bushels. Little !
ttadtnt; an I lUirins Mheat If. lower mi n , I
chance In lnt.r i-.ir lots. In eort leat')r
No 2 red. p.n and rVptmt-er. $1 Oiiti l 14,
No 2 red Wenein. $1,1 ! I is, No 1 Nirthcrn
I'uliith. $1 1'iijri 24.
COIIN Receipts. iif70 bushels. Trade
quiet but prl.es meidv with urn terate iltu
lna. far lots fo- Pn-nl trade, as to location -No.
2 lellun, ssi)sM-c . steamer e)lon. 7iu
OATS Receipts. 30.717 hueheln. Offerings
moderate and prices .leads, but trade .tulft.
No. 2 uhl'e. St i. .11 .. . sianlard white. 51 (
.Hijc. ..o .i wane, o.in.111'. ' f,,w)s
i.m -iin-eipis. .ou oarreis. I.U7.,it0b2 21
trude 'iih i New York, full
lh'.nlir ; do. do. fair tn
d part skims Dlflle.
I.H h In ample supply and aulet si
former M' K.jl. l'v, h- 'Vr.'w.te-V,
ii. ii.'' "! hi. kens according to qual'
ii Ht'l.i. .)., k-. ..il. i:i,14c do. sprln".
T,s i..""' )(r " ' 7ur , ,o . we ghlnic ill
i'J.V'b,.,l l' ..' "V. .1... welKhmi I lb
Vlkr ' ' " ' """ ' 1"'!
en. i'jr prtlr M
DUKSSKIkn.kaa.3k1. ,(. - . ...
demand .ual u." iT" offlS i."t,"yft. T, "i
Mr IV. ...l..k ' .a jn .." -- 'Hl'4
--. ..... siniMii.itj iinn inn
FREIGHTS AND CHARTERS
Full cargo business in ih. .,.
tlnue. lirni and g.eady. with ... .,. 'n
tho sail market
UTILITIES DEFER DIVIDENDS
It was announced toduy that the Puget
Bound Traction, Light und Power Com
pany hud deferred its uuarterly dividend
of 1 per ctnt. on its common stock, which
u duo about October IS.
The Western Ohln liiiucm. rv...
MJOO '&;' V sefrrea action on its quarterly dlvl
V 5.I3, )Kn1 or J ' per C(rnt on the second pre-
, w.v nwiu is au? at (ins time.
llarrolan (llr.l. Muntrsal (.. .i. j
I'nlteJ Kingdom, sraln "S ,ki. Pf-ked purII
0d . October ' -!,"'',, 'tuartois. J4,
;erunu (ln, IM.Oifl quarters
Unimoor tUr). Oulf to MaS
COMPANIES INCREASE CAPITAL
nOVKIt. Del. Sept K-Tho United
Uroceries Company of Pittsburgh tod.H
filed un amendment to Its charter in
creasing ltd capital stock fiom $10,000 to
$tO.SCO.f'00 The Standard Products Com.
pany oi I'liiiaueipnia aicu nied .111 amend
ment, changing its name to the Ruildeis'
81-el Products Company ami increasing
Its capital itocK from $10,000 to $50,000
SOUTH AMERICA ORDERS STEEL
PITTSlURilH. Sept. S5.-The lurKCht
export order i-eieltrd in this country
slme the European war started has been
.s.tf i.-:-rTl3: , ixr-srMnj&
p'reSTo to self" WlVter."' -tear 4j8f,-l ST' ".Vr. "W "V". We .id roosiersT dry. I
ilmUht, JRWS23. .1.. patent. i "iklj " I t.lRhimr irV- 1. r"""7! ' V'A'J?" ""&.
Kansas, straight Jute a-ks $1 .-o, -, in dr. ,Vl. ker?? i.h. . ttpt'c'' ?' --' : brolllnt
patent, jute sniks. $1 r-ifrt uo 1. i"im. Aral . ens , Wmi?' si'Ti ,u b'?'' lmi' cMck' I
clear $1 7M5. ilo.. siraleht $1 i.,V.i 4, : ,x ' ?,&!""; ,2 ',' ap. llic. do., do ,
patent. $.1 Anns I... fa rite 1 rands ij Vrn liJ'Mi.15''11' brollin thickens;
in iteti. mokt1 ant mr (trlfl :. Wf t
r;. beef. In eU. cmukpi), .t!0:.c , city hef
nmnniff aim ru4(a ntnit"i HD1 41lr-i1risi
1 T.1. .In .1.. .1.11 IL '
. - - - iir . ns ira il" as !).
sh"'J..,5'4'.,I nl '" Uther
.... ,. . imne
.rjj:tli western beef, knuckles arut irn.lars AnVio. .,. l.Vl.
snoked -.W.llc beef ha ns. 104V ; VlTrk .jiuSE 11 Jl. . '.M 'niwnitein. $IS082.2.1
(amlli. JStWST. IIma. S V ui$t 1,,,.' 1 ' I ft". l:S..& "' "'her bo.1 wsinK ,!,
nlB',1 . to. sk.nned !.-. If.'BHk' . do " I wiT..' ,"' '".m U Appl.s. Deu!
do. s'moked Ktillle . othsr hann. tmoke. . ?tV lemons it.b'.T Vi.?!''4 ..K r h,mV" :,0-'0c-cured
as to Uraini and aierage ISfllte . ' Vnnt!i 1:1 -JrWi 'fnapH's. per crsls
Hams smosel Western .tirrd. l8l0r.. 3 terries i,i' V 'Jr , '?' "u li " Cran
holled. bonalrss. Ssji'.-h- . ppnlt shoulders 8 ,-iiaiii ' .b" JH-. pet bbl Jl .VI
P. cured loo,t 1MIS1,,. ' d., . Imokil lia 5ii. ?l ittto.vA ,11- .F'' "l4,;k p"
ll:c . bellies in pLkle, accorllriK 1.. aisrJJ? ' iffrk' Vl 7-S, ',tbrrjts. Jers. per cratt
1-i.Je. I',il7c . breaklnit ha,nK. i (.7,1,4 I irrles rr 'o- ""i'.V ilV sS. "V"
and average. clt cured. li,2V l.rss.f.7 ctmi L- Sr. I, . T. .Peaihes Vlr.
ittKcn u inu i.acHuwanna riteej Company
It calls for from 3000 tu iQ relnforcliis
111.. sicei uars tor iiuvernment wo.w
CH"',,'!' Oik-.wn.w."" ' ""! Uluenos Aires Argentina. ' "l
AustralU .1.1 v...... "." ,'on". NW York la .
Canal general i"arKa, prlii'.'tJrSi frnym
......., i.tie, svuerai corj.
PUbrand ,'noJ.i. sM e; OctoUr.
onV?r.p!sis i&'i !f"
ScamllnavU. prompt. Mil. rsiklliMy
. M11-M" .Wmy' Ui ". Savannah or Bel
'V.'1 I5-' I? Vonoa, lurabor. prl'aTs "arms
IRON PLANTS SHUT DOWN
According to a news dispatch received
this afternoon from Heading. pa the
Heaoing Iron Company has closed "down
thiee of Its departments and 1S.0 nun
have been laid off
bacon Western auj-e I Sl;k. :rd, Un wr cT. TV ..ii ,f'' , ;'r',u' "? "
refined, tierie. U',1IV do. . 1'.. do Tj t.? Und",, Utk.'f' il" ul"'"' ""1 rvi
IHw&U'jC Isrd. pure 'my, k.ule rn teu"l I TV est U ,,' ' .r1' ';, '", ''! P" .
in tler.es. limjlis.c. lard puis eii. KU ' 4 ljlrl. hT i'l tt.'!? ? ! P','"
rendeied. In tubs ltaiUc. mw J rfc '' "i ".. , $ " .msdlum.
I 2.: ' puihe. Jersei nhii. iurU.Ki.L.r
7:TW?'. M. ao. li', ivr L.IU.l .-.fcii
CtTfl t l
k.uviiii vm. . 'n,i ... .. .1.
yulei. hut steadily held, tetania! smhu- i ft?''"") Jo . So ' . t? -.uaj.l? riaiwsr'a'
hud. itSiV. fine granuUted 0 T.V no.lere.l ! : Min'r .1 . N j ' !&:
DAIRY PRODUCTS SEwS55 F tWRfe
. waiertnslons, Jtrso par liw,
D?.k cl"t'n,' tdy compar with corrsa
spondlo iy last two e45sr " rjwr,-
miP ?rM Hf8Si efe,
Nw Ttn. flvtm PTJV.7W3Is;wj;giI
s.illi-pacKe.i. crismery ranci ape,las Xte
extra. .He estra ttrsts. .-.ik flrsu :i,i,'
;. V . seconds Sii'J!;v . ladl. packtd 21'o
2Sc.. ss to ilU4lit. nrb prints. tanc .tie
do.. a erase extra .r.'fc.-iic to fl,t -JUii
.11... lo sejonds JIM Special fancy bramli
v punts J'ibliln at !4iii
.! Slrlitli line fresh egk-a well ctssuea
up sod stead. Me Hum and pi",r sto-i duVl
Ullts Crtla WJt
DuM .11.1 iilihout lmp.ir..int ihang
VMilte polatossi. per buih PcmuylvaaU
i d' do
Willi. ., .1 N, y ,
Jsluin ilk.... . ... a. 1. .
1.; , m. nrarhv ,..r. r ;. . " ' . ?u" T"'T'" V"". " I
nearby ' , M' JiM i'.MW,7bJ aroi'h "e. 1 . ' si, ,",l,1 -'-'s,
curt 111 receipts SIi m, ,i.n7.Ki'V..' i N 1 7-, i.i .. , ''
Western extra firsts. IS. 4R pir cas T, .. ' 1 V- Ii - if i
.5it . i. JteZ,