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GOSSIP OF
BOOM IN CRAMPS AROUSES
, INTEREST OF FINANCIERS
Many Reasons Discussed for Unusual Strength of Shipbuild
ing Shares, but Definite News Js Lacking Gossip of Street
I . "
ACCORDING to some brokers, flic Rtrcnsth of the stock market at the
closu on Thursday, preceding oterday's holiday nhd today's half
holiday, save promise of n strong opening this morning. The announcement
of the International Mercantile Marine's 10 per cent dividend after the
close onThursday gave no. opportunity for discussion on n wide scale. This
10 percent payment decrease"! the orcrucd payment, due on the preferred
stocky'to 57 per cent. Those who expressed nuy opinions on the subject
said that the action of the directors indicated that they intended at
Intervals to decrease thco accumulations by payments of dividends on the.
preferred stock. In suppott of this they poiutcd out thnt n pajment of
10 per cent was made on August 1, 1017, and 5 per cent on February
1,1018. It was said lij sonic that it nlso indicated the abandonment of
the plans to sell the Knglish vessels to a British syndicate, and also any
further utteinpts to linvc the United States take over the company's vessels.
The speech of Lloyd George in the Ilrltish House of Commons was
commented on very favorably In the financial district, and his references
to the eaily completion of the peace treaty, it was said, served to steady the
market.
' There was a good deal of talk on Thursday about the reasons why
Crrimps should hac made such a spectacular showing. There were, all
orh of rumors, which were as promptly denied as they were manu
factured. One of these was that Drexcl & Co. were buying heavily. An
other was thnt Chandler Brothers & Co. were manipulating the market,
ns their holdings of Cramp stock were said to be very large. But, per
hups, the one which found the greatest number of believers was that Ameri
can International was trying to get control so ns to merge with Hog
Island. One usually well-informed broker said he understood that Ameri
can International, instead of adding to its shipbuilding securities, would
soon he seeking to unburden Hog Island on the government.
'
Another surprise which came at the closing of tlic market on Thursday
was the news that American International had disposed of its holdings of
( Industrial Alcohol. There was no Information obtainable ns to what price
was obtained or regarding the date of the sale.
Financiers Support Director Hines's Statement
' The stand taken by Director General of Railroad Hlncs in his address
before the National Lumbermen's Association, in Chicago, was received
'with approval in some quartets of the financial district. This was more
especially true of his references to the future of the railroads than of his
icfercuces to the steel situation. A certain banker said that Mr. Ilines
may be perfectly corrct in saying that, if private ownership had been con
tinued through the war emergency, there would have been dlsnster. State
ments like that, he mid, arc not open to contradiction, and one man's
opinion on the subject is ns good as another's; but usually in such cases
one man's opinion gets the opportunity of a practical test, and If successful
it Is considered the only correct opiulon, whereas if the other man's idea
had teen carried out, it might have proved still more successful. In this
particular instance, lie remarked, If private ownership had operated the
roads with the powers which were necessarily conferred on the railroad
' administration, there is n possibility that the "disaster" .might or might
not have been less thau has actually happened. It is idle, he said, to
speculate on such matters.
"What we are up against now are stubborn facts," he declared, "and
Mr. Ilines'.s recommendation that the roads should be returned to private
management, under a guarantee by the government of a moderate fixed
return on capital say, 4',-j per cent with the rate-fixing powers taken
from the Interstate Commerce Commission and given over to an advisory
board with some breadth of vision, is an absolute and immediate necessity, so
that the roads will be prepared to handle without difficulty and without
t continuous deficit the enormous "volume of business which is bound to follow
our readjustment period.
A well-known broker, when speaking of the stand Mr. Hincs took in
his address' on the question of steel prices, said that, while his statement
was not new, it served to emphasize the position he had already token.
This broker said he admired a man like Mr. Hincs, who, in a difficult
.position not of his own creation, was, he believed, honestly doing the best
possible under the circumstances. He said that he did not agree with Mr.
Hines on the holding up of orders for steel because the prices arrived at
were somewhat higher than he anticipated. The time for Mr. Hines, he
remarked, to make his objections was when the steel conference was in
session in Washington, lie may have had good reasons for doing as be
did making his objections afterward but the ordinary layman cannot
sec it without an 'explanation. By holding back orders for several weeks
the 'basic industry of he country is placed lu u bad way and uncertainty
reigns in almost every other line of industry in consequence. Mr. Hines,
he said, makes u plausible but not-convincing argument in his own defense,
bur, he believed, he is mistaken about the impression being created that the
railroad administration was trying to criiBh business by forcing it to sell
at less than cost. Hhc said the best way to dissipate such an idea is
forjMr. Hincs to come out UaWootcdnnd say by what percentage the prices
agreed upon should be reduced, and in this way get a basis on which to
urguc tho matter out.
PHILADELPHIA MARKETS
GRAIN AND FLOUR
WHEAT Receipts. 20,040 bushels. The
market ruled Arm. Quotations follow: Cr
lots In export elevator, government standard
Inspection, standard prices No, 1. red
winter, 2.3D, No. 1, northern npnnff.
J2.3U: No. 1. hard winter. S3 Sti; No. 1.
red winter, garlicky. S2.37: No. 1. red
smutty. 12.3(1; No. 2. red winter. S2.38: No.
2, northern spring, S-.36; No 2, hard winter,
VS2.3: No. 2. rod winter. Barllclcy, S2.34: No.
2. red, smutty. S2.33; No. 8, red winter.
S2.32; No. 3, northern spring $2.82; No. 3.
hnrd winter. $2,32; No. 3. red winter, gar
licky, S2.30; No. 3. red, smutty, S2 20; No. 4,
red. S2.30: No. 4. garlicky. $2.28; No. 4,
smutty. S2.27; No. 4, cirlUkv, smutty.
2,21; No. fl. red. S2 28; No. .-,. garllclty,
$2,20; No Ii. smutty. S2.25: No 5. garlicky.
j, mutty. S2 24.
i-w,v. neceipio u.nii uusnri? rntfa
advanced l2u under light offerings, hut
trade was quiet. We quota ellow in car
lots for local trade, as to quality and loca
tion, at Sl.T2fill.Ta Per bushel.
OATS Receipts. H080 buhel! The market
ruled firm and V-vc higher, but demand was
only moderate. Quotation: Car lots as to
location No. 2 white, 784 "0c: sta-mlard
write, 7fliI784c: No 3 white, 77&77Vc;
No 4 white. T.'mQTOViP.
RLOUR Receipts. 104 bbl. and 4. 23.
S221 bushels. The morket ruled firm, but
trade was quiet. The quotations: To arrive,
per 1611 lbs. in 140-lb Jute sacks Winter
stralgtts western. $11.d0H.T,'j: nearby,
11.25&I1.B0: Kansas straight. 11212 SIC
do. shirt patent. $12 50 12 75; spring short
Btf?i
patent, Jl-Wl2.il'; do patent
12.25
do. frit clear. JIO ?.', 10.(1;
RYE FiXJUR Ruled very tlrm We" quote
at $0,251810. 73 per borrel In sacks, as to
quality.
. , PROVISIONS
There was a moderate Jobbing trade and
i prices ruled steady. Tho quotations follow:
1 Heef, In sets, smoked and alr-drled. 4flc;
beef, knuckles and tenders, smoked and alr
drled. 4Jo; pork family. $32053, hams. S.
, 1. cured, loose, 34 034Vic: do. skinned,
I, loose tUtyAS.-ic; do. do. smoked. 3nV4 37c:
hams, boiled, boneless 50c: picnic shoulders.
S. P. tured, loose. 27c, do smoked. 28c:
bellies. In pickle, loose. 30c. breakfast ba
con. 37t, lard. 31c.
REFINED SUGARS
The market was quiet on a basis of c
for fine granulated,
DAIRY PRODUCTS
TiUTTTO Tho market ruled firm, with
demand absorbing thel imrted offerings. Quo
tations: Solid-packed creamery, extras. 15hc:
higher-scoring goods, 0i, 08V4c. the latter
for Jobbing sales; extra firsts, 04c; firsts,
62 03c: seconds, GOCPOIn sweet creamer,
choice to fancy, !71i 6(Hi e; do. fair 10
good, .12'it(': fancy brands of prints Jib
bing jit 7'!ii'74c: fair to good 017Uc.
ISG08 Demand was good and the market
ruled firm, with bupplies a ell under control
The quotations follow: Free cases, nearby
firsts, $13.20 per crate: current receipts,
12.G9; western extra firsts. $13.20: firsts.
'$11!B0 fancy selected eggs jobbing at 48
l (t ftOo per do7en
', CHKEHE The morket ruled steady with
'i ' off ei inea moderate and demand fair.
id,Ollotuliona Maw Vnrlr nnH Wlftrnnaln whole
-, milk, current make 32li 83c. New York and
' Wlunniln uhnU.mitlr 'ati..u Ii, III. .17ftHXr!
pedals higher: New 'York and Wisconsin,
whole-milk fair to good. 33B3IJC.
POULTRY
&. tsi v i-. nerc was mus iraauiK u
vpricaa favored buem The quotations aro
r m follows: Fowls, 37 3 Be. broiling chick-
IT anJ. fannu mntt -mn t aA if.Uhlmr 1 li if) ' ltfss
;t apiece, 505c: spring chickens, soft-meat-
", M. laiger sizes. sutr40c; staggy young
fl roosters, SOtrsic: old roosters. SA27c;
' ducks. Pekln. 42045c: du, Indian Runner,
,m4041c; geese, 3uc; pigeons old, per pair,
2" tgWOOc: do young, ner pair. 45850c.
f POULTRY Receipts were light and the
market ruled firm with demand equal to
,1 ,A.ln. n...t.tl.K TO I- t. l.ill
-t u;n uiiciimaj wuuMuviiBi i'udii, n rnu-miiru
J dry-nlckrd. in boxes Weighing 5lbs. and
IfVover Plc, 8So: weighing aVJ 04V4 lbs.,
I " 30cj "weighing 3 Iba,. .'IflOllTc: smaller sixes.
Ill, S084o. Fowls, fresh-killed. In bbls , fancy,
I dry-picked Weighing 5 bs. and over apiece.
V sboj weignins ay witt ids., sue; smaller
I ' sizes, 30081c. Old roosters dry-picked 27c.
."U,tiha fur linxpn Whit, tvolirhlnn 11 ti. 1
Mm per dozen. $.7,100,50; white, .weighing
fi tn 10 lbs. ner dozen. 17.7rif0R.r,nt whit
r ".welshing 8 lbs, per dozen, $5(tf5.6p; white,
i Urk., $1 5002;. small anil No, 2, IT5ci$2,
j wfahtng 4 to 1H lbs. per doxeit, 8C3,00.
THE STREET
10.50; Oreenlnc, J812; Russets. $7.50. Ap
ples. Pennsylvania and Virginia, per bbl.
flen Davis. $7 00.50: Ja.no. $7.50 0.50;
Wlnesap, 110 BOO11.B0. Apples, western.
R;r box. $4.705.25. Lemons, per box.
.'jogs 75. Oranges, Florida, per crate.
$2 0507.40: do. California, per box. $2 33
5 75. Grapefruit, per box, $2 756.50.
Strawberries, Florida, per qt.. 30085c.
VEGETABLES
Demand was fair and values were well
sustained on choice stock of most de
scriptions. Quotations: White potatoes.
Jersey, per H -bushel basket No. 1. OBfii
B5c: No. 2. 5000c. White potatoes. Maine,
per 100 lbs . $2.252.00. White potatoes
Pennajlvanla. No. 1. per 100 lbs., S2.25
2.50. White potatoes. New York, per 100
lbs.. $2.2502,40. Whits potatoes. Dela
ware and Maryland. Hoosler, per 100 lbs .'
(202.25.. Sweet potatoes, Jersey, per
..aBncb .w. J. .i .JU1..DU; P.O. Z. S1.73&E2.
Sweet potatoes. EAstern Shore, per bbL.
No, h ",8 60 Sweet potatoes Delaware
and Maryland, bushel-hampers No. 1. $3ffr
3.25: No. 2. $292.25. Cabbage. Danish seed.
Si. ." iii;.d1 southern, per hamper, S2.50
MB Onlon, yellow- Pr 100-lb. bag.
BUTTER, EGGS AND CHEESE
New York. April in. BUTTER Re
ceipts, 12,387 tubs. Steady and firm. High
er scoring, 00V4 07c: extras. fl5 68c;
firsts. I145c: seconds. 01003c: state
dairy, 04'4e05kc. imitation creamery. 48
EGGS Receipts. 43.6111 rases Firmer.
Fresh gathered, extras. 16c. Inside; storage
packed, extra firsts 4345VJC; storage
packed firsts 43h 45c: gathered extra
firsts, 44W4l'sc; northern firsts, 42Q44ot
NOUthem firsts. 41U tS4.tr,. Hlrla. 1..T , '
SOV, 39c; checks. 3TJ438V4c: gathered
whites. 450ROC! Paclflo ciast vvhiu" Isra
40c: western southern gathered whites, 4B
Oc: state nearby hennen- hmu-n. n.r.
I",,,.,wf.rft,lroon a.ni1 mll colors, 424f)c
CHEn.SE Receipts. 207B boxes Irreaul
lar. Htate specials, 314 82c: flit while.
32', 33c; flet. colored, average run. aii"'
Inside, flat, wh tes. average run ?"ii
ouislde: flat twin specials. 3TW Oaoc. "
LIVESTOCK QUOTATIONS
Chicago. April 10. HOGS Estlmai. ..
celpls, 5000 head. Left over 64.8 h.IS'
First sales mostly steady with "etjerdly'i
average Average cost Friday los4 y
fATTLEEstlmated receipts lonn
SHEEP Estimated receipts, 1000?
Pittsburgh, Ta., April 10 lionjn.
celnts. 1000 head. Market stead! lieTJi?."
and heavy yorkers. $20.7R2I 85. light v
laThs ' 8teady- To' 'i8; ?op
steiSy'.Vi'TSo7.RJ17l.n5,o': 2 h"d' S,lrt'
Kansas Tlty, April lu.-
ju.uuu neaa.
CATTLE Iteoelnla
TLB Itecelpls. 1100 head: 500 calves
fe4.r,we?k- "' b'" " butch.? cat!
(25o lower: canners and faedTr.
t hlllla anrl .l.l,... iU. I OeOCrS
jviarKet
tie. IK
b. .r. i. .- r--'
teadyi -bull, and" stockerV "weak: 'cllv
trenr to 25o higher: heavr beef siii.
!jI1-35W?a' ''ft beef sieer.! $1050
18.10; butcher cows and heifers, to'soa
t,?e..CTnf2Uniir5U!,V&kI84S?'
steers.' $8.BDlfl. ' "lo:"r hd feeder
SIIKEP Receipts. 1700 head. Msrtr.t
for week, fat sheep and lamb, steady tSrosi
h aher: breeders rfm,nri !.J .' IO 50
higher
price.
I'rrrurrH aemana cood at .--!
Lambs. SllbV "SrlJ T-llT.S.'S'os. Efti
or more. lin.To10.2S: cuH. nA ' 2? ,bs
its Rnimtn ?j. i. v .5!'". ana common.
Wu.!. .-.I... .. t
i5:KdiE!bdW.ro.SJj!?S:
. rast HutTnlo. T. v.. April 111 rM-rrrn.
160 hd. Mesdy. $n16 trt. " ""'Pti.
Vast HutTnlo. N. V.
uvuo jtevcipis. iouii head ami... n
higher. , Heavy, mixed and I jorkers i?
21.10: llxht vorkers , and ptii iil'.v'i1,?.
roughs I1SO1SB0: btar. 't?",,,Ju-3O0
BIIEEP AND LAMnRinXeVpt. itnn
head. Artlv. Lambs;. 102Ro figgi' (
feRte ll?2:3s c'""d imS
II0917J
uihvi a Udells. iikE-Ut
' ii. iM
BAR SILVER
. .CnmmftroMl bar ullror
XWYmIc .tadur1 t 11 M
uU4 ,1b
Bitcavnucva.
laAn
-IIOQS ll,,,lr,l."
Market steady to in :,..
tnan yesterday's close; mostly steady bulk
of sales. $ll).7020: heavies, SW una"
medlum weights. $ID.80(U20 IghtT lio ari
a0; lght lights, $10.25lf 1,50: PackinS
sows. lfin.85: pigs. Iiaoin ' pacl"n
EVENING PUBLIC
WALL ST, REVIEW '
UNO THE OUTLOOK
Condition of Security and Other
Markets Shown by Week's
Developments
PROSPECTS FOR FUTURE
New York, April 1f. Tor nrnrlj
(wo months tlip trend of soourlly price!
Iins Lrrn uptvnnl ; the ndvnnce in cer
tain 'Rroups has been rapid and ex
tensive; the tolume ot trndinc lias
steadily increased, until in the week
endlnfr today there wai n turnover of
a million or ttiorc shares of stock In
each dally session.'
Taken as a whole, the market is at
it's hlKh point of tho year, and lias
reached n phase which lias provoked the
utterance of cautionary woids by the
conservative element in Wall street.
However difficult it may be to form
definite conclusions ns to tho course of
the market in the next few weeks, it is
nevertheless an easy matter to share
in the widespread hontiment of the
financial district, that, happen what
will in the immediate future, within
another six months stocks will command
prices much higher than those now
current. For the moment speculative
sentiment Is uncertain, but it is quite
positive, wnen it comes to a lonc-rangc
view, tnat quoted va lies are hpndeil
upward.
Barrinc unexpected accidents, tii.a ia
the only logical line of reasoning to
assume. Notable as the recovery in
stocks has been, it yet has a long way
to go to parallel the denression frnm
which It is emerging. The history of
the stock market is a chronicle of the
country's economic, industrial and
social progress, and, unless all signs
fail, there is before the United States
an era of industrial and financial lead
ership and expansion promising to
eclipse nil former achievements.
The Financial Center
Strangely enough, mention is not so
frequently made now ns during the
earlier stages of the war that New
Tork will become the leading financial
center of the world upon the resump
tion of normal conditions. However,
for many purposes it is assuming world
leadership, and, at ail events, it is the
capital of American finance and busi
ness, which is rapidly establishing itself
internationally.
Accordingly, it is not surprising, or
significant of only n, temporary boom
in securities, thnt trading on the stock
exchange should assume the large pro
portions which it has. It is only
natural that transactions in stoekB and
bonds should expand apace with the
Country's growth in wealth.
It is true that a multitude of abstruse
problems remain to be solved before
business can proceed confidently. It
is also true that new sets of conditions
are confronting the world, and the out
look U in many directions wholly ob
scured, but progress consists of over
coming resistance, and, judging the
future in the light of the nast. every
thing will come out all right.
One of the principal and immediately
restraining influences overhanging the
financial markets was dissipated at the
beginning of this week, when the secre
tary of the treasury announced that the
Victory Bond offering would be limited
to $4,500,000,000, a sum much smaller
than anticipated. The news was
greeted with satisfaction in banking
circles, particularly as the bonds, or,
more properly, notes, for they arc of
three and four year maturities, arc to
bear 4?4 per cent interest. The notes
will be convertible, at the option of the
holder, into 3 per cent notes, exempt
from all federal, state and local taxes,
except estate and inheritance taxes.
STEEL TRADE AFFECTS
ATTITUDE OF WAITING
Pending Settlement of Price
Question Entire Situation
Is "in the Air"
New Yoilt. April 10. "Watchful
waiting." These words, -which were so
popular pnly a few years ago, can be
used to adequately describe the present
attitude to consumers of steel. Not only
is this the policy of those users who
in the past were among the Interests
to cover their requirements far abead,
but It is also tbe policy qf some con
sumers who could mnke good use of
material in the very near future,
However, the prospective bujers are
not the only interests to adopt a wait
ing policy. Makers of steel products
also are now watching the develop
ments, pending which the entire situa
tion appears to be "in the air." The
hope is freely expressed that something
will be done by the Washington au
thorities in the next few weeks to set
tle the present disputes once and for all.
It is but natural that the sole topic
of discussion in the steel trade should
be the "muddle," as it is popularly re
ferred, to, brought about by the dis
parity of opinions between the mem
bers of the industrial board of the De
partment of Commerce on the one hand
and Director General of Railroads
Hlncs on the other.
History on all disputes of this kind
shows that the third party involved Is
the chief sufferer, and In this instance
the third party is the great Iron and
steel Industry of the United States.
Having no Bay in tbe matter, as It
were, the steel producers arc neverthe
less most vitally interested.
It is certain that by this time the
statistics 'gathered y the representa
tives of the railroad administration at
their conference with leaders in the steel
industry ten days ago have been sub
mitted, to Director Hines", who has not
change'd his attitude thus far and who
apparently intends to carry his fight to
a finish,
lu the steel trade, the general belief
is that President Vilson' will finally
settle the matter, and there is a wide
spread opinion that be yvill uphold the
decision oC the industrial, board on the
question of. prices. Such actjon, ilv is
Mnecttd.-will be followed byi purchases
for the' tdvernmeoUl, dtpcrtmeqts 'and
. . . - . a o. .WW. ,.fc .,,,. .v..
fLEDGE-PHILADELPHIAy SATUKDAY, Al?RItt 19, 1919
PREDICT BIG THINGS
IN WESTERN TRADE
New Era in Industry Will Mark
Signing of Treaty
of Peace
Chicago, April 10. Big interests con
tinue to predict big things in business,
but the laboring class Is not so opti
mistic. While the former nre calling
attention to whnt is to linppcii after the
peace treaty is signed, the Inttcr are
telling of the great number of men laid
off by the large industries and are
wondering whnt wages will be when
there is a resumption of nctivlty which
will call them back.
This happens to be the situation at
the present time, and is caused, not so
much by unsound conditions us it is by
the -natural reaction from the tremen
dously abnormal situation brought about
by the war.
Itellcctcd now through the stock
market is a strong feeling that a new
era of finance and industry will be
marked by the treaty and comment
heard in speculative circles goes tn
show that much of the present buying
of stocks is based upon nn effort to dis
count the prosperous times to come. It
is a known thnt so.cral Huropean coun
tries will press the matter of fresh
credits in this country ns soon ns peucc
is nrranged and the Victory Loan out
of the wny.
In the irou and steel tiade it was
stated that commitments for structural
steel during March and for the first
quarter of the current calendar year
were the smallest in any quarter in re-
cent years. The principal interest in
the steel industry is preparing to close
f j idl.nrr I,Innts for " fortnight it not
indefinitely. Independents report busi
ness failing off with some mills out of
operation while others nre woiking only
40 to r0 per cent.
In the general merchandise markets
the trade is limited to Immediate re
quirements, but collections arc gener
Pipeless Heaters
Save 30
of Coal
Installed foniDlste
OTTO STEINACKER
30!5S N. tirh St.
Tloca 4887
No splash or drln. No sink complete with,
out them. Positive shut-off savr. wnUr.
Installed by all plumbers.
THOS. SAVILL'S SONS, MFRS.
1SU WALLACE ST.. VHILADELl'HIA
FOR SALE
Former Great Lakes Vessel
NORTHWESTERN
(ex Rufus P. Rannev)
Official No. 110486
Sealed bids nlll he received by the
United States Milpplnc Ilnarii for the
sale or the former Great Lakes .Steamer
NOitTlMVESTKKN' (ex Rufus 1. Ran.
liey),. official number 110488. About
1C4I Gross and 1141 Xet KeRlster.
The vessel lies In Whale Creek, llrook
lyn. Jf. Y.J where she can he inspected.
All bids will be opened l'rlday. Mar
2nd, at IOiOO o'clock A. M., nt the
office of the Secretary of the Shipping
Hoard. Washington. I). C. A rertlfle.i
check payable to the United States of
America, for 0i of the amount of the
iihi, snouia accompany earli bid. The
balance of the successful bid Is to be
paid on delivery of bill of sale." The
Hoard reserves the rlsrlit .to rete.'t .-
and all bids. The hide should be ad-
uresscu foi UiW'rrjIf NTATKH SHIP
PING HOARD. WASHINGTON', I). C
and marked "Bid for Steamer NORTH
WESTERN." United States Shipping Board
Player Rolls
15,000 to select from
A1X TnE I.ATE9T HITS
3 Ideal or Pianostyle, $1
Open Evening to 10
FOR SALE
STEEL VESSELS
Sealed bids will be received by the
United States Shipping Board for
tne sale, as tney now are, or
8. H. "C1IARI.ES'B. VAN IIISE." Offl
cial No. 127426. Bow section at Port
Calbome, Gtatarlo ; stern section at
iiurraio, adoui diiy uross, 3673 Net
Register.
8. 8. "FRONTENAC." Official No. 1207
COO. Bow section at Krle: stern sec
tion at Erie. About 2003 Gross, 1676
Nat Register.
S. 8. "BLUE IIII,t" (Formerly "Tu
ma"). Official No. 206B5. At Oedene
buiB, N. Y. About 2194 Gross, 1828
Not Reslster.
Stern portion 8, 8. "MANOEA." Omdal
No. 92170. At Ocdcnsburg-, N. T.
About 2325; 183E Net Register
The vessels can bo Inspected nt
the. places named.
All bids will bo opened FRIDAY,
MAY 2, at 10:00 o'clock A. M., at
the office of the Secretary of the'
Shipping Board, Washington, D. C.
A certified check payable to the
United States of America, for 20 cz.
of the amount of the bid should nn.
company tho bid. -The balance of the
successiui uiu.j3 u oo paia on de
livery of bill of sale. Tho Board re.
serves tne rignt to reject any and all
bids. Bids should he .addressed to:
UNITED STATES SHIPPINn
BOARD, WASHINGTON, D.C.and
.. iAifa.ivV,., ... Q.JaI
b
0 IjeRMANTOWN AVE?
I'lilla.'s HlggfBt Talking Machine Hture I
ally satisfactory. Traffic on western
railroads continues comparatively light
on all lines.
BUSINESS NOTES
Oovernment officials Intend (o se that
in permlttlng.the Importation of Herman
dyes in exchnnge for food no tlves arc
admitted which will afreet the domestic
industry.'
Importers and exporters who, hereto
fore have been denied licenses for pro
posed shipments, were notified by the
The United Gas
Improvement Company
37th Annual Report
FOR FISCAL YEAR ENDED DECEMBER 31st, 1918
To the Stockholders of THE UNITED GAS IMPROVEMENT
COMPANY:
For the fiscal year ended December 31, 1918, the sales of gas and
electricity by the properties in which you are interested show, in comparison
with 1917:
City of Philadelphia 11.93 per cent increase.
Properties outside of Philadelphia:
Manufactured Gas 7.30 per cent increase.
Electric Current 15.62 per cent increase.
Natural Gas 19.77 per cent decrease.
The net profits for the year, as shown in detail in the statement which
follows, were $5,096,509.41.
Of this amount $2,089,500 is the balance of profit from securities sold
and partly paid for in 1917.
These figures confirm the foiecast made in last year's report, that a
material falling off in earnings from regular sources was to be expected
in 1918, owing to increased costs of labor and material chargeable to
operating account, and to the fact of a reduction on January 1, 1918, of
five (5) cents per thousand cubic feet in this Company's share of the income
from gas sold by the Philadelphia Gas Works.
)
Profit and Loss Account for Fiscal Year Ended December 31st, 1918
EAIININGS.
From Leased Works and from Investments
in Stocks and Bonds .$5,070,246.42
Sale of Securities 2,089,500.00
Construction Contracts
Engineering and Supervision
Interest
Sale of Storeroom Material
Rental of Broad and Tnsker Streets
Office
Rental of Offices in Building, Broad
and Arch Streets', to Companies
in which this Company is a
shareholder
Total Earnings
EXPENSES.
Laboratory
Department of Tests
Registration of Stock ;
Expense of Restaurant, Broad, and
Streets, over Receipts
Rental of Safe Deposit Boxes
Construction Department Storeroom
Litigation, Retainers, Lawyers' Fees,
Operating Telephone Service
Dues- to Trade Organizations
Advertising in Trade Journals
Special Advertising (Annual Report, etc.)..
Office Furniture
Cost of Operating Building, Broad and Arch
Streets, including Taxes
Salaries and Traveling Expenses
Office Supplies
General Expenses
Taxes, State and Federal
Insurance, Taxes? and Maintenance of
Broad and Tasker Streets Office. .
Interest on Bills Payable
Discount and Interest on Gold Coupon
Notes of 1918
Contribution to War Chest Fund
Contribution for Year 1918 to Sinking
Fund created in 1908 to retire
Investment in Philadelphia Gas
Works
Total Expenses
Net Profits for Year 1918
Dividends paid in 1918:
January 15th . .
April 15th
Julvl5th
October 15th
Balance to Undivided Profit Account.
In comparison with the previous year this may be
summarized as follows:
EARNINGS 1917- 1918.
From Regular Sources $7,654,806.47 $5,777,537.05 $1,877,269.42 Decrease
From Special Sources:
Profit from Sale
of Securities 508,638.30 2,089,500.00 1,580,861.70 Increase
Total Earnings.. $8,163,444.77
Expenses, Taxes, In
terest and Sinning
Fund
Net Profits
Dividends
2,247,939.50
$5,916,505.27
4,582,755.25
To Undivided Profit
Account $1,332,750.02
Statement of Assets and Liabilities December 31st, 1918
ASSETS.
Gas Electric, Welsbach and other proper-
' 'ties at cost $77,379,609.95
Uncompleted Construction Contracts 125,421.45
Real Estate, Philadelphia and elsevfhere.. 1,049,484.89
Cash 6,168,483.39
, Accounts and Bills Receivable
Coupons and uuaranteea uivmends lac-
crued, but not yet.due) 'y 665,481.95
Storeroom Material ,..,.,....,..... 296,336.07
jinking Fund Securities , . . ,
ft.
ttlO,M4
war trade board that the many relaxa
tions ot restrictions since the fcrmlstlcc
now mnde It possible to grant many ap
plications rejected in the past.
The. Danville, V... bright, loose-leaf
tobacco market closed after a record
season for prices, approximate sales
havlng totaled 4n,r)00,000 pounds at an
v nnn ..H.iH . ....
average of $34 a hundred.
Mardi exports were valued a( SCO,'.,.
000,000, which is $17,000,000 larger
than exports in February and ?72,000,
000 larger thnn for March, 11)18. Ex
ports for the nine months ended with
4,474.04
10,817.29
605,785.47
35,822.77
1,610.00
48,781.06
$7,867,037.05
Arch
etc. .
$24,471.81
21,125.37
1,500.00
19,490.77
2,000.00
3,098.37
31,871.75
5,426.65
1,508.33"
870.10
6,376.86
2,499.78
89,123.84
562,049.88
W.277.35
42,376.66
549,129.75 .
453.29
5.064.5S
597,812.50
25,000.00
765,000.00
2,770,527.6
$1,220,596.00
1,220,596.00
1,220,596.00
1,220,596.00
$4,882,384.00
55,096,509.41
214,125.41
$5,096,509.41
$7,867,037.05
$296,407.72 Decrease
2,770,527.64 522,588.14 Increase
$5,096,609.41
4,882,384.00
$818,995.86 Decrease
299,628.76 Increase,
$214,125.41 $1,118,624.61 Decrease
i . . 12,633,884.98
, 8,054,000.00
March aggregated ?4,f)fJ,fr0ft,(KAl, which
Is an Increase of SCOO.OOO.OOO over the
corresponding period last jear.
,., "" ""' " .",'.,",' "" " '""
Itntrltlll a. Is I .... 1 i -!-. l..sY- A ,.
nPH.i,-obin i.i.i. i .. ..!
nnj -" " VV 1 "S 3
. ...... ,.u ,v ,.,,. Vi.-
most level this season.
Business in crude rubber remains
routine and the absence ot , active
buying on the side of the manufacturers
mnkes the market n dull affair. Con
sumers are not Interested in offerings,
LIABILITIES
Capital Stock $61,029,800.00
Six Per Cent Gold Coupon Notes of
Bills Payable (4th Liberty Loan)
Taxes (accrued but not due)
Sundry Accounts
Undivided Profits, Decem
ber 31st, 1917 $35,637,935.75
Undivided Profits of Year
1918 214,125.41"
Undivided Profits, December
31st, 1918, invested ns above. ,
Total $106,162,602.68
Messrs. Lybrand, Ross Bros. & Montgomery, Accountants and Auditors,
hae audited these statements, and report as follows:
"LYBRAND, ROSS BROS. & MONTGOMERY,
Accountants and Auditors,
Morris Building.
PHILADELPHIA, 31st March, 1919.
AUDITORS CERTIFICATE.
' We have examined the Assets and Liabilities of The United Gas
Improvement Co. as of 31st December, 1918, and the Income and Operating
Accounts for the year ended that date andfound them correctly stated on
the books of the Company. We certify that the foregoing statements of
Assets and Liabilities as of 31st December, 1918, and Profit and Loss
Account for the year 1918 are in accordance with the books.
LYBRAND, ROSS 'BROS. & MONTGOMERY,
Accountants and Auditors"
In addition to this, as has been our custom heretofore, a Committee
of the Board of Directors, not executive officers, have examined and verified
the company's securities, and report as follows:
"MARCH 5, 1919.
Mr. Samuel T. Bodine, President,
The United Gas Improvement Company,
Broad and Arch Streets, Philadelphia. "
DEAR SIR:
Pursuant to resolution adopted by the Board of Directors on February
11, 1919, we have counted all the stocks and bonds owned by The United
Gas Improvement Company and found the same to agree with the amounts
stated in the books1 of the Company.
We have attested in writing detailed list of said stocks and bonds and
have filed the same with the Treasurer.
Tho sale of $7,500,000 par aluc of one (1) year 6 per cent unsecured
notes, dated February 1, 1918, was noted in last year's report. As financial
conditions' do not permit the sale of the securities of the companies to'
which were loaned the proceeds of these notes, they were refunded on Feb- '
ruary 1, 1919, for a second year by a new issue of like tenor and amount.
During the the latter months of 1918 and early months of 1919 various
changes in the organization of the Company were put into effect, which
it is believed will result in increased efficiency:
Lewis Lillie was appointed General Manager (continuing as a Vice-President).
William J. Serrill, formerly Engineer of Distribution of Philadelphia
Gas Works, was appointed Assistant to the General Manager. f
Walton Forstall, Assistant Engineer of Distribution of Philadelphia
Gas Works, was promoted to the position formerly held by Mr. Serrill.
The numerical order of Vice-Presidents was eliminated, and the By
Laws amended so that their duties shall bo such as may be from time to
time designated by the President or by resolution of the Board of Directors
Philip H. Gadsden, of Charleston, South Carolina, was elected a Vice
President. 4
Randal Morgan resigned the title of General Counsel, and the following
appointments were made: .
Clarence A. Warden, General Counsel.
John H. Minds, General'Solicitor.
Garfield Scott, Assistant Counsel.
T. Truxton Hare, Assistant Solicitor.
Rollin Norris, General Superintendent, in charge of the general engi
neenng and physical operation of gas works and electric plants (including
the chemical and physical laboratories and research department of the
Company) was given three assistants:
J. B. Klumpp, Assistant General Superintendent, Gas Department
Paul Spencer, Assistant General Suerintende'nt. Flpptr!oi tw-.. ' i
II. S. Battin, Executive Assistant General Superintendent's Depart
ment. Edward Porter was appointed General Auditor to succeed Robert C
James, who resigned to accept a responsible position with the -American
Express Company.
All of these men have been in the Company's employ for many years
A new company has been organized under the name of The U G I
Contracting Company, all the capital stock of which will be owned by The"
United Gas Improvement Company.
The new company will take over all the construction business formal,,
handled by The United Gas Improvement Company; wil" SSSS Z ,eU
water gas apparatus, vertical retorts, waste heat boilers, and auxiliaries
of various kinds; make engineering plans, and furnish advice in connection
with the construction, alteration, betterment and operation of gas and
electric power plants; purchase and sell residuals of all kinds; construct and '
maintain roads and highways under contracts. -u ana
The officers of the new company, all old employes of The United Gas
Improvement Company, will be:
PAUL THOMPSON President.
J. A. P. CRISFIELD Vice-President.
D. J. COLLINS .'. Vice-President.
D-N'0GDEN Secretary.
ELMER SMALLING Auittat Sectary.
WESTON J. HIBBS Treasurer.
B. H. CALLINGHAM
The readjustment of the business world to peace conditions will Wb.
ably be gradual. In iustice in nnr lnvai i.,i -a - , '. KT"
' ,.,.". . "'"
we recommend to me nrnmnir Pnsi,t.t.
,, . . ------ o .u.uv..u o.iu wui ql directors that noV:'2
immediate and general reduction in salaries and wages be considered vMe' -l
the present high cost of living continues, and that if. fn- tvi. ?i! . - $
IJSISS StfK "omal .of the. of ' '. . j. m
-..."."" "u" 4uui o per cent on tne capital stock thtt'tke j-fl
regular dividend be paid and the difference made up from the undivided T' . i
jilliiko v uviuuuo cmg,
By ord.qr of the- Bard'
Vi Jg'M
If
i. t P .
iC
us they have rubber-coming to them on
contracts wijb every Hhlnmcut. j
v( i
The Commercial Bulletin today says: '
Prices In the Philadelphia sales this ,
week have been hardly ns strong as in' f
the Boston sale last week nud wIth?V)
druwnlA have been heavier, but th
wools have nlso been poorer, so that,
on the whole, there is little change iu
the situation. The market for fine
goods Is still strong, but late buyers arc
. iL,1' ' K!.0:!:
deliveries. The foreign markets are alt
firm and generally a little stronger.
Home buying on contract Ia reported
from southern Utah at 43 to '15 cents.
1918.
7,500,000.00
650,000.00
480,325.00
650,416.52
35,852,061.16
Very truly yours, m
WILLIAM WOOD,
MORRIS L. CLOTHIER,
EFFINGHAM B. MORRIS;
THOMAS J. DOLAN."
Assistant Treasu
rer.
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