:" Hue. l . '. , v.. ' V "J j . . " . . i .. L - v " .y .v--1 v i " - - , IfT, a. IV 1, 1 R p. It. f - EVENING PUBLIC LEDGER PHILADELPHIA', WEDNESDAY, JULY 16, 1919 io: UNITED STATES GOVERNMENT LIBERTY LOAN SECURITIES Bite 3l2 334 4 4 414 414 414 434 4!4 OHabt 1932 ; 1922 1932 1927 1932 1927 1933 1922 1947 1923 1947 1942 1947 1942 1938 1923 1928 Appro--. -Jflatd U Call. r If Belllna- Tor siiiiallabTe Date) 3.66 Jo 3.76 4.69 4.96 4.75 5.11 4.83 4.76 AuWnt. leld la Malum' 3.53 3.7S 4.35 4.45 4.55 4.66 4.72 4.75 4.9 1 7S0, 9100, $500 AND $1000 DENOMINATIONS FULL INFORMATION REGARDING TAX FEA TURE8 OF THE LIDERTY LOAN SECURITIES WILL DE FURNISHED UPON REQUEST MONTGOMERY 6. CO. Uf 8. t-A SALLE ST. CHICAGO 1IE.UJERS 133 S. 4TH ST. PHILADELPHIA K WALL ST. NEW YORK WJF inr, NEW TOniC AND rniXA. STOCK EXCnANOM aOVEItNMENT SECUlllTir.fl DErAIlTMKNT TEI-ErUONKSt DELI,, LOMDABD 8J KEVSIOME. MAIN 3314 COTTON PRICES INDUSTRIAL CRISIS IN ITALY AS SEEN BY VANDERLIP COTTON IS WEAKER ON ACTIVE SELLING Favorable Weather, With Bear ish Reports From Texas, Sends Prices Off yilllllllilllllllliiiiiiiilllllllliiHiiiiiiiiuiiiiiiiiiuiiiiiiiillllllllllllllllllllllllllHIIU Put your income on systematic basis 1 To have your Income come to you regularly every month 13 both convenient and systematic. This you can easily arrange if you take advan tage of the West & Co. special bond selection. This plan makes a coupon come due every month, thus assuring a regular monthly income. Writ us for further details. West & Go. 1417 CHESTNUT STREET Hae-abem i Sfff XJ?k Beha-je-r ?lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllIIIIIIIIIHIIHmllllll COTTON nEI.T WEATHKIt CONnlTIONS New York. July IB. The fotlowln tem peratures were rwonled In the cotton belt tnla morning: Memphis, 70! Oklahoma. Fort Smith aniJ Meridian. TS; San Antonio, "i ICKsburir, Macon. Knoxvllle, NashMII. Atlanta .ml Tampa. It; Fhrevepnrt. New Orleans Montgomery, Auirueta. Favannah nd Wllmlnalon. 76; Jacksonville. 7: nylveston, Peneacola anil Charleston. M. The following; precipitation m recorded! Auirueta. .01: Atlanta, .OK. Nashville. 10: KnQjMlle, .10: Jacksonville, .22! Macon. Mi Wilmington. .80; New Orleans. .30: Vlcksbur-r. .82. and Merldan. 78. New Yorlt, July 10. While there was little rain in tlir cantera parts of the belt, the general weather news wqh favorable this mornlnc and, bpin-r roupled with more bearish report from Texas, caused nctlve selllns at the start, which weakened first prices twenty-four to forty points. The early break cajrM prices fiO to fS points below last night's closing figures. Sentiment around the ring seemed very bearish, or reactionary, but there was some covering before the publication of the weekly weather re port, which caused rallies of about 15 to 20 joints. The report was considered the most favorable of the season and Was fol lowed by a break to virtually the low point, but there were unfavorable fea tures, particularly with reference to poot fruiting In Texas and the activity of boll-weevil. This helped to check the decline and the market steadied ngnin. with October advancing from "J-t.uO to L-4.8.1. The receipts of cotton at the ports for the day arc estimated at 22,000 bales. against 27,7,14 bales a week ago, .142." bales a jear ago and 4184 bales two cnrs ago. COAL AND CREDITS ONL Y CAN SAVE INDUSTRIES OF ITALY FROM RUIN, SA YS VANDERLIPh All of Cotton, Most of Wool and Some Food Must Also Be Imported for Na tion to Regain Economic Balance. War Cut Off Two Biggest Incomes From Tourists and Emigrants ; Large Loans Needed to Up Deficiency Make Markets for Cotton Goods and Silk in Central Eu rope Eliminated; Un steady Exchange Market One of Difficulties ITALIAN RAILROAD SOLUTION DEPENDS UPON COAL AND CREDIT Italy must have coal and credit. Without these two necessities the great industrial organizations and the transportation of the nation are paralysed. Without industry and transport Italy will bo in danger of the Ilnlshevik and the Syndicalist. Already cable dispatches are telling of local Soviets "Chambers of Labor" upsetting munici pal governments, seizing stored food supplies assuming control of public utilities and the direction of the police. These are but prelim inary manifestations of the uphenvel that may come unless Itnly's necessities are met. Mr. Vonderllp sees In Italy n nation rich in human material with Industrial lenders of rare organizing ability and a broad grasp of the prob lems of big production. Hut Italy's old sources of revenue, the tourist and emigrant remittances, have been largely eliminated. Her Near East ern trade Is dead and her commercial rela tions with central Kurope broken off. Mr. Vanderllp points out hat must be done for Italy. expedient to sell undul large quanti ties to any one customer. American manufacturers of women's apparel, particularly dresses, who argue thnt foreign trade Is not worth cultivat ing now because the domestic demand so large, are pursuing a mlstnken policy, according to manufacturers of dresses. Tanners of leather belting have mndo n change In their descount rates within the last few days which Is tantamount to Increasing the price of their product about R per cent. Sales, they report, have been Increasing steadily in recent weeks. June business is reported to have been about .1.1 1-.1 per cent greater than that of April. License regulations governing deal ers In wheat and wheat flour, not under contract control, probnbly will Include a rule which will require restitution to the producer if purchases are made on an unfair buying margin, it was nn 1 nounced by the t'nlted States drain ! Corporation In a bulletin sent out to ,day. The regulations, which will be promulgated later, are llkelj to pro vide, it was said, n provision thnt de cisions under this rule will be retro active NEW YORK COFFEE MARKET New York, July 10. After the call In the coffee mnrket December sold from 21.8.1c to 21.0,'ic nntj September sold at 22.40c. or 14 to 20 points above the previous close. No official cables had been received, but it was belirved that pome of the demand from trade and Wall street might be based on private advices from Ilrar.il. Some of the bulls appear to be making a strenuous effort to advance values here, while other longs are disposed to liquidate around present levels and wait for llrnzll to sell some coffee before again taking an nggressivc stnnd. ' Teat, clou , . . 22. 3S 22.20 . ... 21.70 21.83 . 2l.l 21.74 1.6S 21.B5 July September December March . . . May . ..., June Hid. Open 11 I "22.23 21 43 21. CO 22 45 31.85 , il'.ti J BAR SILVER Ilar silver was quoted In New York today nt ?1.04W. a decline of IVic, while the price In London was u4d, i an Increase of Via. i Tosterqaj'a TmU)'n ll'OO Julx A1B. Oct t Nov . . I Dec . I Jan. .. .March . May -ma clone 31 2n3!i.2rt 34 on .... 81 0.13S IS . 3!i (10 84.05lif35 06 84.7SIS34 7I .34. 5S 34 20 34 40tf34 45 1:30 . m. open 85 13 34 83 34 03 34. Ort 34. A3 84.43 34 :, 34 83 .84 81 34.30 British American Chemical Circular on Request COHEN & HESS Members New York Stock Exchange 67 Exchange Place, New York ERNST & ERNST TAX "SERVICE AUDITS and SYSTEMS PHILADELPHIA 2023-202 LAND TJTLE BUILDING. Te.phone-Ueu5 2681 NEW YORK PITTSBURGH TOLEDO HOUOTON BOSTON 6T. LOUIS CINCINNATI DALLAS BUFFALO CHICAGO CLEVELAND DETROIT MINNEAPOLIS WASHINGTON SECURITIES AT AUCTION The following securities were sold nt auction today by Barnes & Lollund: STOCKS Shares 13 Weat Phlladelphl Title and Trust Company: par 1W. . ... 147 32 Sharon Hill Improvement Asaoeiu- tlon: par lo Lot $11 20 Atlantic City National Hank: par lion . ... lircn C.2 Mutual Truet Company, par J50. . 484 30 Women's Cluu of Snartnmore. Pa I,ot MOO 20 .Midland Street Railway Com pany I.ot wo 11-40773 I)lavnre Insurance Company (scrip) Lot 1 12 Corn Kxihnrgo National Hank; par $100 383 r Philadelphia Natlonul Bank, par J10O 4l 3 Philadelphia' Jatlsnal Hank, par 10O 4S0 4 Penn Natl mnl Hank par IH'O ... 280 12 Fourth Street National Hank, par $100 330 3 Olrard Truat Company, par flnn. S00 3 Commercial Trust Company: par IKK) . 40rt 8 John H Stetson Company common, par 10O 380K 12 Northern Liberties Oaa Compaiu , par 130 .... 34V1 rt Hoaton Suburban Electric Com- panlea preferred 3 10 Second and Third Streets Paasen- ser nallway Company .... 203i 10 Germantown Passenger Railway Company .Si,, 10 Colonial Truat Company 1084 London Metal Market Hew York. July 18 Cable advice re celved at the New, York metal exchange this mnmlnt minted tirlcea In Iyindon today as follows: Tin Spot, J234 10s, an advanco of 14 3a. rutures, ii'a a a rain or n 10s. atralts, 1234 3. up C4 8s. Sales of apot, 100 tona, futures, 400 tons. Standard copper Spot, 103; futures, 105 13s, both up 4 r,. Salea. 1700 tons Klectrnlytlc copper Spot. llOSr futures. 113. both up 4.I.ead Spot 23 17s d. future. 24 10s. both up ns tipeuer npoi. n.i iob, a sain of 1 3s: futures, 44 13s, up 1. $50 $100 LIBERTY BONDS BOUGHT AND BOLD Biddle & Henry 104 SOUTH FIFTH STREET Members Philadelphia Stock Exchanca FINANCIAr. PROPORAI. nnnmisil TTM nREnOIN'G U. S. En. ilneer Office. Bhlladelphla. Ta. Sealed !M..i. u,iii h received here until 12 noon Jalr 23. 1I. -nd then opened, for dredglnt In prnuy.KUi iwver. ruijw. ,........ Ul. application. . , $3,000,000 . City of Chicago 4v Judgment Funding Bonds Interest January 1 and July 1 Dated July 1,1919 MATURITIES AND PRICES: $500,000, January 1 , 1 93096,676 $500,000, January 1 , i 93196.43 $500,000, January 1 , 193695,350 $500,000, January 1 , 193795,1 62 $500,000, January 1, 193V 94.980 $500,000, January 1, 193994,807 , Accrued Interest to Be Added to Above Prices . FINANCIAL STATEMENT Assessed Valuation, 1918 (one-third of real value) . . .$1,082,763,780.00 Bond Debt '. $34,656,000.00 Less Cash in Sinking Funds . . ., 1,767,692.34 Net Bonded-Debt, $32,888,307.66 Legal opinion, Messrs. Wood and Oakley. These bonds are a direct obligation of the City of Chicago, being payable, "principal and interest, from a'direel annual tax upon all the taxable property in the city. Yield at Above Prices 4.40 Exempt From Federal IncomeTax Bankers Trust Company . Illinois Trust and Savings Bank New York. . Chicago William R, Compton Co. The Northern Trust Co. ' Chicago , Chicago Ths above statement are based upon information yfhich we, consider 'trust- worthy and upon which we have relied in purchasing the securities ourselves. feWtelAi'itf. "b'VVV-''., ' ' BY FRANK A. VANDERLIP XTTIIEV one eomes to we the impor tanee of looking at a nation in the llxht of ltd power of elf -suittenanee. he will distinguish nhnrply between domes tie wealth and a national ability to eom mnnd and pay for necessities of foreign orijln. Take Italy, for example. She is won-. dcrfiilly rich In man power, moderately well-to-do in agricultural resource. She has partly developed her great po tential resources of water power. 8hc has no good nathe coal, little mineral of any kind and none of the great staple raw materials. She raises silk which she unwinds from the cocoons onto the bobbins and spins into skelufi, and then, in the main, exports it to the looms of France and Switzerland, and formerly to Austria, to be woven. Coal Essential It Is absolutely essential to hpr llffl to Import about a million tons of coal a month, all of her cotton, mneh of her wool and some of her food. She exports the lovely skeins of yellow silk ; her looms convert American cotton with a great deal of skill Into cheap fabrics for the Near Kast. She exports olive oil and a few special food products of small value in the aggregate, such as maca roni, cheese and a certain amount of wine. In the present stage of her in dustrial development she has, compara tively speaking, little to export and an absolutely insistent need for very con siderable Imports. For many years, therefore, Italy's foreign trade has been out of balance. She could not sell the world goods equal In value to the amount of goods she must huve from the world. She did have, however, two special and unusual sources of annual income. To tour ists Italy has for centuries been "the garden spot of the world." The aggre gate from the tourist business reached very large figures in recent years. She had another important source of annual income, reaching, indeed, in re cent years to upward of $100,000,000, and that was the savings her emigrant sons sent home. This has been a con stant and growing fund which yearly contributed in an Important degree toward equalizing the international balance. For several years prior to the war, and In spite of a deficient volume of ex ports, Italy was able fully to balance her international account without making foreign loans, through the aid of these two great sources of annual in come the expenditure by tourists and the remittance from her emigrants, War Changes Position The war has wholly changed this sat isfactory position. During the war Italy incurred foreign obligations amounting to $3,100,000,000, the an nual interest charge on which is, say, $155,000,000. This clone would have thrown her International account severely out of balance and would have been extremely serious because she has no way by which it Is feasible promptly to in crease her exports. But the incurring of the foreign obligation with Its an nual Interest requirements is only a part of her present difficulties. The embargo on travel all through the war and a certain continuance of that embargo for a further year or two costs Italy in her international account not less than $200,000,000 a year, while her other source of annual in come, the remittance from emigrants, has necessarily been greatly curtailed because of the return to the colors of a great number of her industrious sons. These emigrant remittances have continued in remarkable volume, but still there is a deficiency there from prewar figures that is important In view of the extreme need for something to counterbalance the absolutely nec essary payments that Italy must make abroad. , Two of her important exports, raw silk and cheap manufactured cotton goods, have had their market seriously interfered with. The markets for the raw slk were France, Austria, fjer many and Switzerland. The market in the central powers was wholly cut off and in France badly disorganized. Silk Industry Tho raising of the cocoon is an essen tial part of the agricultural industry of Jtaiy, The cocoons are sold to the silk mills in June and throughout the rest of the year the mills are busy winding the half mile or more of fiber that each cocoon is said to contain into yellow skeins of raw silk that In the main go to foreign looms to be dyed and woven The cocoons are paid' for by the silk. mills in June. The mills in turn receive their payment for the raw silk month by month throughout the year. Here was where the fluctuation in exchange made a serious difficulty. The Jilk'allls hiving; paid for the cocoons a dtfluite amount pt lire, found wb.en they csn) to dlspcxw of (the raw1 silk some months Wtv fMt tbff Tcarrencies were, epfiiii p' "- ti-.),,...' it.tn. .iuiU rkA,4L. mn ptwmmm wt-sr ;;.?"r'',,' i i"v "" "& sold for enough to reimburse them for what they hnd paid for their cocoons. In this trying situation the govern ment came to the rescue nnd made a fixed price at which it would buy raw stiK. Jt was forced to do this; other wise the silk mills, In the face of n wide ly fluctuating exchange market, would have had no secure ground to stand upon In buying the next crop of co coons and the whole silk -raising indus try would hnve become disorganized In the very sent of production, the peasant homestead. I'ntler the working of this arrange ment the Italian (Government has accu mulated $75,000,000 worth of raw silk and has created a situation in the silk market which Is perhaps economically unsound but humanly necessary. At least It was necessary in some way to keep the industry of silk production alive. The difficulties of the situation were so great that without government inter vention the idlk mills would not have taken the risk of purchasing a year's crop of cocoons with the hazards of a disorganized market nnd wildly fluc tuating exchange rate throughout the year during which they must dispose of the hpun silk. Tomorrow Mr. Vanderllp will con tinue his discussion of the Italian situation. OTHER FINANCIAL NEWS ON PAGE 20 BUSINESS NOTES Brisk bujlng by out-of-town retail ers continues to keep the salesmen and other showroom employes of women's npparel manufacturers and jobbers busy. British textile interests to consular advices, have according opened an intensive rapaign for the Swedish mar ket, immediate dell cries being offered, six months' credit, and 0 per cent off in thirty days. i Finished cotton textiles are being 1 bought in relatively large volume. The chief drawback to trading Is that of ferings by the mills nre limited Sellers of colored fabrics state that the buyers In the mnrket have tii be curbed be cause "tipplics are so light that it is in- -and with our NC Ocean Fliers 5zjfoct: ' OfthelSmenontheNC-l, NC-3 and NC-4, twelve took Fatimas to keep them company on that long, lonely daring flight. EATIMA ,"Jmt tn,Mth TurHth" NEW ISSUE $4,500,000 Dallas Power & Light Company First Mortgage 6 Gold Bonds Dated July 1, 1919 Due July 1, 19W Principal and interest payable in Boston or New York. Coupon Bonds in denominations of $1,000 and $500, registerable as to principal only, and fully registered bonds of $1,000 and multiples; interchangeable. Interest payable January I and July I without deduction on account of the Normal Federal Income Tax up to 2 OLD COLONY TRUST CO., BOSTON, Trustee. The Dallas Power and Light Company acquired by purchase on September 29, 1917, all the properties of The Dallas Electric Light & Power Company, which has been conducting an electric light and power business in Dallas, Texas, for 16 years. The Company does substantially all the electric light and power business in the city of Dallas, the leading manufacturing, commercial and financial center of the State of Texas. These Bonds will be secured, in the opinion of counsel, by a direct first mort gage on all properties and franchises of the Company. The Company will have no other funded debt, upon completion of the present financing. New franchise approved by popular vote of City on April 3, 1917, established a definite "Property Value" now amounting to about $6,200,000, against which, the mortgage provides, not exceeding $5,000,000 of these bonds may be issued, including the $4,500,000 now offered. Under the new franchise the Company is now authorized to reserve out of net earnings, as a first charge, 9 on the "Property Value." On $6,200,000, this 9 amounts to $558,000, or more than twice the $270,000 annual interest on these $4,500,000 First Mortgage Bonds. Earnings for last three calendar years have been as follows: Gross Eamlnga Operating Expens?- 1916 1,143.065 533.360 1917 1,267.922 589,214 1918 1.434.367 737.998 New franchise bme operative October 1, 101T. Net 609,705 678.708 696,369 WE RECOMMEND THESE BONDS FOR INVESTMENT Price 100 and Interest, yielding B Lee, Higginson & Co Harris, Forbes & Co The statements contained herein, while not cuaranteed, are based upon Information and ailWce which we believe to be accurate and reliable, " - U fy ' i it- SafiW- r ?. .w ?- i" ifs" ,V i w ' nijy3ipsj(pHyi A f3vv , v, ' l I -nlffl il' ; -r 'r j; V.JS "; iff.,' i-3; i nl i? vs M hi tl M l 'fcl u. I h 1: i- 3 1 O 41 k a?) H -A. '3 J"iJ 8 'CI -r 1 " -4v5 Mm A. s?.-J ?', '''! "!?fv . ",.'. ,Mj y -VI I si ' m '' . ..A' . 'J r -- I i ft. I i . '& j. ? . 3 1 i ....a s mU. .-sra.j ..tn... ,, .,MKJUifLr--- a .t., ... XLJlLAJm- . isfla .. . AujaLsKz,-!; l ..:" ji-JZ&mt a i . : ,11. v ' rt m
Significant historical Pennsylvania newspapers