r&f. i) j ,ts a 'A?iM-
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' -1 s-, Vrt ' ft-",
4&pfi3',ifi&Z!gF
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V
J
EVENING PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, JULY 30, 1919
ID
BPT'V"'1' nxrW
LABOR MUST BE GIVEN SECURITY
AGAINST UNEMPLOYMENT, ENGLISH
EMPLOYER ASSERTS TO VANDERLIP
'Wage Must Be Paid That
Will" Enable Men to
Bring Up Tlwir Families,
He Declares
Believes Trade Boards
Should Be Established in
Every Industry to Regu
late Conditions
Hy FRANK A. VANDERLIP
The changed ami liberalized nttltude
Of emnlnveru In Tnt1M.1 of.!...!.
i'lli ....... ... ........... ouiim mo ns
aC- most significant. Porlmtiq T i.i
'' 'Tin knit.. ....... in. ... ......
w null vtu) iiiusirnie Hint than bv
reproducing, ns well ns I can remember
nn interview I had with nn employer of
first importance. Tiiis is what ho had
,to say:
, "No one foresaw what the war was
i Kolng to mean. Least of nil, perhaps,
did any one foresee that it was going
to mean n social revolution, a revolu
tion in tlip way men's minds work and
change in the point of view from
Which they regarded relationships with
one another. AVe nro just becoming
aware that we are going to emerge
t from the war with an Industrial revolu
tion already accomplished.
"I would-Rum up my own view in re
gard to society's relation to labor in
, about this way: There arc five great
prinelples that we must accept. The
first of these is n minimum wage. When
we sec that labor is not n commodity,
that it is no longer to be treated as
, a commodity, wc will come to see tin
justice in national laws formulating a
reasonable minimum wngc. This means
, a wage to nil normal men that will per-
' mit them to marry, to bring up n fam
ily, and have left a reasonable margin
for unusual emergencies. I believe
FRANKNESS BY CAPITAL
DECLARED ESSENTIAL
In his report on the liberalized attitude of Kngllsh cnpilal toward the
employe, .Mr. Vnnderlip iiuotes the views of one of England's employers of
nrst importance.
"When wc see that labor Is not a commodity,
that It is no longer to be treated ns a com-
...... II. tl .1 .1 . .1 .... I. III
ij iiiuiui,), iicoinrc mis authority, we win
?Z7K1 come to sec the justice in national laws forrau-
H lutint- n renKnnnhlo minimum -ncn "
tl A forty -eight-hour week, insurance ngalnst
j unemployment, nnd a broader baud In the con
Ji trol nnd management of Industry by the work-
er, form part of the program of Mr. Vauder-
lip's authority.
j Frankness on the pnrt of capital must bo
recognized ns an csscntinl factor in dealing with
3 Its employes.
!( Heretofore the owners of Industry did not dare
to be frnuk with their men.
This chanter of Mr. A'nnilcrlin's hnnV striken
J nt the! heart of the world's labor situation.
jHk&xjm
there should be established trade boards mum wage. That would discourngo nil
in every Industry. I think that that
may reasonably be done In the next live
years. To work it out in detail must be
a nintter of experiment and experience,
but within thnt time, although we, may
not have it worked out in figures, we
should have laid the principles nnd be
on the road where we can loglcnlly np
ply those principles to all the varying
conditions of industrial life and even
tually arrive at the definite minimum
wngc thnt every uotmnl mnn, ready in
his capacity to do his part, mny count
upon.
Wage Scale Understanding
"After wc havo reached an under
standing ns to what the basic wage must
be wc must regnrd that really as a
minimum nnd not ns the genernl wnge
scale. I think wc can rcnionably leave
to the haggling of the market what will
be the reward for exceptional skill or
exceptional industry. It would be n
profound mistake to aim to fix n niaxi-
found to be right. At the present time
In the industry in which I nm inter
ested we have a forty-four hour week.
We have left It to the workmen to de
ride how the hours shall be divided,
and they have decided to work nine
hours n day for four days and eight
hours for one day, and to have Satur
day entirely free. I think tnnt decision
is v. long. We lose the ndvnntage of
. the short day's work and all the better
' i .1 .i... I.I ..-mI...!.!. fttllmv
prouwt'uon mm wuuiu niwuuui.. -
the short day's work. I think the ar
rangement should be live days of eight
hours, with four hours on Saturday.
However, our employes felt otherwise
nnd wc arc making the experiment, al
though we do not ngree with the plan
of letting them do the full week's work
during five, days.
Security Against Unemployment
"Third. Labor should be given secur
ity against unemployment. Thnt should
be accomplished, not ns we arc doing In
Kuglnnd now, but by means of nn in
surance fund to which the workmen,
i the employers and the state should all
i contribute. Conditions in Knglnnd in
! one respect are quite different from con
ditions In the United .States. Here wc
I have nominally no large turnover of
I lnbor. In our works, for example, we
' employ 3000 girls. Our average loss
I of these employes is under .1(10 n yrnr.
I Our experience is that our emplojes
come to us when they first begin to
work and the women remain with us
until they marry.
"Conditions in regnrd to unemploy
ment vary with different Industries nnd
may vary widely iu the same Industry
nt 'iliffprent times. That leads me to
believe that, while a proper insurance
fund should mainly he crented by the
employes nnd the employers in eacn in
dustry, there should he on-opcrntlon
KoMvoon Hie Industry nnd the state so
ns to spread the liability and not mnke
each industry wholly rcsponMoio ror nn
of the iinomplojmcnt in thnt Industry.
The present unemployment payments
nrn nnt lnrco enough, but they nre
larger thnn enn be borne perhaps If
there is not communion iu me mnn
by both the workers nnd the. eni
plovets." (Copyright. 1019. by tho MacmtllRn Co.)
Tomorrow Mr. Vnnderlip will con
tinue his Inteniew with the prominent
attempt nt improvement. There should
be left freedom for employers to pay
more than this basic wage lu order to
secure men with special skill, enersy
or Industry. I nm engaged In n food
products business. In my works the
present minimum for men is fifty-five
shillings per week.
"It may be argued that it will be
found that there arc industries which,
on account of the foreign competition
or other reasons, will find It Impossible
to pay the minimum wngc. If, nfter
a fair trial, that is found to be so,
the answer should be, 'scrap the indus
try.' If nn industry is found to he on
such nn economic basis that it cannot
exist nnd pay n wage scale equal to
what Is found to be the basic necessity
for the standard of lifcas I linve out
lined it. then the country is better off II
thnt Industry goes out of existence.
"The second important point is thnt
of hours. My own belief is that forty- I Knellsh employer on "Changed Views
eight hours u week will probably be of Ungllsh Cnpltal Toward uinor.
New York Bonds
today'H nAMiK in T.tnr.nTV nosrn
Salrt of Llltrtu Boni$ (it tho Slock Kt
cliana' earrv interest to ttato o utile. Th
f'Hfr receives thnt (iKcrnt, (it addition to
tlit tale srtce 0 Ifie bond.
Sal In
"'" lt!h 1ow Clotf
27(1 Lib Honds ,T.,s 00.01 00.50 OO.fiO
'227 do 1st 4s .... 04.40 01.00 04..1K
40." do 2d 4s 0,1.70 0.1.02 0.1.(18
122 do 1st 4'4s... 04.00 04.K0 01.00
M4 do 2d 4Vts. .. 04. IS 1)4.04 04.10
i!3T.O do .Id 4Vis . . . 0."i.20 0.1.00 05.20
2075 do 4th 4Js. . . 1)4.20 04.0S 04.10
1452 Victory N 3V,s 110.08 OO.SS 00.00
2103 do 4-?ls 00.00 00.81 OO.SS
4.1 A T & T (...102 102 102-
104.1 Anglo-Urch 5s. 117 H 07 07
8 Argen Onv 5s... S2T 82 R2
11 Armour I'.s ... HT, S5 85'i
5 A T &S F gen 4s 71) 70 71)
.1 A C L col tr 4s. 70 70' 70
10 Am Kor Sec 5s. 00.15 00.15 00.15
11 A S & It 5s... S7Mi S7Vi 87
2011 Ss o (is otsi ooy. ooy
5 Ileth Steel 1st... OOV, OUT. OO',
i iirnucti Top s
0(1
10 City of Mars 0s. OOV..
0!',i
77 Vz
10 Vi
00
OOVj
00'.
00
07
77"i
30 VG
05
5S
0(1
00
DO1,.
07 "
07
i
laf
rH
h
New Issue
NEEDHA
M
$600,000
TIRE COMPANY
7 Cumulative Convertible Preferred Stock
Redeemable as a whole or in part at the option of the Company upon 60 days'
notice at $120 per share.
Convertible into Common stock at any time, par for par
Dividends payable semi-annually, February 1 and August 1. Par Value $100
Free from U. S. Normal Income Tax and Tax Exempt in Massachusetts
TRANSFER AGENTS REGISTRAR
Equitable Trust Company, Boston, Mass. Metropolitan Trust Company, Boston, Mass.
CAPITALIZATION
Including present financing.
Authorized Outjtnnding
7 Preferred Stock $1,000,000 $1,000,000
Common Stock 1,500,000 500,000
Balance of Authorized Common Stock held in Company's treasury for conversion of
Preferred stock.
The Needham Tire Company was in
corporated under Massachusetts Laws in
November, 1914, and is engaged in the
Manufacture of automobile tires, fiber
soles and rubber heels and owns its plant,
consisting of 16 acres of very valuable
land, with suitable buildings and a devel
oped water power at Charles River Sta
tion, in the Towns of Needham and Dover,
Mass. There is and can be no mortgage
debt upon the Company's property ex
cept by vote of 75 of the Preferred
shareholders.
PURPOSE OF ISSUE
The proceeds from this issue will be
used to retire an issue of $200,000 6
Two Year Notes due December 1, 1919,
and to build an additional factory, now
well under way, which will be completed
by the first of September, including steam
plant, heating system, power station, ad
ditional tire equipment and new mills,
increasing the capacity of the plant 300
and to provide additional working capital
incident to this increased capacity.
SECURITY
The Company will have no notes or
outstanding liabilities other than current
trade bills. This stock has preference a3
to assets and is preferred and cumulative
as to dividends.
CONVERTIBILITY
A feature of this issue is that at offer
ing price it yields 7.75 per cent, free of
tax, ,and offers exceptional speculative
possibilities through the privilege of con
version at any time into the Common
stock on the basis of share for share.
EARNINGS
The Company has paid 7 on its out
standing Preferred stock since incorpora
tion, and for the last six months shows in
addition earnings at the rate of 12 per
annum on the Common stock.
The increased earnings as the result
of this new financing will be several times
the dividend requirements of the Preferred
stock.
BUSINESS
The .Company manufactures what is
conceded to be one of the best tires on
the market today, as well as operating a
department devoted to fiber soles and rub
ber heels, which is rapidly growing.
An important authority in the auto
mobile industry makes the statement that
the year 1920 will require 14,000,000
tires for new cars alone, and that the pres
ent tire production of the country is en
tirely inadequate to fill this demand.
The Company markets its product
through prominent distributors in the
principal cities of America, and for the
last year has been unable to fill more than
50 of its orders; hence, the need of the
new factory and equipment which will be
in operation by September 1.
LEGALITY
The legality of this issue has been
passed upon and approved by Messrs.
Barker, Wood & Williams, of Boston.
Stock certificates are deliverable
August 1, from which date dividends
accrue to the purchasers.
Price $90 per share, yielding 7.75
' Detailed Circular on Request
FAIRMAN & COMPANY
Established 1902 , -
Drexel Building, Philadelphia .
BURGESS-LANG & CO.
Sears Building, Boston
Wo Jo not guarantee the Information contained in thlw adoertheftent, but believe It to be accurate, end It
it the eame on which via bated the purchaie of thin inue.
" ..
11! City of Honl 0s.
IS City of 1'nrls Ch. 07
'I Cent I.rathor . 07
14 C & O IVis..
rC, & A !!,,.
11 C II & Q jt -Is., on
ac (i w l .-sk.
4 C M & Sp C &
" 00 00
io c si & st r cv
Hi 74 74
1 C & X W Kiii4i. 71 Vj 71
1 C A. X W Km 4s. 70T, 7!l-i
NIC Jt I & I' rf 4s. 70 0!)TA
L'l Chile Cop (Is IMT O.'l'j
1(1 Com T It .... SS SS
ai Cons (Ins cv (is. .10:!
2 Cols (i & H 1st. 1)0 U.
lie I, & x is... 2
" I) Ilff 4s US
10 Dot City (Jus "s 7..
IN Dom of Cnn ."
of io:u 0.-
11 Uric I) no
1 (ion Klop .'t'js.. 77
T (front Nor 1st.. R.1
10 II & SI Mr Hs A (10
I." Ilml & SI ndj.. 17
(I Ills Cent r.ljs.. 0(1
: iio :tijs Ti.. 7.-.W
". Inil Htl T.s OO'j
'-' Int Slot Col tr
4..s Hf H7
07 I It T rf .-.m 0(1. 07
Nl Int SI col tr 4'j. .'IS' J
-' Int Apcr r.s SdVj
(W Ioun Cont 4s... 4(1',
li IC C V S & SI 4s 00
5! K KC So rf .Is.. S'J
1 Kind's Con 4s... 0:$t,
7 I.nck Stl rs '.-.0.. 07
i i.Ik & si 7s...nrP4 ii:tM nVi
7 Loli Vnl (is 101 101 101
2SHdvnlc .rs .... S0 SOVi SO'..
07SInrlno (Is ....011 0S 0.S
(I SI K & T 21.. 27 27 27
IS SIo Pap Ron 4s.. 00
SSIont 1'wr .Is... 01
4 Sinn . .lc 4s stn 70
12 Morris & Es
sex 1st .rs 72
2X l & s .is.... m n:i m
1 X Y Cnnnl 4'js.l08'2 108'j 10S'.
17 X Y Cub Gs.. OS 07 08
HI X Y C 4'jS -7 102'j 102 102',
11 X Y 0 K V II
& II R7M. 87Vj 87
11 XY XII & HoUts Sl 81 81
(I X Y O & W 4s (HT:8 00 00
10 X Y llys ndj Its. 1(1 1(1 111
12 X Y Tel ileb lls.100 00TS 100
17 X & SV rov (!s..l()S 107 lOO'X..
I Xor l'nr-ilic 4s.. 70 70 70
II X Y Dock Gs... 00 00 00
8 X Y Stnto llys
4'.s i'iO .-.- n.-
aai'lerre Oil of IM.IO.'U 10.'t 10,'tM
2rnc(5nsrts S.- 8.-t S.t
4 I'ne T & T T.s.. 1)2 02 02
21 l'n Tts of 102S. . 1)2 02 02
11 I'oo & Enst ine. 20 28'i 2S't
.-I'hlln Co ev.Ts'22 01 01 01
11 ItemliiiR Ren 4s. 82 82 82
in it I & s ns.... o:i oa 03
21 RtL & S W 4s G2 (II 01 '4
ISA i. rf 4s.. nn n:i n.1
.1 Son Ilelt & T T.s S0 RS 8S
23(1 Sou l'nc rv ns..lOH lO.'t 10."
n't
3(1' a
0.-t
00
74
71 ',i
70",
00
O'l'..
KS
101 101",
OOV. on'.
82 R2
OS OS
7."i 7."
on
no
77
srt
()0't
17
1)0
7."t
015
.17
0(1
37
SO'.
4oy,
00
81
3
07
no
77
S.T
no V
17
00
7.-.
0(1 V.
litSVi
37'i
80
40',,
(I!)
81
0'1
07
CROP NEWS CHECKS
SELLING IN CORN PIT
Statistics on Stocks and Re
ceipts Mako Bullish Showing-
Oats Improve
OIXAIN- RKI.T WKATHKrt rORKCABT
,r''l''o. Jult- 80 Illlnoln Flr to
n!h Thursday ummttUd nrobbly local
tnu(irt(.r phourra anil cooler In afternoon.
Jllioourl Partly cloudy, with thunder
noHtra rant and aouth Thuraday and In
norihct late tonlahl or Tliuraday.
cooler Ihuraday afternoon Wlaronsln
Khowera probahlv tonUht and Thuradayj
cooler Mlnntenta Fair nnrthvieat, prob
ably ahowera enot and aouth tonluht and
Thuraday, cooler weal and aouth lonlcht
and aouth Thuraday Iowa Showara
?roliably tonlsht and Thurada. cooler
huraday and In eat and central late
JonlBht North Dakota Fair tonlcht and
Tnuradav cooler eaet and eouth tonlnht.
foulh Daltotn I'naettlert. rrobahly with
local thunder ahowera thla afternoon or
tonlcht In enst. cooler tonlpht, Thuradav
narth cloudy and cool Nebraaka Thun
der ahowera and cooler tonlcht. Thure
div unieltled. with ahowra and cooler
esat and aouth central Kanaaa Partly
cloudy with local thunder ahowera late
tonlRht or Thuradav, cooler. Montana
Talr tortlaht and Thuraday: warmer caat
Thuraday Womlna- Kalr tonliht and
Thuradav; cooler tonlsht and warmer
Thursday caat and central.
ClilrnKO, July .'10. Assertions thnt
the crop nlrendy hnd sulferod inntcrinl
dnmnpe did n gcmtl denl to check sellinR
of corn today, nnd, nfter the market
hud hoen wenk owinR to predictions
for showery wenther over most of the
holt tonight or Thtirtlny, with cooler
conditions quite generally, the tone im
proved, although finnl prices were below
yesterday's close, eicept on July.
Knrly there wns liquidation by longs
nnd nlso pressure from commission
houses. The pressure from commission
houses wns withdrawn Inter, which
with covoriiiR by shorts for profits, help
ed the mnrket.
Statistics nn stocks nnd receipts made
n bullish showing, nnd offerings from
the country were light. Disturbed con
ditions here nnd agitation over the high
cost of living halted outside specula
Hon.
Oats nlso Improved after having been
weaker. The market received good sup
port from local bulls nnd finished only
slightly lower. cnther conditions were
more favorable.
Iadlnff futures ranped ns folloua:
Corn (new delivery) Ycat
Olien Hlifh Low t'loe clof
Sept. . 1 113 1 11(1 1 113 l.li.V, 1.1H1S
Dec. ... 1 0lP'-4 171 1 OSS l.l,S, 171,
O.lts
Pert ... so sni4 Tin, sn so'A
GO
01
70
7G.-,'
00
01
70
111 01
n.lj
01
o Sou ity ns.
23 St Ij & S
tls l0'.4 !"' G(!14
11 St I, & S P II r.s 73 73 73
OTex Co cv (Is... 10114 l 1
1 1 Third Ave ndj T.s 40 30 30
77 V K Cr 11 & I
ns of 1021.. 08 08 os
io u s ntiy & i r.s.102 102 102
32 Y IT S I'ub ct r.s 87 S7'4 8714
12 r s sti nm r.s.ioi ioi 101
13 Ct l'wr & U 3s 87 80 8(1
(i Va Caro C 0s...N13 103 103
1 West Un TcHs 8S SS 88
78Vlli,on cv Gs ..100 100 100
nonds, Jin.IlR3.ono. compared with 113.
S.18,000 caterday: thus far this wee MJ--(inil.OOOi
same period last week. 38.(J0j.O00.
BUSINESS NOTES
According to many manufacturers
nnd a few buyers, a large number of
retailers in the Women's wearing ap
parel field nre "plunging" In making
their purchase!! for fall.
Reports reaching manufacturing fur
riers from retailers Iu to Middle West
are said to Indicate thnt the volume of
retail business is greater this year than
for several years past.
Prompt adoption of some plan to
finance Kuropean Industries along tho
lines provided in the foreign finance
corporation bill, sponsored by Senator
Edge, is urged by (icorgc Edward
Smith, president of the American
Manufacturers' Export Association.
From a survey Into the wool markets
of tho country, the Liberty National
Hank, In n bulletin just Issued, draws
the conclusion that "it would seem
probable thnt fine wool prices will in the
course of the next six months remain
steady or decline, while low and me
dium grades may be expected to rise,"
The .London wool auction sales were
continued today with offerings amount
ing to fH)12 bales. Fine crosbreds
were steady, but other grades were in
buyers' favor.
" The Laurel Corset Shop, at 10 South
Tenth street, will have its formal open
ing on August 1. This establishment,
It Is said, will be the largest corset store
In the United States. Mrs. II. Itaab,
founder of the organization, will have
direct management of the store, assisted
by Mrs. M. Kane, formerly of Snellen
burgs. The "Laurel" Idea wns first
given to the public In their store at
Sixtieth and Market streets.
CHICAGO BUTTER AND KQQ8
80. BUTTER Itecelpti.
EV"J", ,MpHci ".ratil
Chlearo, July
MM tuba. Firm
Doc
pnrk
Sent. ...51.7.1
July
l.ird
fVpt. . .34 no
Ott
l.lbs
Juij ...us no
Sept ...i'8.50
tAakcd.
SJS
S3
M'H
B2 00
.-..1 no
31. .17
34 4.1
28 SO
J8 57
M H5
.11 30
34. SO
34 37
28.0.1
2R.4.5
SJS 83W
si.no
r.i.n.i
.1.1.30
34 r.n tS4.su
34 37 134. 4u
'.'S.ni L'8.87
2S 45 ti'S.SO
DIVIDENDS DECLARED
I.lccett & Myera Tobacco Company, e,uar
terly of 3 per cent on common, payable
September 1 to stock of record AUKUat 15.
Ktnndanl Oil Company of California, quar
terly of 12.50. paable .September 1.1 to
stock of record Aujruat 15.
Inl ind Steel Company, quarterly of 2 per
cent. puablo September 1 to stock of record
Auuuat II.
llarblaon-Wnlker nefractorlea Company
qu.ittcrly of 1 U per cent, paitble September
1 to atock of record AUKUat 20.
Savaire Arms Corporation, quarterly of 1
per cent on Nnt preferred, 1'4 per cent on
aecond preferred and 14 per cent on com
mon, pavablo September 13 to atock of record
Auauat 31
Dlnmond Match Company, quarterlj of 2
per cent. piable September 1.1 to atock of
record Auffuat .10
llulTalo, Hoeheater and Pittsburgh, eeml.
annual of 2 per cent on the common nnd 3
per cent on preferred, payable Auruat 1.1
to atock of record Auirust 11
NEW YORK COFFEE MARKET
New York, July 30. The coffee mar
ket opened steady nt advances of 1 to
2 points. This wns thought to be a
poor response to the nrnr.il cobles which
reported an ndvnnee In Itlo spots of
150 rels nnd of H00 rels in Snntos.
Itcceipts nt the two principal ports
arc considered unseasonable nnd far be
low expectations of those benrlshly Inclined.
Open Huh Ixiw
. 22 50 23.00 2,1.00
July .
Auruat
September 22 35 53 31
October
Noxemlter ...
December. .22.09 22.15
January . ...
Pehruary. ...
March .22 00 22 01
April
May 22 00 22 00 21 70
June
Clov
22.41)
3 35 2J 20
... 22 10
22 OO
2I.H0
21. K.I
21. 1
21.85
21 80
21 Ml
21 70
21.75
21 (1.1
Yeit
clone
22.50
22.44
22.38
22.30
22.20
22 0
22.0.1
22.0J
21 UN
21 08
2I.II0
21 SS
MONEY-LENDING RATES
NEW YORK Money on call, mixed
collateral, opened nt 0 per cent; high
0: low n : last n : ciood n ; ruling
rnte 0 per cent. Iudutrinls opened
11; high 7; low 0; last (1; closed
0 ; ruling rate 0 per cent.
The market for time money continues
tlttlet. Ilorrowors nre bidding 0 per
rent for mixed collateral nnd 7 por cont
for nil industrial loans. The offerings
nre only moderate in volume nnd most
of the transactions report renewals
rather than the putting out of new
money.
PHILADELPHIA Call, T. per
cent; time, n0 per cent; commer
cial paper, three to six months, li',4(oJ
T. per cent, and six months, (I per
cent.
LONDON Money is quoted nl 2
per cent. Discount rates: Short bills.
3 7-1l!(7i3 per cont; three months'
bills, .1 0-10CT.1 per rent.
FOREIGN EXCHANGE
New Yorlt, July 30. The feature of
tho early transactions in foreign ex
ehnngc today wns the acute weakness in
frnncs. which carried checks down to
7.31 and cables to 7.32, n new low
record. Tills unsettled the rest of the
list nnd sterling, lire nnd Swiss Mere
.... !. -...M.l ,
cumci. uuiiucth atiu pesetas were
stoadj nnd about unchanged, while
Srnndiiinvlnu quotations showed n fairly
steady tone.
Other quotations were: Demnnd
sterling 4. 3.", cables 4.30; lire checks
8.03, cables 8.01 ; Swiss checks 0.1m,
cables ,"i..".1 : guilder checks 37'4, cables
17: pesetas chocks 10.10. cables
1020; Stockholm checks 21.00. cables
21.80; Christinnin chocks 2.1.00. cables
23.80; Copenhagen checks 22.20, cables
22.10 ; Helglan checks 7.."2, cnbles 7.50 ;
mark chocks d", . cnbles 0; rubles
were quoted nt 7(it8.
In tho late forenoon frnncs de
clined to 7.30 for checks nnd 7.34 for
cnbles, but iu tho early afternoon ral
lied to 7.35 for checks nnd 7.33 for cn
bles. Swiss were heavy, falling to 5.57
for checks nnd n..V for cables. Ster
ling was steady with demand quoted nt
4,35 and cables at 4.35.
BANK CL5ARINGS
Hank clenrlnsa t-oday compared with cor
responding day laat two earal
mil) 11118 1017
rhlla... tll4.538.7fln $n2..117,3n J54,H40.(I7!I
lloston 57.130.882 43.240.078 5K,7t.S2'l
N. Y 707.121.75.1 521.n(11.0ilO 555.177HH
Ilaltlmore 14.S1I.1.CI85 10,241.11.'
Chlcag-o.. H5, 521.201 82.850.091 70.33.1.833
GOOD BUYING BRINGS
UPTURN IN COTTON
r
0
Market Closes at Net Gains of
45 to 75 Points Crop
News Improvos j
COTTON riEtT WEATItEn CONDITIONS
New York. July 80 The followlni tm
peraturea were recorded In tha cotton bait
thla mornlni: Abilene, 081 Atlanta. 70:
Sr! .AJ!",.nl- Oklahoma Cltr. Knoxvlll
"n,'1, JlOmlna-ton. 72s Corpus Chrlatl, Fort
.-,... mi. i.iiiie iwk, vicKanurjr. Alerldlan.
t HKO.nnen JB.h.ln. ... m- . .
.- .., , .., nil; uu .up. ,,
Rhreveport. Monta-omery. Thomaavfllo and
Jacksonville, 7(1 ! Galveston. Memphis. New
Orleana. renaacola. Macon, Auausta. and
i- - i.'?.s tn"ton. so. The follow-
New York, July .10. Vigorous buy
ing, which nssumed the character of a.
scare of shorts, brought about a violent
upturn In the cotton market today after
prices had suffered severe losses In thej
forenoon, due to n big batch of bearish
news, Including n collapse In quotations
at Liverpool,
(Jood wenther in the South Rnd more
fnvorable crop reports helped the early
liquidating movement, nnd It wns esti
mated thnt during the first hour Liver
pool straddle interests sold .1.1,000 bales
here on narrowing differences. Wall
street firms nlso disposed of a great deal
of their holdings, and discouraged longs
followed.
The market closed nt a net gain ot
!." to 7," points.
RAILROAD EARNINGS
PENNSYLVANIA (Eaatern Lines)
11110 Increaaa
June rtoh I31.12H.1I7 l.'.nn.SOI.
Ilnlnnce after taxes . 750.57.1 8,078.2.181
Net oper Income . SI2,70'4 11.021,0.13
Six montha' cross. ii4,ii2n.si.t Z2.r.02.n.'i
Halance after taea. . 5.455,nf)5 7 701). 08S
Net oper. income.. i.Mi.imN in .144, nsT
CENTRAL RAILROAD OF NEW JERSEY
June sroas 3.553,5n.1 J101.I85
Halance after taxes . 58ft,nn7 1,020.235
Net oper Income.. 557,388 177,244
Sit montha' cross... 20,107,4(17 1U1.28S
Halance after tales.. 708,248 423.17
Net oper Income . 780,503 425,lBt
CIIICAOO AND NORTHWESTERN
Tune Bros ,12.480,377 12.281, 5M
Ralance after taxes. 2.28B.843 3.993.854
Net operating Income 2.108.82(1 S.809.2M
Sli months- cross . 02,550.324 JO.lt00.8Oi
Tlnlnnce after tales. 4.242.403 8.55(1,815
Net operating Income 3.876.202 2.488.483
CHESAPEAKE AND OHIO
J1.71t.015 KIO.OOK
!. an.vo.iri
1.007.41)2 2.20ff.SSi
Rlj months' Bross .. 34,778,183 4.737,189
Ralance after taxea. .1.7(14.840 1,817,888
Net operating Income, 5,000,040 1, 170,00s
Decreaae.
$1
1!
t
nf
3
V
June sroaa
Ilnlnnce afl
Net operattne Income
More Gold for the Orient
New Yorli, July 30. During the past
week there wns withdrawn from San
Frnnclsco depositories gold aggregating
$S,n0S.0OO. nnd sliver aggregating $2,
04.1.000. for shipment to the Orient,
Of the gold $3S.1S,000 was. Intended for
Japan, while the balance of $4,700,000
in gold nud all of the silver wag con
signed to China, as China is on n silver
basis.
1
BAR SILVER
Commercial bar silver was quoted In
New York today at $1.07, n decline of
',(.o. In London the price advanced
i-iod to nnn-iod.
OTHER FINANCIAL NEW8
ON PAGE 20
J
Irrs - ' '.. ":.": .r. ' '. ii..-....,.j. gv" " : "'t.-.",." '. ,"r"'" ' '' n)l ""!S3
WE ARE SENDING A DIRECT STEAMER
from NEW YORK to RUMANIA !
Czech os ovacs -v ! o r
yir.vavojtafitsfc0rstaritza
' I
llllll S:
field should 'i
I'll I .'
P.
sew110,;
JJ0J(D(D) SLAVS ibSaSixI
American manufacturers interested in being first in the above
communicate with us at once to arrange consignments. We are prepared to
aid in financing such shipments. The following lines are particularly wanted:
Foodstuffs
Electrical Goods
Leather
Clothing
Chemicals
Tires
Soaps
Metals
Shoes
Lubricating Oils and Greases
Cotton Thread and Yarn
Cotton and Woolen Textiles
Rubber Goods
V
?fl
a ''
V3.JIW
Trans-Oceanic Commercial
Corporation
27 William Street, New York
EXPORT SUBSIDIARY
OF THE
U. S. FOOD PRODUCTS CORPORATION
Paid in Capital, $32,000,000
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