The Wall Street Journal from New York, New York • Page 3

a fa The Ic'fa'X I fa Expenoet EtJueed TJb Ttful Increased ore Taper i or. mU America Tndo l-TotmrlUistanJlng the -depression fa industry and the fllL-j off )n export and fanport trade due to the European war, Valley from the opening of the 'new fiscal Tear to the third ereek la August, the latest date lor result are "btelimble, safely earned full 10 41vt iaai requirements, ri? TThe decline of In grow revenuea for July waa In. creased to ft loaa of approximately 10 In the incomplete Cgurea obtaraabto for August Thhj waa due te the prae- tlcal paralyais In foreign trade just after war vu declared among the bit power at -fax A 7 Twhietlon to transportation 'expenses In July against 141 decline In gratifying feature the Jury atatoment Maintenance appropriations in. 'CTVftaed 7. '''''rh'fa'Xfafa'faZfa'- faiX'i'Xfaf'r: X- The offer of the wad 'to uhlppere along 4te lines to Vlaea the eervkei of its orgarJxation at their disposal for the upbuilding of South American trade it meeting with 't unexpectedly hearty response, and the traffic officiate and tha industrial department ra swamped with ij planned ta toft near future to arrange tour of tha various faduatrlaV centers along the road by representa- -threa of leading South American commercial bodies and ethsm who.

are familiar with tha requirement of trade la continent 'tfaX'CxX wftrvX STANDARD Olli AND DYESTTJFFS -v. That Company wot Coiuidtrtng Mamfaetun of fa. From.Orvdo PotroUnm Denied' 'fafa 'P0fa Tllsdelphla- Carter, aeoretary of the National fa. Association of Hosiery end Underwear Manufacturers, -has received a letter from George W. McKnight of the 8tand fXmtd Oil Co.

of Now Jersey denying published reports that the company wouM enter upon -the manufacture of dye-' staff a. fa. McKnight said: "We bag leave to say that there b'M truth in the press statemente that thia company wai eoasidarln'g the manufacture' of dyeetuffi from cmde petro tauia." faxx: Regular Yukon Gold DMdend Yukon Gold Co. baa declared the regular quarterly dividend of 7tt cents, payable September SO to atock of 'record September 11. JDirectora of Goggenheha dSxploration poitponed'Jfivi.

dead action until laxt Wednesday, becaute of the lack of "a i 1 1 ISWatclitlie Nobby On Every Thoroughfare "Nobby Tread" Tires fa are now told ender onr ttgultf waruarf pttitct wotknuwhlp auteUl BUT any adjuttmeali ate on a htta 5,000 Miles UritcdSteslirs 6p Dealen who tell Unhad State Tires sell the best of everything Botfl! I i i ii i i at STEAMEH BASKETS finest Imported and Domestic A Fruits and Delicacies. Highest grad i Candies, Including Halliard's. A hu sk wwajaarian a ow, aeas Ha TtmHmI ta4g. prlnCo no scare headlinesno cniJonal rumors XX 11 you want an eiitra every three minutes, from nine to three, BoWt Jones vo.Newb Bulletins lirWMJelSllps) lEelie? -Citerateo fa 'X '-s :Er.2'yca I' inct.i:a Vn'llei Order tar Aumiat M'ih Xhnui nU Ordtrt Than in Although ShipmenU Avtr-' ttjtd About 3, DQ0 Tout 3ore Tef Pay Newr order and ahlpmenu of the Steel Corporation in August were higher than in July. "ShlDmenti' averand abOMt 83,000 tons "5y or about 8,000 tons per day anove amy ehlpmenta.

August unfilled 'tonnage is expected to enow an. increase of about 100.000 tone from present -July showed an increase of 125,000 As )the eream of the orders were Ulcen durin-tha first three weeks of August, expected that there will be a letup in buying for a While at least The steel mar-' ket ahould ahow up coraparativaly well, bowerer, through the rest of the year. Tricu are firm and there are indi-eationa that higher quotations Will be made Wore long. witn aii xoreign competition out of the way, not only for the next few months, 'but possibly for years America manuracturere will be able to get prices on. a profitoble xx x.X-x -fafa Mot only have domestic consumers shown a better buying demand in the last five weeks or foreign buyers are actively in our market for a larrs total of fin- isnaa rnceswi shipment abroad ere now some what higher than those ruling for domestic buying and several good orders, token by European mills before the war started, have been cancelled and given to American makers.

Large consumers in South America and Austra lia nave begun 'to establish bank redlta in Hew York, though they formerly used Europe. According to local steel, men, thia trade will be a permanent feature of our trade and la the beginning of new fields of export trade. COPPER PRODTJCEKSTATESIENT iVeae ly to Jttuti for tU Uontk Avgvmt, te- It la not likely that the Copper Producers will iaeue an August statement next week, although no official an- nonneement to thia affect has been made. The July report waa not issued, and conditions at present show no Improvement over a month ago. No statement may be Issued un til the Stock Exchange VfmaXfXX X.

'--XXw Not much business Is doing In copper, but one producer reporta a bettor feeling in the trade, and tayt that if anything tha price situation la a little firmer. The quotation for electrolytic copper ie generally 12ft eenta a pound, and eo far eoasumera have not objected' to this price. XX-. fa -tx. MONTHLY EASXINGS' 8TA.TEMENTS SOUTHERN PACIFIC 1914 1018 1912 1911 Av.

mile 10JSO4 .1028 1093 9.962 July 211,76291 $10371387 Net 8342,697 8334v612 4,676393 834907 Taxes 661424 C17.444 478342 894369 Oper. inc. 3381373 3,417368 4303351 8,454337 SOUTHERN RAILWAY 1914 1918 ,1912 Aver, miles 7,087 7,037 7.084 July 86313313 14,787307 Not aft tax 1,169,472 1326389 1386374 .1911 7376 84,786,661 1314,462 WTJISVtLLE ft NASHVILLE 1914 1918 1912 1911 Uileaga .834 4328 4,700 4,644 July 84346,041 14,601,175 14388,748 Net aft tax 1370,778 9433M 96468 MOBILE ft DHIO -X 1M4 IMS Hilaage 1422 1422 1912 U14 $942325 207,781 1911 1414 $896,704 202,473 July Net aft tai 22701 .28437 GEORGIA Aver, mileage July gross Net after SOUTHERN 1914 895 $217352 85372 ft FLORIDA 1918 Changes 896 Inc. $14,145 21499 Inc. 14,778 bts in vaviMDrr "Have yoa evtr tnveeted tn bonder "Only the boade et metrlmonr." (Detroit Tn Thm.

MEW news on War and buUetins bf facts. HE WALL STREET JOURNAL no columns are delivered by special iliKiryi car Electric Ir'ccsetvo cchtlnuonDly, clurlcg Hie fa: xfa. 1 1 'yfa''X i 4 k) rposTEcrs oa rxcnANGa tSTTta fafacoMirizz' to cr.cir.s'-And DISTRIBUTE rUEOHA'SSS BT HOT AU ftVttta Mutt Prov That Selling Orders arife UqyMa- tion long and A'ot h'tw Btafncse-- tAvirpvil ExehMtgt Will Intpoti Simfafa fafafa-intM if '''fa XXfa''itIinhmf Big Bovrifa n' fafaj, At the meeting of the membera of the New York Cot-. ton Exchange with -open contract, eummoned to consider tee report of the conference committee, the plan unanimously adopted. The plan is tha result of numerous eonferencea between the committees of the New York Cot- toft Exchange and the Liverpool Cotton Association to de vise tome Scheme for the reduction of the open straddle intereet between the two mariteta and for the reduction of the outstanding eommitmenta both bought and Summed up the altuatlon ia thia: Best Informed m-torests sute that of the total stock of cotton in Liverpool, ebout 850,000 bales are hedged against in the New York market; that la the Liverpool merchant has sold short to the straddler against bis actual ottoa and the atraddler haa sold short In- New York against bis mirchaae from ths merchant Until the actual cotton baa been sold tb merchant cannot cover and for that reason the straddler cannot sell his contract in Liverpool and therefore will not cover in New York.

In order to relieve this situation It has been agreed that no Import ahall be made into Liver- uot until the cotton, Indirectly hedged la New has been disposed of. X-fa Xr'X-fa''- According to. the plan agreed upon, which, Itowever, does not yet Include New Orleans, January-February will to fixed at 5.70d. and December at 9.90c. la New York, or ft difference of ISO point, the.

sams difference that existed between the markete at the local does on July It Is Stated In well informed circles that as soon as thia straddle has been settled the Exchange will reopen and some aaaert that It may even open earlier, a pressure may poasfbly be brought to bear by Washington to reopen at soon as posiibls under the provlaion of the Cotton Futures Act It 1 argued that the financing of the new crop has been largely arranged for, but that no loans can be mfde on cotton until the Exchange 1a opened, for the reaion that no one know what tha value of cotton ia at present fafaX The renort aa adontod aa fnHoem; "Yan iwmnnlt. tee has agreed, with tha Liverpool eommittee, that a dif ference of 160 point between Janoary-February-Iiverpool and December-New York Is Just and equitable ftnd ahould be accepted by all intereet as the basia of liquidation. "On of tha difficulties la the reversal of the straddle is the fact that the Liverpool merchant who has actual cotton not directly abort in the New York market, but is short to the straddler who haa bought In the Liverpool market and aold in the New York market It thus fol lows that until the Liverpool merchant by hi sale to spinners Is enabled to buy hie abort contract back from the straddler who is long of it to Liverpool, the straddler cannot furnlih a buying power tn the New York, market. "After the exchange of numerous cable between Liverpool representativee bare and the Liverpool Cotton Exchange, your committee recommend the following plan, having In view the reduction in price to 8.70 for Jarraary- February in Liverpool on Monday. That New York firms ahall put up in trust, fa desig nated New York banks, sufficient eash to margin such eotton a they are long in Liverpool, to 6.70 for January' February, and further, put -up fa trust, In desig nated Now York banks; each cask as will margin thair Deeambar contracts in New York, down to fJOV Such margin will be released unconditionally, only to, the extent justified by such sake as New York broker may make, of their long Interest in Liverpool, through the permission to participate la the ballot, which has been given by the Liverpool Exchange, and further, to such extent as Is justified by such purchase aa they may make against the contracts which they have aold in this market for Liverpool account 0 In other words, this margin which ia put np in trust ia only releaeed unconditionally, on eloeed contracts.

The Liverpool firm to whom neb, money thus become available have agreed to make their own arrangements for transferring same- to Liverpool. Such margins aa are not unconditionally releaeed will bo available for return to the parties depositing them, to the extent Justified by any advance in Liverpool above 6.70 confliclinfl sen- oi Imaginary ftfci in' New Yoik a'jove CM. 1l thfa-nl ExcW. tSTccj to give twenty-four "hours' nolke cf any con- templattd-change in pHeeand not to make such clae vviwiout consultation wKa New York. "In view of the fact that thia plan ts Intended only to facilitate liquidation, It ha eeemed necessary to your committee that the member of the ehonld agree to the following restriction, which will prevent members from taking a short poiition on the market New York fima who have been able to, effect aales In Liverpool at 6.70 for January-February will be re quired: a) to ahow that tha sale if In liquidation of actual tonga either for selves Or clients and (b) in the event that such ii not.

the ease, they will be required to purchase a corresponding number of December contractu at 830 fa "Purchases of futures, which re held as a hedgi against sales to spinners, cannot be tonsidered aa long Member holding such con trade in Liverpool have the option; of allowing them to remain open there the option of transferring their hedge to December position in New York, or proving to the eommittee that they have purchased a corresponding amount of spot cotton in tho South tn fulfillment of such delivery. A11 members under the above plan who are required to purchase Decembers at $30 shall band their orders in to the committee who will distribute sack purchssee among those who wiah to sejl fta decided bf tot All firms, however, entering orders to sell, must prove that they are ia liquidation of long contracts and not new basinesx. Hedges long against spot sales cannot be treated as long jratton where held by members, bat if they wieh to participate in the allotment, they must agree to purchase aa amount of spot cotton fa fulfillment of their engagement equivalent to the amount which they are, by the allotment, able to sslLr eommittee are assured (hat the Liverpool Ex change will. Impose the name restriction oaita members. "in eonsioeration of tha members of the New Yort Cotton Exchange agreeing to this plan, the Liverpool Exchange will agree under no conditions to demand mar gin below 635 for January-February and below 9c for December-New York, should ths market reach such prices, excepting en such tontracte as are actually liquidated fail either market'? faXX The following cable "was leeetveS from toe presi dent of the Liverpool Cotton Association: "Inform members who have contract open that we will admit their orders to close aame through ballot, good until cancelled.

Where they se dedra, we suggest that orders be limited to the price fixed by our committee of twenty. House notice of any change from previous prices win be given, in accordance with the above notice. Membera may now send orders to their Liverpool brokerO Farmers' Union of Fort Worth, Texas, haa appealed to Congress to finance the marketing the cotton crop of 1914, end condemn tha European strife aa "a relic of GRAIN HIGH LEVELS FOR KEAR WHEAT DELI V-ERJESORN STRONG AND ACTIVE OATS ALSO STRONG NEW The feature of the wheat trading waa the strength in tite near deliveries, which to new high levels. Cables were higher, and foreign houses bought fa tare to quite a large extent The northwestern markete were strong, with some reports of poor mreehing returns, whDe la the aoufhwest cash wheat wai higher, with advice of limited country offering. Advices of good export' demaai in the aouthweat brought general oammlasMn house buy IngM the day advanced, and the high price of the eearion were made la the afternoon.

Bulla are pointing oat that tha Asaerleaa aiteatiea to largely controlled by the American farmer, who are not selling wheat while Ea rope must buy North American wheat for the next six month, aa there win be no wheat available from the Ar gentine or Australia until February, and tha posaibility that Turkey may came into the war may mean a complete laaUon of any Rusalaa exports. Cora waa strong and active, influenced bv the rain in wheat and oata, Receipto were light, country offerings moderate, cash earn strong, while the trade ia accepting the Idea of small reserves of old corn and a smaller corn crop than previously expected. The Armour Grain Ca'i corn crop eatimate wai nearly 200,000,000 buahela ova the Snow eatimate. Oata trading wai active -and the market strong, also advancing to new high level. Reports of further heavy buying for' export at the west were received, while the eaat waa ftlao said to be buying cash oats an eountrr offerings were moderate.

New Yerki Open High Low Close Provd Wheats' 12? 125 125 125 119 eDM we ee 128 122 CncAOOt Sept Ill 114K 112 114 111 Dec U8ti 115 118 114 May 12Stt4 126 122 126 121 Cora: Sept 1 81 80 81 80 Dec 74-4 75 78 74 78 May -76-e 78 ,77 75 Oata: Sept 49 49 49 49 48 Dec. 52- 58 62 53 52 May. .66 68 55 66 65 Doujtb: Flax: l. 141 U9 UP .1.59 1.65 1.64 1.66 1,65 Lhrerpool Wheat opened 2d. advance; October, 81 Cora opened unchanged, October, 6s.

7d. 91 Liverpool Wheat doeed up October 8s. 9i Corn dosed unchanged, October 6s. 7d. Interior Grain Receipt Wheat Corn Oata Sept 1.612,000 887,000 Four days this week 707,000 4.224,000 Same time last week 6,780,000 4.436JDO0 1A911O0 5,421,000 5,889,000 Seaboard Shipments Flour Wheat Sept I A.

46,000 762,000 Corn 5000 59,000 28,000 Osts 9,000 Four days this wk 162,000 2,876,000 198,000 Same time last wk (4,000 2,428,000 176,000 PEO VISIONS Wab tni Actii-PrKti Ptd'uu on ihe Lower Uarket for Bog Product The provision market was wesk and active. Product priceo were under pressure and declined rather easily dur. fag the session, due to the lower hog market and rather quiet demand for ell kinds of product for aistnbution. 'Cbioago: Opsa fllgs Lew Close Prev Pork: fF V-' Jaa KM -25 Lard:" 8pt ee sj J0.07 10.07... 9.95 10.17 i- 10.22 J0.05; Ribs: fa fa ms fatti its ttu ",125 nyi 20.00 22.45 10.07 J0.20 12J0 20.00 220 10.06 10.22 12.50 njtz '-jX Prteea Unchanged fa'faX "fa- Refiners continue tc quote standard granulated on ths baaia of 7.25 oanta with the excepuoa of the Federal 0.

which holds to y'-'XfaXX'X fa' jBpot eentrif ttgals lemafa unchanged, at 6.01 eenta. r-ir Clival fax fa I SOUTHERN COTTON ASSOCIATION PUTS ITZLF fa ON RECORD A8 FAV'CrjNG MANY WAREHOUSES AT IOCAL'; POINTS fa WarthouMo Conotrurtion end tionagtrntnt 4 (e Mut In VareiMe ConditUm se fts to tttf Down Rates of 'fa i'rotctiob'no OrUant fathering Pfa.fa fafatd Cert Ji.Cenf XZfay fa ILAIiSr Collapse of the export demand for'cotton haa already had ft marked effect fa the development of warehouaing fatiliUea. Not only in the cotton growing section, butf also outside eommereW eenttes, into; ihe'i warehouiing movement to an extent never befor at-tempted. The surety business, by WhJcli" validity te aarehouN certificate Is guaranteed, haa also been stimuv fa fated to extend its efforts over the entire territory fa. two developments on a scale hitherto unknown are only part the tasulto of ths blocked export situation.

Voluntary associstions throughout the Bouth, such as farmera anions and the. Southern Cotton Association have begun organising counties and districts to meet this war crisis in cotton. The state preeldents of the cotton association have called meetings for September following the county meltings in each of the etatea on September 19, after which the central meeting will be bold at New, Orlean on September 29. Farmers' institutes, bank era, merchants, Jobbers, rallroade, faaurance companies and all business interest involved fa the welfare of cotton are urged to insure the protection of cotton while in the hands of the producer. The New Orleans meeting of Sept.

29 announces ita purpose to be that of "agreeing upon a fixed minimum Brief for thia eotton crop, which has cost the South about 12c a pound to grow." The Southern Cotton Association which met at New Orleans on August 28, voted down the bond plan, but on motion of Commissioner Rope, of Texas, adopted the resolution that cotton should be held for 12 e. It was argued that Axing of price would hold up the crop, and furnish a guide for bankers and merchant. ler, president Whitney Central Bank of New Orleans, advised against fixing any price, expressing the opinion that the selling price of goods, which was now uncertain, ahould determine largely the price of raw V- The warehouse eommittee advised that eotton withheld from market should be' distributed in small quantities rather congested at ports and other centers, as a neaae of avoiding any abnormal fire Otherwise, any large fire at a concentrating center would work aertout curtailment of Insurance facilities. Farmer were advised to eetabHsh bonded warehouses in various localities under aueh condition that insurance companies could eo-eperate fa carrying the eurplua crop. Fertiliser and Implement Interests were asked to support the withholding of distressed cotton antil fairer valuee could be obtained, That the plan of the Virginia-Carolina Chemical Co.

for the warehouaing of eotton, in order to aid southern farmers, ia rapidly rounding into shape, ia attested by S. T. Morgan, president of the corporation. The reporta of tha propoeed arrangements, however, have not been quite correct "Strictly epenking, said Mr. Morgan, "we are not going to build any warehouse at all.

To erect regulation brick buildlnga fa time to take care of the present crop would be an utter Impossibility. Furthermore they would east several millions of dollars. Our plan ia a aim-pie one. We propose to fence off certain areas on our properties fa the eotton belt and to stack the cotton fa the open, raising it from to 10 inches from the ground to protect it from dampness. It then will be covered with tarpaulin.

"We will stack from 100 to 500 bales in one storage unit and surround it with a ten-foot barbed wire fence. It will be insured and protected against fire. We have arranged for insurance at a rate only slightly higher than for'cotton stored in the ordinary way. We believe the plan to be feasible and hope eventually to see it extend all over the South, although at first the ay stem will be put into effect only In towns where we have plants or Mr. Morgan went on to say that the farmers, on de livering their eotton, wpald receive warehouse receipts which could be need fa the usual way as security for loans.

The borrowing value, of course, will be a matter for ad- jrment between, the borrower and the fender. THE NEW POPE Cerdmal DtU CkUta Choton, and Will Tako tht Nam of Benedict XV. Election a Surprise Borne Cardinal Delia Chieaa has been elected Pope. Cardinal Delia Chiesa waa elevated to the Card instate on May 28, last at the last consistory held at the Vatican. He te the Archbishop of Bologna, Italy.

The Vatican announces that the new Pope will take the name of Benedict XV. The election of Cardinal Delia Chiesa came as a sur prise, as his naine had hot been mentioned among the list of prominent candidates. His candidature waa put forwarc as a compromise when the contest between the supporters of Cardinal Maffi and Cardinal Ferrets threatened to grow into a deadlock. Cardinal Giaeomo Delia Chiesa. before being elevated to be a Prince of the Soman Catholic Church, was a Mon-signor.

He waa made Arehl ishop of Bologna in December, 1907, succeeding the late Cardinal Domenlco Svampa. He was born in Genoa and was formerly assistant to Papal Secretary of State Merry Del VaL Previously, the appointment of Papal Nuncio to the Madrid court had been offered to him, but he The Vatican had gone eo far as to make out the papere naming him the papal nuncio, but he refused to accept them. Pope Benedict XV. is 60 years of age. Be was ordained in 1878 and nine years later waa made aecretary to Cardinal Eampolla, one of the most powerful figures in the recent, history of the Roman Catholic Church.

AMERICANS IX FRANCE u. S. Cruiur Tmneete Will AH a Transport for Amor, team Who Wih to Co to England From Franco Paris United States Ambassador Myron T. Hsrrick haa concluded arrangements with Washington, whereby the United States cruiser Tennessee is to ply between Havre, France, and the Englieh coMt, transporting to. England all Americans who wish to leave France.

The Tennessee will arrive at Havre tomorrow, Americans stranded fa Switzerland have left there in apecial trains rranged for by the American Embassy, Americana Stranded at Ostend weawamaaanssssa London Ambassador Pago of the United States hat been advised that there are 200 Americana stranded at Ostend. An effort is being made to get money to these people. 'fa-fafafa r' Red Cross Orders Washington Aa order from the French government for 10,000 stretchers and ft large quantity of surgical supplies and dressings has been received at Bad Cross headquarters bare. Bed Cress officials also have been advised that the (German government has placed an order for 1,000,000 pounds of absorbent eotton valued at 6600,000 with Bauer Black of Chicags fakx fa' fafaXfaifafafayfafafaxfa' 4. XFX, xx tfat fa fafa fax: fa fat? 1 i.