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EVENING- EUBLIC" LEDGER-PHILADELPHIA; THURSDAY, JULY 31r 1919
' w-yI
10
Get This '
Free Book
At Once!
It tells the general
rules of trading.wlth easy
examples; deposit re
quirements, commission
charges, how to give
your broker Instructions
by wire, 'phone or mall;
how to endorse a certifi
cate, and how to use col
lateral. Call, 'phone or
write at once tor No.
T. U.-G03.
JONES & BAKER
SECURITIES
Widener Uldg., Philadelphia
Phones Bell, Walnut 6063
Keystone, Race 2290
Vew York Detroit Pittsburgh
Chicago JJIrecl Private Wre lloston
SHARING PROFITS WITH LABOR
IS LOWEST PRICE TO BUY OFF,
REVOLT PERIL, DECLARES BRITON
Philadelphia Markets
funics 343 Kitt S5S
Canadian
Municipal Bonds
Bought Sold Quoted
FINCKE, BANGERT & CO.
rrnnklln Dank Uldr.. Philadelphia
BOBTon
NKW TORIC
CIVIL ENGINEER
with
$15,000 and Services
Desired rartntrtttilp In Huftlness
n 318. I.KDOKR OFFICE
LIBERTY BONDS
BOUGHT and SOLD
Any Denominations
Samuel K. Phillips & Co.
B07 CHESTNUT NTREF.T
Members Philadelphia Stock Kxthange
riNANCIAT.
Proposals
I1KPABTMFNT OK UIIAIM KH. IMKKM
AND JTEIUIIIV. 000 liour.e i.hin:., riuin.
July 16. 1019,
SEALED mOPOSAM. Indorsed "li.ds
for the construction with nppurtenftnt work,
of Schuylkill River Itulknefid. wept side,
.... v. l Panpnan Porrv TlFMnm will H m.
reived until 13 o'clock noon, Tuntdar Au
ra (rt R. 1010. In tho office of the Director of
the Department of Whartes, Docks and
Ferries BG0 Tloarsn Ilulldlnr. Philadelphia,
and then publicly opened.
Plans specifications ana blank forms
upon which bids must bo made can be ob
tained at tho office above mentioned, upon
the rienoplt of a certified check In the sum
of $10. 00. to cover cost of blue prints,
which check will b returned upon the re
ceipt of plans and specifications In this
office in good condition and unmarked The
successful bidder will be furnished with all
neresssry blue prints free of charge.
Proof must be submitted to the Department
bv the conractor that ho haa accepted the
provisions of the workwomen's compensa
tion act of June 1ft 11U7. relative to work
lnfrmen's compensation, and Insured his
llabltltv thereunder or secured exemption
ih.Mfrnni.
Mn bid will be considered unless accom
panied by a certificate from the City solic
itor of tho City of Philadelphia to tho effect
that tho provisions of an ordinance requir
ing proposal bonds on all bids exceeding In
amount 1000 appro cd May 25, 1880, have
been complied with.
Tho Director roserves tho right to reject
nnv or all bids, hh ho mnv dem beat for the
interest of tho rltv of Philadelphia
interest oi an0nciE s. WERSTER.
Director.
Employer Tells Vanderlip
Living Wage to Workers
and Minimum Return to
Capital Ar6 Essential
Brains of All Should Be
Used in Industry, Not
Only Brains of a Few, to
Assure Success, He Says
Hr FRANK A. VANDERLIP
Ah I snld yesterday, tic liberalized at
titude of employers in England struck
mo as most significant:. Tip snmc Hnj;llsli
employer of first Importance whom I
quoted yesterday said the following
to me:
"We are all greatly cotcerned at the
present time because of tkc number of
unemployed, but thnt nunber is, after
nil, not remarkably large. Wiat linn
'happened is that the cotsitcncc of the
nation has been awakened to its re
sponsibility to the individualin a period
of enforced unemployment, md in the
light of that consciousness olresponsi
bility the figures for the- first Lnc stnnd
out clearly in our minds iutWanl to
the number of unernplo.ed. I
"We have nearly always 4nd un
employment, but v?c have 8t been
aware of its extent, not feel! a na
tional responsibility toward tine who
are out of work. For a nuber of
years prior to the war there as an
average unemployment oi u it; mn
of the working population, a tne
greater part of this unemploymit was
owing to exigencies over wnlcli (e em
ployes had no control.
"A state of unemployment wite no
provision is made for the unenjoyed
re-'ts on the v,liolc situation in wny
we have not before clearly untieuotl.
With 5 per cent of the working jipu
lutlon unemplojed, and no mean'pro
vicied for their support, nil inegtry
feels the lark of their consiimptivde
mand. If there wns n sound gcjral
unemployment insurance the uin
ployed percentage of the comniijty
would still be in n position to excise
nn effective demand for the producer
Industry, and it is nppnrcnt, thereto,
thnt nn aaequnte unemployment in,
mice scheme would reduce 'the acil
unemployment. 1
Ijirrer Control bv Workers 5
"A larger control of industry by
workers. This should be the next st
workers should be the next stf
up their minds thnt they do not intcJ
to continue as wage Blnvct. 'Incy wn
GIVE LABOR REAL INTEREST
IN PROFITS, UfiGES BRITON
'
A
clariug
live iHbor n real interest In the profits of the business,"
llrltlsli employer of first importance told this to Mr. Vnndcrlip. de-
thnt this step Is the lowest price at which the capitalistic regime
can tiny ttRclt off from the danger of revolution.
The Ilrltish capitalist continues:
"As matters stand today owners of indus
try do not dare to be frank with their employes
in regard to the net results that they are
obtaining. There arc times when a frank
statement of the financial situation of an Indus
try, If It were believed by the workers, would
result in their co-operation cither in the way
of reduced wages or Increased production,
"The country that first arranges its indus
trial life so as to meet these conditions, the
country thnt first puts the brains ns well ns the
backs of its industrial population Into the
work thnt is being done will forge so far ahead
of other nations thnt men will wonder that
society could ever Ifflve endured the present
system."
would be its share of n division with'
satisfied workers.
Drains Wasted, Ho Sajs
"Today the brains of the country are
being wasted. In n factory employing,
sny, seven thousand people the work is
(.directed by the brains of perhaps not
over n hundred. If such nn adjustment
could be mode thnt the brains of the
whole seven, thousand were engaged with
the problems of that industry, if all the
workers had nn Intelligent grnsp of nt
least some part of those problems, nnd
nil cheerfully npplied their energy nnd
brains to the welfnre of the industry
because they were satisfied with their
J working conditions, and felt thnt they
occupied a just relationship to the re
sults obtained by the enterprise, then
the profits, both for cnpltal and labor,
would be far beyond nnythlng that the
present system can produce. The coun
try that first arranges its industrial life
so ns to meet these conditions, the
country thnt first puts the brains ns well
ns the backs of its industrial population
into the work thnt is being done, will
forge so far ahead of other nations thnt
men will wonder that society could ever
hnve endured the present system."
ICopjrlght, 1010 by tho Macmlllan Cq )
Tomorrow Mr. Vanderlip will dis
cuss "The Power of Minorities."
RAILROAD EARNINGS
UAIriMOItE AND OHIO
1010
Juno gross .$1(1,231.217
mianco niter taxes 1.S3U.U73
Not operating1 Income 1.080,241
Six months' gross . 70.7A0.8M
llalaneo after taxes. 3.41S.S72
Net opcratlne deficit 4,0.23,803
nOSTON AND MAINE
Juno gross . . 0.1'.!0.30S
llalanco after taxes 702.031
Net nperatlnc Income 750, 33S
Six months' gross .12.043,780
Kalanco after taxes. 178, S04
Net operating Incomo 77.2S0
Increase
1390.3(13
3.013,890
4.222.140
10.70 233
182,343
1,204,002
$181,300
2.017.003
2.240. 1U
1.003 044
B02.001
1,033,183
NOIIKOLK AND WESTERN
f3.40T.4OI $1,230,120
13, OJ l.UOIf 817
1 RSI 021
SN0.30S
215.2S2
724,304
June gross . .
Dalancn after taxes
Net operating Incomo 784.278
Six months- gross a5.8ns.700
nalanee after taxes 4.301.130
Net operating Income 4,731,200
WAI1ASH
June gross . . $4,000,781
Balance after tax . 405 SOS
Net operating Income. 015,318
Six months' gross . 22,730,811
llalanco after tax. . 1,314,832
Net operating income 144,007
J00.147
730.538
811,838
2,870,821
02,873
370,804
June gross ... .
llalance rfter taxes
Net oner. Income
I Six months' gross
n voice in the administration of ""NVt 0PVr. 11
industrial part ot the Business in wmq 'Decrease
they are engaged, nnd they want Hint
not as nn net of grace, but ns a right. I
VIRGINIAN RAILWAY
II. 130.42-1 J233.013
371,301 300,135
375,212 423 031
3,100,810 4J.204
371,817 134,nl2
033.023 208,502
taxes
ncome
"I have been very nnxious to know.
Financial Briefs
NEWORK COFFEE MARKET
New York, July 31. There were
rumors around the ring yesterdny that
a large bull operator was trying to
liquidate a block of December. There
were no indications of this liqui
dation, nnd on buying by n prominent
Baltimore bull interest, December sold
to '2'2c or fi points nbovc initial figures
nt 11 o'clock, with the offerings coming
from n lending Wall street firm often
trading for European nccounts.
The steadiness in the locnl market
wns nbout in keeping with the slightlj
firmer Hrnzll cables, although trading
wns dull and without snap.
In the locnl spot market there was a
report that some cheap Wo coffee had
been sold late jestcrdny, but generally
7s were held at 23V4 to L'ac.
July
August
September
October
No ember
Uuemher
January
February .
March ,
April .
May ..
June
Uld.
Yest.
closo Ooen
. . -! 75
2.' 10
2J.2U
22.10
22.00
21.1111 24 111
21.85 .M 04
21.81 ...
21 85 2l 00
21 ho
21.80 '21 81
21.70
11-00
a m
POrnHAI.H FOR HARDLINE. OILS AND
GREASES Raw Materials Division, OfTlca
Director of Purchase. Munitions Rulldlng.
Washington. D. C Sealed proposals will
be receded here until 10 A. M.. September
d 1910. nnd then oppned. for furnishing
..Miia lfrna.ni. lubrlratine oils, fuel oil
and greaseB required by Army during Oc
tober. November ana wcmuer, iviv.
Further Information on appllcteion.
The following companies
' offer
INSURANCE
of all kinds
just what was in the minds of out, The report of the Philadelphia nnd
workers in regard to what they want iny,.RtPrn Knlwny Compnny for the
their relntlon to Industry. You cnnVotjontli of June shows gross earnings of
find thnt out merely by sitting on thcrt4.&25, nn incrense of S10..100 over
opposite side of a tnble during nn ncutejp corresponding month lnat enr. Of
stage ot a inDor controversy. 1 nuvens increase .;tio was carried down
had representative workmen spend
week-ends with me nnd talk the sub
ject over ns man to mnn, nnd I hnve had
meetings of representntive workmen
drawn from vnrious industries to discuss
the subject. Thescmectings weic not
so brief and formnl thnt we fniled to
get nt the heart of the question, but
were conferences where we got into such
relations with the men that we were
enabled to bring out what was really
in their minds. I would tnke n country
hotel nnd bring together for n week
end conference lnrgc groups of repre
sentntive workmen, nnd the result hns
been most enlightening.
Beidler & Bookmyer
General
INSURANCE
BROKERS
424 Walnut Street
Lomhara !7 Ualn 41$
New York Office
95 William Street
n
Commonwealth
Casualty Company
Oldest Philadelphia
Casunlty Company
Assets $700,000.00
Automobile nnd Teams
Accident) anil Sickness
Insurnnca
Attractive Liberal
Hates Policies
Prompt Claim Service
Ask Your Broker for
Commonwealth Protection
Call, write or phone
Drexel Building
WILLIAMS
C& WALTON
nn increase in balance after tnxes
d interest. Net for the month made
gain of $31(15. Knrnings from nil
irees for the twelve months ended
oe 30 ineiensed $88,428, while net for
1 period declined $2301.
jchnrd Ii. Austin, chairman of the
I-jral Reserve Dank, lenics today
f,Xortheast Ilurbor, Me., for a
mJi's stny.
General Insurance Agents
S
Nos. 416-420 Walnut Street
PHILADELPHIA
111111111111111111111111111111111111111111111171111
Fire Auto Marine
Insurance Company of
North America
Philadelphia
Oldest American titrck fasuranc Co.
FouttdrH 17tt .
Capital $4,000,000
Assets Over ....v. 80,000,00
Surplus to Policy.
Iir-lders . . i; 18,900,800
X, o s I Paid ,
Blnco m I0.17,.TS
Home OlUce 3hlrrt and Walnut HU.
Uptown Ome 110 Raat Estate
Trait nidr.
iiiiliitininimuiiiiiiiiiiiiuuiiiiiniiiuu
Labor Should Share Profits
"The final step is to give labor a real
interest in the profits of the business,
nnd this is the lowest price nt which the
capitalistic regime enn buy itself off
from the danger of revolution. There
is a great deal of preaching to the ef
fect that the interests qf labor and capi
tal are identical. That is all bosh. The
interests of labor nnd capital are not
identical. It is labor's aim and its
proper aim to obtain in the division
between capital and labor all that it
con, just as It is the aim of capital in
its division of the results of capital
and labor to obtain nil It can. Up to
the point of an industry going to smash
the interests of labor are opposed to
the Interests of capital, flow to make
this division of the results of industry
between labor and capital is the most
difficult of all problems.
"In my own opinion we should look
nt it in this way : There should first be
two definite charges against the net
profits of industry, (1) a living wage
to labor, and (") a minimum return
to capital. Then after labor has re
ceived a basic wage and capital has
received a minimum return, nil that is
earned should be divided between capi
tal and labor, and in my opinion it
should be divided equally.
"As matters stand today the owners
of industry do not dare to be frank
with their men in regard to the net re
sults they arc obtaining. There are
times when n frank statement of the
financial situation of an industry, If It
were believed by the workers, would
result in their co-operation rither in
the way of reduced wages or increased
industry. The trouble Is that men
have repeatedly been told when they
struck- for higher wages 'that if such
an Increase as they demanded were
conceded the Industry would have to
close its doors. And then, through
the Btrikc weapon, they have forced
the Increase, and the industry went on
as, usual.
"One claim that is frequently made
is that If the workers force a letter
division the result will be that capital
will leave the country. Many people
thought that if such a plan as I have
in mind for the division of profits were
to be, enforced, cnpltal would emigrate
and leave industry prostrate. J'do not
believe that is sp. Let us take, for
example, an Industry that Is now earn
ing 14 per cent. Suppose an arrange-
ment were made with the workers so
there was paid to the capital invested
6 per cent, and the remainder divided
between capital and labor. Under that
arrangement capital would receive 10
per cent, but I believe it would re
ceive 10 per cent only for a short time,
that eventually It would be found that
It was earning, not the 14 per cent It
had before, but 20 per cent, -which
5cinl figures of the result of the
Us.li Victory Loan give total of
"134,000. The total amount raised
thiear, apart from treasury bills nnd
shitcrra ndvances, was 800,000,000.
1, Xcw York Subtrcasury gained
$2,',000 from the banks yesterday,
mal n cash net gain since Friday of
$0,r000.
ft'York bankers ore preparing to
plac the market nn issue of Belgian
tress bills, similar to the ?50,000,
000 of French bills reported yrs
terdajt was announced in financial
clrcleday. The amount of the offer
ing aliie interest rate have not been
madeillc.
r Follog the action taken by New
York, board of governors of the
Hostond Pittsburgh stock exchanges
voted tpse on Saturday.
t Officii of the Saxou Motorcar
corporr, state that n payment of 20
per cenfJthe company's indebtedness,
with init, will be made as of Au
gust 1. Jlew of this payment the re
organizaijilan recently propose' will
probabiymodfied.
!
Cot', Buyers and Sellers
Cliicagfuly 31. August Hart-
corn off September Itosenberg
and Newt, bid : Seller, offered. Oc
tober Wumoens, Seller, Erwln,
jninn ni.-sewmnn, bid: l,ow-
Hartcorn ll'arrott, offered. Decem
ber Hopk Geer, Hartlett, Schill
and" Mitchjjid ; Orvis, Cone, Mc
Kuany, Krn, Hartcorn and 'Par
rott, offert Jainmrj Cone, Free
man, .Hart, Newman, Hartlett,
Itosenberg njontgomery, bid ; Seller,
offered. V layman, Smith nnd
Newman, bilanger, offered. May
Hartlett anoVhell, bid ; Lowenstein,
offered. '
LONDON STOCK MARKET
Continued Buoyancy In Oil Group
Domestic Ralls Quiet
London, July 31. Continued buoy
ancy wns noted in the oil Rioup on the
stock exchnnge today with n fresh spurt
in Shell Transport nnd Mexican Eagle
issues.
Orand Trunk nnd Argentine rails
were firm. Domestic railroad and gilt
edged investment securities were quiet
nnd mixed.
On the whole, the markets were irregular.
LOCAL MINING STOCKS
TONOPAII STOCKS
Bid Ak
Jim riutler . . .31! 34
MacNamara . ,SS on
Mldnny . .27 30
Ml7pah Extension 07 1)9
Montnna ... . ... .15 20
North Star . ... 07 09
nescue Kula .. IS o
West End 1" 114
OOI.DFIEI.D STOCKS
Atlanta .04 .on
Blue nun 02 m
Hooth ... OS in
nlamondfteld II D . .01 114
Daley 01 na
Kewanas . . . . . .03 03
Oro 01 01
Silver Pick on OS
Spearhead 07 .00
MISCELLANEOUS f
Arizona United 20 30
Nevada Wonder 40 ,30
Tecopa Mlnlnc 09 12
Reserve r,s' Discount Rates
Officlnl dlst rntes at the twelve
federal resernks were as follows:
(The first pn gives rates for all
periods up trt Including a fifteen
day maturity! second for a period
of sixteen tojy days. The tnlrd
and fourth co give the rates for
rediscounts ofjteral loans Bccured
by governmentfla or notes.)
('naDer tlov't nncr
-ilntoHO 18 to HO
Boston
New Tork
Philadelphia ...
nichmond ...4.
Cleveland ,
Atlanta
Chlcatro
St. Louis
Minneapolis ...,
Ktnsaa City .,1
Dallas ..........
Bn Francisco,
days IS days days
4
.4
4U
4
4
4
4
5 4
-4V4
4V ns
o -i
Local Exchanged Saturday
The governing Attrh of Hi Phil.
adelphia Stock Eljre at a special
meeting lousy voi, cose the ex
change on fcjaiuru
Bank of England Statement
London, July 31. The weekly state
ment of the Ilank of England follows:
Total reserve f27,477,000, decrease
408.000; circulation 70,387,000. in
crease 403,000; bullion f 88,414.000,
incrense 84,000; other securities 81,
74fi,000, decrense 118,000; other de
posits 110,554,000, decrense fr.4f0,
000; public deposits 17,881,000, de
crease 1 ,80.",000 ; government securi
ties 43,143,000, decrease f0,070,000.
The proportion of the bank's reserve to
liabilities is now 20.40 per cent, against
10.07 'per cent last week and compares
with a decline from 17 per cent to
10 per cent in this week last year.
The clearings for the week were 712,-
100,000 ngainst 542,500,000 last week
and 400,075,000 last year.
Two New Banks Seek Charters
Applications will be made for charters
for two new banks in this city. The
Citizens' Bank will be located in the
center of the city, the site not yet de
termined, with a capital of $200,000,
divided into 4000 shares of $00 each.
The Keystone State Bank will be located
at"" Sixtieth and Pine streets, with a
capital stock of $50,000, divided into
1000 shares of $50 each.
Decrease In Flour Output
Minneapolis, July 31. The North
western Miller says; The Minneapolis
flour'-output last week decreased 20,000
barrels. The output for the week euded
July 20, was 215,055 barrels, against
178,530 barrclsln 1018. A marked im
provement in flour demand is reported
by Minneapolis nnd northwestern mills.
BUTTER, EGG8 AND CHEESE
sxr. -. ..!.. a TilfKidnti mi
w ivrit, jgiy . a u 4 j. CiH-r irm lie
celpta, 13 &2S tubs. Hich-eorlnp, naOQOVio.
extrai, (VSVic. Inilde; firsts, fl2H 53c: sec
ond. fi032c! state dairy. MH 35n.
kuqh irres-ular Kecelptn 17.1!03 cases.
smsAt j. at. J a t K A JCh Ksf t .
packed extra firsts, SIVs OS8c; storage-parked
flrsts. 47Wasci Kathered etra Hrsts. Bl
03c; dirties. No. 1 SO 040c: dirties. No. 2.
80fS8c; checks, 340Sftc; checks, undergrade.
zuwaac; nrsis, -tsvnuc; seoonos, 44fT4Tc:
vtfljl
stats and nearby hennery
MOJOoi
sathered whites. SOOSSol western whlt
48UB0O! Paclflo Coast. 'S2O680; ncstern and
southern s-athered whUes. SOOSSc' stat ni
nearby hennery browns, esosic: zsthered
browns and mixed colors. SAOoSo; fair to
prime, 454153c. ,
CHKEHK Steady. Receipts. 4318 boxes.
Flat, current make. Volored. average run.
Sltt 6S2Uc flat, rurredt make whites, a v.
IHI'Z.JVP- BHiOSxttei colored 'Pedals.
KtfeSsVlei white specials, 82MSaH.
GRAIN AND FLOUR
WHEAT Receipts. S.n44 buhels. The
market was Arm under Usht offerings, but
trada was quiet The following are the
quotations! No, 1 red winter, 2.80 No 1
northern sprlnic, 12.30, No 1 hard winter,
2.ai No 1 red winter, garlicky. 2.87. No
i red, smutty. 12 30, No 1 red. gsrllcky
and smutty, 12 34, No 2 red winter t2 30,
No 2 northern spring. 12 80i No. 2 hard
winter. 2 80, No 2 red winter, garlicky.
12.34. No 2 red. smutty. 12.33; No. 2 red.
garlicky and smutty 12.31 i No. 8. red win
ter, 12 82 No. 3 nrrthern spring. 12.32, No.
8 hard winter. 12.3.1. No 3 red winter, gjjr
llcky, 12 80 No. S red. smutty, 12 .20, No.
3 red. garlicky and smutty. 12.27. lower
grades on their merits
COI1N llecelpls, I IRS bushels. Supplies
werf. small nn,t Ih. market WAS OUlet at
1 firmer rales. We quote yellow In car lots I
for local trade, ns to quality and location.
I at 12 1392 1(1 per bushel
OATS Kenelnls. S.V0OO hushels. The mar ,
ket was quiet and steady with ilght offer
ings Tho following were the quotations:
t.'ar lots as to location No 1 white, 90
OOHc: No 2 white, S0H B0c: No. 8 white,
iSSiiOSOc! No. 4 white. 8580c.
FI.OL'li llecelpts. 900,434 Itn In sarks.
The market ruled firm hut quiet We
quote: To arrhe per 100 lbs, In 140.
pound Jute sacks Winter straight, west
ern, old. lln 7M1 new 10 7BPHO 2S near-
lb), old. IKIfflO 73, new J7n10. Kansas
i stralthf nw til "irfrll nn. Knnsas. short
patent, old 112812 BO. new. Ill rnll 75i
spring short patent, old. 113W18 50 do,
Jatent. old, li2.50J 13: do. first clear, old.
II 7.1lrfl0.
ItVU.KI OlIIl was firm but quiet We quote
at ISOOOD.2.1 per barrel. In sacks as to
quality.
PROVISIONS
There was a fair Jobbing demand for
most descriptions nnd the market ruled firm.
The quotations follow: lleef, In sets, smoked
and alr-drled. 35c. knuckles and tenders.
smoked and alr-drled. Site; pork, family.
o7c, hams. R P eured tooee 17 Stifle,
do, skinned loose. 30l4!!37Hc. do. do.
smoked. SOGMlc, do boiled bonele" fine,
Picnic shoulders. S I cured, loose 2Sc, do,
smoked, 20c. bellies. In pickle, loose, 30e:
breakfast bacon, 43c, lard, 8flc.
REFINED SUGARS
Ilustness was restricted by the light of
ferings We quote on a basis of 0c for fine
granulated
DAIRY PRODUCTS
HUTTEP. D-mand wns fair, unil the mar
ket ruled firm, with surplice uuUr good
control The following were the quntn
tlons: Solid-pncked crenmery extras .VHic.
higher scoring good. 3JV4 MINHic the lat
ter for Jobbing sales, extrn llrets, STVjC.
firsts, K(imir, seconds, B0(.l3.'c, sweet
treamer. ihnlif to fancy. fN4 iff oilier, do.
fair to good 334(ff57Hc: fnnc brands of
prints Jobblne at 0204c, fnlr to choice,
fi2nir,
KCM1S Choice stock was scarce and firm,
but there were liberal offerings of medium
nnd poor eggs, which were dull and weak.
The quotations follow: Free cases, nearby.
SIS On per crate; current 'receipts 113: west
rn extia Irsts. Ho 00 per casn. firsts. 115:
nearbj and western seconds. 110 81112 00:
fancy selected eggs Jobbing at 3'Ji0Olc per
dozen,
ClinKSE Offerings' were light and the
markit ruled firm with demand fair The
quotations were as follows. New York
and Wisconsin, whole-milk flats, current
make, fancy. 33V W84c. sperlils hlsher:
New- York and Wisconsin, whole. milk flats,
current make, fair to good V033c fancy
goods were Jobbing at S4Vi33V4c
POULTRY
LIVl: There was little trading but
values were stcndllv held The quot-itlons
were ns rollows r-owls. la express iii'tf1
3Sc spring chickens, broilers not Leghorns
tellow skinned weighing l r 2 lbs aple e.
aflfMDc. exceptional lots hlsher. srrlng
chickens, broilers, not Leghorns, jellow
sklnned. weighing ltPltt lbs apiece. 30
37c: white I-eehorns. elIow--klnne(5 welch
ing ! 2 lb apiece; 33W34c white Leg
horns. ellow -skinned smaller sizes 30e
32c, roosters 2324c: ducks I'ekln. 2H
8"c. do Indian Ilunncr. 2l2So. geese.
20c, pigeons, old per pair. 40&4."c, do.
young per nnlr. 3r$4nc
DUKSHED Fowls were in good request
and nrm Ilrolllng chickens were quiet ana
unchanged Following nre the quotations:
Fowl, fresh-killed, dry-picked In boxes,
welshing 4 Ihs . nnd titer Anlere. 3IHr.
weighing 8'4 lb 30W3"c. weighing 3
11M nnn- Dtfil.l- .mnllxn .1,-. .1 1 til)
82c, fresh-killed. In barrels, fancy, dr-
Sn'ni-w weigning I ins- ann mrr himitc
l)c. weighing 3V4 lbs. 816 site: weighing .1
lbs SJSSSc. smaller sizes 3113lc. old
roosters dry-picked 2c. broilers. Jersey.
4S.1(lc, do other nenrbj 4iiV43c. do.
w-vstern. SSfiMOc: snrlng rfucka Ijong Island.
3.-iC squab, per dozen white weighing
II 12 lbs. 1B..1O0V 2,t do do weighing
111TIU lbs. per dozen. 17 .'0S JF do. ilo.
welching 8 lbs per dozen lOifTO 7.1, do
do. weighing 7 lbs, per dozen 14 50 St 5 23.
do. do weighing flffftlH lbs per do7en
$2 30 T r.O. dark 11 ."0J2 23: small and
No 2 b0c12.
FRESH FRUITS
Watermelons higher under small supplier
Cantaloupes eHBler Others steady We
quote Apples pir basket lOcHfll 23 Can
taloupes wcaterP7 per cratp 12 nntfM no.
do. southern, per crate, 1162 7.1 Water
melons, Florida, per ear, rJ3iiWl" Illack
berries, per. quart. 10T JOc Peaches Geor
gia, per crate. 11 50?4 Hucl.leberrles per
quart, 12&2IIC Raspberries red per pint. 8
tcU.c lemons. per box. 12 40S 4 110
Oranges. California, per box. 1300 40
VEGETABLES
Demand was fair and prices were well
maintained We quote. Whltu potatoes.
Uaslein Shore. Virginia per bbl. No 1.
14ll. No 2. 112 7.1 White potatoes Jer
sey, per basket No. 1 11 fH 1.1. loer
grades. 40f0.1c Cabbnge. Pennsjlvanla, per
bbl lltHBII Onions. New Jersey, per
basket, 11 BOOl 75. do, do, per bushel ham
per. l.'202 5O.
LIVESTOCK QUOTATIONS
rhlrngn. Jul 31 IIOCIS Hrcelpts,
00OO head. Higher, top. 123 110, ery few
packing hogs sold Heavy weight, 121. S3
23 33; medium weight. 121 SO023 00; light
wolght. 121. OOli? .'1 no, light lights, $2110
23; heavy pncklng sows, smooth 1JI
21 7.1. packing sows, rough, 120021, pigs,
119.7.1021.
CATTLE Receipts .1000 head Firm
IHef steers, mtdlum and henvj-weUht
choice and prim", 110 30W1S.10, medium
and good. $12 21$rl0 50. common, 110
12 2.1 I-lght weigh good and choic
$I4.2517.50, common and medium. 10 .10
4H4 23 Ilutrher cattle, heifers. J7O14B0;
cows. 713 75. Canners and cutters. 1.1 50
7. Veal rales, light and handy weight,
!ln.75l.75. Feeder steers 17 7313.7.1.
Mocker steers, 1711.23 Western range
steers III 10.2.1, cows and heifers. 17.25
013 75
SHEEP Receipts Bono head rirm.
Lambs. 84 pounds down. 11310 75. cul.s
and common, $812.50. Yearling wethers,
$1012 no. Ewes, medium, good and choic-,
1790; culls and common, !.'.750.50.
Knnsas City. Mo.. July 81 HOGS Re.
celpts. 3000 head Higher. Hulk, 122 S5
23 23. heavies 121 25 23 4(1; medium
weights 122 llll23 .1.1. lights. 122.7.102J.21,
light lights. 122 2122 So, packing sows,
121.50A22U0 pigs. 11U21.25
CATTLE Receipts. 6000 head and 1000
calves. Higher Heaw beef steers, choice
and prime, 110 00018 50, medium nnd good,
112.35i;l 01. common. 111231-, Ilght
weights, good and choice 114 25loM7 40
common and medium, lll14, butcher cat
tle, heifers 10 31014. rows 111.10 12 2,1,
ennners and cutters, S1f?fl eal cales light
and heavy weights 112 2314 feeiler steers.
lll.7513 45. stoiker steers 111 7.1 W 1.1 50
HHEEI' Recdpts. 2100 head Loner
Lambs. 112 2110 21 culls and common
1H012. earllng wethers. 10ll 2.1, ewes.
15..10U.5ll, ewes culls and common, !3f?H,
breeding ewes, 19 5U015. feeder Umbs,
$12.7.1014 no
Pittsburgh, July 31 HOGS Receipts,
15011 head Higher HenMes 122 7.12J
heavy sorkers, 121 3121 S5. light yorkers.
$23021 25, pigs 122 5121.
SHEI-iP AND IWIDS Receipts. 300
head Steady Top sheep, 111; top Iambs
115 50
CALVES Receipts. 25 higher, top, 121
Kast St. l.onls. III., July 81 HOGS
Receipts. 6500 head Higher Top $23 50,
bulk, $23023.40. heavy wi&ht, 123823 40,
medium weight. 122 00IS23 SftjUght weight.
$22.7BSi23 40, light lights $2l5rSa10. heavy
packing sows smooth, $20 2321 5: pack
ing sows, rough, $18.25020 25. pigs.' $158
21
CATTLE Retelpts, 5000 head Steady
Reef Bteers medium and heaiy weight, me
dium and good, $12.5017.40, common, $11
(!-'. 60, Ilght weight, good and choice. $12 30
4714 75; common and medium, $1012 50,
butcher came, neiiers si T.-icin: cows.
$7.2.1312 6(1, uinners and cutters, $5,236?
7.23: veal cahes. light and handy weight.
$13.50lll feeder Bteers, 7.3012, stocker
steers $7liu
SHEEP Receipts, 17,000 head Steady.
Lambs. 84 pounds down. $13.78 15.75; culls
and common, HBO: jearllng wethers $10
11; ewes, medium and choice, $8.30 3D
culls and common. $3(40
Kast RnfTalo. N. A., July 31 CATTLE
Receipts 421 head Slow
CALVES Receipts. 200 head: n0o higher.
$620: few at $20.50 ""'
HOGS Receipts. I on head; fine to 80c
higher , Heavy, mixed and yorkers. $24;
light yorkers .12323 BO, pigs, I22.5028;
roughs 12121.r.0: stags, $12tls,
SHEEP AND LAMI1H Receipts. 400 head.
Steady Lambs. $121(1 73; yearlings, J St
14: wethers 110 60llj ewes MOIO, mixed
sheep, llY10,50.
South Omaha, July 81. HOGS Receipts.
8100 head Acme, 40o to 65c higher. Ilulk.
12t.7.122 25- top. 122 50
CATTLE Recelnts. 2A00 head. 11. .r
ateers and yearlings. 25. 10c lower Hutch-
era nrm; siocgers ana reeaers. steady.
SHEEP-F-Recelpts, 23 000 head. Killers,
25n0o lower; feeders, slow, steady.
UNDERTONE WEAKER
IN COTTON MARKET
Sales of Long Stuff and Liqui
dation Bring Out Stop
Loss Orders
I I Mil SHSMiaasiMiMMrSsa.MlMM
1 BUSINESS NOTES
ORAIN I1EI.T WEATHER FORECAST
fhlraro, July 81, Illinois Showers
probably tonight and Friday: cooler., Mis
sourl Unsettled tonight and Frldsy, prob
ably local thunder showers, slightly cooler
north tonight, cooler Friday Wiscon
sin Cloudy and cooler tonight, probably
showers south, Friday fair and warmer.
Minnesota Fair tonight nnd Friday,
cooler tonight east and south: warmer
Irlday south Iowa Showers and cooler
tonight, Friday generally fair north prob
ably showers and cooler south North and
South Dakota Fair tonight and Friday,
warmer. Nebraska Mostly cloudy to
night and Friday, probably showers south:
cooler tonight southwest, warmer west
Friday Kansas Part rlnudt tonight pos
sibly Frldsy; cooler west and north to
night and In east and extreme south Fri
day Montana Fair tonight and Friday;
,,rmJ.r.,on,Bnt w"' and esst of the dl
v de Friday Wyoming Part cloudy to
night and Friday, showers southeast;
warmer Friday.
Chlrngo, July 31. f!ood rnins over
most of the belt, n prediction by n loenl
mithorlty thnt the jleld this season
would be 2,l)0!).000,000 bushels, ngnlnst
2,815.40,000 Imslie'ls forecast in the
Inst government report, nnd the vigor
ous demands for lower living costs led
to henvy selling of corn today nnd the
mnrket suffered material losses, led by
December.
The stnrt wns Irregular, but commis
sion houses had bu.ting orders, which
iiickly absorbed the surplus nnd nd
nnced vnlues to n premium over the
previous close. Later, belling of long
stuff nnd liqiiidntinn wenkened the un
dertone nnd mnny stop loss orders were
Pfwir.lin.l fl,,. 1.... !. .. 1 It.. '
.....,,. .,,- ,Mli, uift iiimiT ui-i-miiu lim
ited. July nctcd tnther tight nnd nftcr
wenkenlng shnrply closed higher.
Oats nlso wenkened on more favor
able wenther in the northwest, the drop
in corn nnd embargoes ngninst ship
ment to the senbonrdT
A locnl authority estimated ihc jield
at 1, S01 ,000,000 bushels He put the
yield of winter wheat nt 744,000.000
bushels and of spring whent nt 24S,-
000,000 bushels.
Leading futures ranged as follows.
Corn (new delivery Yest
i;pen nign i.ow cine close
1 01 1.II5H l.M 1 0.V, 1.03U
I 08 1 lla4 1 I13K, 1.03W 1 (,u
Fept
I lee . .
Oats
Sept
Dec
Pork
Sept
70
82
82
7S
80,
7SS
70T4
SO
82.
lent
lul
I.ard
Sept
Oct
Ribs
July . .
pt ...28.30
(Asked
31.7.1 no 40
51 30 .14 30
34 5.1
.11 42
33 71
33 00
2S 50 27 03
28 .10 27 97
50.40 til 01
n.1 30 41.00
34 00 t.14 .10
33 80 t34 37
27 05 128 01
2S 00, I2H 4,-,
Cables from South America state thnt
wool sheepskins have advanced 10 to 15
per cent within the last month.
rrlce- for suitcases nnd handbags nre
advancing In sympathy with the rising
quotations for leather. Manufacturers
complain thnt they are forced to nsk
such high prices, It throws their trndc
nil out of line nnd causes the loss of a
good mnny customers.
More than 14,000,000 yards of var
lous kinds of cotton fabrics, surplus
supplies of the War Department, nc
cumulated at n cost of about $4,000.
0J'. "'"" sold for almost $5,000,000
within four hours yesterday nt nn auc
tion. Hetall Jewelers nre placing lartc or
ders for religious goods Intended for the
coming Christmas holiday trade. Oold
rosaries intrusted with pcdrls and other
stones arc in great demand. Crucifixes
also nre being ordered In lnrge quanti
ties, with the demand mostly for the
higher priced goods.
Colors for export continue in good
demnnd, the qunntltles tnken for ship
ment nbrond being nbout the snmc ns
they have been of late. Hujcrs from
South Amcrlcn nnd the Orient nre still
culling for bright shades. Chief among
the colors being sent nre malnchlne
green, brilliant green crystnls, direct
green, congo red, direct blue, Milphur
black nnd direct black.
Japan Is nbout to enter the clock
making Held. Ilusiness men In thnt
country have purchased considerable
nnchiiicrt necessary in the production
of clocks nnd ns the new enterprise goes
nlong Intend to purchase larger nnd more
costlj supplies. The main Idea in the
mind of the Jnpnnese, these mnnufne
turers snj, is to outlit their fnrtories
ns notirly ns possible like the American
plants.
Reports that manufacturers nre hold
ing bnck large stores of heavy chemi
cals, in nntlcipntion of higher prices,
nre current. The nppnrcnt senrcity of
uieiiromntc ol sodn nnd cnustic soda
SOUTH AND LIVERP!
SELLERS OF COTXC
Shorts Who Failed to Ci
Yesterday Tako Advantage??
ot Liquidation -p
i !
COTTON CELT WEATHER CONDITJOst
New York, July 31. The followlnitjtrtjjlj
P'ratures were recorded In the cotton tadl
this morning! San Antonio. Montgoifcerifi
Knoxvtlla and Savannah. 72; OklaDOtti
'. aiacnn. Augusta, Atlanta and jac
-sonvllle. 74: Shreveport, Corpus Christ
'" nmiin. uttie Rock, vicksburg
Meridian. 70; Memphis. Ntw Orlfa
wasnviiie. Charleston and Tampa,i tl
Galveston nrf n.n..Mt. an -a?-i
lowing precipitations were' recorded; ,eiU
Nashville. .04 st rheltnn .IS jkf'JJ
Isnta. .34 at Montgomery. .42 at Sivsa
nah and .60 at Little Rock. t tl
New Tork. July 31. The cotbi
mnrket opened steady at a decline.!
10 to 32 points. Favorable wetk
nnd rather disappointing cables pr
moted scattered long liquidation, ViiiM
Liverpool nnd the South were aim "ttH
crs. t '
Local shorts, who hnd fniled to cot"
er yesterday, took advantage of ,th;
offerings to even up their rommltrderttsl
Tlie rally which followed tne openiM
was shortlived, as liquidation agnln.'des1
vclopcd and, in the absence of cutslu
sunuort. wenkened the market about A
points from the early high levels. 'ThS
in turn wns followed by rallies ot.some
25 points nnd the mnrket toward mid) j
dny ruled quiet, but rather nervous, and
wns ensily Influenced by news eithe-
... .. ' is
""' . . ..... ..!
xne private crop reports inus larw
sued indicated n condition of -COJiV
ngninst T0.3 by the same authorities)
last month. The average guess o six
ty-four members of the cotton, exf
chnnge was 00.2. which, curiously
enough, was Identical with the average j
nf the- snme riennle n month nffO. 1
A Liverpool cable reported some coMl
ton buying on the opening, with furthe
especially is said to be due to the fact liquidation, the market being ncrvojis.-IJ
thnt producers nre keeping their out-1 The receipts at the ports for the da
put off the market.
A further lessening of the danger to
shipping from mines in the waters
around (Jreat Britain is indicated by
a slight reduction in the wnr risk in
surance rntes. The rates to ports in the
I'nited Kingdom not north nf London
nnd on the continent not north of Itot
tcrdam, nre now- 1-10. Three weeks ago
the rate was .
bids
ago August -12, for the sale of
000,000 pounds of white nrsenlc nnd
4000 pounds of iilumlnum-bichloridc.
nlso nt St. Louis on August J), for 18,
000 pounds of flour substitutes.
ThjVnr Dcpnrtment will open
in Cliicngii August 22, for the sal
nre cstlmnted at 20,000 bales, again
27.170 bales n week aeo. 0002 biles. i
year ago and .'1200 bales two years agoiJ
August
September
October
November
December
January
February
March
May ..
Hid
Yes. Close Open 11a.m. 1:30 b.a
rtii. iiivrn.i , ... .j
3180
34.10 83.99 34.011
, 34.032I)
. 34.30030
34.4034
. 34.M1WB7
34.404.'
34.41
. 34.42SH41
. 34.3238
34.3.1
34 03
34.15 34.03
81.15 J ..H?
.... J .VJ
lMt
...4
p3
t
Special by Freeport Texas Corrjpan,
New Yoik. July 31. The Freenoi
Texns Compnny declnred n spccialldivl
dend of ?1. payable August 20 tostocfc
of record August 11. f fi
Rate
'Jamestown, Franklin & Clearfield Railway Company 1st. 4
'Reading: Company Jersey Central Collateral Acr
'Beech Creek Railroad Company 1st 4rr
Wilke-Barre Gas & Electric Company lit Cons 5
'Lehigh Valley Railroad Company General Consolidated. 49c
'Pennsylvania Railroad Company General 4I,2lTo
'Reading Company Equipment 4,,9c
'New York, Chicago & St. Louis Railroad Company 1st. . 4
'Harrisburg Light & Power Company 1st & Ref 3
'Pennsylvania & Mahoning Valley Railway 1st & Ref.. .5
Atlantic Coast Line Louisville & Nashville Coll. Trust. . 4
'Pennsylvania Water & Power Co. 1st & Ref 5
Illinois Central Railroad Company Coll. Trust 49c
New York Central Railroad Company Equipment 4 9c
'Duquesne Light Company 1st Mtge. & Coll. Trust 6
Government of Switzerland Ten Year 519c
Swedish Government External 69e
Cleveland, Cincinnati, Chicago & St. Louis Ref. & Imp. 69c
Baltimore & Ohio Railroad Company Secured 69c
City of Rio de Janeiro External 69c
Free of PennsjUanla state Tax
REILLY, BROCK & COMPANY
BANKERS
306 CHESTNUT STREET
PHILADELPHIA
Maturity Price
1959 821,4
1951 83
1936 86 Vj
1955 95
2003 Market
1965 85
1922-26 Market
1937 83
1952 ' 92
1922 98
1952 75
1940 91
1953 74
1925-32 Market
1949 100
1929 96U
1939 Market
1929 9
1929 9g
1924 EC
To Yield
5.009o
5.10
5.20
5.30
5.35
5.35
5.35
5.50
5.50
5.70
5.70
5.75
5.75
5.85
6.00
6.00
6.05
6.25
6.50
6.50
i
M
I,
CHICAGO BUTTER AND EGGS
Chicago, July 81. nUTTEH Receipts,
5714 tubs. Firm. Kxtra, 084 c; firsts, 6(H4
A3o: seconds. 405fic.
EQ08 Receipts. 8029 cases. Easv. Firsts,
J1U fS4eUel nrdlnsrv firsts BOsaSfc., mlT.
ceUaneous, S301?o.
'fax Exempt in Massachusetls
New Issue
W. T. GRANT COMPANY
A Massachusetts 'Corporation
' Chain of 23-ccnt and 50-ccnt Department Stores
Cumulative Participating Pref erred Stock
Dividends payable quarterly, January 1, April 1, July 1, October 1. "
Additional dividend payable April 1.
Redeemable as a whole or in part at 110 and accumulated dividends and entitled to 110 and
accumulated dividends in any voluntary dissolution.
CAPITALIZATION
In be now
Issued Issued
7 Cumulative Participating Preferred Stock $650,000
Common Stock $150,000
Preferred Stock - $150,000
"Common stock recently sold at $625 a share, showing an equity of $937,500 behind the Partici
pating Preferred Stock.
The holders of 1475 of these shares have agreed to exchange them at par for Cumulative Par
ticipating Preferred Shares, leaving only 25 .shares the awners of which could not be reached oi
owing 10 uusence. ji ih cxpecieu must: eiiuits win ue exenungea ior liumuiauve .Participating A'
.Preferred Stock at an early date.
. . . .. ' l.
Entitled annually to an additional cumulative dividend of up to 19b when thera are net -''
profit in excess of $80,000 per annum applicable to dividends on-Common Stock. i
The average net profits of the Company for the past five yean, after payment of Federal ' At
Shvs wtnA flenpAelaltnn. ware eternal to almost tifteAn limits tti Civilian J, AH !, 1 ..m J 'v
ing Preferred stock, and were equal to almost three and one-half time's the seven per cent ' w
dividends on the $650,000 Cumulative Participating Preferred Stock now to be issued. " pf
... , ...,,. , , ,.,. , ...
rnce iuu ana aiviaena 10 yieia 8y0 as a cumulative fartlcipatlnu Stock m
nnrl 7 without narticinntintr rliviflend. rirpiilm- nn rnnnoef '"
. , i M . .. ... .. .uu. ,
Bill sisS- RnATUF-np 0. 8J- nsKmeii a A --.-. ''" ")
DLAnt Dttumcns ex uws rAtiifian Ot UrilPANY 4.
44 WALL ST., - NEW YORK f ISOO WflLNUT ST., PHILADELPHIA
III DEVONSHIRE ST., BOSTON S BROADWAY, ) w..sV ';
749 FIFTH A7E..( s.,,lnA f
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