'-' '-" r'' '1W5K. i-Mf5'F'"""iv'Kj "jTV.-.V.. ,' . .--'--,WiVly, ".B'ft I '"-!.- i .i. v III1. EVENING PUBLIC LEDGEK PHILADELPHIA', MONDAY, JULY 21, 1919 n f'i PJ?T;iT'. tt'"'''rtw,55i'Tfi-'r&"iSr,'''firi,-' i''J",vTtr ' ""--i!" ; V I V , I V. - ENGLISH LABOR DIFFICULTIES NEARED POINT OF REVOLUTION IN FEBRUARY, SA YS VANDERLIP BULLISH ENTHUSIASM SENSATIONAL BREAK RETURNS IN CORN PIT, IN COTTON MARKET Financial Leaders Saw Big gest Fight for Better In dustrial Conditions in History Common Sense. Solved Problem Housing and Wage Ques tion Will Be Big Factors in Determining Interna tional Position of Great Britain in Industry By FRANK A. VAXFIKItMl' T IIAVB gone Into this totuntinn (the nritMi hnusinR and wnce situation) rather fully because I believe it lends to n conclusion of enormous importnnce In nscertniniiiB the futiiro position of British industry in internntionnl com petition. Tlic differentinl Hint England lins lind in the Inst generation, compared with Amcricn. and I believe in some degree with Oermnny, lias been the differential of n wage scale tlint nvernRed lower than the point lit which the physical efficiency of labor could be maintained. In order successfully to compete in neutral market" British industry tins made a red ink overdraft on the future, an overdraft on the pli.v toque of her citizens, an overdraft thnt lins con sumed her house facilities; that over draft must now be made Rood, nt the expense of the nation. At the direct expeu-e of industry, a minimum wage must be paid, either voluntarily or such wage will be fixed by law. Pretty much nil labor opinion Is on one side of a legal enactment in regard to a minimum wage, and a con siderable body of employers has also rencbed the same conclusion. This means tlint the differential which British industry has had is, for the most pnrt, gone. There can be no more overdrafts on the future of this character. If there- were not hope of getting increased efficiency in produc tion, the outlook for Tiritish industry on this account alone would be dark, for with the differential of low wages lost, Knglaud's abilitj to compete, par ticularly with America, will be seriously hnndicnpped. The factors which T have been dis cussing have their roots in conditions which existed prior to the war. OuUlde Marhets Kssentlal There now comes another great factor, thnt for a time nt lenst will be ENGLAND MUST NOW MAKE GOOD GREAT INDUSTRIAL OVERDRAFT Frank A. Vnnderiip, former president of the National City Unnk nnd one of the country's foremost financier, giving his views upon the industrial situation in (Irent Ilrltnin, under the caption "Nipping a ttevolt in I'uglnnd," snys : In order successfully to compete in neutral mnrkcts, Itritish industry hns mnde n red -ink ' overdraft on tne future, an overdraft on the physique of her citizens, an overdraft tlint has consumed her house facilities ; that overdraft must now be made good at the expense of the nation. Our own ft'nited Stntes) position in inter ', national industrial markets will be in large mensure influenced by Knglund's nbllity to con tinue successfully to compete In those market-. 1 lind n fortnight of obscrvntions of labor conditions in (Jrent Itritain. beginning the first f of I'Ybrnnry. Strikes bad become so g turbulent in character Hint militnry tnnks had been ordered to (Jlasgow and were ponderously 1 patrolling the streets. J Among business nnd finnncinl men I en countered but one opinion, and that wns that lhiglnnd was in for such a fight witli labor lis she lind never before known, nnd the outcome lind possibilities of revolution ary import. Day's News Has Tendency to prices DrP $6 a Bale After Strengthen Market Sharp Reaction in Oats . '?. mMk. 5sF t unKiuMHa. r FRANK A. VANDEKLIP of tremendous importnnce to the I'ritisli industrinl situntion. 1 hnve snld that nil Knglund wns n great workshop de pendent upon outside markets to con sume the products of' her industries in order that a margin might be earned to enable her to buy food. The great customer of Kngland wns the continent of Europe, nnd English life hns been organized in such a way thnt the mnrket for her industrial prod ucts in Europe is essential, if she is to earn the margin tlint she requires to pay for her food impoits from other count ries. There hns now come nn nlmost in conceivable disorganization of her European market. In another chapter I have said something of continental industry, of the breakdown of the con tinental domestic transportation system, unil of the Minos in currencies and credit. These disorganizing factors thrown into the nicely balanced commercial nnd industrinl mechanism hnve mnde a wreck which, compared with nny mn tcrinl injury directly caused by the war, makes the after-war hurt more serious than the direct litirm of shell anil bomb. It is essential to the continuation of I'ritish industrial life thnt she regain her European mnrket. Thnt means thnt the demand in these markets must be made effective by giving buyers the credits that they must hnve to restnrt the commercial cycle. That cannot be effectively done until the industries of Europe are themselves restarted and idle lmnds put to work so thnt Europe may help itself buck to a normnl industrial life. IJotlt Must Have Something to Sell There can be no permanent interna- ftlUNICEPAl BONDS EXEMPT FROM JILL INCOME TAX $1 7G.000 Atlantic County, N. J.. 44s. 1921 to 1933.... to return 4.40 00.000 Niagara Falls, N. Y., Registered 4J4s, 1939... to return 4.30 13G.000 ClifTside Park. N. J., 5'Js, 1923. 1924 to return 1.70 75,000 Throop, Lackawanna Co., Pa.,.ris, 1925 to 1939, to return 4.10 45,000 Township of Tinictim, Del. Co., Pa., 5s, 1918.. to return 1.50 Full Particulars Upon Request m. m. FREEMAN & CO. 421 Chestnut Street oka in nnir wnATitEn forecast , C'hlrMR. Juh 21 tUlnnl. Missouri mul U'iNinmlnViilr fnltirhl Mfl.1 TUS(ly. rnnler trnilcht Mlnnntn Fnlr tonluhl 1 nnd Tiffflny warmer Tueeilay Iowii l'Hlr tonight nn.l Tuesday; cooler TonlRlu emit nn.l central, wiirtner northwejt Tues day North nnd South IVikoU 1-Blr anil I armr tontsht nnd Tuonlay. NelrniKa , Pair tonlnht and Tueailay: warmer. Knn 1 i rnlr tot.lsht nnd Tuenday. cooler ! extreme Kouthcast tnnlithtv warmer et Tuesday. Wednesday proliablv fair. Mon tana and Wvomlnir Fair tonlsht and Tuesday, warmer Chicago, .luly 'Jl. There was a re turn of bullish enthusiasm in corn todny nnd the mnrket was stronger on general buying bj commission houses nnd ac tive covering by shorts. Influenced by , the ending of the strike nt the stock -ynnls : rewrtR of n settlement of the labor trouble nt the plnnts of the Com Products Itefining Company; n shnrp ndvance in hogs ; light receipt, due to a shortage of cars, and further unfnvor nble reports about the new Argentine 'crop. I Enter selling by commission houses nnd profit -taking by longs brought about a reaction from the top partly caused b a drop In oats nnd further recessions in foreign echnnge. Demand toward , the close showed n fulling off. 1 Swilllm- of nnlu lii.i'lltnn lttu.rnl nflor tionnl trade unless both sides to the:,,,, mar(l,t IlH(i mnvP,i ito nPV, high bnrgnin hnve something to sell. Europe j ground early in the session, nnd there cannot buy from England unless Europe i was a sharp reliction. Commission can produce something to sell to the,1","!'"" "'" 'K l"" "I "" "in-or. , ,. ,, while selling was not important, owing nntions outside of Europe. England s ' fii.n, ljiu ( ( n),wii nn(, H ,)(,1l ability to regain I'lironean markets, ! it,.,, ntier- for oats were entireh too therefore, hinges upon the restarting of i low us compared with com. European industry. I'nlcss that can he I On the upturn ensh nnd elevator in- speedily done nnd n continental demand I terests offered liberally, due to weak for English goods re-established Eng- lie land's industrinl condition becomes liuadi critical. Indeed, one of her responsible min isters told me thnt unless her European mnrket can be re-estnblished the prob lem of the government will be to export ., nun, turn or (MlOO.lino English citizens in toreign exclinnge. nicn tins export business prohibitive on ac count of the English maximum, as well ns to freer tendering from the country. Lenillni; futures raneeil ns follows; Com (new delivery) . , Friday s Open HlBh Low '2 30 i loai .iui . t "'jl, i o3'4 l :." l i'.t. l mi Sen I in', l ni'i l ou"ii i H3' l.ntis .i ..-, to the colonies and elsewhere where they l"'t ' s" s-i, si sm, so will lie close to the food supplv. becnuse I Pork tl... I.'i:i. :...!......!. i ... . ,. ' , . I Sept l ,iti "I'sirsii iuiiu-.il nil inncnine is s(lt up j l..uil now on n bnsis that rcspilres something .'"', "' ' ,,ti,M,- ui-iuiiiifi iroin me con- ituw- 1ft . tinentnl mnrkets in onler thnt enough ' P":M il"H ' may be earned to buy the food that the , ' l.nglish must hnve to live. Making Steady Start. Selling General rrrrrnv firi.t wrjATimrt covniTIONP New Vorli, Julv 2t The follow tnp tem peratures were recorded In the cotton belt this mornlliK Knoxvlllc. dt. Nnsh illle. 611. Oklahoma CIH and Atlanta. "0. San Antontu Fori Smith and Maeon, "'J. l.lttte Hock VlrkslnirK Autrustn. Thomnc vllle. Savannah WIlmlnKton and Jack sonville, 74. Slireveport. New Orleans. Pensaroln. Montcomery. Charleston nnd Tampa. 7(1; Oaheston 7S Corpus Chrlstl. SO The fo'lowlntt precipitation was re corded: Snvannah. OS: Shreveport. 10: Thomasvllle and Jn(konvl!!e. .1(1. Nnsh vllle. IS. Oklahoma Clt "."s. Charleston. .24. KnoTvtllr. 2d, Snn Antonio. r0. New Orleans. .fl4 Macon 'is Aumista. 70 Wilmington. .S2. nnd Tampa 1 .IS New Ynrli, .Tulx 21. Cnbles from London, quoting Sir (leorge Paish ns saying thnt u collntise of world s credit wns near, caused a sensatiounl break in cotton this morning, prices dropping generally ?fl n bale after a steady start. when August wns ," points lower mid other positions 1(1 to -I points higher. rurtber ruins over the belt, coupled with sternly cables from Liverpool, fur nished the buying incentive nt the stnrt. but on the rise southern, Liverpool and local selling was met in considerable volume. The trade nnd -horts were buyers, but offerings continued to increase and the market was soon flooded with what ap peared to be general liquidation. Following the big break, in which prices sold from !)0 to 117 points below the highest levels on the opening, the cotton mnrket had a rally of about oil points during the forenoon. The weather was bad all through the enstem belt nnd this led to support from local hulls. (liiiss nnd weevils were frequently mentioned in dispatches from the enst em belt and there wns considerable buying of December anil later positions for hedging purpose. Frtdny's Today's LIVESTOCK QUOTATIONS Hnst llulTnlo, N. ., July 21 CATTMS -rtereip's llsno Ipid Tirvfed teidv com mon and urnss T.O rents. $1 lower Prime '' rv 111 J.I ii 17 .'.1 ahlpt tnr alms, Sir. so i" HI hulihers. ) w t R Sif, vearllnir" lie SO " la. h-lfers. flifi m r.n. cons S4 SOcif 11; hulls, ("tilt An. st.ieki . and f filers Ism 11 fri h r.irts and sprinters, (Sorifir.s i a he- nr-Ipts, I'.'iOO head. l loer nt n.in III "IS Iterelpls IISW head Mr llinher H-.w mixed im.l nrkers. 2:1 SO. lleht ""t and p'ts I'JI ruh. ?'Jn 7."un 'Jl . "I ik t1'J(1S S1IBKP Nll 1.AMIH- nuelpl., tono head Stead !.ainta. sl'jiis earllni.'s. $S.rt1t ether JHUMO M , ew.-s. St"17SO. mixed -h. .i J7 S(l 1 Chlraen. 1ul 21 tlrais llereltts 2d ono head I.IrM huP-her hoirs tnovtlv 2S u "d hisher mixed anil paeklntr armies tnostH SO 1F7V hlahir Hulk IJO 7S WJ2 no, he.u Ik-lit 120 r.fTJJ II'.. ineilium elBhl S2110 32 7.V llpht weight 21(ff!2.751 ltstlt IllhU. 120 fiOW22. heavy packing aowa. amocth, I jo. Mi !j) 21 in. packing sous, roach tlV.73 W2(i 2S. plita. 1 SOW 2(1 till. CATTl.Kneeelpts 22 non head. Market unsettled Heef steers, medium nnd heaw welitht. choice and prime, $17tf IS. no. tnrd lum and cood. 1R17. common. lln.r.OCTIS, Ilnht wolaht. a-ood and cholie. 114.750 17 SI), common nnd medium. $9,7SW14 7S: butcher cnllle. heifers 7 2SM4..Ml. rom. J7S13 .Ml ranners and cutters. S I1S7. veal calves. Hunt and handy weluht. J1S5T1H: feeder steers, JHW1J SO, stocker steers. IStll SO SHFFP Herelple 22 0(10 head. Marks: unsettle! I.amlis S4 pounds down. II I 7STO 17. 7S. culls nnd common J10W1ISH. yar llnK wethers S1n.-,iiTi4. ewia, medium, jrnod and ihotre. $7 j.Mfl SO, culls and com mon, .')S?i1 7S (nnn fit.'. JuH 21 1HXIS -neeelplr. nnnil head lllKher. bulk. J22..1SM 22 (10, lienvles 122 4n(ii 22 c.s medtutn weights J"2 aSi" '-"- no, lluhts 22 20(fl 22 (Id. IlKht lls-hts. J21 7S "2,10. rmiklnB aim a, 21,.-.0('T 22 IS Pius fts2I CATTLE necelpta. SS.OOO head. Unaven! calves lower; heavy beef ateera, choice anil prime, H6.78tS17.2ri! medium and lood, JIB r.oin.fto; common, fl218.5Si Urht weeht, Rood and choice, $14 40li7qL common and medium. $n.HSftl4.23s buuher cattle, heifers. n.70BlS85, com, I0.4DO 12 2S: cannera and cutters, $S. 1R06.SQ1 veal cnlvea, IlKht and handv welaht, 112.50 14: feeder steera, 110(413. IB. stocker steers, 17 en 2. in RHKBP tlerclpta, (sn0 head. Ittlhef? lamhs 1317. lambs. cuIIb and mmmon. in12 7R. yearllnit wethers, lB.7RJ12.7Sf ewes. tSfidcrfS.SO, ewea. culls and command f.lifrS; breedlnn ewes. $1H17. feeder lamb $1.1(t 1R.25. coats, none. h South Omaha, July 21 HOGS necelpta 7.10O head. 2.1 if? fine higher. Hulk $21,400 21 7.1. top 122 2.1. Y. CATTI.R Heielpts. l.l.SOn head. Oraa cattle stockers and feeders 2RS0o lower. SIIBKr rtecelpta 1(1, ono head. Lambs IB 2.1a lower Sheep and feedera steady. SI 2.1 SI . SI .'.I 10 .'14 an :il no 3 07 .14 in 3I.SH .'14.30 134.2.' :i3 7.1 33 s7 Our own position in internntionnl in dustrul mnrkcts will be in large measure influenced by Knglnnd's ability to con tunic successfully to compete in those mnrkets. (orrrnnienl Courtesy .Marked There are other importnnt factors f. 'mn,1"'t fecting the future of Kncllsl, !,iu.,.v MONEY-LENDING RATES NFAV YOIIK Motiey on call, mixed collateral, opened nt ( per cent for lending nod renewing. On all -industrial collateral the opening rate wns 7 per cent. There wns no .-ont!nl ehnnge in the for time money todny. I he demand exceeded the supply and cou-e- ...II. ... In. ,-ii, in limil firm TllC IH1T11 - some of which are ininondoml.ln f,,....i '....!.!...,., ..., it .,..r i-ont fur hnve to do with character nnd mixed collateral loans for sixty and ninety iluys nnd (' to i per cent for nil industrials. they wmi tne way men's minds operate. The time that was at my disposal to inquire into this importnnt iiucstion of !ic attitude of mind of labor leaders, of employer., and of government officials wns brief. b,lt I encountered such narked courtesy on the part of the government, which ,VPnt to , , We to nrrnnge n series of !ni :..Jt.i.i nt. Discount rates, short bills with government ministers, union ' :W,.i''"lUJ percent: three months' bill """I ICMO I'HILAnKM'HIA t'nll, .V, per cent: time, ."'1i((tl per cent: conimer cial paper, three to sW months, .Tiffi r.Uj per cent, nnd six mouths, (i per cent. liON'llON Money is o,uotcd nt ers. pmnl.-.,-... ...! ..I. . .. . !-".. w-i unil tuners 1,'mL "" ",bl0 ,0 s"c n,an' iniportunt leaders in a few days. In carrying out this program of in terviews there wns such com,.!,,.,, ..... !.. iv , . VoL':,'",S l""" ',nt- FOREIGN EXCHANGE New YoiU. duly LM. Sterling ev- hnnge again developed a weakness this i views II,,. , , m expressions of morning under renewed pressure of ot- debteti to ft o- .''Vr"or'lin"ri,-v '"- fcrings. I'urchnsers w willing to tnlce the itirnrx i """'"UN who arranged ),iHK nlv at concessions nnd opening mi tlieie tl ! . "" "U'M wh" Kve: transactions were made nt lie below Sat- nt e. ....t.iii., i, l.lllllini Inmnni i M nt the Tel. Lombard 710 Philadelphia Transcontinental Oi Caddo Centra! Oil We have prepared descriptive analyses of the above stocks and shall be glad to supply copies on request. HALLE & STIEGLITZ Members of tho N. Y. Stock Exchange 20 DROAD STREET NEW YORK Few investors realize that manufacturers of automobiles, commer cial trucks and tractors, seldom manufacture their own standard parts, such as Universal Joints, Propellir Shifts, Drives and Cone Clutches. One of the leading companies specializing in the manufacture of these vital parts is the Hartford Automotive Parts Company wi h extensive plaits at Hartford, Conn. More than 80 well-known manufactures of pleasure cars and auto trucks use this Company's products, insuring a divers. fied market. Net assets are equivalent to $89. per share (par $50) for the oustanding Preferred Stock. Net earnings show a re markable increasj in business and should approximate 4 times Pr-fcred St'ock dividend requirements for 1919. I.tt us sntii you clrcutor P.P.L. 311, describing HARTFORD AUTOMOTIVE TARTS. ODL 8 Cumulative Prefmed, which 070 we recommend, to yield Hollisf er,Wfflie 8c Co. INCORPORATED North American Building PHILADELPHIA BD3TOM SPRINGFIELD' PROVIDENOT "illlCM (r in in.i'niM.., .. t .. Kee these appointments. It made me wonder if we nt lionie would he as eonrteons under similar cireimistanees jo an i.noffieinl visitor of an iiKjuiriug turn of mind. . b Anions the people whom T met nnd who Knve me ample time for n full dis eiisHion were the minister of labor, Sir I.obert Home: the mlnlctor ,.r ..... eonstructlon, Sir Aueklnnd (leddes; tin iipei 'l.'JO'l, ; sixty-dnj bills were l.'J."i,; and ninety-day bills were -l.lM-'Si. l'esetas also declined sharply and francs were weak. The tone throughout the list was unsettled. Quoattions were : Franc cables 7.20. checks 7.--; lire cnbles S.7.". cheekx S.77; Swiss cnbles ,".(.", checks .r.(l7; Koilders cables "7',, checks .'!(1 ; pe setas cables lfl.0.", cheeks 18.0."i; Stock -ki ni.in oj cii ..i.n..i.u hi An . rM,..:a minister of food, the ItiKl,t Honorable tiania cables" i'l.TO. checks 23.fio: Co l.eorce II. Roberts: I.n Mil,,,.,., I.,,,,) pPnhaKen cables '.'2.70. checks 22..-.0; l.eierhulme, Mr. Iiownhee t, ni.i.t'n.i.i i.i. r to i....i... - ,.i I!.,,., .,.,.1.1.. ....I .. . ..ih..i.I.-IK.I.Ml .lllil.r ,.-.... i.n.ur. ..,, - JlllV SfptPmber OrtolHT DTPllllipr Jnntury Mnreh Mny a." r.o w r.- a.-, mri:, :ir. mr,i in a.-. :isn ,.-, a- "niff .'. .1" iiki r.' 3." mi Ti 112 ii on h. m a:. S-. a-. 2 a." r.o as ne ar. 17 a.", aa n-i 1 1 :r. .'ii a -i i.' BUSINESS NOTES IJetall jewelers In all sections of , the country report that their sales so j far in .Inly nre equal to nnd. in many j cncs, above those recorded in .lime, which, next to December, is ordinarily the busiest mouth in the jenr. I Sales in the chemical market last week were sliglitlj above tho-e of the previous week, with indications point iiiK to even more active conditions. The demand for industrinl nnd heavy chemicals continued to be greater than that in other lines, though the nctunl Milliuip of business wns reported to be below that of other weeks. Demand for drew Siill.s outstrips the nvnilnble supplies, the lending mills being sold abend for mouths to conic. Virtually all of the business is booked by the large jobbers, among whom there wns considerable inter-trading. Visiting buyers nre numerous. Further advances were made in the price of fall shoes last week, while a number of retnil establishments in the larger cities started their annual clearance snles of spring nnd summer styles. Business In plantation crude rub- i her is lighter than in some tune. Mil nil -f.icturers nre buying little and even the brokers icfrain from trading niuong themselves. Affiliated Banks COLOMBIA B,wco Mcrcantil Americano dc Colombia Hogota, Uarranquilla. ('art.i:cnn,Mc(lclliii,Umjtx, GiranJot, Cali, Honda, Armenia PERU Banco Mercantil Americano del Peru I iuiA, Arequipa, Cbirlayo, Callao, Trujillo VENEZUELA Banco Mcrcantil Americano dc Caracas Caracas, La Guayra BRAZIL American Mercantile Bank of Brazil Para, Pemambuco I'aralnba NICARAGUA National Bank of Nicaragua Managua, Hiuclields, Leon, Granada CUBA Banco Mcrcantil Americano de Cuba Havana HONDURAS Banco Atlantida La Ccilia., TegucFKalpn San Pedro Sula, Puerto Cortcz Agencies in Ecuador, Costa Rica, Salva dor, Guatemala, China, Japan, England and the Philippines MERCANTILE BANK OF THE AMERICAS An American Dan for Foreign Trade Statement of Condition at the Close of Business July 15, 1919 ASSETS Cash on hand and deposits in Federal Reserve Bank and other Banks in the United States $1,498,719.05 United States Bonds and Certificates 5,335,150.00 Prime Bankers Acceptances . . . 2,216,992.60 Commercial Bills of Exchange . . 385,510.06 Loans and Advances : Secured Due from Foreign Branches and $7,436,381.71 Agencies $20,954,94449 Due from Customers 4,476,557.31 Urucctircd Due from Foreign Branches and Agencies 749,455.76 Due from Customers JJ749J-PJ Customers' Liability Account Letters of Credit . Stock of Affiliated Institutions Furniture and Fixtures Interest Paid in Advance 16,548,451.50 2,983,141.60 4,557,900.00 1. 00 1 57.575-59 Total $41,683,55140 LIABILITIES Current Accounts : Due to Foreign Branches and Agencies $3,236,803.15 Due to Customers 5,378,398.11 f ': 5,20i. ;6 Acceptances Outstanding 11,94.5 15.61 Contingent Liability under Credits issued by other Banks and Bankers 4- -.oo.oo Letters of Credit Issued 2 41.60 United States Government Bonds Borrowed Unearned Interest Received Capital Stock $5,oor- Surplus 1.77'.- 1 pr annum ' 'O CO Undivided Profits LS'i'S'.Vnnl 5 mo6.ji Total PARIS 1 1 Mis Boulevard llaussniann 0,000.00 164,086.9: 7,276,506.01 $41,683,551.40 NEW YORK 44 PINE STREET BARCELONA Ranibla de los Estudios Canuda : I w uiur ncnicrsiwi ii...r 1.1 .. ....,:.... nt- iLf.. f . ,. ,, . t 1111. U11"5 I'l f llilllllll.il III. Il-.JMI ll- HUH .. u. 11. ( ole, representing the ni.licul marks at 7Vj checks, T-l'i cnhles. ", in nn' i,nunr pnrtj ; the Itight Hnnornble .J. II. AVhitle.v, author of! me so-eniled "Whitley industrinl councils After noon there developed 11 good I Inquiry for sterling, unci offerings were found to he scarce nround the lceN' then prevailing. It vuis necessary to rnise bids to l."i- for deninnil nnd -1.:':. for cnhles. Francs improved to 7.ir' for demand nnd T. 11 for cnbles. l,ire rallied to S.02 for deninnil nnd S.fiO fori cables. Pesetas checks improved to l(l.".'."i' and cnbles. to l!).l.i. System" of Sir. A T.i. of the Federuted Trades I'nions; ('"om mauder J. B. Adams, general manager of the employment e.chnngcs, and many others. After three days fully given up to conversations with these men, 1 fed entitled to say something on the sub ject of the KnglMi attitude toward labor questions, even though one might smile at the atsuinme of doinK that after so brief n study, weiv ... i, sources of iufornintinn ..,, ,ii-i! . , I Phlla ...fiw.niVJ.o.14 fn.-i iihu.iim $l.'l,nin.4(i.i ' 1 miormniion so distinguished. . iu,t,jn . tii.ss).uis tu,.-i7s.o.i7 i.l.vi.n.is N. v. .. 17n.n21.sss4ii.11n1.niM 37.ss7..'iij nan- litmr Inrest I had had n fortnight of observation' of labor conditions beginning the first' of February. At that time strikes in I '."-.. rtul"r m'" "i 1 M.icNnmarn .. . tne nine mm on the district railway lind ' 5!;" g;,";,,;';;;.".' ' :? paralyzed the trnnsportatiou svstem ' Montnn '.'.'.'..'." in ,,.,, J ' I North Mtar 07 of Loudon. The streets were crowded i "ffcui- Eula js with army lorries packed to cnnneltvi ,..iti, .tn,n .,.......... iuiauty i-.oi.DF-iKi.r. stocks ,,.... uK-niiiiif, I'unni'lll'lh $6,000,000 Sloss-Sheffield Steel and Iron Company Ten-Year 6 Sinking Fund Gold Notes To be dated Aurjust 1, 1919 To mature August 1, 1929 Total to be authorized and presently issued $6,000,000 Interest payable February and August ist, in New York City, withrjaviduction of any tax or Governmental charge (except succession, inheritance and income taxes). Coupon notes in denominations of $i,ooo, registered as to principal only and interchangeable. Redeemable at the option of the Company on sixty day;,' notice at 105 and interest on any interest date. Notes for Sinking Fund will be retired either by purchase in the open market or, if they cannot be so purchased at 105, shall be drawn. Notes acquired by the Sinking Fund will be cancelled. BANK CLEARINGS flank rleHrlnifB tnil.iy rompareil iith cor- . resnuntllns da List two M-.ira. 111 ! HNS 11117 Central Union Trust Company of New York, Trustee LOCAL MINING STOCKS TONOl'All STm-K.S' Ill'l X I AnKni 34 SS ,3'i ,n'i 11 (11 .2" Coal was so scarce that no fires were' time" iluli' i,L 1 r . FlOOlh ... mm nr suirereil ii..nn,in.i,i u 11 04 il.S .111 I through n fortnight of intolerable fog ' lmy and chill. The electric employes were' fro "".I".".'.'.: '.'...'. in .111 en .04 . 1)3 3n ..in .12 nprmiltcil tn linili.iiii. ....,.......-. ,lm, H(. hillereil i,. irti,i i, u ni .01 .02 threatening to cut off the i-urrnnf f- sup'iicii' '..'.'.'.'.'. . .'oil London and it wns momentarily M.j"h"' ' - ruv pected that they would act. so every! Ariz umt.l . . . . "n one wns iurnisned with candles to he Nvuna wonaer ready for the emergency. uj'ecupa Mln . ., htriKes lind become so turbulent in 1'hnracter thnt inllltnrt' im 1....1 1 o.dered to Clnsgow nnd were ponder ' n,Smi-VnfeJ'1 nlih'Snt"; ously pntrolling the streets. Klve hun-' SSa.VfcAi'e-i.'ti ".l"' '"'.'.iVn'V' '"" dred thousand men, represented lit thel BtliiH Firm iten-uiis ll.;7.i rnB rnllwav and li'iuisnni inti,,., ... '1 . Frenh-satherni exlrnf. .'.3tfn4o. siorase. iniinuj uiiu iinnspoi tntlon workers imcknl eitni nrsts. snfl'.v.'i .llrtlen No. 1 union, were threatening nn iniineillnt,. tr. 7i-. Nn 2 M hjc. iherin.. aig.isr. .trlbn nnlnss ,llff,?. l"""1" , chirk umln srn.le. 3ll HV. flr.tH. 4lHT4De. stllKe- unless (litterenceu concerning i'roml. 4;fi4.io. tiate and nearby hcnnry hours were adjusted. whiten hswctc: Batherwi hite. nuen.-ie: ,,, t i.. . , 'western nhltre. SHUiiOe. Pacific coast ."lOiF.. ir immii "mi ciuoinceu tne entire li-c: wentern ann nouinin Kuirii ivniiw. BUTTER, EGGS AND CHEESE I .iiiiti r.nc Mini, nrl ninrliv hf-nnerv brownl j palherert brown and mixed, M itf' I 54e filr lo nrlme n.'.llilli I ('IIKI'SI'. Sleadv anil llrnl ItevrlDK. (IS3 I bnxri. Flat, current make colored, averaze I ...n stll ftr'p nul inrrenl make, white. HveraFte run. 3tV Ji JU'i . cilnil neclal. 324 K.130 while ppeilale Wi il 33c. DIVIDENDS DECLARED Taylor-Wharton Iron and Steel Company. '! f 'Vs V labor lorce engnged in colli minima l, grown weary of waiting for an answer from the government, which is operat ing the mines, to its demand for a t,lx hour dny at an increased daily wnge The temper at thnt date wns uncom promising nnd hostile In the extreme Among business nnd finnncinl ,.... f encountered but one opinion, and that! SMV-? MSiS?.1 2P KSS'aSI: was that Kngland wns in for such ! National Acme rmnpany. quarterly ol IV, fight with labor as she hri ZwV Z " ' known nnd the outcome was . nnythlng' WKUStE&t V".'.' but elenr and had in it possibilltieij of r"-lird July s. revolutionnrv imnnrt Pullman Compnnv. ouarteny of 2 percent, vw 1 .""1-1111111111 coinpnny, I Tomorrow. Mr, Vaixlerlip will ron.' tlnue Itlfi dlscusulan or "Nlppliu a ItevcIf.la'BHslautj; ' 7 1 OTHER FINANCIAL NEWS ON PAGE 20 , For information regarding these nnfes, reference is made to the letter of Mr. J. W. McQueen, President of the Company, which is on tile with us, mill which is summarized as follows. The Notes will be direct obligations of the Sloss-Sheffield Steel and Iron Company. The properties and plant of the Company, aggregating in value over 525,000,000, are free Irom mortgage or other encumbrance, with the exception of an issue of $2, 000, 000 First Mortgage Six Per Cent. Bonds, which mature Febmary ist, 1920. From the proceeds of of these Notes $2,060,000 will be deposited in escrow with the Central Union Trust Company of New York for payment at maturity with interest, on February ist, 1920, of a like amount of First Mortgage Bonds This will leave the Company's plant and properties entirely free and clear of any mortgage or other encumbrance. The balance of the proceeds will be used for completing the erection of the Company's by-product coke ovens, for building a central power station, for electrifying Ihe coal and ore mines, for the acquisition of additional ore properties, and for other general improvements. The Trust Agreement under which the Notes will be issued will provide, among other things, that so long as any of the Notes are outstanding the Company will not mortgage any of its real or personal property (except the Company may give purchase money mortgages and in the regular course of its business may pledge its current assets, etc.,) and that the Company will pay the sum of $300,000 annually into a Sinking Fund to be applied to the purchase and retirement of notes at not exceeding 105 and interest, thus cancelling approximately 50 of the total issue before maturity. ASSETS AND EARNINGS The total net tangible assets of this Company on December 31, 191S, amounted to $22,927,542.63, of which $4,024,813.49 was represented by net quick assets. Notwithstanding the curtailment of the activities of the Company due to war restrictions, the profits for 1918, after making provision for estimated Federal Income Tax of $1,000,000, were $1,972,07 1.88, or about five and one-half times the amount required for the payment of interest on the proposed issue. We offer these notes for subscription, subject to allotment, when, as and if i.ued and received, and subject to the approval of counsel, at 97'M and interest, to yield about 6.30. Subscription books will be opened in New York at the office of Goldman, Sachs & Co., Monday, July 21, 1919, and may be closed at any time at the discretion of the undersigned without notice. The right is reserved to reject any subscription, in whole or in part. It is expected that temporary certificates, pending the engraving of the definitive notes, will be ready for delivery about August 4, 1919. .ill legal detaile pertaining to this issue will be passed upon by Messrs. Steinhardt J- Goldman, for the Bankers, and Messrs. Larkin j- rirry,or the Company. Goldman, Sachs & Co. New York City Chicago San Francisco Boston Lehman Brothers New York City 1 n 'A We do not guarantee the ttatementi and figure pretented herein, but they are taken from iourcei which we believe U be accurate. 1 ;$. $. -f- A ' t , -Ii . I-.. . v - . . ' "' lb ', " .' .,tL ,. . v. . ft HJ..v'. n. . . . J f..i1 , J1. w ....". . . ' .a x'l ,. 7 ,T.rvf' , . -..AtoH frmty . 1 1 Jl m - at Mi ! :: .1 h i?: 1 Vt m m SL 1 s i j. X: Jl If ffi m n n u S 3 ii lis' ?:51 n Wd -ifiH' &,f-.Vft.'-: !,' ? eL-kV&-V (M-L SMMMmMtMsMt -i..Ol 'j .51 t 'Il . .JH-.
Significant historical Pennsylvania newspapers