" J7 r, i. 'T "- hJV " . A l.r W f ' ' ;, EVENING PUBLIC LEDGER-PHILADELPHIA, FRIDAY, AUGUST 1, 1919 17 If It I t A Wit Mr XT': $50 $100 LIBERTY BONDS 110DQUT AM) 80LU Biddle & Henry 104 SOUTH FIFTH STREET Mmbr Philadelphia Stock Eacharu HIGH GRADE HIGH YIELD railroad bohds m i.i3i un ntyuwi MARTIN & CO. 1411 WALNUT ST. 1UM Canadian Northern Railway Equipment Trust 6s, Scries "C" Issued under Phila. Plan 2 Normal Income Tax Assumed. Price: 100 and interest to net 6. Circular on request. Townsend Whelen & Co. 505 Chestnut Street American (Inn & i:ier. I)eh. (Is, 2014 Wno foul Co. lit 0., 11)37 Atlantlr City (inn Co. 1st Ah, 1000 Mft l'enn Power 7s, 1030 York llutrn Water 4 IT. (is, 19.U Toledo Trac, I.t. & l'r. Second 7, 1921 llenerul (Inn & Klec. 1st Si, 1032 Locust 5104 Land Title BIJg. Race 414 Hew York Tel. Connection, Hanover B101 APPLIANCES. Valley IronWfcrksr Commercial Trust Bldq. MAJORITY DOES NOT ALWA YS sensational gains tat t?rTrrrn icoroTC jta attwt m. ARE MADE IN COTTON CITES RUSSIA AND GERMANY Militarists, Far in Minority in Germany, StVayed Na tion to Its Will, Declares Financier MINORITY OFTEN OVERRULES MAJORITY, SAYS VANDERLIP 8 MES$bs. EI ' ; 0rf Days o Terror Are Over, Religious Revivals Coming to 'the Fore, He Says Hy FRANK A. VANDICHMP Whoever hns hopp for humanity, whoever believes In democrnpy. is pon vlnecd that the (rrrnt mass of tlip people I" right-mlndr-d, wpll-iiitpiitlonpcl mid. despite local aberrations, that the voice of the great majority Ih a wise voipp. Onn comes to a comfortable optimism that things will work out well in the end if the majority rules. One of the most startling impressions wliieh I have rrrrived in Kuropp is that the mtijorrity does not rtip"and that oometimes minoritips. apparpntly almost inconsequentially small, may grasp powpr una wield it In aniar.lng fashion. If this Ih so we cannot rest comfortably in the nssurnnce that majorities: arp riglit-minded and that right -mindpdness ,wlll control destinies where majorities have the ostensible political power. Perhaps the most awful illustration of all time of the terrible power of a minority is to he found In thp stnrting of the great wnr itself. The power ofj Market weakens After Rallying I " that numerienlly Insignificant party of shn "One of the startling impressions T received in lluropp," writes Frank A. Vniiderlip in today's mllele, "is that the majority docs not rule and Mimctlmps minorities, inconsequentially small, grasp power and wield it." This was true In the central powers, where a small clique dictated the starting of the great war. It is true again in Knssln, where the ltnlshevik element docs not uiuke up " per cent of the total Kussini'i population, i In every country in lOurope. Including Kng land, there Is a small nnd intensely active inl 1 norlty that is intensely suspicious of the cap it itallstic order. It creates n danger of leal pro portions. This element is nKo active in Amer ica. Aineiica iuut beware of the power of minorities. Prices Advance 200 Points Fol lowing Government Report on Crop Conditions COTTON mil.T WKATHKn roNDITIOVfl New York, Aui 1 The followlnir tem peratures mtp recorded In the cotton bolt S,nl" mornlni Abilene, 70. Han Aninnlo Ol. nhnmi f Meridian. Atlin'a and rhomajvlllr.74 Shrcrpnrt, Corpus chrlstl. I.lttlc tlnrk Vi'k.liun Montanm.rv. Chnt InnnoHH and N'aehMlh'. 7il, Macon KllnT Ulle Auuu.tn WllmlnK'nn. Tampa nnd .Inrh.nnv'lle 7 UnUestnn. Fort Hmltti. Memphis Nm Orleans nnd I'cnsKonla. Sll. Hnrt hnrlxtnn s. Th fillnlne iiroelpl IMInn nn ro nnli il 01 nl IVnuiiroln. 4S nt Mcmphlii. so ut Knoxll!f. and 1 10 nt .NimhMllf. New York, Aug. 1. Probably never lli view of the immediate future of the market. The receipts at the ports for the tiny aie estimntcd at 112,000 bales, agaliiHt SS.'t.'l bales n week ago mid 47.11 bales a yrar ago. YiMerd'B do optn Aunini 3.1 an jis mi ptpmllp ... . 31 III lUtolmr .13 70 M s llKfrlln-r 33 Oil J'iniliirv 33 "II 33 til Vnrch 33 70 13 4J "".v,.. S '" 33 31 II a in 33 10 XI 3'l 3J J.". 1 ..Tl i. m 34 II". COTTON PRODUCTION DROPS lip would bp prepared to demobilize the of title to specific land holding''. It win lted army if the armies of Kolelmk nnd I this demand that confronted the I'.ol l'eiiiklne nnd those of his enemies on ' shevik !ooniment. and in tlie cud It his northern nnd western fronts would 'hnd to be granted. I'.olshevlk communis dlsbnud. I tic government today is giving specific Already the Uolshevlk (loreriiment ,liind titles, quite against its communis 1ms had to make sharp compromises , tic theory, to the peasant classes. with its communistic theories. When I the peasants, following the i evolution. I got in their posset-Mon hits of hinds' Tomorrow Mr. Vniiderlip will rim their views of communism quickly I tinur his talk on "Power of .Minor! changed. They demanded u guaranty I ties." Copyright Itlln. h the Matnilllau Co. PRESSURE ON CORN SENDS PRICES DOWN Financial Briefs NEW YORK SHIPBUILDING CORPORATION fins utmdy work, irood wage ana xceltnt worktnc conditions. TnT r opening; In nenrly all branch. . for .killed mechanic. Apply Employment Department at the Yard Camden, N. J. Prussian militarists to throw a whole world into n cataclysm has no parallel. I Hut here it may be stated there was no, (free play of the voice of democracy and i (that a great people had no volition, but I had to follow where they were led From Initial Material Losses Henry I.. Dohertv & Co. announce that monthly distribution to be made in I itles (service i ompnny iiniiKers ires, September 1, 10111. to bnnkcrs' res of lecoid August l.i. l!)li), will be 10.1 cents a share. Total Crop Estimated at 11,016,000 Bales Washington. Aug. 1. The Depart ment of Agriculture in a report issued today places the condition of cotton as of July IT) last at (!7.1 per cent of a normal, compared with 70 per cent on .limn ". nini. T.'t l! ., .. ...i.. i..r.. i.. .i . , , . ,r" -' " i" i ''in on .liny ...-...I- nu- uie mine necn coiuronnu -j.,, mi.N; ,n.; ,,Pr rrlt m jn)v j,- with so bullish n report for the period 1017. and 7(i.1 per cent, the average nt It was this morning when the gov- jon ''"'v -""' tl10 lnst ,,n 'rarM- ' ,, , , n- . Imnteil total prndiittion Is uliout 11 OH! - eminent amioiinced cond timi of (li .1. , mn v,nles I ,.. ,-oo'. """" " ""' i nm nnies. i.nst years production was Neither has there been so sensational I'J.OlO.riML' bales, compared with II. nn ndvaine in so short n time ns was '302,H7fi two jears ago j the 1!H0. point jump which carried prices ' ,' """"'"" "' "'' I"'1' ,,,," '"! I ' '.i fiifiumtlu n I. .1.1 . r up to the limit permitted for Hii-tHti - f J.-.0.S isomiilH. tions in nn one day and brought about ' . . official iietinii until there were offer- TJ nnd ......I.. i...t ,. if...,. ii i,i-i Mtitin- ui-iiiw suru iiinu. This occurred shortly after the big advance, as theie was heavy profit tak ing by trndeis who had gone long over the repoit and the market soon lost about half of Its extreme lisc. Tinde. ncveithelcss, cniitililied very active and bullish. A futnrnble weather map, further weaKness in Hip Liverpool market, due to prc-hurcnti report liquidation, nml the agitatiiin for an Investigation of Gain In Exports of Merchandise Wnshlnslon, Aug. 1, The prrllml' nary figures of the total value of United States exports and Imports for June and for twelve months rompnrc with the figures for the previous car as follows (000 omitted) : MKHCItANllISi: June. loin mis Impnrta $'.'3.n(l') K'nn.i'r.O l.xports Uts.sl-J 4H3 75'l l.xeees of exports .... I!.'., 14'-' L'L'.Ulll 11.' tnunthii Import. 3 O'l.-, S73 L'.pi.l.A-rt h"'""'"1 7.,.'1'I74 1 n.Hlll.711 l.xie.n nf extxirt. . . 4.11's.s7i '.'.li'l.U.'i.'i iioi.n nxi'i.rwivi: of onn June HUM J'llfl Impnrts K'll.iat J31.M12 Kxputtii sv 07.' i.7lll hx.'i.. nt exports .... r,(l.S3S .n.ls7 i- ninn in. -rrr , NEW YORK COFFEE MARKKT ' '' New Yorlc, Aug. 1. -Prices- 'Wp' sharply around midday, the ilcctm carrying December to 21.40c, Mnrclfe,jlj LM .:) mid May to 21.3.V, or 3.1 trf&f tl Irnpurts KxiKir's Kxie.. of exports It J.. in.! 1 1 il.. .7.1 r.i.an 11M. 113 llin.s.ij 1.0,43s su.vi:it nxci.c.sivi: up ohk June lnlii lnis ImpnrtH . $7.o7s $.-, 3-1 KxportM . . K'.itos s,.-iiii lixte.. nf epiirt. .. .. .",."'J'l a.l'l'i I J nionthe Import. 7s SL'3 7n.3?S Hxpcirt. . 3UI.174 13'l.ls) I. xi ws of expoltH L'J.'.SIH I1S.3S4 l'.4(.s of Imports slump was due to the sentimental feet of thp talk nf government Inves tigation of the high rost of living, which brought out Wall street selling, together with stop orders and long liquidation, with the ring bare of buying power for the time being. The weaker 'primary markets nfso tended to rhcek support, the largest dealers having apparently withdrawn jS lrnm tnc mnrKet ami wnitmg tor .a more opportune time to start n rally. CHICAGO BUTTER AND EGGS Clilriiro, Mik- 1 HL'TTKH en.ler rrenmer, 4IIIIl."3'ir KIJOS luvier Iteu!nt 0773 fa.e., nr.t. 114 iff 4'kir, nr.lln l llr-'f 3Ilil31l'r nt mirk rn.eii pnrked nr.tp. Ilirlllfled I24 ft 41e SSifftl le.. rlo.e Open 11a.m. tl Auru.t 2! S'l " H Heplember i'i' on i.'.oo i,,, ;j Ortoh-r U'.'.O'I .... .,,, ',-. Noemlier 21 no ..., .... , lie ember 21.711 21.3.1 21,110 Z January 9170 '..'1.40 , '. IVbruHry 2177 .... 4... Miinh 21.74 51. 3.1 44. .' April 21.72 , M.iv 2l.il'i '21.3U 21.40 T June 21.114 .. . ,.,. f IIM. 't 1-' More Gold for Mexico a New York, Aug. 1. (Sold coin ; fj grpgntlng S100.000 has beci withdrawn ' , J from the subtieasury. It is intended jSI for shipment, to Mexico, KSA &t Portland Cement ; Philadelphia New York Boston BURN $3.50 COAL and cut your power costs We supply the apparatus and the coal, too, and will operate the plant fee vnll N-B Eng. Co. Spr. 894 Blower Equipments, Heatinf, Ventilition and Exhimt System', Sheet-Metal Work, Safetr Guards. C. H. RAUB Wayne Ave. & Berkley St.. Philadelphia. Pa. R&TtP XKftjT HIGH QUALITY QUICK SERVICE Motor Truck Delivery Lansdale Foundry Co. Iarmdale. l'n Phone I .annual 4M COMMERCIAL STEEL PRODUCTS CO. Holt". Spikes, etc.. Wire Cloth. IVInnW nnd Boor Screen Cloth, Wire Work. Win dow Guards. Partitions nml Rnlllnes. All products of Iron and Steel Pennsylvania Bldg. spru'cToss Ctias. J. Webb & Co. Wool and Cotton Yarns 116 CheHtnut St Philadelphia. P. Let us take another illustration. Per haps 100,000,000 people of the 1".". 000,000 that once constituted Hussin have passed under the sway of a Holshe vlk regime, nlthough the true adherents to that political theory probably num bered less than 5 per cent of the popula tion involved. Russia in April, 1010 Perhnps it would be as appropriate a place as any to give a picture of the internal Holshevik Hussia on the 1st of April, 1010. It is n second-hand picture, to be sure, but it is only sec-ond-hnnd. It is made up from facts relnted to me by one Russian nnd two Americans who were in Petrogrnd and Moscow for the purpose of observation, who had confprences with Lenine nnd Trotsky, nnd who must nt least have grasped the superficial aspects of life under the Holshevik regime. I was greatly interested to learn ns a passing piece of information flint the great art treasures of the Hermitage Museum in I'etrogiad are unharmed. My friends visited the museum saw thp pictures and bore testimony that the gallery is intact. A few of the most valuable pictures had been sent to Mos cow nt n time when a raid was feared across the Finnish border, but nt the time of this visit arrangements were be ing made for their return. While Petrograd is a city of silence, Moscow is a center of chaotic activity. Ileing the seat of the most nutocratie governmental power of modern dajs, the home of n government that has cen tralized its authority to the highest degree, while nt the same time that authority has been extended to the minutest control of Individual lives, the whole heartbeat of Holshevik Russia wos discernible there. Again there was evidence that the tales of mntcrial de struction hnc bepii overdrawn. The stories of a desttoyed Kremlin are ab solutely untrue. Hunger was as ncute in Moscow ns in Petrograd. The diffi culties of transportation were the same. In spite of this breakdown in trans portation my friends made the trip from Petrograd to Moscow in thirteen hours, which is only two hours longer than the old time schedule. There are no more soldiers' coun cils. Instead, there is the army domi nated by a system of discipline that would make a Prussian officer turn green with envy. Trotsky, be it remembered, ii I.enine's secretary of wnr. Day of Terror Over NAGLE STEEL COMPANY STEEL PLATER AND SHEETS Pottstown, Pa. Phila. Office, 1411 Morris Bldg. N. Z. GRAVES Incorporated 22 and 24 South Third Street Philadelphia The IToai. at Specialties la Faint, aad Varnishes THE BALDWIN Locomotive Works Steam and Gasoline LOCOMOTIVES Philadelphia, Pa. Northern Engineering Co., Inc. 118 NOBTII DELAWARE ATE. Both Pbonca K electrical, consult ua. Repair. Ins and installations or an kinds, Bpeeiaiists in power ana industrial ciurfnerlna-. James M. Irwin & Co. LUMBER . OP ALL KIIDS .- - '' -Kaih' PlutMMM ft mth rum i -i-Va .lJ . - 4 w - iT -.y. . PBMiaMTYaitL'VTS ats BUMt OMaw UaNtt i ! .JtrlSiiW, ORA1.V lini.T 1VI3ATHK11 TOm'-CAST (lilriiKit, Aiir. 1 IlllnnlB Fair to nlirnl except thunder showers tnnUht fouthwiit nnd extreme southwest ronlei , t-nturdiy ijlr. Missouri P.irtlv t-louilv wtth thunder phouer. this afternoon or tnniRht south nnd east central, cooler, natunliv fnlr Wisconsin Fair tnnlcht and Saturday: warmer .Saturds Mlrvne .ot i Pair tnnlaht nnd Snturdnv w.irmer Saturday nnd In northwest tonlcht lown. orth and South D-iknta Frtlr and warmer tonlttht and Satutday Nebraska 1'artlv cloud." tonlKht. Saturdnv warmer Kansas Partl cloud tonlKht and sllehtlv cooler east .Snturda fair. Inntanii I'artly cloudv tonlaht nnd Sat urda. probablv scattered thunder show er, w st; warmer extreme east. Wyomlnff rair toniitnt ana Saturday. Chicago, Aug. 1. Appointment subcommittee to investigate the cost of living nnd report to a ninin commit tee by Monday caused a good deal of pressure to be put on corn today and weakened the market after it hud ral lied fioin initial material losses. At the start, there was general sell ing, by commission houses, induced by heavy rains in the hnrt of the great belt and a decline in hogi.. For a time, the hujing power was wek and stop lss ooredrs were reached. Later there was covering by shorts nnd profnt-tnklng as well ns buing by a commission house due to bullish statements, by some local uuthoiities which brought about n good rall. One of these ex perts put the jield at L'.SOO.OOO bush els on the basis of the government es timate of the area. Oats also were wekrnr. but rallied for a time ou sales of fullj 1.000.000 bushels to exporters in the past twenty -fotr.' hours. Exports of whet aand flour from the I'nitcd States wcie N,100,.'I.T.) bushels. Iz-ndlnir futures rans'td as follows: Corn (new dell cry) eat Open Hliih Low Close bwe Sept ... 1110 1 IW" 1 su ' vl'" ' "' Dec, 1 .VI 1 llll'i 1 .I'm 1.. Ill's 1 WS'i Sept"". T7 Ti'S TS 7.".'. 7S Dee I 7'4 SI 4 77'. 77'. hi ,Sept"rk .lO.IS) .Ml 2' II '10 ' 'HI T'O 10 Sept'r'!TT.1.t 10 31117 31. -.0 S3 11" til IH' U,t 3.111.- 33 Sll .fl 40 33r,:i 33 SO Sopt"".T.27 ST 117 10 27 (12 27.71) t2S HO tAslied. high living costs, with present govern ment action, tended to create a selling I spirit m cotton, nnd ilrst prices were I '2"i6i 1!7 points lower? I Commission nnd Wall street houses, 1 r :....., i n...t t.. ,n...n nnLrt. i... cn,.i. . l .1 l ".ll i.llll. III riillll' ll". nf 111,- ,,iii,i. The Provident Life nnd Tiust Com-1 were selieis. Considerable trade buying pnnj is pajiiig interest due August 1, ' on limited orders developed nt the de- 1010 on the certificate of deposit of the ellne, nnd speculative shoit covering Hnnkeis Trust Compnn. of New York, nKo helped n moderate later rnllv. j for the Dener nnd Hio (Irnndc Rnil- Sentiment appeared to be uiiccitniu. j toad first refunding mortgnge "i per cent with not a few inclined to take a bear-, gold bonds upon presentation of the t ' i ertificnte of deposit. "" I Special Notice. TMwnrd H. Smith & o. announce R01w0KK TKACTION AM) I.K.HT COM . that Clifford H. Ilawley has become I ''? 1Kj?tf$!YWK'n I associated with them ns manager of cr.M' MMiivc'rexi) ' their stock deiiaitment. ! fiOMl HONDs i tluir stoiu iHpanmeni. , fmby rU n ha( H ponformlly , wHh the Slnklns rund provision of Deed of i ... ! f i e . i Trmi from Itnimoke Traction nnd I.lL'ht l nxchnnge of five shares of American ' J'i'L'T Thc Haltlmore Trust n,t n ,J: ' Ship and Commerce Corporation stock nntee Company. Trustee dated Aupust 1. i . , l , . ,,- r e n inns there have been rinwn ly nt for of a I for one share of Y in. Cramp & Sons ,",,pmr,tinn on Aiutust I. ioio. nt in.-. n,i , Ship and Migine tin l.llng rompany j "---X' Tractinn" and "i.?Bbtn, o" must be made on or before .1 p. m., first MortKBRe nnd Cnllnleral Trust .1 Per, 4. nfter which time nnv nv. Cent PlnklnK t -iimi .?'' . """' ". Nq. .lllglisi -J, mill uiii.ii unit- uiij t- i 3, j, 74 1Ks,, n7 (hanges will lie made only on terms, ss7 HiL' ijsii 2244 27;') ..,.., , . - r. . ,1 I9r. in jn- '-m prescrineu ny ine Ainerienn riup and :v.;j 1740 200.-, s.isn 11117 1022 2141 2773 Commerce Corporation. Clinndler & 1 The nbote bon.1. will 1 pibi upon pre.n .. , - ... rntlon at the office of The nnltlmnre Trust Co.. Inc., n-e Itsumg temporary re- comnanj. Successor Trustee, n the city "f ic nts. exc uiiigeiui e at a later tlnte. for nammnre. .......,,,.. .i,-r .ttiaiisi stock of the American Ship nnd Com merce Corporation. The Xew York Subtrensiiry gained JljU.a'l.OOO from the bnnks ostcrday. making n cash net gain since I riday of $11,OS7,000. date after Interest thereon &3T iSrf A GRAPHIC CHART OF LIBERTY BOND TEI.L3 AT A GLANCE THE PRIN. CIPAL FEATURES OFTHE SEVERAL LIBERTY LOAN ISSUES. AN IN. I VALUABLE AID IN MAKING OUT '- INCOME AND SURTAX REPORTS I CENT FREE ON REQUEST. j Jgp BAKER, AYUNG & YOUS LAND 11TLE CUILDIMG BOSTON PHILADELPHIA Mil 1010. upon which n.lll -Afl-e rnltlmn'e. Vd . .Illlv 1 imp. Tiin nALTtJionr: tucst co.mp.vnt. Successor Trustee Till. SOITII llltO VI) STREET lU'Il.IlINC. VVD LOAN t-swi-i ini. Notice I. herehv Riven that by a resolu tion of the Hoard nf Din ctnrs of The South Proud Sfiet llillldlno nnd Loan Association. n speclsl meetlnc of the stockholders of snbl Assoelallon hn been called nnd will be held on Tue.iliiy. Ortnber 14, 11)19, nt S o'clock P. M., nt the ofRce and meeting nine nf slid Association southwest enrner nrmd nnd VidersI Street. Philadelphia, to tike action on the approval or disapproval nf and to vote for or naalnst the proposed Inc-eise of the capital slock nf said Asso ciation from $l.nnnnnn to S2.nnn.noo DAVID GOWDT. Secretary. JOHN W SISI.MO.Vf4. Solicitor. Special Meetlnrs riXANt'I.VI. imldeniN 1 United Drug Company second Preferred .stock llhldcnd No. 14 The Directors of United Druir Co hate d- , tirdn, rty by the 1 clareii a regular quarienj (livhlind of l'A' p..,tps , en me M-conn preicrren stock or the rnlted .Diuff Co, payable .sepleinlier 1st, l!)n, to noCKnnnier. 01 recora .ukusi l.un, llllll. Liverpool Cotton 1 ll,.innnl A lie- 1. Snot COttllU WnS I ipiiet today, with prices easy, on thc basis of a decline of OS points for mid dling at lD.SSd. The sales were .1000 bales, the receipts were (1.1,000, includ ing (14,800 bales America. Futures were nuiet in the early dealings. Spot prices . ! ,.,l,l,1ll,.n. fnii- nOJIJ. were jinn-ut-uu '"'"."' "'. M at t-rt-h m nnv T-en.nr.r good miililling, ;.i; nmy uiiiihiiiiki fvru VI. TKI'ST AM) lllfc llL.Ml.M.DON i IIKUAuTol' MOUNTAIN Ft VII HO VI) COAL I ( tnir.VNV Notice I" hereby clttn that a special meetlnu of the stockholders of The Hunt- i Inedon i llroad Top Mountain nallroad Coal Company Is called to convene at the ' eeneral orflcea of the company 1.103 Norm American nulldlpE. llroad and Sansom Mia Philadelphia Ta. on Tuesday. Ausust 12lh llll" at 12 o'clock noon, to take action In, reference to enteritis: Into an areement with the Director Oenernl of Itallrond. re. latins to compensation tu be psi, tm tn. use nnd control of the compan's railroad property and the operation, maintenance and return of such property and other matter, rennecttd with or mnwlnv ,ut of the Federal Control Act or the taklnc over of aueli i ivmuriiL oi ins United , I. i-niMir tY $3,000,000 Hershey Chocolate Company Serial 6 Debenture Gold Notes Haled Allcust v il'ie si.non.nnn Augu.t l, lot: ii st.nooonn Amtust l, i'J c " i,ciio,(iiin Aiuu.t l, 1924 Interest pn.Milile I'ebrunry 1st nml A imu-t 1st ul Hie nftlce nf the Trustee. Notts will be In coupon form In denominations of $l.non each and may he registered as to principal only, lleileeninble ns n whole, or eiicli series 11 n whole, nt the nptlon of Hie Company on nny Interest dote upon thirty Iu.ih' notlie nt 101 anil liilerrst. r.l'AIIANTRi: TIICST AMI H.WV. IIKPOSI T COMl'VNY, l'IIII.AIl'.I.rilIA, TIlVSTr.r.. The following information is contained in n letter nd'lrcsucd to thc Bankers by Mr. M. i Herihcy, Chairman of the Hoard of Directors: This issue of Notes will be a direct oblicition of the Company and will constitute the only funded debt of the Company and its subsidiaries. The business of thc Company has been continuously and successfully operated since its organization in 1900 The Company was incorporated under thc laws of the Statc of Pennsylvania in 1908 and is engaged in thc manufacture of chocolate products bearing the well-known "Hershey" name and having a country-wide distribution and market. The Company and its subsidiaries have net quick assets of approximately $5,063,036, and total net assets of approximately $21,618,426. The average annual net earnings of tho Compnnv and its subsidiaries for the six years ended December 31, 1918, before Federal Taxes, applicable to interest charges, were $2,828,924, which is equivalent to over fifteen times annual inter est charges on this entire issue of Notes, and for the twelve months ended Decem ber 31, 1918, wero $5,860,460. Thc indenture tinder which these Notes arc to he issued will provide that so long as any of thc Notes arc outstanding and unpaid, the Company will not create or permit to exist any additional funded indebtedness upon or against its properties (including the properties of subsidiary companies) except ordinary hank loans runnint; not longer than eight months and purchase money obi nations .v-rainst properties that may hereafter he acquired. Also that net quick assets of the Company and its subsidiaries shall at all times he equal to thc aggregate amount of their indebtedness, inchid'nc thc amount of these Notes then outstanding, and that fixed assets will he maintained at 4007c of thc amount of these Notes outstanding. The Company will pay the Pennsylvania State Tax on Notes held in Pennsylvania. The Company will pay interest without deduction of the Federal Income Taxes legally deductible at the source, not, however, in excess of 2. All legal details pertaining to this iisuc have been passed upon by Messrs. Dickson, Deitler & McCouch, of Philadelphia. We offer these notes subject to prior sale, when, as and if issued and received by us. Price 100 and Interest, to yield 6 Delivery by interim certificates of thc Trustee about August 4, 1919. Graham, Parsons & Co. 435 Chestnut St. PHILADELPHIA Cassatt & Co. Commercial Trust Bldg. PHILADELPHIA 1 -ii y Th aho( stntrmtntB hae lipfn onialnerl from faurrf that wt tleem rolluble and while not ruarftnte' ra ncrrptM by uh an correct Ml of the nhnte nntr IiniIiieT been noli!, thin ml, ert'teinrnt npieirt i mutter of record only. iil JAMRS a MeCORMICK, Treasurer. Ilo.tnn July 31, mill. Philadelphia. July luth. mip. The Board of Directors of I'KNN fit VF riC COMPANY have this day declared a semi-annual dividend of three ler rent and an extra dividend of one per cent (IV.), bolh Payable Atirust 1st, 11)11), to utoikholiNr uf record of July 14th. llllll. Ciit-CK win ii" miss lieu 20.48d : middling. I'.I.Nbd ; low middling, Urondly speaking, however, the old IS. Hid ; good ordinary, 10. 4Sd, and or- ilnys of terror arc over. A stern moral ity hhs tnjten possession of the people. In their distress there is n great revival of religious feeling nnd in their desper ate condition they are turning to the church for comfort. Holshevik Russia is absolutely dry. The minute ordering c the lives of people, the dead level of reward nnd the mengerness of that" reward tend to make Bolshevism pall when virvrcd as a political panacea by its victims. The governmcital ordering of life, the total loss of personal freedom, is building up a new party, nn extreme left of anarchism, which bitterly resents the extreme developments of the gov ernment's control of the individual which has been a. neccssnry part of com munism. And so it has come that Lenine is regnrded as a reactionary by this ex treme left, nnd there is growing up some of the same opposition to his democracy that undermined tho autoc racy of the Czar. The personal picture of I.enlne, with which I have found no disagreement in speaking with a number of people who are well informed, is that he is a man of most extraordinary ability, and with some truly fine characteristics. He wns a Hussion idealistic noble and came to be a man of only one idea. He be lieved that the regime of capital mennt slavery and that the world would find freedom in a communistic state of soci ety. In his own mind every motive was fine, every act moved by patriotic sym pathy and love for the people. In I.enine's war minister, Trotsky, there seems to be utterly different ma terial, except that, like Lenine, he has shown vast ability to organize. Ills aim Is to imposo bolshevism ou Kurope by force of arms. Hoth he and Lenine agree that Kurope cannot stand divided between a communistic and a capitalis tic state of society. One side or thc ,other must fall, Trotsky wants to bring the fall of capitalistic society by force of arms. Lenine, however, believes that each nation .must work out in its own way nnd by its own revolution its change from a capitalistic to .a com tnunlsths tatc...4jLraBtn.it aid by dinnry, l.".!)5d. OTHER FINANCIAL NEWS ON PAGE 18 s wives I'minvr Philadelphia. I'a Jult 17 lull) A iiuarterl) dMdend of One nnd one rnlf (14 per cent has been d.ltred pay able Aunu.t 1 11111' to etn UhoMers ro istered July 2.1. llllll J.-iii.ouii haa bein adled to the Surplus, maklnK thnt sum 1(100 nun Checks v.111 be mailed for dMdend FRRDKRICK (). Ii:i.Mlll)I.D, Treasurer Prnno.nls PROI'OtXI. l'llR STKVM PI MI'S, TANKS, etc. for low-pressure Hentlne Hystem: Department of ARTlcutture. Washington. D C , Auuuet 1. l"ia Sealed rropofldta for furn'shlne and Installlne steam pump... re celvlnir tank and other necessary appurte nances for a low-pressure heatlnc system, at Arllnutnn Farm nenr Ros.Hn Vlrulnla, will he rereled up to Ausil.t S, 1011), and then opened Snerinc-iilliins and blueprints ma be nhtnlned upon application to the Chair man Hoard of Awards Depirtment of Agriculture W islllntrtnn. D C propo'4i.4 rnu (i.vsoi.iNri. nii.s and (liv.4Fs llnw Jla'i rials Dltlslon. Office Director nf Purchase. Munitions Hulldlnff, Washlns-ton D C Pealed proposals will 1.. r'ceited here until 10 A M , sentember ?1, Oil), ind thn opened for funl.hlinr risnllne .kerosene lubrlcatlntr oils fuel oil nnd creases required by Armv during Oc tober Nn ember and December. 1010. further Information on applictnlon ni wi.fc..Uf ifln PHrtgantsdefTiil fiundl halp ERCK & CO. Incorporated under the Law3 of the State of New York 8 CUMULATIVE PREFERRED STOCK Preferred as to Dividends and Assets The whole or any part redeemable at the option of the Companv at any time at $115 per share and all unpaid and accrued dividends. Lawyers Title & Trust Company New York, N. Y. (Transfer Agent) Central Union Trust Co. of New York New York, N. Y, (Registrar) CAPITALIZATION 89c Cumulative Preferred Stock (Par Value $100) Dividends payable quarterly beginning October 1, 1919. (Dividends cumulative from July 1, 1919.) Presently to be Authorized and Issued ' $3,500,000 Common Stock (No Par Value) Presently to be Authorized and Issued 40,000 shares Copies of the Prospectus relating to this issue, containing letter from the Presi dent, giving a history of the Company, also balance sheet certified by Messrs. Touche, Niven & Co., public accountants, setting forth the financial position of the Company at December 31st, 1918, after giving effect to the adjustments resulting from the recapitalization now to be effected and from the transactions incidental thereto and certificate of Messrs. Touche, Niven & Co., stating Sales and Profits from the opera tions of the business for the six years from 1913 to 1918, inclusive, may be obtained at the office of the undersigned. Application will be made in due course to list this Preferred Stock on the New York Stock Exchange. t Inasmuch as the public has applied in advance for all the stock acquired by the undersigned, this advertisement appears only as a matter of record. LEHMAN BROTHERS New York City tl C-i '.L-lkiBn faaiiW4siClli,'ilJ ! fciiiAt t 'si1' rfifoiiiiaitiiiMntft-J GOLDMAN, SACHS & CO.' New York City Chicago ' Dostan' San Francisco ,, Ti" , . ,, i ", jaaea lii.-v.t-'.-. sc As a matter of public record the following information is submitted: Daf oe - Eustice Company, Inc Organized under the laws of Delaware Capitalization 100,000 Shares Capital Stock. No Par Value (NOTE. 60,000 shares of above stock pooled under limited contract to be retained by controlling interest of Company) No Preferred Stock, Mortgage or Bonded Indebtedness Main Office and Plant DETROIT, MICH. V M . Registrar Liberty National Bank, New York Transfer Agent The Equitable Trust Co., New York L From a Utter of Mr. Bert M. Eustice, President and General Manager of the company, under date of July 23, 1919, thc following summary is obtained: The business founded ten years ago for thc manufacture of canvas products and automobile canvas specialties has shown such substantial growth that the company is today the foremost manufacturer in its line. Plant facilities consist of a modern fireproof factory of concrete and steel mill construction, containing 40,000 square feet with an addition of 20,000 square feet under way, located on the Detroit River on the lines of the Pere Mar quette, Wabash and Pennsylvania railroads. Principal product at present time is the Ustus Limousette, one of the m useful attachments ever devised for Ford cars, which in combination with tit regular Ford top makes practically a limousine of striking appearance. It places all-year comfort driving within the reach of over 2,000,000 Ford owners. Contracts have already been closed for over 75,000 of these Limousettes and contracts are pending for an additional 35,000 for delivery this season. This Limousette is also made to fit other popular priced cars, such as the Dodge, Chevrolet, Maxwell, etc., and models are completed for above cars and production is expected within a short time. ( The Ustus protective cover line also comprises a complete and carefully worked out assortment of standardized protective canvas covers for farm im plements, tractors, and hay and grain stacks and for general farm purposes. By national advertising an unprecedented prestige has been established for the Ustus canvas products until the slogan "USTUS COVERS THEM ALL" has become universally known. The Company's gross business last year from products other than the Ustus Limousettes was over $1,500,000 and a conservative estimate of the het eamingt for the fiscal year ending May 31, 1920, is $435,000, which is, equal to over $4 per share. Legality of thh itiue hat been paiied upon and approved by Mestrt. Walker eft Redmond, Coan$eilort-at-Lau, 59 )Vall St., Htw York i4 fi 1 v ? Wl scrJ ? i.j m -VVJ m i r'ia '-"J,','''A.,'"',' v.. ' ' ' -' jf, .. . 'm :,i'i afnanTnartllf t ' .ZA-?ias.:iu..-A -'.r. u.iWraiA .'.;:. j. 'I 1
Significant historical Pennsylvania newspapers