vwFt-r'i wtjpirr'" -cu-sst- j, 'WrfT', W 1 a i S ' EVENING PUBLIC LEDGER PHIL'ADELPIA', TUESDAY, JULY 15, 1910, ft v i . &41X COLLAPSE IN EUROPE ANALYZED BY BANKER BUSINESS NOTES I: i,f K I-; vY i EUROPEAN RAIL WA YS' FAILURE CAUSED THOUSANDS TO STARVE LAST YEAR, SAYS VANDERLIP Remedy of Transportation Breakdown Is ihc Great est Problem of Recoil' struction Facing Industry of Old World Today Equipment Is Deficient and Ancient, He Says Sys tem Is Ineffectual in Han dling Traffic Will Be come Worse Double-Track Lines in Bel gium Tom Up Situa tion Worse in East Au- thority Quoted Says the French Lack Progressive ness tiy FRANK A. VANDERLIP TF THERE were nothing else the the matter with Europe ecept breakdovv n or railway trnnsnortntion ! most oi tlie l.uropenn nations would ! uiu oe lacing a problem of gigantic proportions, tlie early .settlement of which is not onlj essential to tlie re sumption of industrial life, but i ac tually essential to maintaining life It- I sen in some of tlie large centers. Hundreds of thousnnds of people have starved to death in the last twelve months in Europe. I nm not using figures, as It is said Elojd (ieorge does, merely ns adjectives. There is com petent nuthoritj for sudi n statement. This terrible catastrophe has only iu part Deen caus'si iiy lack of food. T.. an important measure the disaster was directly traceable to the breakdown In transportation, to the plijsicul inability to move stores of existing food into lo calities where people were djing of starvation. At one time there were 100 unloaded cargoes of food in the harbor of SInr seilles, held there because pieceding cargoes were blocking the lines of transportation. The railroads of Spain weie, on the whole, in much better condition than J expected to find tnem. In Franco tlie system, has vvondrt fully stood the test of the enormous movement which has VaJAi68(Ct A ,.sa,. utyfJ-WW T' Condensed Statement, June 30, 1919 RESOURCES Real Estate $6,00O,000.CO Bonds and Mortgages 1,920,100.00 U. S. Government Bonds and Certicates 38,827, 1 46.05 Public Securities, including British and French Treasury Bills 43,761,573.03 Other Securities 49,667,334.38 Loans and Bills Purchased 405,867,874.64 Cash on Hand and in Banks 117,651,027.20 Exchanges for Clearing House 79,331,998.08 Foreign Exchange ; 16,597,617.42 Credit Granted on Domestic and Foreign Acceptances 52,239,103.20 Accrued Interest and Accounts Receivable 9,220.625.78 $821,084,399.78 LIABILITIES Capital $25,000,000.00 Surplus Fund-Required by law. . . 5,000,000.00 Additional Surplus not required by law 20,000,000.00 $50,000,000.00 Undivided Profits 4,479,876.83 Notes and Bills Rediscounted with Federal Reserve Bank 7,250,000.00 Due Federal Reserve Bank against U. S. Government Obligations 5,000,000.00 Outstanding Dividend Checks , 1 ,020,83 1 .50 Outstanding Treasurer's Checks 22,498,31035 Foreign Accounts 10,664,683.96 Domestic and Foreign Acceptances 52,239,103.20 Accrued Interest Payable and Reserve for Taxes and Expenses .' 6,016,700.42 Deposits. .,,,, . ,,,,,.,... , 661,914.893.52 $821,084,399.78 life itself depends upon r. r. Solution, sas vanderlip FRANK A. VAXDKUIjII',, noted financier mul former president of the National City Hank, in his second article upon tlie industrial situation in . . nnrope. .jnre: ,1 French been Imposed upon it. Hut equipment is rtelicient, and much of it unbelievably ancient. Added to that is the inef fectual sjstem of handling the traffic. One of our high militury officers de scribed tlie despatching ot n freight car. un. f....... ltnf .. ti..-i.. .. i.,.. with ,ii..ni,ini .. tntt ;., ...ii i.. Sometimes, presumably, the car would nriive at its destination, but iu tlie meantime tlieie vvns no rccoid of its whci ea bouts. No matter how important it was to have it leach its destination, no way existed to trace it, and it might get lost on n side track for a month. The situation in Fiance or even in Ilclgiuiil is by no means illustrative of the situa tion further east. It Is true that iu Hclgium the Cer- mans took up virtually all double track n on the piiucipal' main through I Une aml lmn K ,, " Nlng,1' ,nu'k from all traffic. Literally hulidreds of masonry bridges have been detrojed in Helgiuin nnd northern Frame. It is eusj to saj that all this damage nn be le.idil repaired, rind so it can in time. Sly point is that it lias not been re paired and ut the present moment the tremendous handicap lesiiltiug from an inability- promptly to move freight would alone be an enormously disorgan i7ing factor to the industiial life of these countries. As one goes further east, however, 90'. Vtu lua fARBlwbl iB 1 Mm ' m& .. newest 4iwtS zhh mi wkiBm 2 fwwyc wwwwffw Guaranty Trust Company 1 of New York reveals ome startling facta conccrntiiK tne (leplorat)le condition ot tne transportation '5 stem in tlie Old World. Among the statements Sir. Vanderlip makes A speedy solution to the railroad tangle of t.-.. ..! t ....i .. .1-1 ... 1. ....... ,t,tt,n 1,I11UJ'1- n JJIIL If 111 J rPM'Ulllll It' 11" nniiiiipvii of industry but to maintaining life Itself in some (of the large centers. ! Hundreds of thousands of deaths of starva tion in llurope last jear were traceable to the jcongestlon in the transportation system. The lallroad sjstem in Spain is in better cou Idition tlion he expected. In Franco the sjstem stood up well under thc pnnrmniiK strnin of wnr lint, the cmitnmcnt lis niitiquatcd arid the system of handling freight J Ineffectual. He was told of one engine in the sjstem built in 18."". which is still being 5 used. Sir. Vanderlip quotes a Huropean railroad authority upon the situation in England, which, wliile not so congested, is in a complicated labor situation as the result of pre-election promises. I the transportation sjstem is found to be far more seriously disorganized. It is true that there has now been established some tliroiiL'h seivices that might bet taken tn liwlici.ie n return to normal raihoading conditions. One can travel from 1'nris to War - saw, or to Belgrade, ltuchurest or Con- stantinople. When it comes to trons - porting treigit tiirougii tne vvnoic uis- trlct eabt and south of Oermnny nnd of old Austria-Hungary, the situation as sumes seiious aspects. Serbia was swept almost clean of all railway equip ment. I wns told that at the dote of the armistice there were but nine loco motives left in Serbia. The situation is bad In (Jreoee as well as in Rumania, Czecho-Slovakia, Poland and Lithuania. In Russia the locomotives seem to have been run until they ceased to function and then were derted, little if any effort being made at repairs, and it is heie that there arc the most notable' examples of starva tion and ample food supplies not dis tantly separated. I have tlie highest possible authority for the prediction that the food situa tion will be more serious in the spring and summer of 1020 than it has been this jenr, and indeed that It will be so serious that, taking into account the breakdown of transportation, it will be impossible to prevent another horror of starvation even if the portR of Europe are ninplj supplied with food. I am not arguing that this whole situation cannot b" readily put to rights, but I do suy that no substantial start has jet been made to do so, that even no systematic plan has jet been de veloped, and that under the very best of conditions the task is one that will consume a great deal of time. In the mteivnl tlie transportation situation presents n most serious ob stacle to the distribution of food and necessities and makes doubly difficult the restarting of industry. Among all of Europe's needs none Is more poig nant than the rehabilitation of her railroads. Locomotive Sixty. one Years Old Occasionally I had an interview thnt was so rich in material and thnt was given under such circumstances that I could make very brief running notes. I find in my notebook, which indeed is a lamentably kcanty and scrappy one, the notes of an interview I have had with a man who has made a great success or. two continents artd who knows thor oughly from personal experience the railroad conditions in America, England and in Europe, and who has reudcred distinguished service throughout the war. Sly talk with him" ranged over many subjects. Portions of the interview would logically fall in various cifapters of this book, but perhaps It will be as Interesting and readable to try to give an outline of what ho had to say with out any attempt at logical arrangement. "In France the railroad tariff is fixed by law," ho said. "It is now admit tedly too low. but there has been an Indisposition .materially to Increase 11, just as there has been an Indisposition materinllj to increase taxes. The result is a sad deficiency in income and n serious decline In the pnysical condition of the rolling stock. "The French railroads seem never to scrap rolling stock. I have seen a loco motive regularly running on a French railroad that bore the date 18." on its nameplate. That locomotive would be in ii museum In America. Its boiler tubes were nil of copper. It is today in regular operation. The way m which France has conserved Its old lolling stock makes me wonder If Americans hae not gone mad on rebuilding railroads. "Economical as is the management of the French lines, their income at the present too low rates Is not sufficient to keep up properly their physical condi tion. The Allies have paid the ."soru Itullwny fH.000.000 on account mid thnt is all that has kept the road going. The I n . ii .... v i. n.l. ra llll.4lll.l-n UL I... IHC 1 ItUVll vm. m.vi bad. In France a tremendous amount will have to be spent to restore the railroads to a good ph steal condition. The prob lem Is by no means insurmountable, but France, will have to put up rates. r.nrMl'.l.ii' Hint n ri.il. (mil bins has gone up and there must be an advauce , in the price of what It has to sell. 1 "If the French railroad managers ' would onlv introduce some kind of effi- I rlencv: If tl., n.inl.I lenrn to do some ' thlmrq in H.ovnv tl.ev l.nvi seen them done Knilpr Amprlrinn nnd Emrlish di- ' .wlnn. thM- .insltlnn wool, be much easier. .....--..a ...... , ... j. .. -- .. ...... ... 1 think alter the Americans nnd English have gone l.nine the1 home tlit ' French will introduce a better sjstem ' lut they dislike to do that under the I of '' foieigners. England Finds Remedy 1 .., ,;n laild cxtrnordiiiarilj hap- nrrancement was made at the very outbieak of the war. The Hrltlsh gov ernment took over lt. per cent of the railroad lines, guaranteeing them the same net return as they made In 1013 "The government allows the same amount to be spent on upkeep and charged to operating expenses ns was spent in 101H, plus L'O per cent, tlie '20 per cent being allowed to cover the in creased cost of mnterinl and labor. There was so much difficulty in getting' liilmr thpt il ,000.000 of this upkeep fund is unexpended. "The imstpiigiT rutes in KiikIiiihI were inerensed tiO per rent, not so much to get additional revenue ns to prevent travel. Freight rates were not materially raised. Much traffic that hail formerly moved by water had to be removed by rail, nnd this made new tariffs neces sary and Increased the business of the railroads. "There was formed a railroad execu tive committee, made up of eleven or twelve manager!.. The president of the Hoard of Trade was the nominal head, but he was not active. No conclusion was put into forre without the unani mous consent of this executive commit tee. They were broad-minded in thier attitude and did not hamper the govern ment, nnd the result is that there has been built up no controversy betvve u the government and the managers. In nn unguarded moment the gov ernment promised the unions that it would sympathetically consider an eight-hour day. With the armistice the unions immediately came forward and demanded an eight -hour day at once. I.loyd Oeorgc. Sir Albert Auck land, Stanley fteddes and Sir ller beit Wnlker all made promises before election that are now difficult to carry out. During the war hours ranged from ten to twelve n day, and some times there were eases of men working sixteen hours a day. An eight-hour day would add 2.".000,000 annually to the operating expenses. The present increase of wages over the pre-war to tal is 5.",000,000. so that an eight hour day is granted on top of the pres ent vvugeR, the opernting costs for la bor will be 80,000,000 more than prior to the war. English Public Divided "Standardization, co-operation and the operation of all the roads as one system will save about 1.1.000.0(10 per annum, leaving i.r.i,l0(l,0i(l to be metl by increased rates. Itniiway cconom-! ists ngree that this cannot be done. It means doubling the expense. Winston Churchill before election promised nationalization. His unauthorized promise wns not denied until after the election. Now England is to have a new ministry of wnys and transporta tion, but as yet no definite government policy has been announced. "The Knglish public is divided upon tiie subject of nationalization. The subject, however. Is not so complicated as it Is In America. The difference between the railroad situation in tho Iliiited States and in England lies in tljc fact that there is no vindletiveness In Kngland between the government, the railways and labor. There have been no such acts in Kngland as the taking nway of private cars, or the reducing of salaries of managers. The Knglish public always stands for fair play. 'Is it cricket?' is n question ever In the minds of Englishmen. "In America the policy of legisla tors and of the Interstate Commerce Commission has often been vindictive. Kngland will probably be slow iu mak ing its final decision in regard to the railroads. It Is the habit there to consider public questions curefully ; but In the end it will be fairly consid ered and the owners of railroad securi ties will be treated fairly. Against Political Influence "Personally, I think the government ought to get out of the railroad busi ness. Political influences will always hamper its policy of management. I doubt if railroads can ever be publicly run successfully in a democracy, al though perhaps they can in an autoc racy. "I have been spending some time In Belgium. You can discount somewhat the Belgian bard-luck stories. The Belgian Is Inclined to exploit his mis ery. It is true that certain towns were wiped out, but all were not. Bel gian agriculture js better than It was before the war. The Belgian children have been well fed. Keep an eye on Belgium. Her industries may revive first in Europe, and she has great abil ity in the industrial Held. "Here In France Industry Is handi capped in many ways. The Frenchmad is ieatous and susnlcious of his neigh bors, He ii an Individualist and does not Hke" to co-operate. Tho genluH of 1 ,1 the French ly for small business,. Thirl ordinary JW RtsUt, tAuwlcaaB ' English t.ttTt4a. come In to do business in France That policy Is undoubtedly n mistake They ought to welcome the energy and brains of outsiders who would help them to get going. There lias been enough altruism and amateur charity In re gard to France. "What France ought to do Is to let capital and brains flow in mid Rive vitality to her whole industrial life. She should do away with her restric tions. Hut. iu fait, she this become more Chauvinistic than ever. Do not be deceived, however, by the possibil ity of recovery in France. France has been very sick, but there is nothing wrong with her constitution. Foreign ers can do business in Fiauce if they will only lenrn how to go about it. Americans particularly do not know how to deal with Frenchmen. Americans are too direct and too blunt. "No Frenchman wants to talk busi ness in the first interview, and much of the business of France is done by indirection. One must take time to .! . ... ...1 .1.. II 11.. 1 1 .11 in... m.r. vvm-re i urn.- uw .m ... ....,, i llnlKin Association, today told the contact never take a frenchman too ,,,.,, ialI rimiInlon. The com- seriously. The field of Industry ililInwinn ,w nrip0jnte(i by J.sident '."" ," '" ,cu- .. '"' .V siuer. nut in Hie iiem ol nnancv uiero , , is l.tiiiuiiieil uiiiun.iuii.v. "You ask what America should be doing in Europe. Europe is, fairly irying for brains and capital. There are possibilities everywhere, and there are particular possibilities in some nf'shull be rendered to the public." tlin lit.i'n.-a nf l'tirit,n flint nnti.tnl ilnnu . .... ., .,..,,,, .... .....,. .....v -.., m,t think of. 1'ortugal is one. Clear-' sighted engineers with a business sense would find mauj opportunities In For- tugal and in Kpain. There arc great mineral resources there and an excellent climate. , "(Inn .r tin. i.l.l p.tirti-itia .if tlm cmtil I ij r .1 i, i ., .1 i -" One of the oil rez ons of the word.'.. 1l......n.l . ..Ill I... .....rf ... n,.lul. Ml 'HI tltl Lllllllll. It 111 irVT I I1IIVK It IIVFill lll ,1. . . . ,i.., i. t 1 ike a creeii hav tree if a little en nital i i 11 . i . ,i nn(1 omp 1)rnllls W0lll(, Rpt ,,,,! of tlic situation and revive the irrigation sjs- ,,,, ,, , ()v(,r ufl , , ten. of ages ago. In the ltalkans and ,,,. llllt,I1,rIt,Mt whirfl botl liro;cr,llp in the east there are coal and oil to!,lr M,ni((. llm, ,.(,., our fl w) be developed. In Rumania there arc, . UI1BnIe , r,ni,JlIllt 0IlrwlvM to mineral and agricultural possibilities. rinnilllt ,0dltIons, as even other in The t.crmans made no mistake in selct-(ii,trj not so hampered is 'readjusting ing the Near East as a place for In- j itself," he said, vestment. They organized banks there, and the banker did not take chames. N(,w burdens Tlnougli War He knew what he wus about. There is a bankiug vacuum from the Adriatic , east. "If America will study these oppor-1 tunities and will link Imagination with I iin actual knowledge of existing con.li- tions. she can. with her wujs of deal-I '"S '' things, make a new world out of these backward countries The greatest export America could send to tliOfe countries would be men with a knowledge of construction, of finance and of management. These countries have had bad government so long that there is no impetus left iu tlie native people, and they have made no prog ress, in spite of having natural re sources that would have supported gieat development. "The coiuse for America to follow is. fust, to investigate, to prospect, then to construct, retnining an Interest in the junior securities nnd keeping the operation in their own hands. There is an enormous field for profit to Ameri cans and for service to these people." There seems to me much sound sug gestion in this interview, ns well as informing discussion of the European railroad situation. Copyrleht. 1010 bv Mncmlllan Companj Mr. Vanderlip tomorrow will discuss "Coal ami Credit Italv's Need." BUSINESS NOTES The American sulphur Industry Is ex pecting to benefit materially from the resumption of trade relations with the Central powers. Dealers. In machine tools are look ing for n revival of trude in their line this fall. When this expected buying movement once gets well under way the prediction is mode that it will ex tend over a pqriod of several years. Continued restrictions against (he importation of dyestuffs from (icrmnny, although the trade blockade ugaiust that country has been lifted, bus euused n decided increase of business in the local market for coloring material. Little activity is displayed in the chemical market. I'nces nre said to lie adhering to the advancing tendencies of last week. Among manufacturers nnd brokers it is believed that the price situation is now close to normal. South America, Ilussln, India and Egpt are placing large orders with British mills for mohairs nnd other tropical cloths, according to n cable received by the agent of an Knglish textile concern. As the bids received for the govern- nieut'M surplus offering of 17,000,000 yards cf silk cartridge cloth were deemed too low, the eighteen proposals from willing buvcrs have been rejected by the War Department. Jobbers expect vvateli manufacturers within the next few dajs to announce a new schedule which will show in creased quotations. South American merchants who are purchasing infants' wear, sweaters, underwear nnd other similar urticles of wearing apparel have ceased to ask for credit terms, it is said by manu facturers, who arc selling the South American trade. Some sellers are ashing and getting 22 cents a pound for copper, September delivery. A feature of the market is increased demand for copper over the last half quarter of this year but there, Is little disposition on the part of sell ers to name a price covering this de livery. The American consul general at tan don has cnbled that export licenses fur shipment of wool to the United States will be issued freely upon upplicutlon to the government of the Union of South Africa. Liverpool Cotton Liverpool, July 15. There was an improved request for spot cotton today with prices firm on the basis of an advanco of 23 points for middling at 21.45d. The sales were 3000 bales. The receipts were 20,000 bales, of which 21,700 bales were American, Fu tures were steady In the early dealings, Spot prices were: American middling, fair, 23.f)4d,; good middling, 22.51d.; fully middling, 22.0) d.; middling, OI At A . Inn. mllMllnfr. IftPULl , ..vi.l x.-u. i r" ", '"V" -"""" Y" ordinary, io.vau. oju -nnu orainary, SEES GRAVE CRISIS FOR TROLLEY LIS: Can't Perform Expected Func-, tions Under Present Handi caps, J. H. Pardee Declares FLEXIBLE RATES SOUGHT 11 the Associated I'ress Washington, .luly to. I'nder exit ing conditions and with revenue they nrc now receiving, tlie electric rnilnnjs cannot continue to perform the func tions oxpc'ited of them, John H. I'ardee. president of tlie American Electric1 '" Wil'""1 ' investigate the situation con fronting l.al transportation Interests iiiruiigiioiit tne country. "It is no longer u question of what letnin shall be allowed to the owners of the rnilwajs," Sir. f'aidee aid, "it is a question as to what senkc, if any. . ... C-, J .. , ,1 .n...R ... .... ..-.r " " " ' purpnso oi "" niilwnjs representatives -make " "" Mo the .ommiss.on. Sir. ' "' Mild they appeared to give the ""V. '" "", "ituntion in the hope incis in tne situation in tlie hope a i ..nlni :.... ...lni.t i.n r .-ii..f . . . ... .in, intent ue iiMiii.i Ml.isitt.'l.irv IU ,. . . :.. "' .'""' ""I""."' " uniiiTM I1II..P. " 'i'1' m- i i-.. nil rie i.i iiutlll- ,...!. .i , , lllll.friut.i.l nu l..i. .... .. ... .. !. !.. ""'K Ku service at rensonn ) e cost, Outstanding phases of the situation demanding- attention, he continued, lire I tlie "absolutely uneconomic and mi- ! satisfactory" basis upon which the ic- i lations between the public nnd the elee- (trie railways have rested since the inauguration of the pnten.ri,. nn.i placing of many additional burdens upon companies by the government as war 'exigencies without any sort of relief. included in the wnr program, to which Mr. Pnrdec said the electric rnil wajs readily subscribed, were the lnlsing of employes' wages as much ns 100 per cent, the control of the price nnd delivery of conl, the fixing of prices of other commodities nnd, in many cases, the prescribing of service to be given. Public Co-operation Necessary "Co operation of the public is ncces snr.v to the stabilizing of electric railway conditions," Mr. Pardee said. "There must be impressed upon the public n new conception of the relntlons between the communities nnd the public utilities which serve them; they must be shown that tlie antagonism which has heretofore prevailed is disastrous to both interests nnd thnt only when the public nnd the companies work together to secure efficiency nnd economy in operation can the desired service be furnished at n reasonable price. "A second fundamental idea is that in order to provide through the employ ment of private capital proper trans portation facilities for cities and for rural districts, the basis of compensa tion must be so determined ns to pro vide mi ossured return and a rnte of fare so flexible as to reudily nnd nuto mnticnlly ndjust itself to the cost of providing the service." CRAMPS TO FIGURE IN NEW COMBINE All Available Stock of Company Obtained to Be Put at Dis posal of Merger The William Crump S. Sons Ship nnd Engine Building Company is to be mnilc the centrnl figure in n new ' combination of shipping mid shipbuild ing interests, according to a report iu financial circles. For the Inst few weeks a combina tion headed by Chandler Co. has been quietly securing all the Cramp stock available to plnce at the di-posal of the merger, it is said. Virtually all the ?G,.'."0,000 out standing stock has been uc quired, it is said, nnd as soon ns some final details aVc arranged u livt of the holding com panies talcing part in the big combine will be made public. The corporation iu couise of forma tion will be named the American Trade nnd Shipping Compunv, ni cording to the report, with 1,000,000 shares or more of fctock without stated pur value. The Cramp stock is to go in on the basis of one shnre for live of the new issue. This operation vvll absorb 312, fiOO American Trade and Shipping Com pany shares, in case nil of those outstanding nre exchanged, and a sub stantial amount of the balance will be paid out tor stock ot additional cor poration which urc admitted later. It is understood that holders ot Cramp stock who are unwilling to make ex change will receive n cash offer which was reported yesterday to be iu excess of $210 per share. The Cramp corporation was one of the many to be carried from an indif ferent to u prosperous basis by the war. The net earnings of ?1,497,2,"5 in 10111 were virtually double those of 1013, and later displayed substantial improve ment. Tne company ovvus a shipbuild ing and repair yard ut Philadelphia which covers forty -five acres. Sinco the construction of ships was stimu lated by the war losses at sea, physical property has been improved greatly, nnd new facilities have teen added from profits, until now the company Is one of the best equipped In the country. Merchants MnersTrans. Co. Steameri leave Pier 18 8. Delaware Ave.. Philadelphia Telephone, Lombard MOO) for BOSTON Wed.. Sat.. BP.M, SAVANNAH- m. ep.'ir. -JACKSONVILLE m. sp.m. AftrACUve pflienr?r and xrairot raiea. "uu uinrmjuw aprtjquw, I lal onrMwt, A.-L. BONtJAK' rCf.,&MK The Successful realizes the value of a connection with a responsible investment house. The demands of his own business often pre clude the exhaustive study of securities necessary to intelligent investment, yet his abilities in his own field result in surplus funds for investment, and his good judgment dictates the advisability of placing at least a part of these funds in the bonds of companies not associated with his own. Moreover, the successful results of his own specialized efforts suggest a connection with an institution which lias made investments its particular study. We count among: our clientele many successful business men to whose success we have contributed in no small part through the safe and conservative in vestment of their surplus funds. We could, no doubt, render a like service to ypu. As a preliminary may we send you our booklet "Choosinz Vour Jnvtstmtnt Banker," together with our current list of offerings? Ask for ListI'.A.-15-you will incur no obligation. HALSEY, STUART & CO. INCOSPOSATCO SUCCCSftOSS TO N. W. HALSEY 4 CO., CHICAGO LAND TITLE BLDG., PHILADELPHIA TELEPHONE: LOCUST 4820 CHICAGO NEW YORK OETROIT The Bond Department of HENRY L. DOHERTY & CO. 60 Wall Street, New York announces the opening of an office in PHILADELPHIA 604 Morris Building, 1421 Chestnut Street Keyitone Telephone Race 374 July 15. 1919. British American Chemical Circular COHEN & HESS JUmbcrs Xciv York Stock Exchange 67 Exchange Place, New York ill V .LGIYI3J ... y Efficiency in Building. Andrew Carnegie says he succeeded in business because he knew enough to choose' helpers who knew more than he did. That's 90 per cent, of building effi ciency choosing your helpers well. There's no operation in which "team work" is more essential. When the floor-men come to do their work they must find the flooring on the spot. If the girders are missing, your whole operation may be held up for weeks. Our traffic department has saved many a builder from delay and loss. It is one of the forces that has given this company its reputation for SERVICE. Building is too serious a matter to run the risk of failure to "deliver the goods." Some day you'll build. If you want the job finished on time, see that the lumber comes from LLOYD. William M. Lloyd Company ESTABLISHED 1888 29th Street tind Ridge fflFl Business Man BOSTON ST. LOUIS MILWAUKEE -111 Bell Telephone Connection on Request Avenu, hlJaJjpBUi.. f 093 "BtP i "I 4 w. .1 w wi m xl n't ?J m 4 1' 1 v jfir 'y Z ' ft In fi ' '' mm.,' i, t.m la aWllliipUrrWW jiL'sm rf.-i Pl ?' W: T " v"7l e -'W lb K 'M,"- 13 " u " sVti. i-OiiJ. jUj , u aiT "n - '-"V, Ji .rtV'tr. .K"-i.lr.i t. l.i.,rt! -. .?:. ."-"l
Significant historical Pennsylvania newspapers