'-' '-"
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.
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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
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