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LOCAL MEAT MARKET
niESK JiKEF Receipt, llthtl urplles.
moderate. . Market trnn tct II huhr on
irrt itiwK. Demand only flr. Weather
unfavorable.
. Ktr.F.nS- Rerelnl
..-.. .. . .
hither lit III In 2.
Da-inanel fail-
tUWH
literal. nrlntl. mv1ratt !
airirKri nrm on rommnnr
-.-, :- - i --- - --..-.. t
t 114 In tin
at 117 to 120. Demand Just f Air.
"ti..nn-r un iriir vraafi, Ml'TTON Hivupli,
Reduce Your Overhead
Increase Your Profit
WltiraSEfflfflHIM
It uHlt probnbly
cost you iess 1o
sell us iour Ac
counts TfcceftJ.
a&'e Man for
iour customers
to discount
them. Vou get
the money from
us now.
QKMraTMfflHllH
Commercial Credit Company
Cash Capital $2,250,000 Surplus $430,000
BALTIMORE
Represented at
I PHILADELPHIA. 612 Stock Exchange JJMf.
' (Phone Locust 315)
KEW YORK BOSTON CINCINNATI
Affiliated with
Commercial Acceptance Trust
(.li Capital $1,000,00(1
208 S Ijl Salle St , Chicago
liMPlIffllTO
mrjitiifini
See the
Corn Exchange
Cheitnut at Second
IIWfflMiniWMW
IWW
The firm of
Hemphill, White ca, Chamberlain
37 Wall Street, New York
having expired by limitation December
3:, 1918, the undersigned have formed
a new partnership to carry on the busi
ness formerly conducted by Hemphill,
White & Chamberlain, under the firm
name of
Hemphill, Noyes CBi Co.
37 Wall Street, New York '
IANSEN rSOYEJ
CHARLKS E. OA.RDHIR
STANTON OWFFIS
J. OUOALD WHIT
CUrTORD HEMPHILL
January 2, 1919 Mculer N.T.Btoct Eicuin
rMi.
VEAtReclpt.. Ibtht. Market itron
on too calve. t li" to I2. Demand fairly
rtlvf.
roflK-Receipts. Iltht. Market stron to
av . a 141 !.', Y Um scut
.. i iin i,irnr ai 1.11 10 on .win... . - "wii -
I lAAif.
iirl I t iitn n i-.t nki M rli-t ktrnnc at
klndi iw fr 127. rmnn wo.
' I ia; kit iUT'riiFhi m ... .-.-.
mtt.it I. M rLl
tvmanfl llrcM.
Mi-onr ni ti i" "
WimmMMmmmimwmmMUMMWmmMMXi
IWIIWKIUMWII
A profit can only be made after your net
earnings on your volume exceed your over
head expenses therefore the larger your
volume the larger your profit.
Your volume depends upon the capital you
use. That part of vour capital which becomes
invested in your Accounts Receivable imme
diately ceases to work there can be no
further profit on such capital until your cus
tomers pay, or until you turn their Accounts
into cash.
If you have $50,000 in Accounts Receivable
for three months, that Capital earns nothing
for that time. If you turn the Accounts into
cash, you can buy and sell more merchandise
with it. Your profit is much or little accord
ing to volume.
If your Accounts Receivable average say
550,000 constantly outstanding, and if you
turn your merchandise four times a year you
should be able to do possibly $200,000 more
business on your present capital than you
are doing provided we carry those Accounts
for yo'u.
Think it over and write for details.
fffflOra!WIlMWWIWlt!
exhibit at the Ledger Central
Office.
Samples of wool from every coun
try in the world, except Japan,
that produces wool.
Japan has just started to grow
wool, showing the world-wide in
fluence of the "morc-shcep-more-wool"
movement inaugurated in
Philadelphia several years ago.
Wool is one of the most impor
tant staples produced, and the
great variety shown in our exhibit
will interest the general public as
well as those in the trade.
Over one hundred million pounds
of wool arc used in the Philadel
phia district each year.
The majority of the wool mer
chants in this city carry their ac
counts with the
Corn Exchange
National Bank
Philadelphia
EVENING PUBLIC
TEXTILE MOBILIZA TIONl
FEA TURE OF OLD YEAR
i - v.
Machinery Devoted in Government Orders Has flccii
Large and Made Necessary a Pr-actical Revolution
in the Conduct of Trade
frtpvririht . t9t. Srw York Kifnina Toil, nr,
The history of the textile year lias ' front and sole during this most tin
been one of Increasing mobilisation of usual yrar At Its beginning they had
the Industry to a point such ns few experienced the lure of the (locrn
dreamed jiosslhlo. to be succeeded by nnient plants for their operatives, many
ri I am MHO lk- nnnnnli. finrliiimi and a ! of whom had been attracted by the
demobilisation accomplished for the
most part In record time. Textile manu
facturers had hail experience In pro.
duclng Government goods before the
proportion of the machinery of peclfle
plants engaged In this work until the
Ije'ar had well started It Is dllllcult
even now to give the amount of textile
'machinery that lias been eng.iged dur
ing the, j ear. on contracts for the t.nv
eminent, for different branches of the
Industry were engaged to different ex
tents, and more complete records were
kejit In some than In others In the
wool-manufacturing dlvlalnn the average
did not reach much more th.in no per
cent at Its height, nnd this proportion
was not maintained any length nf time.
In cotton manufacture It Is probable
I that the average pereentag" has been
I higher, but here rerords have not been
as widely published and the Informa
tion (3 more or less vague,
I It may be said, however, that with
rrffsrH fn nertnli. Important factors, in
fthe cotton-manufacturing Industry the
contracts taken for Government work
have been larger and have extended
over a longer period of time than prob
ably nny other division of the textile
field In knllgoods the proportion nf
machinery devoted to Government or
ders has been very large, and while the
volume has neieFsarlly been smaller,
capacity of the Industry, et has occu
pied the attention of virtually all pro
ducers of this class of good3 for nearly
the entire year.
Kffeet on Civilian Trade
This turning over of machinery to
supply the requirements of the (lovern
ment necessarily has had a most mark
ed effect upon the conduct of civilian
business. It haa made necessary a
practical revolution In the conduct of
trade, turning tho market from a buv
er's paradise Into one that has been
dominated exclusively by the seller, in
which he has dictated the amount of
goods that each Individual buyer could
have, the prices which he must pay for
them and tho deliveries uhlch he would
h obliged to accept. These conditions,
of course, apply only up to the time of
the signing of the armistice, for almost
overnight at that time there was a
complete reversal of conditions anil a re
turn In a surprllngly short period to
a status very similar to and yet differ
ing In many respects from that before
var was anticipated.
It Is remarkable that the buyer In
the midst of all these changes has been
able to ndapt himself to the changing
conditions with so little apparent dis
turbance to his business He has ac
commodated himself to prices that were
acknowledged to be radical In the ex
treme, has been able to adjust himself
to delayed deliveries, to conservation
conditions, and to the practice of econ
omies, all In the name of patriotism, and
although it may be ton early to estimate
the effect upon individual enterprises,
yet upon tho surface at least there has
been a minimum of unsettleiuent that Is
surprising when the deelopmeiits and
the radical departures uf the ear are
taken Into consideration.
In the matter of price chances alone,
the buyer has had a problem to solie
that, forecast, seemed almost Insur
mountable. As prices began to appre
ciate, the buyer, long before the present
year, was very apprehensive an to their
effect. Vet, notwithstanding the prac
tlco of economy nnd of conservative
methods of living, as well as the ab
sence of n Urge volume of buyers In
the set vice of their country, the dis
tribute' trade bicamo educated tn
tho ever Increasing cost of merchan
dise ullli remarkable rapidity and it
became easier and easier for him to
pay the reiiulreel advances with the
assurance that he would bo able to se
cure a profit on their turnover.
I One of the most disturbing things
j to the buyer of textile merchandise
during 1 31 S has been tho Impossibility
I of securing the deliveries on contracts
that he had expected With such a
large xnlumo of machinery tie, up In
suppblng the war neiulrcmeiits of the
, Government and ith priorities In favor
I of war orders, the ordinary buver was
(given scant consideration in the great
'majority of instan' es. This was not
voluntary on the part of the producer.
bill he was fore-ill tn such treatment
by the demands of tho large-it buyer
i with whom he had ever bad to ileal.
,The final lesult nf these unprecedented
'delays In delivery has been witnessed
in me cancellation or onlers still un
delivered at the time of cessation of
hostilities. Iluyers have felt that they
had a sufficient warrant In de'dinlng
to recelvo further shipments of mer
chandise, where they' weie fur be
hind the contract date and have al-o
taken the eue from the action of the
Government Itself, which has can
celled a large xolume nf war orders
for which it bad no need afte I ihe
war had conm to a close.
Th vtnnufaeturlng sdtuMtlein
Manufacturers have had unusual
and unprecedented problems to con-
riN'wni.
xiiimiiiI Vleellng
J-3T-I TUB I'DN MllTt'AI. LIFE INSL'U.
eU& AM'K COMPANY
Phll1lphta, Ieceinber 51 ISIS.
1 The Annual Election for nine Truatea to
' f.rvn threei iMn will bn held at th homa
I efr,c el the company. In tha I'enn Mutual
1 Mull-Um. blith an4 Walnut Hi . Phtladel
' phla. Fa., on Monelar. January A. 19JD, ba
I tweca t&c bcura of 10 a. rn and a . m.
I JOHN IIUMfltllBTB.
Perr.lwrv and TraurcT.
&F
t HAMSUN NATIONAL HANK
Cneatnut Ntreet Hut ot rtrnael
c-nuaae-ipma uercmoer -3. luis
Th Annual M.tlnr of the Shareholder
ni thla bank for th election of Directors to
erve elurlnr tha enaulner ear will be held at I
th banking houae on ruradrey. January 14,
1810. b-twr-n the houra ot IS o'clock 000a 1
nri 1 o'clock n en !
I W)t ltAnDT. e"aahlr.
K3fJ.TIONAI. HKfl'KITV HANK.
Phlladelnhla. I)
11. IMS.
Tha annual meettnir ot th- Stockholder
will b hell at the Flanktnir Houae on Tuea
' day, Jannarr 14, 1910. b-twe'-n tha houra of
13 neon and 3 p. m,, for tha election of
Dlrectora and the tranaactlor, of auch othtr
Guilncas aa may come before the rneetinc
l-'aahler.
KaWTIIK I'KOVIIIKNT 1.IKK AMI 1 Rtvf
rtiwpwY ni' iiiii.vi)i:i.riii..
The Klfllfnurth Annual Meeting of -Jhe
Provident Life anel Truai Company of
Philadelphia will be held at 111 imeeT
Fourth snd I heatnut ;ta . em t-econel Dai
iviandar). Ihe Thirteenth lh.r of Klrat Vlonth
IJaneiarTl. HM. ' 1 o'clock a. m. Ail
election ef five Directors lo aerve fo- three!
eara will ha held between che houri of 10
a. m and 1 p ."'...
LKONAftD f ASIITON.
, . , Secretary
SS SOLTllVtArlH NATIONM, UANK
fc I'hllaelelphU. V.
The annual election tor Dlrectora of thlt
Trjraday. January II,
ana win ne nem a; cne ii.enklng House on
. eetween tha
and M e, dock m.
J. STEINStAN,
Cashier.
Hours or iv o hock a
Annual elections
JS
TIIK ANNt'AI, KLTOP.T OP TIIK
fontrihutnra tn the lilM Milt-
kehftftla will he held on Vl'edneada. eh ilk
day of Jannary, 1919, at 4 o'clock p, m.,
ar the office ef the Hlen Mills Hchools. No.
; Bslley Bulldlnt. IS J Chestnut at. The
Annual Report of the Hoard nf Manners
will ha submitted and an election will he
held for officers for the rnaulng year and
4 six menarera to serve for three years
e.ueiur.i U. tiAMbtiriiti. eoratary.
oflJWiiihu,jacjtviiw.aUJ-iC , "'
LEDGER-PHIUADELPHIA", THURSDAY,
hlghei
wages offered In
munition
wotks. shipbuilding plants, and other
(nverntnent-owncd and operated ac
tivities. Against the high level of le
immerafon paid by the Government It
was Impossible to compete, and they
saw their cmplo.ves elrlftlng nway
from them even at a time when the
Government was calling upon them to
use thei utmost endeavors to turn
out a maximum production. Various
methods nf furnishing Increased sun-
nlisu nf hhn, tn lr.ltle tvlAtlts Were '
considered, the allotment of operatives
to those mills that were especially en
gaged on Government work being one
of the most favored methods under
conslderatlm '
No genera'l ssstetnatic plan, however,
was worked out for the Improvement nf
the labor situation In the textile field,
and It was necessary for the manufac
turer individually to devise ways and
means by which' he might attract and
keep his help at work. It was neces
sary for him to advance the scale of
wages from time to time. In n radical
way, and to provide many welfare in
ducements in order tn preserve even a
moderate supply nf his force for the
operation of machinery so needed on
Government work
Then came the draft, which still fur.
ther depleted his supply of help, but to
which he waa very willing to conform
as a patriotic duty. As a matter of fact,
during the entire war It has been a
matter of record that the textile In
dustry has shown a degree of patriotism
and self-sacrifice that perhaps haH not
been exceeded In any other Industrial
field. The manufacturer has had an eye
single lo the main Issue the winning of
tho war, and has allowed nothing to
stand In tho way of accomplishing this
purpose. There havo been minor ban
ellcaps to the successful operation of
machinery, the principal of which was
probably the devastating effect of the
influenza epidemic, causing many tn
leave their tasks for a longer or shorter
period, vvlille in many ellMrlcts It was
necessary to stop the operation of ma
chinery entirely for1 the time being.
Tho diverting Influence of the various
money drives from time to time dur
ing the year has undoubtedly also had
its effect upon tho volume nf merchan
dise turned out, but here again the
manufacturer has given of Ills best In
aid nf the purposes for which these
drives were Intended.
Inability tn turn out a maximum
production has not been all unmixed
evil, fur It now transpires that had
the Industry been working to ihs full
capacity there would have been n sur
plus on hand that would havo been
decidedly burdensome to the market
at h present time It has been for
the best Interest of nil that the buyer
has been obliged to exert himself rit
times to secure merchandise wltJi
which to continue business, and that
substitutes Iiave been Invented with
which tn supply the demands of the
consuming trade. This may mean de
elded chances In a good man) direc
tions In the future, while the conser
vation nf styles that lus been effected
slinuld make fnr greater economy in
manufacturing th,ut would have been
possible in the ordinary course of
events.
Control nf Material
It has been said that the war was a
war of raw material nnd waged for
their lontrol In no countrj and in no
Industry Is this more pertinent than In
the American textile Industrv. The exl
gencles of war have made It necessary
tn adopt a control policy that has been
burdensome and Irksonm at times, but
to which all have submitted with as
much grace as possible. Knowing that
It was for the best Interests of all.
The only raw material whlefi lias not
come under absolute Government control
and on which prices were not regulated
has been the cotton staple While the
quest Inn nf regulating the prLe of cot
toll has been agitated from time tn time
In t'ongrcss and nut nf It, aifu.il steps
were never taken lo fix the levels at
which the producer might obtain his
material of this character.
On wool, however, the fact that virtu
ally half the neeileel supply for Ameri
can eonsuinpilnn is grown outside the
contlnes of this e'ountry anil controlled
largely by i'liglanil made some regula
tion of the supply necessary. The Im
ports of wool were regulated by the
establishment of the Textile Alliance at
the beginning nf the war. and the lines
were drawn doner and closer with the J
decrease In shipping and the Increased
submarine clanger, finally resulting In
the control of the domestic clip by our
own Government nnd the fixing of prices
at which these wools were allotted to
manufacturers' Thij, regulatory action
vvas Inspired by the fear that military
needs for wool would cause prices to go.
unduly high. The lesult was that early
In April the iirice-flvlnc committee of
iho war-lndUBtrles board heln a seetles
1 e,f conferences with growers, dealers: and
manufacturers and the price to bo paid
, for the IMS clip was established on
the basis of values prevailing in Hqston,
I tho wool center of the counti.v, on July
, "". 1917. for the varlou" grades of
' wool.
j It was further arranged thai in the
1 territory sections, where virtually two-
thirds of the wool grown in this country
is raised, wool growers should not sell
their product locally, hut should consign
It to concentration points. In the Mid
dle) West, Kast and Southeast, compris
ing what is known as the fleece-growing
section, growers were allowed to hell
wool locally, but the profits of the local
purchaser were limited to one and a half
cents a pound, and these purchasers
were tequested to consign their tattings
to the larger concentration points. Here
dealers were allowed a cninmUslon of
4 pei cent on fleece wool and territories,
provided the wool was sold in the orig
inal bags, and 3,i per cent if graded,
'the commission to be paid by the Gov
lernment and added to the price of the
j wool When the raw material arrived at
concentration centers it was appraised
! lev valuation committees appointed by
'the eioverntnent and alloiated to the
various mills or mllitar or civilian pur
I poses.
! Not until a late date, however was It
, found expedient to allow any of this
wool to be used for civilian purposes
for fear that there would not be suf
ficient material tn satisfy' the fiovern
inent tequlrements. This meant great
uncertainty as to what could be under
taken to supply the clvilla'n trade, ana
a situation that was unprecedented from
the standpoint of assurance. It was
also suggested that the liovernment take
over the 1919 wool clip, and In all prob
ability had the war continued thla would
have been done, but the nrmlstlce Inter
vened to check fcuch action and to make
the next season's clip available In the
ordinary way.
It was neceesary also for Ihe fiov em
inent In secure foreign wool, tbo move
ment nf which to this country vvas pre
vented In large measure by the lack of
shipping and the danger of U-boat Inter
ference. Arrangements were made early
In the. yeAr. for ji commission to go lo
Jinglanii tg uegotjfie, (or wool auppUes,
and an n result of this commission's
work outrlcht nurehssrs of n large quan
tity of .Australian wool were made from
tlreat rirllnln li l now rrnorted tliat
the flovernnicnt In ncKotlntlni- to can
eel nil or part of these purchases In view
of the dianscil condition, flov eminent
huyerH were, nlso sent to South America
'niul Inrjre purchases made there which
," ''"'"' unry'.
It has been the almost continued cry,
of (lovernment officials that the supply
nf w-nnl was nltneether Inadeauate fori
tho needs nf the Government and for
civilian purposes, nnel every effort was
made, Including n census of manufactur
ers' supplies nnd their possiuie nccus
from a civilian standpoint. In order to
determine what proportion of Government-owned
wool which meant virtu
ally nil Ihe wool In the country could
be utilized for civilian purposes. With
a change from a war to a pence basis,
however, It would seem as though the
supply of raw material which did not
appear to be sulTlclent for tho require
ments of Ihe ilov eminent and for civilian
neeeis, ,ts more man ampie in cio r
of the latter alone, wit
II lie ie.au e iliac.
ihe Government during tills month has
nftl only been allocating supplies lo
manufacturers ns they call for them
but has also begun a series of auction
sales that will probably continue until
the supplies on hand nrc distributed.
These sales have not been coextensive
with the supply of wool owned by the
Government, for It was feared thai the
offering of the entire quantity of Government-owned
wool would exert a most
depressing effect upon the. situation not
only but would cause too "severe a loss
to the Government In its attempt to
dispose of Its purchases Therefore on
the limited amount that ha3 already
been offered n minimum price vvas Ilxcd
for each grade, with the result thai a
good many lots of wool have been with
drawn. Inasmuch as they have not met
with the response from buyers that the
Government demanded
Cnttnn Fluctuation
Th tegulallons established in the case
of wool havo undoubtedly been re
sponsible for a lack of wild speculation
that might have resulted from uncon
trolled merchandising The profits of
the middleman have been restricted,
and the manufacturer has not been
obliged to pav an Inordinate figure for
his raw material. On the other hand,
fluctuations In raw cotton prices have
been violent, making for. uncertainty,
nnel until prices on finished products
were fixed Governmentally It vvas prac
tically impossible V determine whether
profits were going to be possible, or not.
It soon became evident that tho un
usual problems connected with the
rnw-materlal situation nf the rotton
manufacturer would necessltato some
regulation of piece goods prices, if the
Government were not to take a hand
In the irgtilatlnn of cotton. Therefore,
the machinery which had been set up
III this nnd oilier trades was utilized
to effect a method nf control through
the medium of the industry itself, but
really in the final analysis conducted
and brought to a conclusion by the
price. fixing committee of the war in
dustries board. War service committees
had been established In various divi
sions of the textile Industry, and these
were called into conference -with the
prlce-ftxlng committee at Washington,
and tb schedule nf Gox'ernment
maximum prices establlsheel on bnth
piece goods and yarn.
This control of prices, ns far as cot
ton goods is i-t.uccrnei, extended to
regulating the margins of the Jobber.
nnd Is In force today, to be annulled
at the first of the jear Much dis
cussion and criticism of this method
of Government contrn! were engender
ed, but the remarkable fact developed
that bnth buyer and seller in nn un
usually short time adapted themselves
to it condition that they had argued I
could nexer pe made operative, and t
were soon lining nusiiiess in linveru-I
tnent prices, or at least not above them,
with a minimum of disturbance and
agitation.
BIGTRADECHANCE
IN LATIN AMERICA
Commercial Museum Secre
tary Points Out City's
Present Opportunity
--vAi-vr. im s.t i- i- r-v !- r ' " "lls estimated that tho production
1-OiJIJ!? AHI'j MiLDbUll" the Dominion would not exceed 166..
I OOO.tion bushels, against early estimates
South American countries have been
virtually cut off from the necessities of
life for several eals and must institulo
a comprehensive restocking of their Im
port supplies within 11 very few months.
This Is Philadelphia's opportunity to
establish trade relations on n big scale
in l.atiii-Aiiicrli',1. li la pointed out by ,
Wilfred Sclinff, secretary of the t'om-'
lnerci.il JIUFCiim. 1
t e.',lmf , '1U .lioKei,,,- tl... tu,..ul.
1. .lit...- r-.- , .1 ., I- I..
iiiuiir 1,11 ,11111 1, iwi-inaiiM kuuiis ,(
South America, opened up by the cutting I
off of ICngllsh and Herman products by
lie war. I
"liven now our evport trade with
South Ameiicaii countries has been
greatly increased though war embargoes
and trade rest fictions, have curtailed
shipments. We have the advantage of
having established limine recent years
authentic banking connections there,
whete formet ty we were forced to play '
right Into fbrniany's bands by having
oui credit pnswl through lis banks.
i.kvc Cretllt on Little security
"Herman trade Willi South America
befoi the war was In a very unhealthy
condition because the former Imperial
lioveinnient saw (It, to further Us own
ends, to grant credit at random and on
little or no seiurlt.v. cieimany is out
of South American trade for a long time
to come, and with its passing will also
go the market for the cheaper grade of
goods
".Vow there Is a big demand for food
products, high-class textiles, hardware
and shoes, all nf which are turned out
by Philadelphia manufacturers, tirazll
Itself forms one nf the most lucrative
markets In the world for us, for It I'
close to us In sympathy as well as from
a geographical standpoint. Hecet In
vestments of American capltni there
have established a very close bond be
tween the two countries
"Argentina. Chile and the other south.
em counltles do not represent 11 very
great field for American products. They
produce raw materials In competition
with us and. naturally, the demand for!
our goods there Is more or less negligible.
Trade Vlny r'nll Off
line may look for temporarv failing
off of our Souih American trade, duting
the next few months Thl.-e will not be!
due to dissatisfaction with American
goods.
"A general teadjustineni in trade con-!
dlttoiiB and prices is in progress In these
countiies, as It Is here, but with Ihe pros-l
pcot of moro ships and r-boat Interfer
ence eliminated, normal conditions will
prevail In a short time." '
Mint Maile Coinage Record in 1918
Tim Philadelphia Mint In 1918 estab
lished a new record for coins made, a
total of 39e, 325.006 pieces of monev he.
Ing minted. For domestic use 067845,.
006 coins were made, and for foreign
use '.'S.tSO.OOO werei turned out. The
value of the money minted was not as
great as In 1917. because of the lure,.
number of small coins turned out lastj
ir On. 1ttinHr,t , lint,.,., ..., c.i -,,
,., .... ......... .. IMUUMHU I1U.H UO
lars bearing Ihe portrait of Abraham
Lincoln, authorized lo mark the centen.
nial of the admission to statehood of
iilluoU, -tUeti ttUUSd, jturiDsajie. wr,..
JANUARY 2, 1919
TRADE IN GRAIN
DULL LAST YEAR
r i . r,,.,l,J 1,., Tlnmi.
iilarkcl Ulct-kC(I n ,
,,' Iflnpnpp ,,f FoOtl
IiailHg 111I1UCI11X UI J. um
Administrator
EXPORT BUYING HEAVY
cor,. . ,, ,- ,.,.. IV,,,. isc. ,
Speaking In a broad, general sense.
surface conditions In Ihe wheat trado
durinrr the nant venr baxft been com
paratively calm, Hut. after all, this was
more apparent than real because it was
obvious that the market wns simply held
In check by the domlnatlng.lnflucnce of
the Kood Administration. Naturally, In
, v, f ,,. ,- f ,, minlmutn wheat
prcp by ,(,,, J0rnrn,
rnment. anel. of course.
an enulvalent nrlee fnr flour and mill-
feed, anything resembling noteworthy
fluctuations vvas out of the question.
At the beginning of the calendar year
the wheal price remained on a basis of
t" on the farms, with its equivalent of
:.:n in Chicago, and of j: 28 In this
market on the basis of No. 1 It was
assumed then by the administration and
by conservative members of the trade
that these prlnes would be generally
considered equitable and satisfactory to
practically nil element. It is true, at
first they were considered high by con
sumers and small dealers or distribut
ors. They were, on the other hand,
considered moderate. If not low, by the
farmer and agricultural Interests gen
erally. As the year progressed consum
ers and conservative citizens generally
began to realize that price fixing was,
after all, a decidedly sensible or provl
elentlal course; it being evident that
had no such restrictions been provided.
speculation, generally so rampant In i
wartimes when Inflation predominated, ,
would havn carried prices for wheat, ,
flour, and other commodities to a far
higher level. While the outcome must i
nave neen grattrying to tho intelligent
and unprejudiced citizen, It was not
nanlenlneii. ni...ini.Vn tK. r,V.,. T: I
a result fr.nn.ni Sn.,e. ..... m.rf. I
result, freauent attemnts were tnaete
by the representatives of the agricul
tural Interests In Washington to have
the minimum materially raised. These
efforts were successfully opposed by the
Kood Administration and by the more
conservative members of Congress,
especially those from the Eastern dis
tricts. In opposition to the proposed
higher minimum It was argued that any
change would disorganize the plans
made by the administration nnd would
also be unjust to those farmers, millers,
etc., xvho had made contracts on the cs
lablifhed basis.
Old Crop Condition
At the beginning of the. new crop
season there ,was such a phenomenal
scarcity of old crop wheat that busi
ness In It was practically suspended, at
tention being almost entirely centered
on now to arrive. Naturally, therefore,
much Indignation was expressed because
farmers were investing on a minimum of
$2 40, Instead of $2. as this would make
the consumer pay 2 per barrel more for
flour. Consequently the President nnd
the Kood Administration were opposed to
the proposition. It was pointed out at
this Juncture that the Allies had bought
100,000,000 bushels In Argentina at
$1 40. The official report for July was
unfavorable, the winter wheat yield be
ing reduced yo.000,000 bushels to BB7,
HOU.OOO and spring wheat 10,000,000
bushels to 334,000,000, making a grand
total of 91,000.000 bushels, or virtually
Ihe same as In 1911, or tho second larg
est on record.
To make matters worse, farmers' re.
serves wero the smallest on record, only
K. 283, O00 bushels. Nevertheless, there
toon came a mora cheerful feeling In
the trade generally, partly owing to the
vetoing of (he bill to Increase The mini
mum price to J2.40. This was consid
ered favorable for a bigger business.
With this proposition out of the way
It was bellexed that farmers would lie
gin to make bigger deliveries, which as
sumption proved to be correct, lis sbun
irter farmers found that their efforts
i,aii
been abortive they had the good
sense
to make nnnrec ablv Inrtrei- ,i.
liveries, and as a consequence iccclpls
at primary points speedily became ma
terially larger. As n result millers
round it no longer necessary to pax
large premiums to secure wheat. There
fnre they quickly began to buy heavily,
ns large quantities were needed Imme
diately because of the dangerous scarcity
of flour, and ns a result mills nn run
at full capacity day and night. For
tunately, receipts continued even henv
ler and soon the visible supply increased
with striking rapidity.
I This In turn brought about materially
larger buying for cxpoi t. and also huge
contracts for flour, both for domestic
I and export account. Unfortunately, the
1 more, hopeful feeling was partly checked
i by the receipt of discouraging advices
I from Canada, whern the outlook hail lie
' come decidedly gloomy owing to pro
I traded drought.
I A Near Flour Famine
or 3ft0.ooo.oon or over. It was a highly
fortunate thing, not only for millers but
lor consume generally, mat tile re
ceipts of wheat during July and August
were of unprecedented size, being prac
tically tho largest on record, which per
mitted millers to make unparalleled con
tracts. As 11 lesult of the near famine
of (lour mid the known enormous re
eiulrements of Ilurope, practically everv
buer from the smallest baker, nnd
even housekeeper, to the largest Jobber,
INTERESTED IN
South America ?
THEN VISIT
The Export Trade
Promotion Exhibit
At Ledger Central
Broad and Chestnut Streets
You will see and learn many things of
vital interest to every progressive business
man. Manufacturers and merchants anx
ious to enter or obtain a firmer footing in
the rich South American markets will
learn of fresh opportunities, new markets
and sources of supply. They also will
learn of the facilities lying ready to nand
which will enable them to successfully
transact business'with our sister republics.
! baker and wholesale grocer, considered
It wise to accumulate large stock.
, This remarkably active buying was
largely based on nil entirely t"
tnlsunderstnhdlnj: of the actual condi
tions. In the first place, It was .assumed
that the farmer would not sll except
ing In a sparing way as he had been do
Ing picvlousl.v, and moreover. It was
erroneously supposed that Inn move
ment from the Interior would he gieatly
restricted l.v continued Kcarclty of
freight cars nnd etiKlncf-. In some ele-
" '! Proed to be u costly mlstnko
jn the q( nfarly ,, buvcrs because.
It was speedily oiscovrreii mm .,
farmer was selling ns fast. If not more
so, than he ever naei unne in mr !
and also it turned out that under Gov
ernment control the supply of cars nnd
engines had been Inci eased with mz
Ing rapidity. As n natural result, the
movement of wheat from the est to
..-- .... ,u
the m s and ue "uiZ
n,iiirr, ,.rr. i,le to ship Pour lo the
buver with nt least double the freedom
expected. Temporarily Ibis was wit
nessed with gratification by practically
every one, hut almost Immediately
thereafter the bujers became dismayed,
as It was found that the flour came so
fast and In sucli large quant ties that
thev were practically civ erw helmed, In
other words, such n latge quantity ar
rived In a few weeks ns to cause serloun
congestion nt all terminal., and so fost
was the accumulation that buyers were
totally unable to take tho Hour away
fiom'the docks with aiijthlng like the
promptness necessary.
The Hallway Problem
Their distress and anxiety were
largely augmented by the fact that the
railroad administration Insisted upon
the cars being emptied almost Itnme
diately on arrival. Thetefore the flour
could not be distributed among the va
rious buyers, even half fast enough to
cut down the accumulation appreciably.
It therefore became necessary either to
put large quantities In store at heavy
expense or to resell the flour when a
buyer could be found by making mate
rial concessions. In other words, many
resales were made at a discount of ap
proximately $1 per barrel This big
loss vvas a decidedly heavy blow to the
members of the trade generally, as they
had been led to buy so freely partly on
the assumption that the fixing of the
minimum price on wheat and flour by
the administration wns tantamount to a
guarantee against noteworthy loss.
. nut nerore :ong. nnei arter uermany
had also surrenoercd,
they were much
relieved to find that their alarm had
been In a measurn unwarranted. As a
matter of fact. It vvas found that In
stead of depression buoyancy prevailed,
which was owing to the discovery that
they had entirely underestimated export
requirements. In other words, they had
not been awake to the fact that there
were millions of hungry or almost fam
ished people In all parts of the conti
nent that had to ba fed as soon ns the
war ended. This was especially true of
people in the north of Trance and In
Belgium, recently occupied by the tier
man army It also eoon became evi
dent that 11 near famine obtained, not
only in enemy countries, but in neutral
countries, nnel also to some extent In
Russia. It soon beoame known that
this meant continued heavy exports
from this country ns fast as vessels
could be provided.
One result was that the food admin
istration Immedlatelv contracted fnr
many million bushels of wheat anil sev
eral million barrels or rtotir. which were
moved from the West to the seaboard
with the greatest possible speed. As a
consequence tho exports, not onlv of
wheat and flour, but also of rve. from
Oulf and Atlantic ports tn Kurope dur
ing the fall and early winter were nf
huge dimensions. Meanwhile, farmers'
deliveries nt Interior points diminished
sharply, and especla'ly In winter wheat
territory, which confirmed reports that
nearly all farmers: had already mar
keted the bulk of their surplus. As a
result of those developments the visible
supply soon began to diminish, being
reduced about 24,000,000 busheli in three
weeks.
Corn
Ah a natural result nt el, nii,nin,iAn
of trading in wheat futures and the fix-1
ing of nnnfl1cl.il minimum price, te.getlier ,
with various other restrictions liv the '
food administration, speculative or hedge
trading was almost whnllv diverted to'
rorn. but even this trading vvas 11K0
greatly hampered for a long limn In
various restrictions, resulting innlnlv ,
fre.ni war developments. For example-,
operators In January contracts in Chi
cago were soon stopped by the Hoard of ,
Irado because nf fear of setlous cninpll- '
cations, primarily growing out of the I
scarcity of contract grades. In other
words, it wes exceedingly cold virtually
all over tbo West, and e-onseiiieiitfv
farmers were making iinprccrdentotllv
small deliveries to country stations.
Their unwillingness lo sell was bv no I
means surprising, partly In view of the I
fact that coal was so scarce that thev I
wete obliged to burn corn Instead, nnd,
furthermore, they wero eager to feed 1
freely tn hogs and cattle because of the
lemarkablo scarcity ot meats and the 1
hug requirements In tho country and In ,
Kurope. I
Therefore, members nf the trade en
eleavored numerous times to Induce the
directors; or the Hoard of Trade to raise
the minimum price $1.2R in Chicago, '
but tho directors did not consider it
wise, partly because otloppoaltlnii on the
part of the food ndnuStratlon, Vlr-
tually all conservative members nf the
Irado agreed that $1."K was too low In
view of the fact that corn on farms had
a feeding value of over J 1 30 as a lesult ,
of the active demand for livestock. The
movement from the Interior to large
primary markets throughout the country
was also greatly hindered by the heavv 1
snow blanket nnd by the great scarcity I
nf freight cars. As a consequence the 1
Governors of several States made vig
orous efforts to obtain more cars to move
grain.
Late In March ths clhectors ot the
Chicago Board of Trade slopped trading
In March contracts nnd again fixed II. IT
as Hie .fltlpg price. This vvatv consid
ered vvl'o. ni there had been far too
much icrkle s short .selling nt a big dls
count under cash v nines. Pnrlly with
view to oiiv.illiig such obnoxious devel
opments, the lioatil or Trade finally de-.
tided to i niHle' trading In a new
style cnni rr vim No, 1 corn Instead of
.No. 3. wti viih started In April, the
dealings ) In June and July con
tracts. "111111 Ihe price of No. 3 old style
had been far too low al II. 28 was Imme
diately demonstrated by the fact that ,
new ttyle contracts for July delivery
were nt II.BOIf l.B7'i, or about ten
cents per bushel higher than generally
anticipated, This naturally caused much
confusion. Hence there wan active sell
ing by piomlnenl Intercsls and also. brisk
hedge selling against corn In stock In
other markets, some ot It east of Chi
cago, Including Toledo.
The Iteaanntf
Therefore a big brenk soon occurred,
which waH not consldetetl strange, It
was argutel for one thing that No.
wax not worm as mucii an .no. 3. anu
more-over, the No. t was Intrinsically
vvnitlt JI.HKrfJl IS In caslt matkets.
There were frequent rallies thereafter,
shorts being nervous when they found
that their erforls to break the -price ,
reports of purchases In Argentina at
$1.40 for shipment here were without ef
fect, largely because It waa soon found
that iieritiissli-iit could not he-obtained to
ship as boats were wanted to ship
wnent to uurope. in addition, 11 was
claimed that there was no willingness lo
ejll In Atcentitia, as corn was wanted
there owing to the high, cost of living.
Later In the summer there was heavy
selling and prices fell sharply. Support
vvas feeble largely on reports that the
food administration waa opposed tevtli
high prlre level nnd had Instructed lead
ing Interests to have the upturn stopped.
Naturally the bear eleinel seized the
opportunity to sell ngg and a
hie break cnued, ' falling
roundly fi5c. This 0 d the
Administration, which more'
steadiness. Kvldentl.v 1 t level
was not desired, mecause it lot vclsn
to discourage farmeis. as it might lend
them to reduce their acreage Instead of
Increasing it. as nrcesrarv owing lo the
,bx populations of hogs nnd the huge re
quirements or meats.
Resides It was the consensus that the
selling of futures down to around $1.09
or In fact at any figure below $1 30 wis
dangerous, because with th price of
hogs In Chicago fixed at $17 fin corn hid
a fee-ding value nn the farm of over
l 30. and In some cases over $1.35.
Henro shorts became anxious and a'
rapid rle ensued. Ruylng was partly
piompted by the unexpectedly unfavor
able' oftlcinl crop teport. which showed a
loss of roughly 107.000,000 bushels, which
was mainly caused by a reduction in
area of about fi. 000,000 acres. It waa
clear that some fields had been abandon
ed, the husking having disclosed decided
ly poor yields. The total l.i now only
2,5S3,ooo,ooo bushels, which Is hardly
enough for home requirements.
? sJM's?Jsns?atamOafsTataTl
I
SPANISH STEAMER
"URKI0LA MENDF
FROM
PHILADELPHIA
FOR
CADIZ and BARCELONA
Soiling About January 5 lb
Ver Krelcht Space and
Bates Apply to
Gailcy, Davis & Co., Agts.
316-320 Walnut Street
Philadelphia
riinne I.oniturd 3003-6.7
Specialists in Prompt
Repair .Service.
r-tt
3Si
Beatljs
. y.,;If;o-N I' St ANNA PirtD. wlfa
of Walter VV Alllyon Relatives Vn.l frl-nds
1 Invited tr, funeral services IS VV Rockland
, nt . Oermantovvn. Frl r. in Int private.
I r:.NVinl5i'm.-;. .r'1""1' ''"'"ee. Canada.
I V ' , ". HJ'-Ot'-H II son ef Genre, y. Rnd
I Annie j. Andrews 1307 S Runy at YV..t
Philadelphia. Nolle e. cf funeral later.
'vilWivi-Vii'. NnrrMocvn p. D,c 3,
MAR 1.IV t..n: vvldniv of Warren llarne.!
"se.t ,, Kuneral Sat. 10 m n3a
iMve.ie . ,i i. Nnrrlatown, IM. Int Tennspack
liuriHl tlrnunds "VS.
tlvVV-'ie'l,,"! P"'1'!;-'- nee 30. JACOB
JJAll.lt, huahanel of Louisa nauer. sued M.
Relative, and friends, members of Kenslnc.
ton M h church all tocletlrs of which h
(was a member. Invited to funeral services,
I?. '.,. -..'. "' ;..f'" ,: Thompson st Int
-North Cedar 11 11 1 t'eni Remains may ba
viewed Trl , after S p m i
,.1h-'Ji'0' "T0"-'' i-:!7 J--' nr.TtnoNG.
S?n.rar-orTMi'iry n """em- and fAtn.r
2Ln'V1 'i J' "'rronir. c' MS R Relative
'? ielu. 't?' i,,""".h.I." Cf Areluonfraternlty
J! 11" v- ramllv nf St Hun faelm'a Church.
M. Michael';, and St Franrls's R. c" Ren
' f-ocletJ Arehhlshnp Wood Council. No, 412.
'! '.''j,A,'laiii1 Hoys" Association ushrs
1 ?.fnL IW,far u' s e-hurch. employe, of
I.llvvood Allen Lumber Co, invited to fu
neral Krl.. S:30 a. n, . 0o K. I.ehlah av.
' hnlemti rteiulent mats Pt. Ronlfaelus'
e hurch Hi . m. Int Holy Redeemer Cem'
Omit florr. Auto isrvice
Itomtntv at wiin. m , t-n.i-- .. .
Ornhanase Dee 3r.T.VNlE . ,M
ft1,.0 ll'Sr.,.'k.' "eBe" V Tlelve. ? and
friends Invited in un-ral services. Frl
'..,!?" ihAr.!.1 "' V")rw 3 Ralr SonT
Arimrvrie "i- "',, ,n -'ur'l ""I Cem '
IIOOTH Dee ,11 OKORliK V1ARTIV
BOOTH, huahand of Kllen : Miller nolth;
aged 07. Relative, and friends Invl ted I to
funeral services. Krl . 2 p. in SO 4 East
Ilroad m . Chester. I 'a Int. rival
and Rebecca Hradlev used '.'n Relative
and friends, member nf Holy Nam J.W
'n':5 -I?."'1 J!,';.'" " iiiiiw To fj:
nernl. i-at S.SII a in . resilience of ear.
cuts. i3i i: Westmoreland ' it " nYquWrn
mass Ascension Church in a m Int. Holy
bet'Ulthio Cem. ' '" '
IlllK.NNA.V. Dec. 31. ANN widow of
Mlrhul ll,nn,, ,-lJi..' , I''00: .
I.: i : - iv,n,.-ii itna irienas in
vited to funeral, I'rl . K:30 ,.; daughter'
residence, Mrs Clurlea MarlntVre St i N
I'onestopa. St., West rhlla Solemn requiem
L"a."" i1.rc!V ff '.'ur ,'.ndv uf Victory in
a. in, Int. Ilolr t'rosa Vein. Auto funeral.
nnOW.VOn Iee '.l, inlS. MART R.
wife of Robert T Ilrovvn Funeral iefvleij
uL o"t v.1 "' Armstronit'a Temporary
"mVnif-iT7 ' ,'"' ".,'..",t Private. '
i HL'Rhi: on Jan I. 10111 SARAH A
widow of Michael liurke, atcd Ml Veara
(Relatives and friends Invited to funeral on
I JVoV Sl J n m ' ,',nn Widows' Asilum.
Jim iv lu "" "'' " "v'orth Cedar
IIIUIvTOK At Phlla.. Twelfth Month 31st
IM.VIA WAI.TKII HUltTON.'wIdovvof Rob:
ert Burton agcel 77. Relatlvea and friends
invited to funeral. Concord Meeting Hous.
r-eventh-dav, F rat Mouth 4th. l'.-.l.t p. m
rr?.'1 leavlns llroad St. Station 10:40 a. in
will be met nt Concordvllle Htallon.
nillNn lee. -Jl. or sst;.1-. t. ft. M. c.
tUtterv O. JOHN W. son 0f Thorn, nil
Nora III rnne VValdren). Relative, and
friends, soldiers, sailor and marine, In
.'i'.'i? ,nc ','m. I'rl-. :30 a. in., 'J4I3 N.
141th. "Solemn rcoulem mass St. J'olumba'
fulierral ' lnt- iMy Cr0" Cem' A"'"
CaSIPHELL. Dee. 2D, aEORrjB, snn of
Mary tend th lata acorn Campbell, nl.
live nd friend, einp oyea of p. R T c
Invited to funeral, Pat., 8:30 i. m.. moihi?'.
residence. SUA t .lh't. Sol.mn MqulJm
mass Ht. Kdward Chusch 10 . m. Int
Holy Sepulchre , Cem. Auto funeral. R
mln may bo viewed Trl,. 7 to 10 p. m.
. I'AHNrS-r, Dec. .31. JOHN P. carnkt
.'."W- ?' ua.,.n,.L1".(-?.ri!''. Helatlve. .rid
,. I....C
e'ourl Pride,
V.'"" iioiu-ra- union. I,icl No. I-
No. 42,
r. ef A.. Invited to
funeral. Hat.. StfO a. in,. 4110 VVIn.ohoVkio
St.
r'raukford.
fVil-.a.ii tmlasl. ..,.. "..1
tenuleni
Joachl
ma HL -,''
rnim'a t
Church 10 , m.
Int. H.
loin' Cem.
JJSBVe .
1M
fc!
M
VI
m
f
uvi n j
""""' - 1
mi
Auio mrvict).
MJU
.J... , J , . fc ltll
i .. t.'i .-'V ,1, in
i if !ijrfjili iitf l nl "ir r i
iii&ltkJJ
j 4af
.V..i4aMMie-iv-.
g.,. .; ... . ''T-9'fmtyBm'tmtmmimimtktm