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EVENING PUBLIC EEDGER PHILADELPHIA", THURSDAY, 3TTLT 17, 1919
IS
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I ITALY'S MANPOWER IS GREATEST
IN EUROPE, BUT NATION MUST
HAVE CREDIT, SAYS VANDERLIP:
single gun they had completed 2000
plccrg of ordnance. Then came the
,npoiot(o di'iiMcr And not until Hint
nwfnl dofent did the Itnllnn Oovrrn
tnmt turn In them with trlrs for riiiis.
"lien the first older uns placed the
BUSINESS NOTES
Itiijlnj; of fall apparel for women hy
retnilcrs from nil parts of the country
official were confounded on heinK told ""'Untie, with undiminished activity.
hat the guns were rcn.lv for immediate ,"",,lr """ ""icnien. eainer.
lenvrrv. These two thousand cun
Trade Balance Must Be
Made Up by Loans Until
Country Resumes Peace
Basis and Sources of Rev
enue Reopen
Great Industrial Concerns
Are at Mercy of Circum-
' stances Organising Ge
niuses H ead Efficient
Plants in Northern Italy
,By FRANK A. VAXDETILIP
IN REPENT cars there has been de
veloped In northern Italy, particu
larly at Turin. Illan and fienoa. a
number of great, efficient industrial or
Rnnizatinn. The tory of one of these
Is as splendid a romance of Industrial.
im as will be found anywhere.
There was one man in the industrial
life, of Italy who resisted the "peaceful
penetration" of CSerman capital. Ill
had larjre Industrial works in CJenon.
There wns ingrained in him'a distrust
of the Teuton, and as German capital
penetrated to other industries he not
only resisted any advance made by that
ITALY'S INDUSTRIAL FUTURE HANGS
ON NATIONAL FINANCIAL POSITION
Frank A. Vanderlip, financier and former president of the Nntional Pitv
Bank, in a further discussion upon the" industrial situation in Itnly, based
upon his observations while in Europe, snys:
In many ways Italy impressed me as being
richer In human material than any other country
in Europe.
There are a good number of well-planned
and well-equipped industrial oignnizntions in
northern Europe.
Itnly hns produced snme of the greatest
organizing geniuses in the world.
One plant siur.l Italy during the ndvnnce
of the Austrian which resulted In the Paperetto
disaster by "furnishing 2000 guns immediately
to supplant those captured by the enemy.
Continuation of these plnnts depends solely
upon international trade. Itnly ns a unit must
be able to sell to the world sufficient amount of
her products to pay for the coal, cotton, wool
and other products which she must have. It is
not a question of the credit of individual firms.
If Italy cannot make the lonns to counter
act the hnlatice nf trnrliv linr Industries most
halt, production cease and workmen stand in idleness nn.l face want.
uiti i at, Ml
FRANK A. VANOKttl.lP
J were at once put In the field to take
' the place of the vnst losses which the
Italian army had sustained, and per
formed a fent. in slopping the advance
of the Austrinns. the aluc of whi.li
can hnrdly be measured.
Iluslness In raw silks Is only fair.
Owing (n the decline in puces, btijrr
Ime developed n disposition to shop
for supplies in the hope nf uncovering
weak spots.
Demand for cotton -noils tins nut-
Ilie Atisnldo Pompnny could now get stiipped the supplies that are offered
orders, but through some influence or i hv the mills Leading eastern mnnu
j perliaps onlv through financial imibilltv. fncfurers of ginghams state that they
thej could not get pnj. Tile orders .nnnnt supply goods in anvthing like
were uncensing. The pay continued i the quantities desired h exporters, cut
clushc The grent works, however, lers. manufnctuiers, jobbers and re-
nere operated to their utmost ranncltv. , tniler.
and performed a feat that those in
I America nil! marvel at. who know liv
experience the
production
:i
Automatic machinery for the linok
111 1. I 111. II II" IMI.,1, l. ,.) ... . , 1
difficulties of ordnance l"ml,ncnn'1 rnthn ,rn''pv " "-eporte.
io exceiienr .icinnnii. anil a munner "i
the mnnufneturinc nlants are vni.l to
Financing ltrnuirr.1 Orlillls .be working oxertime Sinie the war
I Winks thnt emploied 1(10.(100 men terminated lni!m witli foreign lomi
inere i rated nnd 10.000 guns weie put , tnes has been accelerated. Shipments
I In the field. At one time the ltnliiiu nine been made to the Hutch East
itJovernnienl owed flic Ansiildo orgnnia- I Indies. 1'nglnnd. 1'iance. Norway. Jn
tinn 70.000.000 lire. , pan and the British Indies.
The matter of financing the situation
required genius, daring nnd substantial j Steps (oward the resumption nf trade
Strengtli The capital of the onmpati relations with Ormnm have been taken
nns incrrnsed to .VI0.000.0n0 lire nnd , In raw ski,, mcrihants Healers who
the pulilie generous. subset ihed In the ' forme, j had (Irrinnn connections linve
,Moik A great oinbinntion of banks cabled to (Jeninin for icnorts on con
capital for en interest in his business,
but he instilled into his two sons what
became almost a religion of chauvinism
so far ns this great establishment was
concerned.
Oath at the Bier
When the father died the two sons,
with a touch nf Italian romanticism,
British American Chemical
Circular on Request
COHEN & HESS
Members New York Stock Exchange
67 Exchange Place, New York
stood nt the bier and made a stern com
pact one with the other that thej would
never admit (iermnn capital into their
great industrial inheritance.
In these two men there certainly
must have been some of the blood of
the Pnesnrs, for they had an audacity,
nn imagination, a vision foi grent ac
complishment such as the men who i particular contribution
In that sense it seems to me it
was iientnl ,,, orde, thnt the organizn
lion mtrht cnnliol nnd he aided by n
bank of gient tinnncinl stiength
In a struggle balanced to such a
nieetj as, was the great war, when
1'aris nnd perhaps the whole cause
was snied b the opportune nrrial of a
handful of Amerienns nt Chntenu
Thierry. it can be justly siJ of ench
of main factors thnt the wnr could not
hne been won without this or tlmi
SECURITIES AVAILABLE
AT ALL TIMES
FOR INVESTMENT OF PERSONAL OR TRUST
FUNDS.
Brown Brothers & Co.
Fourth and .Chestnut Streets
New York
Philadelphia
Bo.ton
Mmbtr'of the Philadelphia, New York and
cotton stock Exchange
luled earl Home must have had.
Theirs was one grent industry in Cciioh.
The whole was known as the An
saldo Company, and it had gieat nn.l
varied Industrial capacity, running
through shipbuilding, the making of
turbines, the construction of locomo
tives nnd the building of electrical ma
chinery. With Italy's entrance Into the wnr
these two men had the imagination to
realize thnt the great war was a war
of industrial capacity. A speech which
Kaiser Wilhelm made in which he told
his own people that the war would be
won in the workshops of ficrmnny
brought to them a revelntion regarding
the character of the war.
Their clear-eyed view of German nn
tional characteristics, their hatred of
German domination, made them see, ns
few men in Italy im. what the strug
gle meant to Itnlv and what menns
must be employed if Italy was not to be
vanquished.
Saved Italy
They offered nt once to turn their
can
triilv he ;, r,nt without the .on
trilmUnn of the Pcrroni Brothers and
of their industrial organization of 100.
000 men (hat tiiey brought together in
the nsnldn works, the great wnr could
not limf been won. For Itnlv's cause
would hmc been lost and with thnt loss'
mignr nnie come the downfnll of the
great iniie. But now what of the fu
ture nf this an, other great industrial
establishments that the wnr developed
in ltnl ?
Rich in Man rower
In mam ns Itav struck me a.s be
ing riiher in human material than nnv
other European cnuntiy tliHt 1 visited.
These northern Italians seem to bine
a genius for industrial organization.
One nf the great industrial plants of
the norld is the Kint works nt Turin.'
nnd theie nie n goodly number of well
planned, well equipped industrial cs
tnhlishments in northern Itnlv thnt have
at hand an efficient, skilled nnd moie
than ample labor npph. But they
must hate coal, nnd tn set that must
establishment into the making of large ! somo11"" i,m' " on(e. hne the power
guns for the nnnj Perhaps, as thej I I"1' either in goods or in dollnis or
believed, there was German influence, I10"1"1.' Veiling.
still In seats nf power in the Itnlinn' '' is ""' n matter of the individual
Government. Perhaps there was onlr!''rp'1" nf '"''' industries. It is not nt
a lack of vision, but in any event, thev " 'luestmn of the domestic wealth nf
got no orders for Kims.
T.Hfl. nf n.ita.a 1. nn. .... .,!.! .
daunt them. Thev hclicre.l the. ,.nlH I "'. ,hp '"ernntionnl exchange..
see more clearly than the government i
saw. Thev obtained from Itnl's al-l
lies the designs of the most efficient
French guns and without a single or-,
der from the government and in the
very first dnjs of the war thej sinitcdi
to convert their plant into an mrlnttnce
establishment. j
Before they received an order for a
ditions (hcie nn.l the prospects for the
s.ile of Vmerirnn fuis The cables have
b.en followed bv letters outlining con
ililinns heic and quoting prices on sup
plies for shipment.
Billisb traders are feeling the rnm
petition of American cotton products
in oersens markets, particularly in
Aigentina, nconuling to the American
Chamber of Common e in London. Per
tain of the American houses in Grent
Britain whuh hitheito have virtunllj
confined themsehes to the purchase of j
goods for consumption in the I nited
States, it Is understood, mny now take
on the export of British cotton goods to
nnnus mirkots, even India.
June structural steel commitments
were 0" per cent of rated cnpacity.
against 40 per cent in May and fid per (
cunt a vear ago Average booking of,
structural orders in the first half of
lln cm rent onr was approximately .'',0
per icnt of onpnoin. against an average,
of fil per i-enl In the same pel iod last
e.ir. Industrial extensions are re
sponsible for the larger part of orders
booked in lecent months.
'Blie merican Iromotive Company
h.is leceived the following orflers for)
expoit shipment ,lna Stte Railwavs.
twelve niuetj -nine-ton Mallet engines ,
Cordoba Central Railroad of Argentina,
six eightv three ton Mikndn engines,1
linpeiiiil Rnilwnjs nf Extension Rail j
xmij of Chile, two forty-two-ton Prairie
tjpe engines.
t the wool auction sales in London
todav. 7-150 bale0 were offered The
maiket was irregular. Combing merinos
sold ." to 10 per i ent lower. Carbon-
I..... ...nl.tnu unl-n nrtu f ll 1 1 p con re
w . . IIllil HIT 1 I1IH- ...I' ....... . .
It is a question of (.rn,s)1P(N so, 10 to lo per cent lower. J
posit,,,,, with respect S(.01lr(,lU nllp,l ,teadj.
ltfllr lit l Mil I in tin I ..:- i t- -LI.
"'",' ii-ii inn iiiiu i j nn iiiiii iH'iiriin . . i i
to sell ,o the v orld a ,-,,,-, nmount I '"V?M"! f 'a "'""'""T '" "A' 1. ,
of her own i-.l,. .o .. f , . , anil U est irginia mm' .eceui iucr.-Hse.i
I ! (HI,! IlI III' I lllll,
nnd the .niton, the wool, the petroleum
products, the rubber, and the other raw
mnteii.ils whiih she must luive.
If for the time being she cannot do
...... n... .... mi up u.e nnnme , ,,;,.,, ,nn0IlnPPd , d,ri
iron, emiginius i cmiiiances nn,t lour ,.,,i,mn ,nHP
mi iixiin iiiii'i nn ms - "
LONDON, STOCK MARKET
Further Shake-Out In Oil , Shares.
Canadian Pacifies Buoyant
Iiondnn, July 17. --There was a
further shake out in oil shares nn the
stock cj.hnnge today. The Anglo
Persian Oil Company has proposed an
amalgamation with Scotch -Schale
Companies to unify refining operations.
Fresh biinjnncy was shown In Cann
dian Pacific and support was given to
South American rails.
Dnincslii secuiltles linked steadiness
anil the mining stocks displayed irregu-
lerlt. (ieneinlly the markets were
n.uite and mixed.
BUTTER. EGGS AND CHEESE
Vew Aork. .lulv It rifTTKR itull nn
winl Tl'rMplii tn ,ub lllch iirnrmpr i
M'.'JJiV rtiii A1wA4r Hrnn M '
ss,r einnii inibfflr.tr ut iimn .iTg
3l3r
K.I.J irrreular h.-Hr"- ' " II'
Ki.'fh saihi-rl exlrHR ,Mi3ASr plnraice
Trtrkil .xtn firs, 4110? SU illrUf N'o 1
SMflaKi Nn L' '.'.Ml .llr ihr-lkn .1llf3.li
ihr-eks iinrloicrmle 2nd Z(c flrMn 44(U4tr
f.ri.nn'li' l.'fl 41r itstp hiiiI narli liennrrx
whiti riSt. Ti.V KHthererl whltrr ,05?5U
rlirn ulctis ,",J.r til r Thi Ifli in.ml f.tl f.l
,"iii i.i.rn nrl noulhrrn tralhfierl whlti.
1 a v Mir tn( anil nesrhv hr"nner limwni
,"i413r.7i sathrerl drnwn ftnrl mlxr-rt MlffSSi
fnir l" prlmn I2ffr4'lr
. HKKSI lrrcFUlnr Rirr.,p, .Ifi.'S
Iiohf rim i-urri-n. miike inlorrrt sn-racr.
run II41H3-C flat rurrenl msl... while.
nrns run It ' a "1 ' ' 't 1
."I.", i11e while nr'Clnts 3L'Sl?33r)
$6,818,592 In Treasury
The Heekh slntement nf Citr Treas
urer Shorer shows n balance of Sfi.s.l
oOJ - Hereipts for the week totaled
StliVi 70(1 10. and payments of S1.S0.
120 (Kl weie made.
Bank of England Statement
London. July 17 The weekly state
ment of the Rank of England shows the
following changes: Total reserve in
creased 7.12.000 ; circulation decreased
fdWI.OCKI; bullion increased ,S.1.2.'10;
other securities decreased 0211.000;
other deposits decrensed 0'J..10,1.000 .
public deposits increased 110,000;
notes reserie Increased 724.000; gov
ernment securities decrensed 02, Soli, -000.
The proportion of the bank's re
serve to liability this week is 20. ."4 per
cent; last week it was 12. .10 per rent.
Gold Bars to Be Sent to Pari
New York, July 17. Gold bars
amounting to 43,000 have been with
drawn from local depositaries for ship
ment to Paris. A .further amount ot
S101.000 was wlthnVawn for export,
but the destination is unknown.
RAILROAD EARMINQS
UNION PACIFIC ST5STKM
I0tl InrrMSti
Mv irs!l . . . S13.Kl.tOS JJ.3t7.B01
HsUnce sfter tes S,41B.90r t ODJ.Tla
Net npert. Income 3.3(4,2.10 1 lt0,i4O
TUe months Rroii ns.flRft tta 11 rlli,0fl2
Uslnnrc ajter tain 1.1,043.400 'iTln
Net otxrt Inromn 14,M4ir)r)2 1.8tM,(MT
Dcrase.
Service and Stability
Any Manufacturer
Looking for
a New Location
would do well to con
sider the neighborhood
in which we are located.
Property is quite cheap,
and the nearness to the
center of the city and
the large supply of la
bor in this vicinity are
important factors. We
will be glad fo assist
ou in finding a site for
otir factory or warehouse.
t!F
Trust Company
Fourth and Green Streets
Capital $500,000
Surplus fi Profit . . .$1,610,000
The following companies
offer
INSURANCE
of all kinds
111 frcisht rates destrojed the relation
ship with rates to the Northwest from "
Illinois nnd Indiana mines, subjecting 1
Ihem to undue disadvantage, were not J
vnstnined b the Interstate Commerce
H
K
Consider Canada
Field for Investment
r
H
as a
Investors in the United States will find it in their interests to
consider carefully the investment opportunities available in Canada.
The country is in an exceedingly prosperous condition. For example,
the Savings Banks' deposits are steadily increasing and at present
amount to $1,108,000,000. This figure exceeds that of a year ago
by $160,225,000, despite the fact that since then close to $700,000,000
has been subscribed and paid for the Dominion Victory Loan, "in
addition to numerous issues of Provincial and Municipal Bonds. ,
Canada's War Loans, totaling $1,600,000,000, were very widely
distributed. They are closely held, and the demand has resulted in
an advance from the issue price of from two to seven points.
The following offerings are selections from our July list, just issued,
which comprises a wide range of
Canadian
Government and Municipal Bonds
Yielding 5.35 to 6
Price and
Dua Interest Yield
$50,000 City of Toronto 4Vi Bonds Uuly. 1948 87.55 5.35
26.0001 Don. of Canada Guar. 4 Bonds 1 Jan.. 1962 77.03 5.37
$97,000 lued by G.T.P. Ry.)
$100,000 Toronto Harbour... ...4 Vi Bonds 1 Sept., 1953 86 5.40
$400,000 Newfoundland 52 Bonds 1 July, 1939 100 5.50
$225,000 Winnipeg 5H Bonds 1 Apr., 1939 99.40 5.55
$550,000 Proy. pf Quebec 5 Bonds 1 Apr., 1920 99.50 5.75
12'.70o Proy' ot Saslc 4 Bonds Ju,y 1923 93.65 5.80
$115,000 Prorv. of Alberta 5 Bonds 1 AujJ., 1922 98 5.75
$80,000 Prov. of Alberta 4 Bonds 1 Feb., 1924 95 5.75
$195,000 Montreal 6 Bonds 1 May, 1923 100.35,5.90
$175,000 Moose Jaw 5H Bonds 1 June, 1939 95.34' 5.90
$50,000 Victoria '.....4 Bonds 21 Jan.. )(IV3 S3.75 6.00'
' $ 9,000 Victoria -. 6 Bonds 1 Mar., 1928 100 6.00
Principal and half-yearly Interest payable in New York.
We shall be glad to receive yotir orders by telephone or wire
at our expense.
Our extensive facilities and long experience in dealing in high
grade Canadian securities places us in a position to offer you unexcelled
services in this field. -
We Invite Correspondence
Wood, Gundy & Gonipany
Toronto
Baakatooa
larortd
14 Wall Street
JSew York
Montreal
Londan, Bait.
its' expen ditiues. she mnM have ned
its or her industries must in part close
down
It nil amount's to the inevitable locic
nf two plus two. Theie is no Betting
away from the fen fundamental factors
that are involved in international tiade
To buy nnythins abroad Italy must sell
her nun products or make loans
at the
I lines
lerpicst of Ditector (leneral
LIVESTOCK QUOTATIONS
rhinm. .lulv 17 HOGS RiTflpt! 30.000
hr-nrl Most iles 4O50r lower than ve-l-rdm
s nM-ralte Top $22-40 out of line
limn nl 10.10 a in was S22 15 hog pick
.inirxe Blow Hcrvn 2 SHff22 10mei1
tnliuin $21 10WJ-J ir. llftniweuni j.i i"u
l" . .. . - .,.-. run miRni ... i.aii. .... nr
. -. .t. 1.. l. . t i .. . Z IT llKlu ' 'V' .-- - "
.niiuiernci. wie ihtk oi naiance ll sue .., .mooih S2ori0S211 parkitiK sows
...,. !, .!.... I .1.! . ,.,1.1, ftllTMUOSn PISS JIM .MI'O.II 1.1
riiiiii, 't iiiunr iii,"- i
loans, things csen
tial to her Industrial life cannot be in,
1 ported. Her industrial "fe must halt,
production ccno. workmen stand in
idleness and fnce want.
But that usually spells (whether the
hungry man is nn Italian, n Russian, an
englishman or. (!oil forbid, an Anion
can, the result is apt to he the samel,
reolutinnar. outbreaks, a dismgani?a
tion of the social oider. industrial ih.ios.
(Copyright, 1010. bj .McMillan Co. I
Tomorrow Mr Vanderlip will discuss
"An economic Madhouse."
J Financial Briefs
The New Yolk Subtio.isury guiei
SI .111" .000 from (he banks .esterday.
making n cnli net gain s,n.e Kridni
of $7,OS0.0OO.
Subscriptions tTirnugh the IVileial
Reserve Hank nf Philadelphia in trens-
urj certificates sei ies T 7. dated .lull I
and ninturing December 1.", 1!H0, ng-
Igregated SL'l.lH.OOO
1 rATTI.H Receipts 12 000 hear! rholca
, mil prime steera 2Sc higher hea slow to
lower best grade "she slock canners anrl
lialoK tead ethers slow lo !V lower
Peef steers cholre and prime $17?fls25
i medium and Eood 113 2.1191" r-ommon
Hi Vi-a 13 .in light weight good and i hoire
14 T.'if. 17 21 i ommon and 'medium J1021tJ
14,1 hutrher heifers T 14 50. cons $7 71
5 1.1 ral,e 1S2119 21
MIEHP Receipts 2.1OO0 head ine
and western lambs piostl 21r lower T.,p
western Jl 15 Sheep stad feeders
si rong
' Plttsburrh, .lul 17 Htvjf- Receipts.
100 head Lower llegwe $22 213 22 50;
lhea Yolkers. $2i fiO0 22 71 light York.
I er and pigs. $2150322
SHEEP AND I.A.MHS Receipts innn
head Steadj Top sheep $10 51. top
, ' "iTl.VKS Receipts .iOd head Iiwei
' Tup. J2D
Kansas ( lt . Jul 17 HO.JS- Reieipts
1000 head t'neen generallv 2540c lower
'than eslerdav's aerBe 1'aiker; top
21 H.1 pigs SI lower bulk I21 40021 n
.AITI.K -Receipt" 7000 hedd Reef , at -
,le steady lo 25e higher She stork steadv
i to uneentv lower, hulls stertdler fgeedera
1 weak Calies SI Wt 511 lower ,
SI1EKP- Receipts 1000 head Native
lamln generally sleadv western strong
Beidler & Bookmyer
General
INSURANCE
BROKERS
424 Walnut Street
Lombard 29i? Main $63
New York Office
95 William Street
J
Tht Oldtst Title Company In the World
ftcal estate (Ettlc
3ns;urancc
anb Srufit Compant)
of 33btlabelpijia
523 Chestnut Street
K,.M t. 1-ouU. III.. JuK it Hon?
HpretptP noOO hnti l.oer lop J'J in bulk
$17547 --30 hfd welahl $JJA'.,.,35
im-dtum vsfiglit $.M IMi'ZJio light wfitht
$J1 75irf22 "1 lifcht lishi $.'" 25? '-) J5
Ha iiarkinff sow gmui.th S19 J'i : .'.,
parkins ow s lough M 7 J5 fi r -5 pifts
jiaftJi
(.'ATT IX Rrelpt 4Mld hH1 lwfr
neff Rteeri" inpilluin nnJ 1iphn ficht
medium and tino-I $14 o)1)? 15 00 iftnimon
during the absence of Iloiace II. J.ee, i diuni. $lo'lTl2.io butcher rattle heifers
I j lJ)W lo, rows -. ... r r. i. ..' (lunriM uno
I cutters SOSfSSO eal ,ilies light and
'hands welehl S12WIK75 fieder steers.
2.11 II .10 stocke, steers 7 .I'll 11
.SHEKP- Receipts l,Vm head Higher
t.ambs $14. 10017 5n rulls and rommon
S7W11 jearllOK wethers Jlii'ffi, ewes me
dlum and r holce, JS .inii rulls and com
mon S3W n tin
I fieorgp II. IlnuberRer bus been np
! pointed t-ccretary ami tiensiirer pro tern
i of the Philadelphia Stock Kxilinuze
secretary and trenMim.
I
WILLIAMS
i (, WALTON
General Insurance Agents
I Nos. 416-420 Walnut Street
l
I PHILADELPHIA
' The Ohelten Trust Companv totliu
for the first time passed the SIl, 0(10,000
' mark in deposits, the enact tigures being
i ,$.i,nos,sr!ii.
i
GOVERNMENT BONDS
Panama coupon 2s ltflil
Panama, rerlstererl 2" 103H
. Panamx coupon 2s ml
1 Panama registered 2s W
Panama coupon 3s 10.11
Panama reulstered :is mai
Phllipplno 4s. 11)14
Philippine 4s. 101.1
1 Philippine 4s. lOSrt
1 S Oov coupon 2s lino
i r S Oov registered 2s 1(110
i l' fl Oov roupon 3s l4it
I S Oov renlslered Sj 1II4H
i V S Qo coupon 4s 10J1
' 1T S Uo registered 4s 11121
O nf Columbia 3-.i.1s 1H21
111 1 Ask
OS",
i", ()3i
n in.,
kn :u
l2
nn Mil
no 4'j
on nn
pi', nn
fll'l flfl4
inn' inii,
inn1, nn
m ion
South Omahn. Julv 17 HOOS Receipts
$7500 head 51' 10 lower than esterda si
aeiBe Bulk 121 111'" 21 50 top 321 SO
CATTLE-Re.elpts 4Min head Dry fed
pteers 25c hlcther She stock stead) tn
lower stntkers and feeder 1,1 2.1c higher
S11EEP Receipts 13 nun head Klllinr
cradeB slead) closing easle.
. Julv 17
Slow and
6nil head
CATT1.P. .
low and weak
Slow and
Cast nulTnlo. N 1
Rerelpls1 500 head
c'Al.VES Receipts
si lower stfKi-'i
HOC1S -Receipts. 1000 head ctie and
. irnm uinpr irev inixen nnn omers
2.1 .15. llllht nrkers 2.1!f23 25 plBs J22 75
I Crl. roughs S20 7.'.2. stags SI2&1K
SHEEP A.VI lAMHS Reielpls light. u,
I tle Rf steady Prices unchanged
1817
1919
Fire
Association
OF PHILADELPHIA
N. W. Cor. 4th & Walnut
Has given its policy holders to', d
Indemnity for more than one
hundred years and has never
been so strong financially as now
Have you a policy In this old
and reliable Company?
CHARTER PERPETUAL
PHILADELPHIA STEAM HEAHNG COMPANY
ENGINEERS & CONTRACTORS
FORTHECOHPUIEGWEWIHECHANICALEQUIPMENTOFBUILOINSS
JUNIPER W CHERRY STREETS
Heating Plumbing Ventilating
General PipingWork Steam Power Plants
Sheet Metal Worli Repairs
Always at vjour Service Day or Night
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I 1825 1919 j
I THE
I PENNSYLVANIA I
1 FIRE I
I Insurance Company
g INCORPORATED 182.1
g CHARTER I'RRrCTI'I.
Office, 508-510 WALNUT ST.
y I'liiinrxriiLi. p..
i
rapltal
Assets .
Net onri'lu
burplus t rollryholdera
75n.onn.fto
ft,A'J(l.i;2.K4
l.8is,svs.n
:. 311.1. 8J8. 60
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A Complete Federal and State
Tax Service
NATIONAL TAXAUDITBUREAU
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The tide has turned J
1 and is running strong towards
the Port of Philadelphia
The commerce of our port for the
5 year ending April 30, 1919, shows
Foreigntrade vessels cleared i
4,621,000 tons. f
Coast wise trade vessels cleared
3,049,000 tons.
Direct sailings arc now in operation
from Philadelphia to the following
foreign ports.
Antwerp
Bristol
Buenos Aires
Copenhagen
Gothenburg
Glasgow
Liverpool
Leith
London
Manchester
Montevideo
Rotterdam
Rio de Janeiro
Stockholm
There are trade opportunities in all
these ports for manufacturers in
Metropolitan Philadelphia.
Let the Foreign Trade Bank, the
Corn Exchange, co-operate with
you in developing this business.
CORN EXCHANGE NATIONAL BANK
PHILADELPHIA
CHESTNUT at SECOND
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READJUSTMENT
AETNA EXPLOSIVES CO., Inc. "
To Holders of 6rr Gold Bonds, Preferred Stock, and the various
Certificates of Deposit therefor, of Aetna Explosives Co., Inc.:
Securities have been subjected to the Plan and Agreement
as amended June 10. 1919. with approval of Hon Julius M. Mayer,
Judge of the United States District Court for the Southern
District of New York, in the following amounts and percentages
of outstanding securities, respectively
SI 9;-4.600 of 6r Gold Bonds, approximately 90
$4,403,425 of Preferred Stock, approximately 839r
said figures, however, including $501,800 par value of Preferred
Stock deposited with the Stockholders' Protective Committee
under the greement of September 29, 1917, the holders of which
have until Jul) 20 1019, tn dissent from the Plan, but none hav
ing dissented to date, and also including bonds purchased by the
Receivers
Roth the Directors and the Stockholders of the Company
hae approved and authorised the carring out of the Plan.
Judge Mner bj orders dated July 14. 1919, has authorized
immediate payment of the moneys necessary to effectuate the
exchange of old Bond for cash and, on August 1st or as soon
thereafter as the mortgage and ihe new Scries and Series B
Bonds and certain legal formalities can be completed, the deliv
crv of the moneys and new bonds necessary to effectuate the
exchange of old Bonds for new Series A Bonds and of the Pre
ferred Stock for rash and new Sene-, B Bonds
The undersigned as RcadjUMtmcnt Managers under said Plan
and Agreement have declared said Plan and Agreement operative
and hereby gie notice thereof
Holders of Certificates nf Deposit for Bonds electing to
take cash will therefore receive payment ($850 and unpaid ac
crued interest to the dale of pam.nt not later than July 30, 1919)
on or after July 1". 1919 upon surrender of their Certificates of
Deposit, properly executed in blank and witnessed to the Deposj.
tary issuing them, together with income tax ownership certifi
iates for accrued interest from July 1. 1919, and also income tax
ownership certificates for the coupon maturing July 1, 1919, if
such coupon has not previously been cashed Holders of Certifi
cates of Deposit for Bonds electing to take new Series A Bonds
must in writing notify their Depositary thereof on or before July
30, 1919, and holers failing to give such notice will be deemed
lo have elected to take cash,
Notice will be given hereafter of the date (either August 1,
1919 or as soon thereafter as the honds are ready) when delivery
in Depositors will be made of the new Series A Bonds in ex
change (par for par) for old bonds not electing to take cash, and
of $75 in new Series B Bonds and $20.75 in cash in exchange for
each share of Preferred Stock
Additional deposits of Bonds may he made with Bankers
Trust Company. 16 Wall Street. N'ew York, and of Preferred
Stock with Columbia Trust Company. 60 Broadway, New York,
depositaries., on or before July 30. 1919.
Dated July 17, 1919.
J. & W. SELIGMAN & CO.,
Rndjuttrntni Mini,r nnitt th PUn ent
AtreiMnr-nt of Rctdjaatracnt of Artn EzpIit
Co.. Inc., an imrndta JnD 10. 1319, with ih
pprerl of Jodie Julio Mt Mrr. '
:
M
-ESTABLISHED 18TB.
Sprat 1015
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