rrr.t f.r..v' . .mivnijii'.'an . ' - .j i j ' m. i. . fTrjv ,"tji j- .,.TrwiiK,n.iwlinAiM:it;wnirailiriri.1 .i,-t;'t .'"' ' i ' 'W'Sft'llBPi " VC'Wl'.'1" " ' ' "' riW3A10f-? i 7. Wr'M "Wi.t .i-t r;f ' . t ' ' wa. r ' "r- - , U " ttrfWif''- it BVteKUBS -PUBLIC MDG13RP!BILD1SLPHIAV, TUESDAY, JU&E 10, 1010 ft;" 7T U '4' GOSSIP OF THE STREET MANUFACTURER SEES WAY TO OFFSET TRADE BALANCE Says Buying of Foreign Securities by U. S. Citizens Would Pre vent Penalizing European Merchants Gossip of the, Street MQOMR way mut be found whereby tlic balnncc of trndc at present In fnyor O of the United States ns regards almost every civilized country dliall not 'penalize the merchants of these countries who desire to do business with tho United States." It vras a manufacturer who said this yesterday when speaking of foreign trade. . f "At the present time," he said, "what with commission, sale terms nnd, iboro all, foreign exchange, the European buyer must pay about $125 for every $100 worth of goods ho purchases here." This manufacturer con fessed he did not know what could be done to remedy the situation, outside what had been Miggcstcd by the leading bankers of the country. So far as he could see, he said, their main remedy lay in the purchase of foreign securities by citizens of the United States. The great dr.iw-back, he said, In doing business with European countries at the present tlnit is the unsettled con ditions over there. Chaos still seems to reign there, he said, and It is pre sumed that it will remain in that condition until the treaty is signed. "Europe at work," he remnrked, "would present n different problem to llic bankers and exporters of the United States. Hut evidently Europe Is not at work, nnd many are of the opinion that there will be several private . revolutions pulled off before the different nations settle down. Till then," he said, "foreign securities will hardly find n market in this country among the regular investors, nnd the only solution will be the formation of n strong syndicate, which in its ramifications would cover every European country, buy whatever securities arc available after giving them the same close inspection which would be given to securities of a similnr nature in thti country nnd then issue n blanket security against such as they would select and purchase. A security of thnt nature, with the backing of n powerful syndicate of well-known American bankers," ho said, "would undoubtedly find a ready market here." ' This man, vho is a well-known member of it large mnnufacturingfeon cern, was also complaining about the dye industry in this country, about which it has been snid thnt products equal to the flerman dyes are now available. His story is different. He Mild: "We arc not producing dyes equal to the (Jermnn dyes, and that even with a high tariff if the way were open today wo could not keep (icrmnn dyes out of the market, the mnnu- . facturers being willing to pay double the price of the domestic if they can get the fast colors wanted and which arc not now nvailable." Banker Favors Investigation of Trolley Situation The creation of n federal commission by President 'Wilson to investigate tho street railway situation was under discussion yesterday in a banking house. The senior member of the firm was strongly In favor of the Presi dent's notion, contending that it wbr tho correct thing to do, as the electric concerns which supplied traction, light and power to the various com munities in the United States had always been mindful of the obligations which they owed to these communities nnd of the obedience they owed to the sevcrnl state and municipal authorities, such as public service commis sions nnd councils. He said he hoped the creation of this board, coming at such an oppor tune time, when about fifty of the large urban electric systems i.rc in the hands of receivers, would solve n problem which for public interest and wel fare was second only to the railroad situation. Indeed, he remarked that In many Instnnres it it interwoven with the railroads. "There is u point." he resumed, "which is likely to be overlooked by the public In connection with Inci eased fares nnd rates. Every one knows thnt the costs of labor nnd material have risen enormously during and since the war, but they have overlooked the important fact thnt money has not one-half the purchasing power it had formerly. If they would onlj benr this in mind." he said, "when paying their nickels for carfare and nsk themselves how far they can make their nickels go in ordinary purchases they would recognize that the depreciation of our currency through tho present inflation is nbout one-hnlf. The way to get the proper perspective on this question is for the public to bear in mind thnt the companies must pay the higher wages and higher costs of everything with these nickels which they receive in return for their services. They nre not taking in nny more nickels thnn they did before the war, but their expenses nre in many instnnces almost double." This banker said he understood that the men who would compose the commission will endeavor to find the underlying causes for present conditions and then prescribe the remedies. TRADING IN CORN PIT IS LIGHT AND MIXED Initial Declines Due to Scat tored Sales and Lack of Sup port Oats Steady Chicago, June 10. An easier jtart iu the corn market this morning wan followed by recoveries, but chnnges in prices were smnll, with operations light nnd mixed. The Initial declines were due to scat tered selling by commission houses nnd a lack of support, and were brought about by a bearish interpretation of the government's report on smnll grains and larger receipts, the arrivals here today amounting to i17 earn. July opened nt .$1.084 to $1,08 and, after selling at $1.07. moved up to yesterday's price of $1.0S";i. Septem ber opened nt $1.G0 to $1.00 and Inter sold at $1.01, or c above yesterday's close. December started at $l.ftt)16 to $1..10'i and moved up to yesterday's final quotation of $1.40. There was some scattered local sell ing in the initial trading in onts, but the market held well, there being an absence of pressure. Trading wns small. The nrlvals here today, UTS cars. July opened at CT'c to 07c, against 07c nt the close yesterday, nnd later sold at (!7e. September started at 0.1c to 0."e .against 0."c at the close yesterday, nnd Inter sold nt (ITi'ic. December opened nt (t."c to Oflc, against Cl'ic nt the close yesterday, and later sold at G.V)4o. The recipts of wheut today were 17 cars. LARGE GAINS MADE IN PRICE OF COTTON Early Buying Based on Exceed ingly Strong Cables and Fur thor Showers in South BIG TOBACCO COMPANY Charter Granted to Corporation to Conduct Retail Stores Iorr, Del., June 10. A charter was filed here today for the United Ite tail Stores Corporation, with S110, 000.000 capitalization, to organize anil conduct retail stores, singly or col lectively. An official statement on the project snjs: "The United Hctnll Stores Corpora tion was organized at Wilmington, Del., under laws of thnt state, with nn au thorized capital stock consisting of 100, 000 share S per cent cumulative prc feired null 1.100,000 shares common New York. June 10. Business nt the opening of the cotton market todny was active, and there wns another large gain In prices, amounting to from 40 to 8.1 points on firstsnlcs. Buying seemed to be general. The commission houses were conspicuous on thnt side, and offerings at first were light, although thev later Incrcnsed somewhat, particularly from wire stock without par value, all shales linv- houses, in anticipation of telegraphic 'K cqunMoting power. it is understood lieorge .i. iician, founder of the United Cigar Stores Com pany, lias caused this corporation to be i organized to take nihantnge of prevent conditions to extend n system of irtnll chain stoics around the world for iner- I. failing: future rsnRPil na follow. Corn (nrw tlfller Opfn lllnh l.n Cnr .Tulv .. 1 lis 1 i;iH 1 il7?. I 07, Oats Jutv . (17 fl7"S (Id. r,fl Hi-pt. . 114 H.-.S 44 0I"S l.ari1 34 2." HI 00 83 SS 33.02 Julv . . 34 no bept. ...33 0", Illbs July ...27 4!i Sept. . .27 10 Pork July ...r.n.00 Sopt. . .47 00 tAsked. Vest t i)tf l.iit'i 1 0 I7 34 10 t34.10 83 03 3S.DS 27. nr. 27.30 27. 4 It 27.10 47.40 47 00 27.00 27 20 CO 00 47 13 27.no 27 20 nn.25 47.23 DIVIDENDS DECLARED Canadian Car and Toundry Company, quarterly of 1 4 pr cent on preferred, ray abln July 10 to stoik of record Juno 2fl Sharon Steel Hoop Company, quarterly of 2 per cent. paable July 10. Tide Water Oil Companj, quarterly of 2 per cent and nn extra of 2 per cent, panblo June 30 to stock of record Juno 20. i'amous riajers-f.asky Corporation, quar terly of $2 a. share. St T.out. Rocky Mountain and Paclnc. quartrrly of 1 U per tent on preferred, pay able Juno 30 to stock of record Juno 20. General Halting Company, quarterly of 1 per cent on pieferred, poab!e July 1 to stork of record June 14 Mason Tire and Huhbtr Company quarterly of l per tent on preferred payable July 1 to stock of record June 10 Ni tlonal Cloak and Suit Company, quar terly of l1, per cent on common, payable Julv 13 tn stock of record Julv S Krankford Trust Companj semiannual of 7 per cen. :aHble Jul 1 to stockholders of record June 0 delnys tomorrow The early buying wns based rhlefiy upon exceedingly strong rubles and fur ther showers in the South. Sentiment as to wenther conditions M'tlU tiv Tin tnrinna nntlcnltt lutlllali fit) n .,i,, f ,.i..nl j-i- - r,.Mn,rliiHlie of nil kinds .,,, .e , 1..-.1. " i ,oiin. I "It is also understood n blc party in Texas is n snmple. Tills wire snid thnt rapid work had been made with clearing the crop under favorable weather conditions during the last week and that present showers were more beneficial than otherwise. no July . AUK. . Sept. . Oct. Nov. . Dec. . Jan Feb. . March Test. Today's close open . . . ill in .. 2H 40 . .. 2N on . . . 2 23 2K SO . 2P S9 . 2H Oil . . 2S 30 . . 2H aa 31 CO 2S 40 28 00 31 10 2 SO so r.2 30 22 2S .111 20 S3 11.00 a. m. S2 20 2H 40 2S 00 31 10 2K SO 30 DO 30 22 2 30 30 30 1.30 p m 32 13 2S 40 2S 00 31 43 2S Sll 30.no 3o on 2S.30 30.30 substantial nmnunt of the .stock has nlready been underwritten. An ntinouncement of the purpose nnd plans of the Company will be made iu the nenr future." DAR SILVER Commercial bar silver was price was quoted p m i nmay ni .in.jtrN nn ounce-, nnu advance 2s 4ii "' 'kV- '" l"mlnn, the 2s no .":!'sil, n gain of 1jd. 2S Ml - -. JIh!,",:1 !iiiiiiiiiiiiiiiiiiiiimiiiiiitiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimmiiiiuiuiiimiim 30 H I ' U. S. AFTER SPECULATION Federal Reserve Board Aaks Infor mation on Brokers' Loans Washington, .tune 10. Concern felt by the Pebernl Reserve board over the existing tendency toward excessive spec ulation found renewed expression todnj In n letter sent h the board to each Itrscnc blink, asking Information as to the extent of the member linuk borrow -ings on go eminent collateral other than for the purchase of government bonds J or for purely commercial purposes. While ordinarily speculation could be corrected by advancing the discount tntes at tlie Pedernl lteservc banks. It is understood the board regards ui h a step as iinprnctii able nt this time, lie cause of giixerninrnt financing. liy far l he larger part of the in esteil n.ots of the Pedernl Ileserie banks consists nf paper secured bj go eminent obligation... Purtlier steps to stabilize conditions will lie t'otisuleicd when the miiiestei information is leceived. showing Hie amount of speculnlve loans secured by guvtriiment collateral. German Bank Statement Itcrlln, ln Iondon, .luno 16. The statement of the Imperial Unnk of (ler many Issued May 31, shows the follow ing changes : Total coin nnd bullion do cieaed 10,f2.".000 maiks; gold de creased l0.H7O.O0fl : treasury notes in creased :t.'5,",l00,000 ; notes of other banks decreased 2,015,006 ' hin Iti creased 2,701,801,000; advance ' dft creased 11,00.1,000; Investments lr-r" creased 020,000; other1 securities Iu..--' creased 102,231,000; notes In clrculiUi' tlon Increased i)."8,43:i,000; deposits In - , creased l,r10,ir.3,000; other llabllltl; Increased 727.fi07.n00! tnlnl enlrt tmlilM int4 1.510.111.000 mnrks. 4y,t NEW YORK COFFEE MARKET New York, .Tunc 10. In response to slrong i ables from Itrnzil. the local today opened -I to 11 Trading on the call was (oflVo market points higher, active. July September .. December Marr-h May Yesterday's Today's close op. nlnic Ill Ml 111 s.'i 10 1.1 ID CO . . 1 s no i n'i . .. . is :i7 is 7-, . . . is in is r.o THE COLONIAL TRUST COMPANY 13TH AND MARKET STS. Condensed Statement June 2, 1919 RESOURCES Collateral Loans ?2,212,458.79 Commercial Taper 867,344.97 Investments 1,691,860.15 Miscellaneous 49,221.89 Cash, Reserve, etc 572,263.45 $5,393,1425 LIABILITIES Capital $ 300,000.00 Surplus 275,000.00 Undivided Profits 96,381.01 Due Fed. Reserve Bank. . . 600,000.00 Miscellaneous 5,135.13 Deposits 4,116,633.11 fS5sL -It -Cirlilj MI "itirU $5,393,149.25 Trust Funds, $1,256,528.88 Corporate Trust. $19,645, 123.86 VFM. ltn,TON KCllTZ, President FRANK O. EYES, Treasurer , . f 'f&e&if4V& PREPARE FOR BIG HARVEST ; Barnes Tells U. S. Grain Officials j $2.26 Wheat Must Stay i E New Yorli, June 10. At n conference ! S here todny, attended by representatives of the grain trade in the Tnited Htntcs, the handling of the 1010 wheat crop was discussed. Tho conference wns called by .InlitiM Rnrnes, United States wheat director. It will continue in session tomorrow. I Vice presidents of the I'nitcd Stntes ' E drain Corporation from all parts of the j E country nnd members of every branch of the trndc arc in attendance. s Mnintcnance nf the government guar- anteed price of S2.2I! n bushel to the wheat producer is absolutely nccesnvj 5 to assure the proaiietion needed to care for world wants, it was declared toduj bj Mr. Harnes. CHICAGO BUTTER AND EGGS Oilmen. June 10. Ht'TTKR RmoIpis 2.1 T.07 tults Markst stt'ailv Kxtrss r,oir nrsts. 4S(fri0c, seconds 4Tt$47r stantsrrl ."nHc indtlnK stock -inffiUp nOdR Hecelpts. .Ml, 7711 thsps. Market stssrty llrsts. S9V fl-IO 1-Se, ordlnsry firsts. SffflS9c. mlscpllall'ous. 3s40c. dir ties. aTTi.lllc. rhx'ks. SKb.iae. ttnratr parked flrsls. 4H4 'Ji . oxlras. 4Jll?42c U. S. STEEL ORDERS DROP r j Total on May 31 Was 518,375 Tons Less Than on April 30 New York, June 10. Unfilled orders) of the United States Steel Corporation n May 81 were 4,282.310 tons, ac cording to the corporation's monthly statement Issued today. I This is a decrease of filS,375 tons compnrcd with the, orders on April 30, and compares with 8,337,023 tons on 'May 31, 11118. Comparisons of unfilled tonnage on the 10th of each mouth since 1012 fol lows : tfftnlh nfM Tin. Month of Tons MHy. IHln. 4.2H'J.:i10 Jan.. 1D10. 7,t22.Tfl7 mill. 4,Buu,aj uec , mi-. ,,nu.u 10111. &.4SII.A;'.' .Nov.. 1815. 7.1MI.487 Kiln o H1IVTS7 ilt llllr.. n.l(l.1.4.'i'J mil). ,(184.21li hent.. 1'Jir,. ri.S17.01S mis. 7,370.1.'iJ Aub . 1015. 4,1)08.4.10 mis. k, i24.! July 1H18. 8.3S3.20.I June. 1918. 8.2117.90.-. May. IU1M. W.7ftM.042 Apr.. 1918. X.lllK.Snil llrh., miS. 8.337.UJ3 Feb.. 191S. 8.741. 8S2 Jan., B.00U.4UI1 Dec.. 9.288.4.1.1 Nov.. 11)18. ,477,s.'i3 Oi't.. 19t7. 0,381.718 Sept. 11)17. S,s7,10ll Auif.. I17. 11. ODD, 117.'. July. 1917. 9,833,477 June, 1917.10.407.049 Mlv. 1017. 10.841. llll Apr., HI7. II, 383,287 Jlrh., 1917.51.88ll.riUl Feb.. 1917.1'.1R.t OSn .Tan. Mi.. 1917 11 Til it.il n. Fsb.. 1917.11..-.7t),7 Nov. Jan.. lnl7.ll.474.ll.-il Oct.. D.. 1U16.11.547.SSH Sept.. Nov., 191.11.(l.-,8.r,42 AUB.. f)ct.. I8i, lo.oi.'.ano July. Sept.. inirt. p,.1S3..'i84 June, idio. n,nno.3.,,7 May, 11)111. D.A93..12 Apr. 191(1. U,(H0.4.-iS Mch.. 1010. D.937.79S Feb.. mi". fl.R2P.33t Jan.. 0.331,091 softs. can Unfilled orders on the corporation's books at the end of each quarter since March 31, 1007, were ns follows: Quarter endlne QuartoV endlnr with Tons .with Tons Mrb.. 1919. B.430.B72 Dc. 1912. 7.032.HU 1912. lt.D31,(HI7 Apr.. Meh. Feb., Jan.. Uc, nor,, Oct.. Sept.. AUC. June. M ay. ADr. Mch.. 1918. Feb., 1018. Jan.. Dec. wo . Oct.. sept., Aucr.. July. June. way. Apr., Aug-,! July, June, lay. Apr.. Mch.. 1918. Feb.. 191U. 1915. 4.92S,r.lO 1013. 4.078,100 1915. 4,204.ri0S 1915. 4,tn2.244 1915. 4,255,749 1015. 4.345.B71 1015. 4,248,571 1014. S.83U.043 1014. 8,824.002 1914. 3.401,007 1014. 3.787,6117 1014. 4,213,331 1014. 4.15R.381) 1914. 4.032,857 1014. 3,098,2(10 1914. 4,277,0(18 1914. 4.(153,823 1914. B.02H.44O 1014. 4,(118,(180 191Si 4.282,108 1913. 4.3011.347 1013. 4.51S.77 1913. 5,003.785 1018. 5,223.4(18 1018. 5,399,350 1913. 5,807,817 1913. 0,824,822 1013. n,078.7C.2 1013. 7,4(!8.05ft 1913. 7,050.714 1013. 7.827.30S LIVESTOCK QUOTATIONS tlilrncn, June 10. IIOCIS rtecelpts. 35, 000 head. ActUe. 10 to 15c above estcr da's averase. Hulk. $10 902n.l.-,; heay. :i!).0.'i20.13; medium. tl0.8520.2.1; lltht welsht. 19.7.-2O.20: lleht. $180110.83; heavy packing ows. 319.5010.9n; packlntr sows. -1)0910.50; pies, 117.25018.' CATTLE Receipts. 18,000 head. Het steers slow, some early sales steady, top, lis 25. Butchers stock, 155f23c higher. Calves 2Rfei50c higher. Beef steers, choice and prime. USa&lS.SO. medium and cood. 112.25 15.25; common. 11112 23; llcht weldht none, Kood and choice. $12.0515; common medium, $10012 75; butcher cattle heifers. 17.7513.35. cows. 17.508M3; can nera and cutters !(lft7 50; veal calves, lleht. 115.255111. 75: feeders steers. 10 75 18 25; Blockers. 17 75W12.40; feeders strotiB. SHEEP Receipts. 17,000 head. Desirable kllline crades stronc tn ?5c higher iru. heay lambs strenffthenlnff most. I.ambs, 84 pounus oown. li;.HmD,i,i; 85 pounds up. li.iiioffiii.s.i; cuus ana common. SD&D12 L'5r sprins. tlOSrlO; searllnir wethers. 110 25 13: ewes, medium, cood and chnlre t7 r.n 0. ritUbureh. June 10 HOGS Receipts 20UO head. Hltrher. Heavies. $2020 25; heavy yorkers. 120W20.25; llsht lorkers. $19fll)25; plKS, $18 75W19. ' ' SHEEP AND T.AMI18 Receipts. 300 hoad. Lower. Top sheep. $10; top lambs. $18 CALVES Receipts. 200 head. Steady, Top, $17. Kast IlulTalo, X. Y June 10. CATTLE Jlecelpts, 100 head Stead)'. Calves, re ceipts 400 head. $1.25 hleher. $018.25 IIOCIS Receipts. 580(1 head. Rest 40c higher. Heavy mled and yorkerB, 120 (H; few 120.76: light yorkers and plrs. 118.75 19.50; roughs. $18.25018. 50; stags. 1120' 15 50 SHEEP AND LAJinS Rcelpta C00 head. Steady and unchanged. Kansas City, June 10. HOCS Receipts. 24,(8)0 head. Market hither. Pigs higher. Rulk. 120fir20.15: hehvles. 190 UM-)n -.. medium weights. 119. 000120.23; lights. 119.50 $2U15i light lights. 110.25010.75: heavv puking sows. 119.5010.85; pigs. $17. 50$ 19.50. CATTLE Receipts. 10.000 head and 1300 a D' Pec. 11118. 7,370.152 Sept.. Kept., 1918. 8,207,901 June, June, 1918, 8,018.8)111 Mch . Mch.. 1018. 0,03ll,4n Dec Dec. 1017. 0.381.718 Kept.. Sept.. 1917. U.838,477 June. June, 1017.11,383.287 Mch.. Mch.. 1017.11.711,844 Dec. Dec, 1910.11.547.288 Sept.. Sept., 191(1, 0,522.581 June, June, lOin, 0.1140.458 Mch.. Mch.. 1018. 0,331,001 Dec, Dec. 1015. 7.808.220 Sept.. Sept., 1915. 5,317,618 Juno June, 1915. 4,078,108 Mch., Mch.. 1915. 4.253.740 IXc. Dec. 1014. 8.83(l.643 Sent.. 1908. 8.421.077 Hept.. 1911. 3.787.067 June. 1908. 3,813.876 JUn. 11)14. 4,032,857 MCh., 1008. 8,785,8(3 Mch.. 1914. 4,(133.825 June. 1907. 7,803,878 UeC, JDIH, 4,282,1(18 Mch., 1007. 8.048.058 .Sept., 1018. 5,1103,781 Sept., 1007. 6,425,600 june. 1913. 5,807,817 Dec. 1907. 4.624.833 1U1L 5. 807. 84 1912. 5,304,841 1911. 5,084,701 1911. 8,011. 317 1911. 3,381,018 1911. 3.447,301 inin. y. 817.757 1910. 3,158.108 1910. 4.257.794 1010. 5,402,514 1909. 5.927.031 1900. 4,796,833 1000. 4.ua7.uau 11100. 3.542.505 1908, 3.603,527 calveB, lOo t 10.10 Beef and er. Cho medium and butcher cattle strong to mon. $11.5013 40: light weight, 10c higher. Choice and prime. JU.Tof ood. 113 3015: mm- Cht YlPlf?hf. irnnrl anrl choice. 112.8515.10; common and medium l9.50W13.in- butcher cattle, heifers. 17ffll4: cows, $6 85W12.75: canners and cutters. 15.50HI6 60: veal calves, light and handy weight. $11.7314.50; feeder steers. $8. 75 0 14.50' stockr steers. $7.2318. . SHEEP Receipts. 10,000 head. Market lower: Koata steady. Lambs 84 poonda down. 11314.50; 85 rounds up. $12.75 14: culls and common. $8.50012.50: yearling wethers. I10.7513: wes $700.50' ewes, culls and common, $40.7fi; goats, !&9. Just Out! Free Broker's Handbook INVESTORS and traders about to take advantage of the many profit op portunities on the New York Curb Market will want this free vest pocket guide. It gives high and low levels for May and all of last year; par, capital and dividend rates for more than 800 securities traded in the New York Curb Market, and the Boston, Toronto, San Francisco, Salt Lake and Los Angeles exchanges. Those Interested in The Great Oil and Silver Booms will find this booklet very helpful. There are nine facts on every llrte of it. Also contains memoranda pages, commission, rates. FREE to investors and traders. Call, 'phone or write for Booklet T. U.-483 JONES & BAKER SECURITIES Widener Bldg., Philadelphia 'Phones Btll, TTainiit 1690 Kevttont, Race 2290 DETROIT Dirtct frivols Win Our June Circular of Municipal Bonds de-scribes a diversified list of attractive issues of cities and communities offering desirable investments yielding from 4-35 7 t 5-50 . Exempt from All Federal Income Taxes Ask for Jane Circular W'N'am R.(pmpton (pmpany Government and Munirinal Honda 'Over a Quarter Century m Thii Btuineit" 5 14 Wall Street, New York St. Louis Cincinnati Chicago New Orleans E nllllltlllllllllllllltlllllllllllllllllllllllllllllllllllllllllllimilllimiimilHIIIIIIMIIIIIrr CASTINGS Quickly Phone Dickinson 890 As our centrally located foundry is equipped with the, ONLY Open-Hearth Steel Furnace within the city limits, we are in an exceptional position to make quick deliveries on Light or Heavy Steel Castings. Phone Dickinson 890. PHILADELPHIA ROLL AND MACHINE COMPANY 25th Street nnd Washington Avenue Philadelphia, Pa. To Railroad Stock and Bond Owners and All Public Spirited Citizens ,A NBW YORK CHICAGO FITTSBUROH BOSTON ja BUTTER, EGGS AND CHEESE FNfW Yprlt. Juno 10. nUTTER Receipt. &.01S tub. Market lower nnd weak. HUh fk' M eorlnr. !t303attc: extran. 8252V4c: rirtn. SQttftMkc; eecondg. -ISWDOc; state dairy. KOOS Receipts. 41,812 rases. Market Ir regular. First extras 48eH8Vic; storage packed extras. 46tt(M7tac; storage-packed flrsts, 44H ic: lathered extra flrat". 4SW 46:: seconds S242r; dirties. No. 1, S8r. Jnslda; No. 2. 3031r: checks. 30c. Inside; checks, undergrade. 26fr8Jc; state and near er hennery. B466e; gathered whites. 45 BSo: western whites. 4BS3c! western and southern rathered whites. 45H3c: state and neaTby hennery browns 4B50c: gathered browns and mixed colors. 4I1V4 W48!4c. CHEESK Receipts. 8304 boxes. Market weak Flat, current make, average run, SOH rMc flat, current make, white, average run; 804 31c; colored specials. 3Ui 3llc white specials. 81U 3Hic. More Gold for South America New York. June 10. Gold coin to the amount of at lenst $2,GOO,000 has been tentatively, engaged for fcliipment & South America thii week on account of removal of the gold embargo. Addi tional engagements are expected. Gold coin to the amount of $100,000, has been njtbdrawn already for shipment to &utb America. The ffatlonal Shaw nut Hank of Hoston, Is arranging to ship '$1,000,000 in gold to South America, of which $r00,000 will go to Montevideo and $500,000 o Ilucnos Aires. PHILADELPHIA COMMERCIAL UtJIIMU&KIP PW -PAGE 2- $2,000,000 New York Central Railroad Company 6 Convertible Gold Debenture Bonds Dated May 1, 1915 Due May 1, 1935 Interest payable May 1 and November 1 i Convertible into Capital Stock of the Company at 105 , at any time prior to May 1, 1925 Authorized and outstanding $100,000,000 Listed on the New York Stock Exchange Price 100 and interest yielding 6 Guaranty Trust Company of New York Clayton F. Banks, Correspondent 421 Chestnut St., Philadelphia Kidder, Peabody & Co. 17 Wall Street New York YOU undoubtedly have been watching the huge profits and extraordinary dividends that every in dustry in this country has been earning and paying to its stockholders the past three years. As railroad securityholders, and as thinking men, you must have been wondering why the oil stocks, steel stocks, sugar stocks, meat packing and stocks of all other American industries have been steadily advancing marketwise by leaps and bounds while railroad stocks and bonds, although gilt -edge and representing the most important and most useful and essential industry iu the country, have gone backward rather than forward. Railroad properties, capitalized at 818,000,000,000, represent a nroney investment of fully $20,000,000,000. By reason of recent property value inflations the world over, these properties, in common with all others, have doubled in real value and measured by the present standard of money are worth today more than $40,000,000,000. Yet in the open market they are selling today around $12,000,000,000 or $8,000,000,000 less than the invested capital and about .10r lower than they were selling in the open market ten years ago. We may well ask why? The explanation is (1) the railroads have been in the control of people who neither owned the securi ties, nor possess the public confidence; and (2) a great misunderstanding exists in the minds of the public respecting the ownership and capitalization of the l'ailroads. Popular opinion has it that the railroads are over capitalized. Although this might have been true twenty years ago, it is not the case today. As a matter of fact, the majority of the railroads today are very largely under-capitalized. The public has been led to believe that the rail roads are owned by the great financiers. This too might have been true twenty years ago, but is not true today. The fact is, the securities are owned by millions of men and women in medium circumstances all over the country, and by life insurance companies and savings banks. If the public were made aware of these truths there would be a decided change of attitude toward the iailroads, because the American people after all are just and will insist upon a square deal for all citizens alike, whether they be railroad stockholders or industrial stockholders. You are aware that the railroads were taken under government control on a basis that was scarcely just or equitable. But federal control was a war measure and, on the whole, more acceptable than were the conditions under which the railroads were being managed and operated pi'ior to government control. Now the war is over the question of abandonment of government operation has come up for considera tion. Certain interests are using every means within their great power to mould public opinion to the sup port of a return of the railroads to the former regime of management. We arc face to face with the most critical period in the history of American railroads. Nothing could be more damaging to the interests of securityholders and the public in general than that- the railroads should be handed back to the interests which formerly .controlled and mismanaged them, and which are sureto control and mismanage them again if those who are urging the trovernment to relinquish the roads at once have theirway. The Citizens' National Railroads League has been organized to present to the public the truth about the railroads. The Investors' Protective Association of America, primarily a mutual organization of security owners, is endorsing and co-operating with the League. The Citizens' National Railroads League pro poses to co-ordinate all interests and to offer for the consideration of Congress a plan for the future con trol and operation of the railroads which will assure to this country the most scientific, efficient and eco nomical transportation system in the world, and at the same time assure protection to the security own ers and to railroad employes. We believe that only in this way can the railroads of the country be brought to the physical and finan cial standard required to serve the country properly. We feel that in this way only can there be accom plished a return of confidence in railroad securities and at least a part of the $6,000,000,000 artificially depressed market value of these securities reclaimed. The latter is as vital to every citizen and every industry as to the securityholders themselves be cause it would mean so much added wealth and so much credit capacity for the nation's business. One thing is certain. there can be no real effective recon struction of America's commerce and industry with out first of all a reconstruction of the nation's rail roads, their earning capacity, their security values and their credit. To help carry out this program, every stock and bond holder, every insurance policy holder, every sav ings bank depositor and every public spirited citizen should join the League, realizing that the danger threatening the railroads is a danger threatening their country. We cannot afford to let the grass grow under our feet while certain interests may be spend ing millions of dollars in an effort to befog the real issue and keep the railroad industry, which repre sents one-tenth of the nation's wealth and does one fifth of the nation's entire annual business, in a state of suspense and confusion. The League is organized to perform, a great pub lic service. Among its sponsors and advisors are Gov ernors and former Governors of different states, col lege presidents, leaders in commerce, industry and agriculture and prominent public spirited men and women in every walk of life. These people serve with out compensation and are giving both of their time and money to this work in the hope of ending rail road exploitation, railroad mismanagement and rail road wrangling. The League must have funds with which to carry on its work and must rely upon volun tary nublic subscription. The great moneyed interests which have been in control of the railroads for the uast half century naturally are unwilling to surrender their hold and they will fight any change in Railroad Control. They cannot be expected to lend either their financial or mora! support to our undertaking. Ure, therefore, must seek support, from the rank nnd file of men and women railroad security owners, and from such other public spirited citizens as can realize the (treat importance of the work of the League in the interest of the people and of the country. Security owners who wish to co-operate and to assist in our undertaking are urged to send at once a voluntary subscription equal to 25 cents for edeh share of stock owned, and $2 for each bond. Other public spirited citizens desiring to take part in this great work in behalf of justice and democracy can do so by becoming members of the League, on the fol lowing basis: (a) Sustaining membership, $1 per an num; (b) Associate membership, ,?J per annum, pud (c) Contributing membership, $10, or upwards. CITIZENS' NATIONAL RAILROADS LEAGUE NATHAN L. AMSTER, President All remittance should be made payable to Citizen' National Railroads League Equitable Building, Boston, Mas. WE WANT 1,000,000 AVERAGE AMERICANS To Join the League and Help the People's Cause WA ?5S GUI m V r"il M "i lm I.' it v H . it. Ml . jig a SZ & T3 13 - Wf jtf .M IT ft . 'teVJ$ nr rV ;',' ,& '' ,' ft.-. t'ifW 4S j;w i . I W' v mm w , if , Rl V, vi'it; , v Jj It I , f" ,! u . 1 'rtiVlA. . P .v:.-
Significant historical Pennsylvania newspapers