"f f
iLi
'wmi
PX'W'l
EVENING LEDGERTPmEADELPHIA', FRIDAY, OCTOBER 12, 1917
I'
' ,
r . ,;
,
p
IK .-,
Xi
w 1
"5.
,'V 8
T".
'VI
:,
P '
f
3
rK
Vs
1
OVER THE TOP
IN FLMHBERS
MEANS THE TAKING OF
THE 6REATEST CHANCE.
BUYING A BOND
OF THE LIBERTY LOAN
MEANS THE TAKING OF
THE SAFEST INVESTMENT.
WHY NOT DO
YOUR DUTY OVER HERE
AS CHEERFULLY
AS THE OTHERS DO IT
OVER THERE?.
REILLYV- BROCK COMPANY
FINANCIAL NEWS AND COMMENT ITEMS OF INTEREST TO THE BUSINESS Jjj
FORESIGHT
Sooner or later, to meet
some emergency, you will
need extra currency after
regular banking hours and
need it badly. By opening an
account here and now, you
can prepare for just such a
contingency.
Think it over.
REPUBLIC TRUST CO.
1429 Chestnut Street
Open 9 A. M. to 10 P. M.
Before Purchasing Oil Securities
Investigate
BARNETTOIL&GASCO.
A I'ROntCFIt. f WtHIFK. KKMNM.
nml TIlsTKHUinit
nd pa rfKular dMdend nf '2 or
roonn iiHMtPd now
A i d11 nwrkM
For General Information
E. H. CLARKE
JIOnTO.N n. AI.KXAMII.R
crtesldem Partne-i
I'hone lljli spmie
Moek Kxrhance Hide. TlilU.. I'm
SJ Ullllam St New Anrlc
Xsera.k Chii-aso Indianapolis
1
THE
HAVILANDARMSTRONG
COMPANY
STO C KS ',a WALNUT ST.
PHILADELPHIA
BONDS NEW YORK-BOSTON
s INTERSTATE
OIL ft REFINING COMPANY
33 PRODUCINS WELLS
RESULAR qUARTERLY DP1DENOC
mrDBMATioN upon, requcst
I.EUI. AIMLRTISEJIKNTS
KsTATi; OK J.t.Mi.i iUi.LUIK, llh
reiieed l.Ht.r ti stainentarv on cr.
kbov eelat- haniK been vramed to ih umler-ala-ned.
Mil persuiis mdeuttd lo tne said eMac
are requested (u mahe pavmeiu and theirs
tisvlms Islms to present the same, without
delav. to
the iMHs-rnm. trist i-iti.k
AND SAVIMJS CO
JOHN G CARRt'TH. President.
and nolJkNO D l-OI-LCirK
1B50-52 N. Front at . Thlla. fa.
PROIMIItl.H
nKl'ARTJIENT Ol CITY TR..S1T
;5t hoikm: iii u.niM)
Philadelphia Ootobe- 11' ltd"
Sealed proposals addressed to the under
signed at th office abo-e mentioned, mil he
received until 12 o rlork noon on Tnrsdo.
October SO. 1917. and opened tmmediatelv mere
after, for the following work appurtenant to the
Frankford rllevatecl Ratlwav authorized nv
erdinames of i nun Us appro-d J"l 2 lull.
Julv 2l init;. and March tl 1917
(OMIUIT NO. .12.1 Sleel frame work and
ralllrurs, concrete floors and parapets aide en
closuren, roofs drain gutters and spouts for
four HI station platrorms and connecting pass
ages nr foot bridges between station platforms
and station buildings sf Orthodox-Margaret
streets and Huan-Church afreets
CONTRACT NO 333 Ure tlun of br'fk and
reinforced concrete siaf on bulldjngs at 4c04
Frankfort enuo and a' 4i7! 4rth Prsnkfnrd
venue. Including the removal of existing build
ings on these sites
CONTRACT NO .131 Krerlinn of brick and
reinforced concrete station buildings at 4270
4272 rrankford aenue and at 41'.v-4271 Frank
ford a,enue, ln ludlng the removal of existing
buildings on these s'tes
.FU.'.'" "n(1 "D'fifl'stlons itan be seen at Room
748. Bourse Hulldlng and copies of same with
blank forms for proposal, win be supplied to
Intending blddera upon deposit of Sift (cash or
certified check) for each set of plans, which
will he refunded upon return of plans
Blddera must be skilled and rgulsrl engaged
In this clsss of work "
Each bid must bo acromranied bj s certlfl
eats from the City Solicitor thst a proposal
K. v'-'U? ."fm ot nr hundred dollars (X0O)
has been tiled In accordance with the provisions
'JJJ1 Iil'nnc approved Ma .-.. 1 RBO
-.il 5iKe,or T',trvr the rlgnt to reject any
or all bids as be msv deem best for fh. In
ttrest or "the City ot Philadelphia '"
vvjl. B.
TWINIXO
Director
EVILS IX ALASKA CANNERIES
Methods to Remedy Them Related Be
fore Jersey Synodical Societies
W.E.NONAH. K. JToct. HDeplorable
Vila Into which younit. v-omen worklnir In
the tilB canning factorlm In Alaska are
thrown and methods that have been tried
for remedying these conditions were re
lated by M. C Allaben, superintendent of
the Indian pchools in that territory, at the
nnual meetlns of the Synodical Societies
J, the Presbyterian Home Bnd Foreign
The, morn in if session was devoted to
home missions, with Mrs. friaries l"
Thompson, of Englewood. president of the
State branch of this organization, presiding-.
Reports of the extensive work being;
carried on by the society were receUed
and there was an address by Miss Eleanor
Purvis, of Princeton. Mrs. Hugo A. Jtul
1r. a missionary dpctor on furlough from
1'ertia. Bav; art interesting addresn at the
esion on foreign missions this afternoon.
Another speaker was Mrs. James A. Webb
treasurer of the New iork Woman's Fori
In Missions Bo trd Mrs. Evan P. Cobb
TEHiabetrt, presided. r t0DD'
.Milk Mia Courts Hoover Probe
HEADING, Pa. Oct. 12.W. S. Adams
weciaUd, with A. H. Adams lu operating1
hm of the Jatgest dairies supplying this
ejgky, has announced he has applied to
. 1M Hoover food administration for an In
Sulfation Into the cost of milk hsre.
una says he welcomes a. chance to prove
t a- raise, from ten cents to twelve cents
. 4IUrt was ncessary
PusUsT' IVateeJ Leave of Absence
TTADDOXFIallXr, N J. Oct It The
frf r-rlerJuu nirareei denied It pastor, the
H tamptt . p afaKie. the prlrtlaxe &f
LARGE SHORT INTERESTS SCOTCH
TO MANY OF SKIDDING STOCKS
Depreciations, Heavier Than Any Time Since 1907
Panic, Partly Blocked Government Loans
. Largely Cause of Slump in Values
NEW YOKK. Oct. 12.
TS nEVIEWING the list of prices at the present time for all of the principal
securities It Is seen that at no time since the panic days of 1907 lias deprecia
tion in yalues been so severe as Blnce our entry Into the world war. Seven
metal stocks have dropped an averago of 18',4 points from the hlch levels of
the year; four motors, 42 points; ten steel and equipment. 34 points; five gas
stocliH, 33 points; four sugar Issues. 44 points; two can stocks, 13V points; two
rubber shares, about 15 points: two electric Issues, more than 26 points, and
seventeen miscellaneous Industrials, approximately 204 points.
There Is no denjlng: the fact that but for the stabilising influence of a large
shou Ititetcst. believed to bo the biggest In several jears, there Is little doubt
but thst the average decline would be woise than It l. Peeral times when
selling of rails was heavy the list was on the verge of complete demoralization
moie timid shorts evened tliclr commitments and checked for .lie t'ine being
n general overthrow.
Steel stocks, while not faring- so badly as rAllroad Imup.i. may hae under
gone a hatd mauling were it not for the short account In them being- less
. greedy.
If peace had been the all-Important factor In the decline of the last week,
the statement by the German Chancellor could hardly hate precipitated the
hysterical selling of the forenoon esterday. Symptoms of unrest and ells
satisfaction In ";nttal Europe may be construed by some as a significant sign
ol the times, but elewhete this was not considered of sufficient breadth lo
change the attitude of the junker element.
Government iXceds Hit Slocks
What hint the market In Its moil tecent decline was the lmpieslnn in
fltiNiirlal circles that the monetary requirements of the Government would
be be.voml anything ptetiou! thought tif. To toife e1.500.00ii 000 monthly will
termite painstaking' efforts and meat sactlflcc. Thete ! no doubt but that thix
loan will teacli the American people economy to a degiee net or befoie believed
possible
The situation in motor stocks has developed Into an tnlctesting one in that
some companies aie benetltlne ns fast as others ate riept eclating. I 'or Instance,
the ChamUer motor hlpments for nine months are suggestive of anything hut
depression In the lndustty. The tola! of 14,000 earn is not only about 1000
greater than in the full year 1916. but 33 1-3 per cent In ece,- of shipments
for the same nine month a year ago. l-'.stimated earnings for the year of $33
will be sliced approximately one-third on account of the war tax.
canvass of bond houses brought lo light that orders to sell bnmls in Iatge
lots were on the books but will not be pie.ssed on the market for the reaon that
there was no capacity to absorb them, It Is learned -that an Interior Institution
wired an order for the sale of $1,000,000 high-grade bonds, but that the only
bid obtainable was so low that the offering was withdrawn. It is known that
there bav been much selling by navlngx banks of bonds whose legality would he
affected by dividend t eductions now under discussion.
Attitude of Bankers Toward Market
The Morgan statement that "what the security market does within th next
month or two will not Vie ot much lmpoitance one year ftom now," and that
'whether the war is won or lost is a matter of supreme importance," contains a
suggeitlon of the attitude of the banking element toward the stock market now
as well as In the future. The slock market Is occupying little of the attention
of the bankers and is not likely to. in spite of the frequently expressed belief
thai without encouragement subscriptions will be unsatisfactory. The position
they take is that the loan inut be made a success Inespeetive of the stock
market.
Passing of the dividend on People'?. Gas of f'hicago has stM-tei' a good deal
of discussion in investment circles relative to the positions of other important
gas companies and the prospects of their conserving cash. The feeling is that
it is not altogether improbable that other so-called gas organizations will be
compelled to take steps similar to those of the Chicago concern.
The Importance of this theory was indicated In the announcement by the
Ohio Cities Gas Company that no reduction in the dividend rate was con- '
templated.
Those who have followed conditions surrounding the affairs of the vatlous
..gasVbmpanies knew (hey had been subjected to unfavorable operating run
"t'tlltJvnsT'such as higher price which have obtained for fuel from which their
products have come In the case of the natural gas companies It 1- different.
However, the mentioned element has acted as a retarding factor in the promo
tion of developments favorable to such "organisations.
.It is a fotegone conclusion that the outcome of the piesetu .situation must
necessarily be a general advance In lates In order to protect the credit of these
concerns. However, if steps ate taken in this ditection thoie will undoubtedly
arise a storm of ptotest on the part of consumers as has been the case so fie
quently in the past.
It has been exttemely difficult for companies to get higher tales for their
product, as most of the companies are within dliect jurisdiction of commissions
and thete has been so much politics injected into this phase of the situation
that it 1st difficult to obtain the needed benefit.
Depreciation in Gas Company Values
That those close to the managements of the various concerns knew the leal
situation whcih is becoming apparent today is gauged by the gradual deputa
tion in values for the issues in the various stock exchanges.
A comparison of present prices with the highest quotations teporied last
year shows that People's Has Is down about 74 points, Consolidated Gas. 51
points; Ohio Cities Gas. ?3 points, and Columbia Gas and Electric.-. 22 points.
It cannot be said, howevet. that these dtastlc cuts in ptlces were totally .the
result of inside liquidation, as the entiie list of securities on the New York Stock
Exchange has suffered sevete declines the last few months, and it would not
be fair to single out this particular gioup as ptesenting a striking contrast to
some other group.
It appears that the pteferred stock of the International Agricultural Corpor
ation is further away from a dividend than seemed likely last ear when it
moved up to the vicinity of 74. The leport for the year shows earnings avail
able for the senior stock equal to $3.57 a share, as against $9.S0 a share earned
In the 1916 fiscal yeat.
jhrew rwntfct UfVt sir stance at ,
Style Boots at $62
A Wonderful Geutinnr Assortment
No matter how much
more you might pay you
could not secure a greater
measure of smartness and
ultra-fashion than these
beautiful boots embody.
Every detail of line, toe,
arch, heel and topping be
speak the highest grade
shoes made, yet through
early preparation and close-co-operation
with the Queen
Quality factory, we are able
to offer a wonderful series
of these boots at $6.50. In
the new rich brown shades,
and in black dull and pat
ents, cloth or leather tops.
is
I JF
F J
ML? f
.1230
Market
Shoes and
Stockings
' for the
family
TeSstmOUelttOrTlelc)
..Mm. m
1TM Storaa erf FajsAOua SKoaJsTI
U '
19 .
So. 11th
A quick
Service
Men's
Shop
Evtry Foot ProfttiontllV FittedThree Genting Brother
STOCK AND COMMODITY
MARKETS CLOSED TODAY
Banks and Trust Companies nnd Grain
Exchanges Will Open for Busi
ness Tomorrow i
Stock ,nnd commodity markets, national
and State banks and trust Companies are
closed today In celebration of Columbus
Day a legal holiday.
The governors of the rhlladelphla Stock
Exchange. In. line with the action taken by
tho security exchanges throughout the
United States, have voted to susnemd husl.
ness until Monday morning, giving brokers
and their clerks a triple holiday. The New
Wk Curb and the Coffee and Sugar Ex
changes also will be closed.
The I'hkago Hoard of Trade nnd the
various grain and commodltv maikets of
the country will open for business tomorrow
morning
i.ocai financial Institutions will h.
fot a half day s business tomorrow.
COMMODITY PRICES
REACH HIGH LEVEL
Each Month of Past Fourteen, With
Two Exceptions, Shows Con
tinuous Upturn
Recovering all and more of the previous
month's moderate recession, Hun's Index
number of wholesale commodity quotations
on October t stood at $:10.G"9 and estab
lished another new high level. This
figure compares with $316,010 on September
I and $1(52.365 on October'!. 1916, when
a slight advance was witnessed,
IJoIng back to the outbreak of the war. ot
lo August 1. 1914. It Is seen that prices
have tlsen more than 80 per cent during
the interval, and from the bottom point
on tecord. $72 456 on .Inly 1. 197. the
gain exceeds 200 per cent. With two ex
ceptions. July 1 and fitember I. this
urn, each month of the last fourteen has
shown a rontlnuous upturn
liveh a cursory examination nf the
October 1 figures discloses the fact that
where the maikets have not been subject lo
olllrlal tegulatlon the tiend has been dis
tinctly toward higher levels, though the
net tlsp Inst month was but 2.2 pet- cent
Yet of the seven groups into which th
Index number Is sepal ated. only two meats
and metals show declines from September
1, and all foodstuffs together advanced 3.V
per cent
The teatljuslmetiti. In the metals through
official action lourtvd the total of this
class about 1.5 per cent, but a fut titer
downwatd revision Is foreshadowed, as the
(loveinmenl's announcement of steel and
Iron prices embraced only a few products
and other changes are still being worked
out
In clothing, another new high tecotd vvns
Totnl itoltl res ,tlill,12S,40S.)il JlOi, till SSO.oq attained, because otdeater raw cotton, wool,
offet tece'slons in law silk, cotton goods
open
Federal Reserve Bank Statement
The condition of the V'edeisl Kestrve
Bank of Philadelphia for the week ended
yesterday compares with the previous week
as follows.
WKSOL-nCKS
October II Oi-toher s
noli coin nnd
certificates In
su.t
O n 1 1 settlement
fund
OiiW with forelan
accncles
is.27i,:n to inoij;ooo
3t,fS.VOfitl.OO 83,771 000.00
a ti7.vrnn mi ,-t fl7.xwnon.no
tutal koM held .
GoM'w.fr&leVa, 5s-"'--'- MMl.!0S.M
lleserve stent . It.lNB.iH.x tin 4,1 nio.tix5.on
Hold redemption
''""I P.'.o.ono no P.VMioonci
SPECULATION RIFE OVER
CAUSES OF LIQUID
Numerous Reasons Advanced to Explain fti
WJ. SJCWGO UJ- WV.VU1H1CO VJUSSIJ
of the Street
EVEny WHKOK there Is speculation as to tho causes for tho flood ofli I
.,.V.I U.t-IWHCIUICU IIIC 0.V. ...,.., .,. ,L 13 ,,01ieU Oat (J, 'if
qualified to pass nn opinion oil the matlor that It was liquidation v
short selllne- A timnf nf Chen- nnserttnnu Mini t-all nllnniu.. , ,. 'lis
' "" """ "' " " vm.uu 10 WS fact tku
liiltlf nf tha liitt.tna. nnma Crftm flin fti-nf Asstnnn 1 tliivH. "St I
....... v. ...V UMJ.lip, .(,,,V (IUMI fc..w ,'. w.Uu(w.(... M..U. .Q.
11 in ciHimen tiy some iiihi u ticcm ninny oin investors have ber
nl linenMtn.l n a. 4n ll,a t.nl I'nfll. ft tllnlH llnlJIna ?.., .1 "-tl
" """ " "i "- " - -' ..".i.. ..,,, iiuiii wie standpoint! nt i 'ox
partly on account of the many reports in circulation tegarding the effect
war tax will have on the earnings 'of the railroads and other tom,.ii 'J
securities thev hold, nnd nartlv throueh the effect nf ! .. . ugn b(
" rtc every t ,,.!
tiouncementa slating them In the face proclaiming the Liberty Ronrf. .1 .
investment In the world. So they have apparently concluded that the i
tn do Is tn sell their holdinc nnd Invest In rlndiirnm.ni i.nH . "'t
v .-,"-" """
As ptoof of this assertion. It Is said that many
sacrificed have been in possession of their owners
ns ten and twenty years. I'nsatlsfactory railroad leports. ton it i.
;i
my of the securities
for years, some of in.-. .TxB
vl' UlfMlB
mucli to do with this liquidation. The universal cutting down of net Vj
spile of Increasing gross earnings will unquestionably affect the aiCu"!!'11?-1
reason. If a remedy is not found throus'i rate Increases by the Intent ff
nierce Commission or tlnough financial assistance by the Qovernmcnt.
1nll.ll.nf. I. 1 J.Im'.J ..k ...ee.-l M .,
"'"""""'"i " " mniici, mc nuiiciiiiK irom me process of pries e,i l
demands and coat of labor and the scatcltv and hieii en.t e ..... .xlllHKl
-n.a .i.i e ..;... . .: ... ::."": vk "ia'iai.
,. wo.,,,, ,.,... t mi-uumi, ui. iiiaiKUI MB CHUSB Ot lleSVy llflUldllt
ilsseel by a majority, of the brokers and commission houses . . 4
, ,
dlsml
quanllty.
wm
noie
ete
I lie
stiver
TaImI reern
Hills rtlicnunled
memhers
Kills linuahi lr
npen mnrkei
70.407 .Ml JiJI 7JI ss
H0 S17.sttf.8ii Jiii)T33 0.1 l.'st,
0 3H HI.. 31 in s7t . :,ii
17 tRi 2S ot in m. ufi.r.x
Total Mils on
hand . JSfl.7(i '.'01.22 127 7P0.n70,0,i
l S. Government
lont.terin ser .Wi. luo on :ri5.no.00
L S tlnverntnem
short-term sec 3 188.000 on 3.20.1 000 i
13.70.1.400 mi
10.oOO.on
J3 7dO R00 00
Tots I f S sec
Munlc'l warrants
'rotsl eflrnlnir
assets . . $30 195.001.22 J3I.350 (170.OJ
r ii e from other
federal rt's'rve
banks net t.ox.- 831 17
t n-olleet'd Items 30 sn 728 07 27 S24 027 SO
ami hides, unci nilsieiunenus ai tides, as n
whole, gained 3 7 per renl. luinher being
c; the commodities which became mote
cosily.
The following table gives Dun's index
number for October 1. with comparisons
for eaillei dates
nteadMulfs
Meat
Iialr.v and ssrclen
Other food
c-lothlna-
M-lils .
Mtftcellaneotis
Oil I
1017.
J 88 Sl
III 127
2.1 Xnj
to ov
3(1 4X0
31 1MI
32 311
.-eni1.
J.-.4 sax
IK 3.1.1
'.'2.7.11
1 .1 332
3X SI.'.
32 37
31 3J
Oil I
111 HI
J3I 21
t3 Sill
2li 7112
12 sin
M S2
21 S.'ll
2 373
Total
. . S21P 170 2I8 010 tUiJ 3.13
tleduetlons from .
gross riepos $30 0MI 72.1 07 120 SOU .1.1X 117
All other re. i,e 218 004 47 270 20 00
Totrfl re res S1H.ll 300 23 tft 11111.010 37) 64
I.UHII.ITIKS
t.l -278 too.no is 273 ion no
302,304.02 1.37.1 307.SI)
CaDlial ti..d In
Oni'l r1epolts
lu in menltiers -
Reserve aio't. 7.1 327 030 111
Collection Item" 2t 130.47.1.03
Due lo other Ked
Til Uesene
hanks net.. I OlS.lln 33
73 71s 47S.t
2.1 132. O02 88
Tots I sro de.
posits UM no?. SS0 13 $10.1.743 0011.13
Fed Res nofes
In Si tuai cln-u-
latlnn . 30 11.1 3X8 oil ,13,3118 flno 00
All other llslill t2 360 03 Hli3 30 41"
Total llnhdities lir.il 300,234 IK $l(i.1 010.57a. 4
Railroad Station Under Quarantine
l.KWISTOW.V, Ta , Oct. 1.' -The Penn
sylvania rtnllioad nation at McClure was
placed under quarantine and fumigated es-let-day
when the nine-year-old daughter of
John Itousch the station iicent. unu r,,j
to have Uiphlheila The child has been 111
for several das, and it Is believed con
tracted the disease In Snyder Counti, where
xn epidemic prevailed Seveial thousand
persons visited the little station last Satur
day Jh attendance at the annual "bean
soup" of Mifflin and Snyder Counties
Financial Briefs
The New Jetsey I'tllltles Association, the
tnembetshlp of which includes the gas,
water, set 1 Ire and utility companies nf the
Stale, will meet at the Hotel St. Charle.
Atlantic ritv, on October 2 and ,'27. V
representation of 150 companies Is expected.
BKITAIN SEIZES STEAMSHIPS
Requisitions Four Vessels Elyinp. Swed
ish Flag and Will Arm Them
LONDON'. Oc't. IS. -The Uo'v eminent
has tequlsltloned t lie Spanish steamships
Sphinx. 1571.' tons. Ilelgiove, 1284 Ions;
I'lemona. 122,1 tons, and Phyllis, 14S1
ton". These steamships, which now are In
B-ltish ports, although flying tho Swedish
flag, aie mainly British owned.
This action has been taken in, order to
protect the British capital Invested in the
ships, as the (iermnn prize court has decided
that, notwithstanding a neiittal flag, tliev
will tieat such vessels ns British The,
steamships henceforth wfll fly the British
flag and be aimed for defense Then- ow-n-eis
will be compensated by the tloxerii-ment.
.New York ascribed this last wave of liquidation primarily to the bs.,.
vltlend by the People's, Claa Company of Chicago, but the explanation i' ?
directors should have been sufllclent to allay any fears, namely that T
nntlclpateel necessary construction and expansion, they were conierri. ''
tush tesmirces'to meet the cost, as the ptospect of bonowing under nres.i'
lions Is iiriihtemnllnat a,i I,. .,,,,. ,.,. .,..., . . 1'weftle
- ';- ...... ..., n,,, .,, ui,,, cent tiuuiii nr very PJtpenslve.
'
From another snui-fp it ua sniff thnt thn mnui- ,
.. . . ..., , ,, ... . . . u w (aj iiiiuiiLititin iiiiniianias stB. ....
the sccutllles which they had taken in exchange from France and GreaifcSH
in payment for material, but the securities .offered were pot in that cl. tB
and 6y, Ktnkf
Peace in J 918, Financier Believes ""A
The principal of one nf the best-known Investment houses in the city -lr
murk yesterday In convetsatlon with a friend, that he had heard ths r,s,?jf
M
compuaS
There haa followed.
hrnrrl 41.. 1.... JvH
of the largest manufacturing plants In the country say thev wero s.i '.."?
any contracts beyond March 1, 1918. as lie had good reason to think tieiVavJ
.,. ,.,.v,. .lumii wini uaie. aim ne aooea. "llieso people are in a position, le. C ii
An endeavor to find out from him whether he meant n Oermah pette J
American peace, biought out the remark that there N only one kind ot'pace, O
Girard Trust's Entry Into Federal Reserve
The suggestion in this column of y esterday In reference to the trust
or tlils-city and State connecting with the Federal Reserve System as a mili,,
patriotism, even if the practical benefits xvere not very advantageous 11
.,,..,..., .,iv.cu u.v mi. aiiiiiiuiicement. ot tne necision or the board of director!
me ..irarn artist company to join the Federal Reserve System. The announcettrjB
niniru ciiiil mo move was maoe irom patriotic motives, tho directors beliavloi &
duty to support tho Government by mobilizing the resources of the country u
makinsr them more nrresslble to lite flm nrnmonf
TUI. I. 1. n.. . . n,.,. , ' .ill
"" 1B l"" """ iiii--i i-oinimny in t'niiaoeipnia to join the Federal F.ritrafl
nystem, anci tne example win no doubt be followed by others from the
patriotic motive.
Brisk Mail and Phone Sellinn
"While all their sales force Is busy on the Liberty Bond campaign, Ct$tu
Co. report active buying by mail nnd oxer the telephone of miscellaneous jtcurlte
including equipment notes and some high-grade rails. Altogether, the outlook
ptomislng and tends to produce a decided spirit of optimism, they .say. 'Tana
also having n big demand for Liberty 3 'is and nre taking all that come iIom
rhcy urn also very hopeful of Philadelphia's selling more than Us quota ot l
Liberty 4s.
i
m ? Jul i
s i
s
Evening Ledger Obtains
Jutland Survivor's Story
CORNING that one of the German survivors
of the battle of Jutland had published ur
Copenhagen a full account of the great
sea fight, the Evening Ledger cabled for the
story and is printing it for the first time in
English in tomorrow's issue.
It tells what actually happened when the
great fleets of Britain and Germany met in the
North Sea on that memorable afternoon. Much
of the mystery surrounding the battle inten
sified by the contradictory official reports
is cleared away by this vivid, uncensored
narrative of an eyewitness, whose ship was
one' of those destroyed..
? COMPLETE IN SATURDAY'S .
w
'4
il
f
i
H
'nt
Mr t officii
?'?$
u I a Ot eMMA WiIsm
tat ua trt j trot
K.'SfJ
Ji
fe-T!
:'.Jw .
.
fnir
kW