kspjvt-""",- 4w,wh-umi'J l V j. - If EVENING' PUBLIC LEDGER fcmEADELPHIA', SATURDAY, AUGUST 2, 1919 t WFm ;PRICESCHECK & ' SECURITY IRKET t.l?Cost of Bonds Themselves and Kl' Dion In Mnnau Rntnc Slnw 9 Up Transactions GENERAL OUTLOOK IS GOOD miM w York, Aug. 2. The New York - i:ouns unanciai review 01 me wcck If a person has the itchlns to buy k 4oi something, findi he nmit borrow the "'"'.money with which to make the purchnRe Kg vunU must pay 12 to 10 per cent for the -"privilege, only to discover at the last Jtliat the price itself is pretty liif-li. ihnt nOf-A III tin? fine, nonnn tti oiinli n rnif K&rHl buj nny way hut relurtnntl and fo j, fclwth tnontfll rpwrvnHmiQ n ., hit ronpvo aliof action should the Munition repeat 'IP ",''er ami '' r"u "ff orrcrtcu ri- llf itself. Another nerson. similnrh nlnced. K'etuailj only n imp extension oi crcci 000,000 greater than In the corre upondlng period of 1018. Irrespective of the extensive plans for granting credits to foreign nations, bankers and industrial companies have already loaned Europe some $280,000,000. And the advancing of foreign credits has as yet been scarcely more than talked about. , Offer French Treasury Hills The Morgans announced that they would shortly begin weekly oeff rings of Trench treasury bills, n project sim ilar to the offerlug of Ilritlsh trcasurv bills which has been going on for two j ears or so. Tnto was heard of u Hclgian credit, a Ilritlsh ciedlt and ho on. The situation In the foreign ex change market demonstrates what must be done in the way of extending credits if foreign trade is to be safeguarded. In June alone the excess of exports over imports was $(123,112,802. Tim need of the world for goods which this country only can supply is the main factor in the, foreign trade situation. The adverse trend of foreign exchange is hut one of scleral liilluenees. It is good for neither the buyer nor its on u scale hitherto unheard of. At best gold can be shipped only in relatiely small quantities. In other words, gold inflow could not correct the evil and would in addition bring the other evil of inflation in its train. Conditions in doimstie business Indi iate prosperity. The steel trade has ap parentU turned the corner. The report of the I nited States Steel Corporation, issued last Tuesda. for the second proportion ns 'the riitiiult of Inning iiunrti r. showed that the rhange came in increases, just so ill thr- nnnrntmn hin.luiie The irmirt was lietter than ex i ., . . ,.. , .. . . , to aiu,..,..i ' . , .,-.--. , , i, , , MiurnniT, is mil rcauy ior a real tie-,,,. wJUelcrrcd or exercised as sparingly ns.picted and was higlilj nicouraging lor on Will not buy at nil. He will wait either Until the nrlrp pnos ilnwn nr tho rnst k of borrowing declines. 'Y This is one way of explaining why the stock market has turned quiet and v the list heavy and at times weak. A l,vshare of stock is a commodity ns much as a loaf of bnad is. One is bought to satisfy a desire for profit, the other to appease hur,ger, hut the principle of jj. acquisition is exatth the same. In BOLSHEVIK REGIME IN RUSSIA TO BE SUCCEEDED BY DICTATOR, IS PREDICTION OF VANDERLIP Gentians Will Exploit Re-volt-Ridden Country Un less U. S Acts, Says Financier America, Greatest of De mocracies, Should Be ware of Poiver of Minori ties, He Advises Hy FRANK A. VANDiailill Making predictions of any kind is dangerous business. To make u pre diction about so rast a chaos as llussla would need a quite foolishly reckless prophet ; and still without mnklng n prediction I am going to make n guess. The liolshewk regime is a passing phase. It will be succeeded by a dictator, egain representing on cffcctiwly power ful small minority. The period of dic tatorship will be followed by a con stitutional monarchy, for Ilnssln, with its eighth Ine per cent of illiteiaey nnd luth its unstable and idealistic national Fourteen Countries Bordering on Russia Are Exposed to Bolshevism Speaking of bolshcvism in Europe, Mr. Van derllp snjs: "I believe that a spread of bolshcvism in Eu rope can cither come through contact with Bol shevik countries or by a spontaneous outbreak of bolshcvism in a community where Industry has been paralyzed and idleness is followed by want and hunger. "There nre fourteen countries bordering on Bolshevik llussla and they are directly ex posed to the contagion. "In recognizing the element of Instability in Europe, it might be well If wc took this lesson home and became conscious of the fact that our own great conseratic majority is phlegmatic, not unified, almost oIceless nnd at the same time note how efficient arc the methods of the acthe tadlcal minoiltics." , J- $-$. U. S. STEEL REPORT HIGHLY.ENCOURAGING General Belief That Improve ment Will Continue Until End of the Year will be few Russians left with capacity to direct. Two Evamples Are Extreme These two examples of I'russianism nnd bolshcvism arc extreme and not particulaily good examples of what 1 mean bj the "power of minorities." Vhnt I hnc seen lends me to beliee that it might ! possible in any countrj to change the ionise of government, to Ji.. prudence or circumstances will nermit. ' Brokers borrow money from the banks ,, for the purpose of financing the stock purchases of their clients. It was fore j,;,secn a long time ago that conditions, , after peace had been signed, would en c, tail a scarcity of money for stock ex $w change purposes for the simple reabon that money would be needed far more imperatively for industiial and com iflmercial rehabilitation and for various uj phases of economic and humanitarian , relief, nnd that such needs must be given 4r priority. UJ . hat is wn ,,ie mnr" responsible .... nrnlrftrri rrn I...... i . . . . s.h iiuum-i uegun co auvisc can what it fori i list with respect to succeed ine quarters. Maj was the worst month of the quarter, with earnings of $10, P.'!2,r."i!l, whereas .June showed $12,371, IH0, and most of the improvement came after the middle of the month. The gain for the quarter was not heay, only about $800,000, but it id the trend which carries significance. .Imlge (Jary said that the domestic sit uation was good, that the export situ ation was fair and improing, and that the unccrtiint of the foieign exchange market ns :i problem of the export trade would be solved b "intelligent consider ation of the factors. I he Iron Age . Hon and why from dn to day intil ' l",1,lt('l t increasinR tporntion of bln-t erttiin the fciim of gocinment. Indeed mocrncj. e,..n tn linnross linon the uconle n new And then sooner or later there will frm ,,f s,.la ulei , while the great merge a nation, the most solvent in ,n,,tritv of the people had no desire for such n change nnd took no active part in bringing it about. I believe that a spread of bolshcvism in Europe can come either through C if I Philadelphia Markets week to week the tirpsmn rit ,',,.;.. ! furnnies nnd steel plants, particularly continued. The time has now comt. m Hie 1'ittsburgh district, nnd to nccu- .1. when the truth can be seen at a glance mu,ution of unfilled orders at a time of ttwhen the call for money outside the the car when there is usually slacken - , market circle has become u fact instead' "IC- ,la'lrnal buying is nearer and or a theory to be harped upon "ie"' ls illr,'a,lv ,nc "eginning ot some ,! , , . , business fiom tliat quarter in the way Record Maile in July of onr r(.pnirs ,t ,, II1PIltionC(Ii bit Kecont activity in July, in which, gbefulh it is to be suspected, that ln inonth some a.j.000,000 shares were dilations are that "on some products dealt in on the New York Stock Ex- prices will bo higher than at the time change, was traceable not only to the I of the railroad administration's great last phase of the speculative fever, but ! nfusal." also to the very large number of list- inss. jc lanes time to overcome a wcll Wcloncil enthusiasm for buying stocks. Such Enthusiasm almost invariably over laps the point at which it should be materially tempered. Twice the Tedcral Kescrve Board at Washington ihsued warnings' against an excessive use of money ior that nurnose. But hp hinm A- -,. 1 ii ., . 1 rM. ftmuttx 1L 111. No 1 rpd .l . ''IIU1UK mese warnings mere1 an.i mutt $ 34 No l rrt k inter JJ an ,f,uiougniiuiiy cannot he placed wholly f" at the door of the individual specula tor nor yet at that of the brokerage houses. The banks themselves sielded to the r temptation afforded by rising rates for call loans. For months the time money ', market has been virtually at a stand - u still, until recently and at this moment oTWCI have the sneetnelo nf n tilr utn.V GRAIN AND FLOUR XVItnAT Itfcflpti 217 732 bush The market wan quiet but firm The quotations are So I red u truer $2.Tl. No 1 northern nrrlnn. 12 33 No 1 haril winter JJS'l. But the blnmel ,l reJ winter garlicky, $2 37, No i'. itniuLi . hi, ,su i rei Knnti7 Europe, because it has the richest natural resources. It is a nation that has more nearly the characteristics of the United States than any other nation in the world, andlnnntncf with Itnkhevlst countries or bv it may yet hae some of the same typeja spontaneous outbtcnk of bolshcvism of manelous prosperity. I in n community where industry has In a sense, the obligation of Russia, 'been paralyzed and idleness is followed discredited and lepudlatcd as it is to-'by want nnd hunger There nre fourteen day, is more nluable thnn tlie oblign-1 countries bordeiing on Bolshevist Rus tion of some countries whose obligations sla, nnd they are directly exposed to the have hardly been questioned, because i contagion. there is in Russia the inherent wealth Proximity, to make cood its obturations. But all this is but guessing, and one lor another if rcwiliition.iiy movements man's guess is worth ns much as an- looking to the establishment of coin other's. While I am guessing, how- 1 monistic society. ever, I will make another. Russia ThrJ fol,ml tlmt democracy did not will be dominated and exploited by hrinK to tl,e proletariat what it con Cernuny, unless the United States sidered to be its rightful share. Then shows unexpected prescience, courage and a disposition to take a financial aihenture. Germany lies adjacent to Russia. howeier, would not be fuses any compromise with the existing order, that looks upon all concessions to labor in the form of higher wnges, shorter hours, unemployment insurance, or even profit sharing, ns n sop thrown by capital to divert or confuse the work ing class. Minority Is Nowhere Large This minority of extremists nowhere is Inrge In England it was estimated, in both onsen ntie and rndical quar ters, as being nt the minimum some where between 10 and 15 per cent of the total organized mass of union labor. 1 fancy the proportion is not less, nnd I doubt If it is much more in any of the European countries which I visited. Eery where it is nctive. Within the lnbor unions themselves the rndical cle ment has a olce quite out of proportion to its numbers. In reoguizing this clement of insta bility in the European situation it might be well if we took the lesson home and became conscious of the fact that our own great conservative majority is phlegmatic, not unified, almost voice The imperial spirit of conquest has not been killed in Germany. When the war started the axis of German am bition pointed toward Bagdad. Now it will swing nround toward Moscow and the rich world beyond. There will be an escape for Germans from the shucry of indemnity by mi gration to Russia, and nn almost free necessary to a development in one form 1 'ess, and nt the same time note how emcient nre tlie metnous ot active raul cal minorities. We have socialist pnpers with a million circulation. There is a steady flow of incendiary pamphlets through the tenements ot the East Side, the authors of some of which could legally be shot for treason. Socialistic speeches nre mnde daily in Wall street, while the men in the nil jncent offices give far more time to scheming how to get ndnntnge of a business competitor than they give to original thinking on economic nnd social questions. America is the greatest of democracies, pledged to the sovereign rule of majorities; nnd America should beware of the power of minorities. Copjrlshted 11110 by the Macmlllan Co. they organized labor unions nnd the weapon of the strike came into use. Tiie organization of stnkes to enforep the demands for higher wages met with success, so far us wngis are measured in units of currency, but ficqucntly met with fniluie to better the condition of the workers because of advancing cost of lhing. Men got higher wages and found themselves worse off. This has contributed toward building up a sentimint of suspicion of the very foundation of the present social ordei. anil cerywhere, England included, field for German direction, because there I there is u significant minority that re- Monday Mr. Vanderllp will discuss "America's Oppottunities." No 2 northern aprlni? 12 3(1 No 2 hard winter 12 30. No 2 red winter, carllekv. $2 34. No 2 red amuttv $2 33, No 2 red, narllek) and smutty $2.31 No 3 r-d win ter $2 32 No 3 nrrthern aprlne. $2 32. No 3 hard winter $2 32. No 3 red winter. Knr Ucky $2 3d No 3 red Kmutty 12 20 No. 3 red. (rarlleUy and smutty. $2 27. lower gradea on their morlts Con Itieelpts, 2.100 bush Trade wai slow and nrlces further declined l(32e We r , marxer. nns Deen virtually nt a stand- Uiuote eiiow in ear lots for loeal trade, as to quality and location, nt 12 I2W2 14 OATS Reeelrts .'() 021 bush. The mar- i . - - , . ' , . ' ket was nub t and barely M"ad Quotations , rnaricet financed almost exclusivelv bv.car has a, to lociinn Vo l white, snst C. J" call funds. This. Indeed, cives the SC.'i0 r wh" ; I"1' .J? No white. &6Asbails tbe wbip-hand, so to speak, over KLOUK-neceipts 4 i.bis and bit sso lb, SJif STOCK peculation, but it keeps Wnll'ln sacks The market ruled !irm but quiet " rhtreot in n cnnatnnt- ufntn nf r,-t,.,l,r, . wuoio uons 10 arrive., per " . in hi- ,, ..T ....... .,v. w. i..,..4.uu pound Jute saeks winter stralcht west SENTIMENT IS MIXED IN THE CORN MARKET - tion which cannot be wholesome and i J which must react with disturbing effect a aSk II tl ,1 O 1.11(111 VflJXJa August bids fair to soe the lull in fijui marKet operations which July or al HlnnrHv Ttioripnno hi if rlirl Yinf t hie tn year. The lull, however, has been UAA J - til --- J a!-Il Si. - ...1.1 j iotxcu a uit iofj urusLicuny, it wuuiu t?w nnopnr. ami nas leit Kometninir ot a --jj" - - j- Rffntr. Tn nnr KPssinn this wppIc trnns- r actions dropped to around S00.000 atnaari Atltanc wtwt sri n ( mliftli nrnp a OUUICDi viutll licit liUb iuuvii um million shares and the tendency is em. old. $10 "rill new $n 754P to 25- near b. old $10ffin7S new $ 7." 10. Kansas straleht. new $11 2.iTf 11 ."id; Kansas, snort patent, old fl2fll. 30. new. $11 r.0ll 75. sprlna short patenl, old. S13P13 50; do, patent, old. $12 50S13, do. first clear, old. $0 75B10 RYC TLOlTt sold slowty at former rates We quote at $8 GU0 25 per barrel. In sacks, as to quality. PROVISIONS liquidation were not curtailed although Ky., considerable distribution of stocks was ww. In evidence. fen, The bear elements were given a rare J H.nn.liinllw r rtnn wnv nr nnntlipr. KV""' cienally by rising money rates occa- l?tt. tloned by the calling of loans both by P metropolitan and interior banks and linnkinir houses, which they were not s- slow in taking advantage of. The short " account was notably Increased and to the noint. in the estimation of many. r z'UIaU t.tntA.1 nf nn npprcnlil rnmlitinn 9"7IT Commenting In its August circular on H .V the prevalence of speculation, the K? 1 that an investment demand has rc- " vealed itself and that an unusual amount of stocks is reported to liavo ..fbeen taken from the market, "the con- K'-'H' 5elt"nt decrease in supply result!" KAAin further increase in prices in the hl'- .'., mh nr eent,ntin nemnnrr. rv"?'.-"' i General Outlook Good j 3 This gives a rather broad hint as 'J ni-to the technical position within the K..C'-m -.jit-lref. flf nresent. And the reserve j- board. Hko Judge Gary and other t) X TenHlntr fmlrlta. i nntimistlc nn in tlm '.'i general business outlook nnd crop ; prospects. On the one side of the kaaIa lliA.nfnlA om fl Ifl.ffn uhnvt In. t fV - itM,, ! , 1 "on the other a heavy withdrawal of J1 public participation In trading and a 4i t consequent impairment of buying m power. This situation would seem to 'gpeil a quiet market and a firm under- " iw fntt n limn li,! 'TtiA hnalc elements rtf RtrenffH, nnt there, and perhaps they must remain K.Ar1v Yintpnrtnl until Kliel, ttmn no tliA TTTtf 4K- A.v.v.. . ....... .... .... r wtMAi mntlfpt enapa mnteplnllf Hl.n f SltVUGJ ... fc-w- ..te. ...,. j.,,,- noney Harry this week was caused wevlsriely by temporary considcratlonH. t- ' LjJt o happened that the French and f $.. paaadlan loans matured yesterday, and Demani was onlv mod-rate, but prices were firmly held The quotations were as follows He. f, in set smoked and alr drled 51c. knuckles and tenders smoked and air dried 55c, pork family, 57c. hams H P eur.d loose 39-llc do skinned toward still further curtnilment in tuolhoiied boneless. 5(ic nimic shoulders s v,l,,mn fit Vinstnpsq Siirns nf rpnl ( ' cured loose. 2Htc. dr, smoked 29'ie, VOIUmO OI DUSinCSS. nigns Ol real . ... . , .. ,. atte breakfast ba. con, -lie. lard. 37c. REFINED SUGARS Offerlnara were llitht. and the market was quiet on a basts of 0c for fine granulated. DAIRY PRODUCTS TlUTTErt Tho Produen Kxrhanffe was closed as usual on Saturday and the market was unchiriEed The following were the quotations Solid packed creamery extras, r.tJVa c. hUher seorlnsr cnods. "J'fc H "I'lr. the latter for Jobblnir aales extra hrsta. 55'r. firsts, VIVi 'itZWtc Seronils ri0(ri52e, sweet creameri choice to fancy iH ' 11(11 c, do, fair to Kood 531570 fincy brands ot prints jobblnff at b2ti4c, fair to choice. 52'u'Olc KOGS Fine new laid ejrss ruled firm, but much of the supply wns of unattractive stock which was dull anil weak The fol lowing wero quotations Tree cases, nearby, $15 (ki per irate i urrent receipts, $1 west ern extra firsts, $1', i 0 per rase firsts, $l"i, rearby and western s.ronds. $10 MKft 12 (10 famy selected eKes jobbing at bU(iGlc pir doxen CHEESE The market ruled steady under light offerings, but trade was quiet Quo tations were as follows: New Tork and Wisconsin whole-milk flats current make fancy, 33V4 M3-lc specials higher. New York and Wisconsin, whole.mllk flats current make fair to good fl'Jft'JSc, fancy goods were Jobbing at 31Vi 4j'35',-i c Economic Situation Continues to Be Most Disturbing Fac tor Brokers Nervous POULTRY Chicago, Aug. 2. Sentiment in the corn market was mixed this morning and changes in price wcie irregular, but, generally, the undertone wns weak, the economic situntion continuing to be u most disturbing fnctor. Iirokers were nenous over the attitude of the gov ernment as to the cost of living, and buyers lemnined timid. Commission houses were on both sides at the outhet. Shortly after the start Miorts bought freely, taking piofits, and forced alues up. On tho nd ancc commission houses sold liberally and broke prices sharply. September opened nt 51.8S to $1.87 -1, against Sl.h!)4 nt the close yesterday, and, after touching Sl.M), dropped to $1.84. December opened at $1.37 to $l..r,0, and, after t-elling 1 cent nboe yesterday's price, nt $1.58, fell to ,$1.,"m. The receipts here today were ."S cars. Trade in oats was active and mited. Prices opened easier, but offerings ceased immediately after the start and taluks sold above yesterday's close on buying by commission houses mid shorts, influenced by recent large pui -thabes of the cash article. The gams were not maintained. The arrivals here today were lii'.l cars. September opened at 7."',sc to 70i , against 7G14c at 'tlie close yesterday, and, after touching 7(i:!i,c, receded to 74'4c December opened ut 77 c to 7bc, ngaiust 78'sC nt the close yester day, and, t"er selling nt 7'(,c, -' -dined to 77c. The receipts of wheat nt Minneapolis today were J7,' cars, against i;)S cars last year; at IJuluth, 7 cars, against 1 car ; at Chicago, 71(5 cars, against G09 cars; at Winnipeg, 117 tars, against .'!."i cars. NEW YORK COFFEE MARKET New York, Aug. ". The coffee mar ket opened easier again, in sympathy with the Ilio spot market, 'which was reported 200 reis lower. The diame ter of the selling this morning wns much the same ns in evidence through out yesterday's session. Cull prices today were 10 to o points below the previous dose. Hecent imistig.itions and the talk of the high cost of living vveie again a fac tor in the markit, couphd with the dc diue in die Itio spot mm kit of 2(10 rds, and this had tended to cheik any ng gicssive points right after the opening; the market linked snap other way and was u holiday nffaii. Some spot business has been reported on the basis of ubout 2;!c for Hio 7s. Yes BULLS DISAPPOINTED IN ACTION OF COTTON Activity and Firmness, Which Had Been Anticipated, Fail to Materialize . , .. ppen High Low flose JuH .. 2I U0 21 0(1 21 (III "Jl s-. Vug . . ! ,) S'l . . . 21 'S 21 2S '21 Jil I"1 21 II, Nov .. ! in, Dii . "21 111 2120 20 y, 2d 'ii, Jan . jii !h Ktb ... .. 20 'Ml .Vlanh . "21 10 21 15 2(1 'IS ".'ll 'Ml April 'Jll '12 Mai . -21 05 . "2(1 'III June ... LIJ S7 mi. LIVE Trade was slow and fowls were again lower Quotations Fowls via express, 31c Spring chickens broilers not leghorns, yellow -skinned weighing 1 ? 2 lbs apiece, 3S(t40c Mprlng chickens, broilers, not I.eg. horns, yellow skinned weighing lll4 lbs apiece 3flc?37c White Ix-ghorns yellow--.klnned, weighing 1;&2 lbs apiece. 33 ft) 34c White Leghorns, yellow-skinned, small er sizes. 311932c Itoosters, 23 8 24c Ducks Spring. 32M3lc. do. Pekin, old, 2S(f3(!c, do. Indian Runner, old. 2Stt3nc, Pigeons, old per pair, 4U45c, do, young, per pair, 35 ft 40c UnESSCD Fine heavy fowls were well cleaned up and firm, while broiling chickens were quiet The follow Ing were the quotations' Fowls fresh.kliled. drv-Dlcked. In Sna wli?Slntr 4 ll,a u nil nt, nnlnn anil... i weighing 3A lbs. 3d037c; weighing 3 1'ennsylvania by Auditor Uencrul Snyder lbs. nplce. 3S34c. smaller sizes, 31 I ,, ,', , 32c: fresh.k lied. In harr.l. (,n .!,.. OS dead. nlrked weighing 4 lbs and over apiece. I These companies, which had 0-ic weigning j4 ids , 3.itrfauc. weighing 3 lua d,voci smaller sizes .limple roosters ury-Dicgea New York, Aug. 2. Hulls were gieatly disnppointul at the action of tins morning's itt( larket. Yesterday's exi ited buying and strong closing had led to a very general ex peitatinn of an mtne nnd firm open ing today, hut the trnde and public, after a night's consideration, appeared to leach the conclusion that the agita tion for reductions In living costs might be aimed at tutton as well ns other . lomniodities and theie wns a nrettv 21 -,-, genet nl inclination to take profits or -' 4"' leave the ni.uket alone for the move ji J4 ! ment. -'lJ, As a result, first prices were only Jl 20 s to 10 points higher "and. nfter sell- Jl ls ng at .l.i. .ill on the call, October promptly bioke to :U.7." under nctive tenliziiig, southern and spot house bell ing. The market encountered increasing pressure during much of the first hour, and nt one time, in the absence of sup port, showed a net loss of nbout 4u to r5 points nnd a decline of (10 to 100 points from the opening high level. Selling pressure appeared to be mostly in liquidation of long nccojints, ii'thnugh theie was some selling from T 1 cold held hv hk S41.70J.IV17 J41I l'.ll r.Jl ' ll,,. Kniitb ntwl , ..,,-, t.n,. n,....,, !,. i. Gold with Federal I , "-"" " " V .7, ..... suuiM ui iutij;i j.ivcrpuui tun utile cither way after the opening. Toward the close of the first hour pi ices rallied l."i to 20 points on covering nnd predic tions for show eis over tlie enstern belt. Sentiment sieinrd very mixed, and ninny traders, for the moment, were in clined to attm h more Importance to matters outside the cotton market thun to the condition of tlie crop. Weakness increased in the final hour. I'mal prices were bmcly steady at a net loss of 3S to 70 points. LIVESTOCK QUOTATIONS Chicago. Aug 2 - HOOS Receipts. 7000 tifAd losu, iiic to 2 ic lower than vea Federal Reserve Bank Statement The condition of the I'dleral Kescrve Hank of Philadelphia for the week Mill ed yesterday compares with the previous week as follows: Gold coin and cer tificates in vault Gold settlement f d HUSOl'lU'Eh August 1 I.1.1S jsi 41 1(14 417 Jul) ti.JI SIO 4S ".Jil 711 74 332 IW) 70 o7b 310 Kesere ncent Gold redemption f d l-tilcral Meserva notes .... 8 814M-I 1 1 ".77 S1 1 Total gold reserve tlJl.Sli'l 072 11.11 .101 H4ll Iegal tender notes silver, els.. 322,(114 11(1 M7 Total reserve 112.1 1U2 117 1131 4U1 2S4 Hills discounted members secured bv gov. war obli gations . 173,318 S5J 170.3RS387 Illlls discounted members all others . 13 S20.Si;8 111 881 177 Hills bought in open market . nvo 744 718 nns T'l bills on hand .Iltil,83s,4n4 lion ni,n 231 ' V .1 llav bunds 1,384 (mil 1 384 lino V H Victory notes 1 lno 1 Kin I U H certificates of i Indebtedness 24 812,00(1 24 81J 000 ssaiix mCArV PnDDfiD ATinMO T-1 L' S securities 2rt. ins eon 2K ins mm terday's general trde Top. 21 in, heavy. MANY DEAD UUnrUnAIIUNb T'l earn'g assets 1218.0 III 4HI $217 1(14 211 12131023. medium 21 J3023 11. light Hank nremlses Uncollected Items 31(0 IKS) (10.831 412 Three Hundred Are Stricken From Deductions from gross deposits iuu,d,4ij tun ;U2 usu State's Books by Auditor General Ilarrlsburg, Aug. 2. Three hundred corporations organized under the laws of the state of Delaware have been stricken from the books of the state of Due from treasurer It S. 3 per cent re demption fund F R Hank notes Ail other resources 1.22fi,000 70S 414 10(1(111(1 uelfrht. 1212.1(3211.1. llaht. 1JD r.Or no. 3(i2 (is'i heavy packing sows smooth. $2(1 .Kl'0'21 23, pat king sows, rough, $10 23(U20 23, pigs, iiuci.'i oo CATTL.1:-Receipts, .100 head Closed In bail condition Compared with week ago: Top grade, torn-fed western steers and best l-ne 810CK. mosu -.'.ic lower, otner grades Now York, Aug. 2. The most Im portant development In the steel trade during the last week was the publica tion of the earnings of the United States Steel Corporation for the second quar ter of the year. Contrary to the gen eral belief, the net revenues recorded nn increase of something over $800,000, ngalnst expectations of a falling off ns compared with the first three months of the year. The fact that the good showing wns due In part at least to the smaller re serve set up against tat payments Is nside from the question. Naturally, with smaller earnings than n year ago, it will not be necessary to pay as much over to the government ns previously. However, It is probably true that In line with its former conservative policy the management of the corporation has again made liberal deductions for tax reserves. The Improvement recorded in the June net earnings over those for April and May were highly encouraging nnd there is now a general belief that this improvement will coutluuo until the end of the year. The orders which have come to hand in the lust two months should be reflected in increases during the rcmnlndcr of the year. On August 0 next the corporation will publish its statement of unfilled orders ns of July 31, and despite the fact that the operations in many de partments have been increased to a con siderable extent, it Is the opinion in circles usually well informed thnt there will be a substantial gain in the book ings, confirming tile reports of new business ns published from time to time. During the past week there were rumors of large orders having been placed with the steel corporation nnd some independent companies for the nceount of the French Government. However, thus far nothing has been done in this connection. It is admit ted by high authorities that the .busi ness is to be hnd, but the entire mnt tcr depends upon arrangements that must first be mnde for credits and finnncing. The labor situation is still one of the chief topics of discussion when steel interests get together. It is be lieved that many companies would in crease their operations if it were pos sible to secure the workmen. During the months following the signing of the armistice, when steel plant operations were reduced and the number cut down, there was an exodus of men to other industries. Tlie wages being paid by those other industries nnd the fact that they nre getting regular employment hns made it difficult to get the men to return, so that even when attempts have been mnde to incrense production the re sults huic not been satisfactory hy any means. Authorities ngrce that this sit uation shows no signs of any change for the better ns yet. Another point which is being freely discussed is the inefficiency shown by some of the workers. Whenever there are more jobs thun there arc men to tuke them it hns been the experience in tlie steel nnd other Industries thnt it was impossible to get efficiency fiom the men employed. Theieforc, this will not change uutil there is nn improve ment in the supply of lubor availnblc. So far as the markets for steel pro ducts arc concerned, the improvement noted in the lust few weeks continued. The principal business which came to light during the last week wus the in vitation put out by the Navy Depart ment for bids on 40,000 tons of plates, shapes and bars for use at the Urook lyn navy yard. It is probable that all the leading makers will name quotations for this busluess. In the bar market the feature of the week -hns been the improvement lu the expoit demand. Some orders have come to the domestic makers, with Japan the hading purchaser. Some good-biied contracts have been placed by that country. The domestic buying con tinues busk, according to leaders In this binnch, nnd the outlook is as good as it has been at any time this yeur. Some leading plate manufacturers nre said to have admitted thore is a possi bility that the piemium on plates, as compared with bars and shapes will he reduced. However, they are not witl ing to discuss the matter "for publica tion. The 1'ennsylvania Itaiiroad has an inquiry out for 12,000 tons of plates. The company has just placed one order for 8000 tons, subject, of course, to npprovnl by the regional director of railroads. The wire makers, who advanced their pi ices during the last two weeks, have uot tnken mnch business, iior do they care to accept contracts, according to an official of one of the companies. They believe that prices will advance further. Thus far no change' has been made lu the quotations of the American Steel and Wire Company, the lending interest, nor is it considered likely in authoritative quaitcrs that the advance by the independents will follow. The wire market continues active with a large demand from jobbers and manufacturers. GAIN IN BANK CLEARINGS Business 25.7 Per Cent Greater Than This Week Lait Year Total bank clearings of all the clear ing houses In tho United States for the week ended todny were $7,814,071,021, ngnlnst $8,273f742,510 last week and $0,218,778,005 this week last year, or a gain, as compared with the corres ponding week In 1018, of 23.7 per cent. The Increase In Philadelphia for the week was 4.1 per cent. Details follow: loio mis p.c. New Vk. $3, 044. 03.1.070 2.77fl,l(l,070 31. a Chicago. 4S3,22S,ni0 48J,M2,2S1 4-12 2 I'blla. ... 334,133,803 821,01)7,330 4.1 iiun.oii. , I,"'vn4 Kan. City 201.n84.onn St fxrals. 181.S37.IMH Han Fran. 110,102,103 I'lttsb'gh 111, 832,280 Detroit... 78,028,803 llaltlmore 70.4ftn.015 8n,3n0.7SO --28.H N. Orl'na 02,204,002 42,431,801 23.3 SECURITY EXCHANGES . ARE TAKING HOLIDAY Succession of Million-Share Days Causes Serious Conges tion in Brokors' Offices ! New York, Aug. 2. The abnormal volume vthlch speculative operations on tho stock exchange have nttalncd re cently hns brought nbout serious con gestion in brokerage offices. In some instances, clerks have been a week be- nieven cities 8 dsys 13,300.443,815 14,423,880,801 24.3 Other cities. 6 days. 033,782,205 740,088,047 27.4 Tl nt Titles. 5 days 16.402.200.110 5, 173.873, 338 34 9 All cities, 1 day 1,352.471.811 1,044,003,027 20.4 Tl nil cltlei. for wVt.7, 81 1,071.021 10,218.778,003 23',7 NEW YORK DANK STATEMENT Decrease In Average and Increase In Actual Loans Reserves Higher New York, Aug. 2. The New York bank stntement this week shows de crease in riveragc and Increase in actual loans. Reserves are higher in both cases. Details follow: Avr.nAOE InrrpnsA . ,J4. 882,023.000 $2(i 200,000 Loans Xet dpmand de posit t4, 030,527.000 Net time deposits 111(1.(102.(10(1 Circulation ... 37,833.00(1 Cash In vaults. . 110,317,0(10 Reserve In mem ber banks Itpsprve In state banks and trust compnnlrs 11,883,000 Rcservo In state banks and trust company deposi tories Aggregate reserve Reserve required. Surplus 842.7S3.3S4 11.:' J ID,.', J, i 14 -- J3.H 130.271.774 -- 1.2 Hi 7'IU IMI J.,11 Tl I04)32r,oss -- 7I2 lilnd in the postings in their ledgers "'j';-"'""-. --.,., .. n-, ,, . -.. .,,,, ami; cuiilllllieu succession ut minion share turnovers hns taxed the facilities of the stock exchange severely. The new clearing branches of the ex change will not be In operation until next winter, when It Is expected tho machinery for handling the great vol ume of business will be greatly aug mented and some measure of relief from the present conditions nfforclcd. Ilecnuse of the difficulty which th stnffs of brokerage offices have encoun tered to keep up with the enormous business, the brokers petitioned tha governors to close the stock exchange todny. Clerks have been working into the early hours of the morning getting out reports for customers and are hard at work today in nn effort to get abreast of current transactions. It is regarded ns likely that further Saturday closings will be necessary If the present volume of speculation is iiiniiitnined, nnd the opinion prevails in Wall street thnt any change is likely to be in the direction of increased stock trading. 2.1174.000 7, OS(l, (Kill 3411,00(1 3,007,000 647,871,000 15,710.000 102,000 102 000 10.012,000 233.330 lfl.32S.430 J131.- 11.038.000 B70,!I4h.(I(XI 530 077,810 34.871.100 tUnlted States deposits deducted. 371,000. ACTUA1, Loans M.038,080,000 5127.028,000 Mpt drmand de- posits t4, 012,40.1 000 Net time deposits 10H 1110.000 tin 7117, (ki 01,030,000 Circulation Cash in vaults. Reserve in mem ber hanks . Reserve In state, banks nnd trust companies P.eserve In state banks and trust company deposi tories AKcregato reserve Reserve lequlred Excess reserve 587,507,000 11,281,000 10,818,000 oo'i onn.noo 54 2. '..VI 110 07.13'I.SnO 84,040,0(10 -i.iiiR.nnn 001 000 0.340 000 40,007,000 127.000 480 OOil 48.048,000 11,117.320 37.330.480 2L'U,- tNnlted States deposits deducted. 100 000 Decrease. OUTSIDE I1ANK STATEMENT STATU llAiNl& I,o.ins Investm'ts. Clnld Currency bank notes . ... Deposits Federal Reserve Hank of New York . ... Deposits Reserve on dep'slt Percentage of reserve J022 453 300 7.744,1100 20,037,400 31.242.800 710 43'l.niKl 107,835,101) TnrreasA $7,408,100 740,700 380.100 7,003.300 4.013.400 7,330.700 2.01 TRUST COMPANIES Loans Investm'ts. 12. M0.nS7..VM Gold 12 214,400 Currency bank notes ji.73U.juj Deposits Federal iteserve nanK or New York 210,848,700 Deposits 2.170,737.30(1 Resere on dep'sit 325.748,700 Percentuue of re serve 183 STATE nANK AND TRUST COMPANIES NOT RCPOHTINO TO TUB CLEARING HOUSE Loans Investments .J808.000.Hio 318 0.18 500 Gold 8.71(1100 '812.100 1 urrency nana noien 11, an, uuu Deposits Federal Re serve Hank of New York 01.8-.-,. 1 00 Total deposits . ... 850 IIKU 5(1(1 Net deposits , ... 780 .174 POO Iteserve on deposit.. 142.01.4 300 Percentace of refcerve 20 4 Decrease. FOREIGN EXCHANGE New York, Aug. 2. Business in tha foreign exchange market this morning; wns very quiet with mixed changes: Quotations were : . Demand sterling' 4.WtVu cables 4.H0V1 ; franc checks 7.30, cables 7.28; German mark checks C, cables G-h ; Holland checks 37, cables 37 ; Italian lire checks 8.C2, cables 8.C0 ; Swiss checks 5.r7, cables .".55; Stockholm checks 24.85, cables: 25; Christianin checks 211.80, cables 23.05; Copenhagen checks 22, cables 22.15; Spain pesetas checks 10.10, cables 10.18. BAR SILVER Commercial bar silver was quoted In1 New York today at $1.00 an ounce, an advance of lc. In London, the price wns 5(lV2d, a gain of ftd. Fifty Producing Oil Wells ThirtyTwo Cash Dividends That is the interesting two-year his tory of our company. We own more than 20,000 acres of carefully se lected leases in Texar Oklahoma and 0.B00.700 Kansag. We are now drilling three wells in Texas. Our thirty-third cash dividend was paid August 1. Our company is managed by con servative, experienced oil men. Send today for our large illustrated folder, maps, late oil field pictures, and full information all free. 1 3 $10,738,300 200,300 1I.S82.0OO 33,442.400 10.030.700 .3 7.730.100 4.000.100 1(1 877.8(10 12 47s 3(10 8.188 'WO 1 0 MONEY-LENDING RATES rillLADICLrillA Call, 5 per cent; time, 5ytcc(0 per cent; commer cial paper, three to six months, fi'i O 5' Ver cent, and six months, 0 per cent. J.ONnON Money is quoted ut 2 per cent. Discount rates, short bills 3 7-lfitti31! per cent ; three-mouth bills, 3 0-10(ci3Vs per cent. Invader Oil & Refining Co. Dept. E. Muskogee, Okla. EXECUTIVE rtiMtlon Mttnt-fd by well ttlurnt-rd man eMwrlprtrfd In biiInfj. orsrnnlzritlon of 1 iid ii nt rial plant, lie U 40 smi-H old. ban n clear com cptton of the fi.nrt.ons of -Mi financial end of linnlne, nnd ran act n Trrnnnrcr, Nccretiirj or HuHlneita Man nr with rltl.-fr nn Htabltnlied or it r. B Nt'nnNlhIn new ronrrrn. IIiih rnrllrr rx- P-rrirnrr- ny rnKinrrrinic riittrnuon and training, nnd biitnf ih rprrlnri for the Tift in jrnr. It 328. I -nicer Offlre. CARE OF SECURITIES INCOME COLLECTED ' jj WE ACT AS CUSTODIANS OF SECURITIES AND COLLECT THE INCOME AS IT BECOMES PAYABLE, CREDITING PROCEEDS TO CUS. TOMERS' ACCOUNT OR REMITTING IN AC. CORDANCE WITH INSTRUCTIONS. Brown Brothers & Co. Fourth and Chestnut Streets sew York Philadelphia no,ton i Total resources MAWMTIEH Capital p?il In . 7.n3 mo rti ;that other August 1 obligations, in -SeLidini: interest and dividend disburse- jKHstn, totaled In excess of $103,-000,. I With, these out of tha way, money eeM must relax, but the fact that became so bard to get as to such a crisis involving 18 and per cent rates indicates the cou- ; neeu or. accommooaiion ior in- y iind commerce now that the re ions Incidental to war hare been tB8vel. ,.-. rt -month capital issues totaled M7Q,fsl3lOO0, the heaviest monthly out t' tst securities in several years and Ja-stsM'1 tJMto. double those of a year ago. sort ot mine is expected to January f. new flnanci mb the Urea total of WU it smfy mo.-l HtirrtliiB bfen fiovernm'nt tUp-natta iS Granted licenses to do business in this JI?;. - Ccoint 101.215.001 dry-Dirked 23u brolLm t,rv . s!1...1 , 4tln r.nn,lu fni. ,.i..l.tl T)rrril avalllbllltv 4H;30i do other n-urh .IHtHOc do . "" " "" --i- '""J,, Item. . . 311,103,700 wi-airrn niu.i n siirinu uurK" ItOnK I'll"!! 11 Ml them were estimated, wwing to me 00 000 western and oatlve steers, and butchers slock 3, J14 1 un.enly 3l)cti0$l loner, canners and cutters. .,.. lu-iicBuc lower, cm vea Jt lower; nest k-rade 1112 015,008 JIll.TiHi' S'jii storker. nnd feeder, strnne to i'3o higher I QinerR sirauv lu i.ir lower. SlinEP Hecelnts 1000 head Compared J7 n-,3 0-,u th last Thursl Fat lamb, mostly S0o 3 311 sn I to tl .in lower, some medium trades more, B Dili usn sheep. T.'icffll 2.1 lower: feeds-, and breed- era .uci''l lower piier Tiaav. extreme o.Sll.n.1 .M3.77H i utrw if nml loans taxes, anil lor sewrur ah nth.n irw..i,M ...... .. ...., . --,... ....... .......... inciuainic loreiirci 101.330 31(1 rl've fat lambs mnstly 2175c loner, sheep and feeders. 30075c lower -.J.''llt,,''-3 squabs, per dozen. whlte. welrhln . ,., il, tlnmi.nt for tnx.u ncnln-.t ids iR.-iiiuu ja, do do -ivelshlru J""" - " , 7 -.- lll lbs per dozen 17.100" '1 .lo weighine h ins per dozen, sawn 7. do, welshing 7 lbs. per dozen S4 30C5 2.1: h-....- ii .ir iiozen iln. dn weiiEhlna 2. 5001 50 dark No. 2. UOC0S2. II. 8002.23; small and BUTTER, EGGS AND CHEESE New York. Aug 2 nUTTER Steady to Arm Receipts, OOIS tub.. Hluh-scorln, .1200114 c; extras, n.ltto. Inside; firsts .11 (i file, seconds, 30Ut?iS2Vzc; state dairy, 5-SVi 5 35c EGOS Irregular. Receipts, 17.280 rases, Fresh-gathered extras, .'. I ft .V,i , s'orst'e packed extra Urals ftlW 233, storage-packed nrsis, t 71 ti.',u. iii-iim ra,,ji nrsis iiii , ,.. 11 f3c dirties, No i ail Oloc. do No. s. 30 were long overdue were paid use 20 ness or were uoi uascia iruiu u siuie, taxation standpoint. During July, the auditor general col lected .$101,124.81 in delinquent tnxes, some of which had been duo for years. In the first six mouths of this year more than half a million dollars of, taxes that were lone overdue were paid. Since r,.SherK" ..S4?,3i!r,nnec.l"...rn1'';-i,'r-1 January 1. 1018, the auditor general's .late and nearby hennery whites. 0770c department has sent to the btnte trea- gathered hlte. noiic.ise western whites I ' o ate r-.n '-. rollected ua ,lu 4Sf.10c Pacific Toast 5'.'W,1w. western and urf if-,.1lo,i).JU.o coiiccieu us tie - linquent taxes. difficulties experienced in locating offi ces, Mr. Snyder sent a representative n Dover, where It was discovered thnt the corporations had gone out of busi-! other liabilities l.nn.soci i os.i (,ni Total liabilities -tl2 05S.BOS J4U.5R2.S20 Memorandum- Contingent liability as In dorser on bills redlscnunted lth or accept ance, sold to other Fedral Reserve hanks August 1. J.IK.2.10.000 July 23 131,000,000 southern gathered uhltes, .Minnnc, state and nearby nennery nrowna .'nwiiic, gathered brown, and mixed. .330 50c. fair lo prime, 43(rnar CHKESK Steady and unchanged. Re celpts. 3831 boxes. Plat current make, colored, average run. 31W OS;ic: fist, cur rent make, white, average run. 3114 012liii, --.-.r. -.,-- ,, An.. '. "-.v.; -. -.. COlorea aprciais, osqvqsC ctlB, V4mte. v white ape- Hogs at High Record In Pittsburgh rittshurrh, Ang. 2. A new high rec ord for hogs was made here this morn ing, when the price 7 781 233 8 lflS S'I3 government ci edits T'l pros, deposits H70.327.773 I172.30I1.1S.' V R. noies In actual circulation 203,081,000 201,002 510 F R, hank notes In actual circulation 21,1122 042 23.4 7.1 mi Cotton Buyers and Sellers New Yorli, lAug. 2. October Hy mnn, (lone, Watte, IFartcorn nnd llos enberg Mil; Oer. Ilnrtlctt, Jt. Hub bard, Kimball, V Gumoens, Burnett and Stonier offered. December Hy man, Rteinhnuser, Orvis, Itartlctt, Mar tin, Flinn, Erwin and llussell bid; Iteid, Krwln, Brooks, Hubbard, Jr., anil Cuppia offered. March AVotklns bid : Kieffer and Urris offered FINANCIAL itSCOMMKKt'IAI, TRUHT COMPANY i- I'hlladelphla. Slav 211. 1010. N'ntlce ls hereby given that. In pursuance nf a resolution of the Roard of Directors of I Commercial Trust Company, a Kperlal Jleet finf of the Stockholders of the Company will be neiu si its general unice. commercial Trust Rulldlnp northwest corner ltrod an 1 South l'enn Square, rhllade'nhla, Tennsyl. r.t, , .. n ..nnn M i mniH. on i itefnitr. tne nnn any nr .inruti .fi 800hVfld MSket iVRdtLD iS S"s ? ..ftt tr.o:c1.?- tor1 Purrmw .ulk 12SnOULM mnlium welilhti. l'2 trs-ft fl youn ior or ininii nn inrrvHie Q-I Ibe t'ATTII-UerelptH 17.T hea ueli Phnlra to nrlme teem. Asi. Oatrt t 1 I A lap At" Ituf-nt-hAH UUtrrtf t .w .w- .. .unx-.t a.r...t, nta, IIIUOIIX, "-",.. ..J. ,u " n.. UrillUas luima ut hit v inija BAMUEb A. CROZKR AMERICAN SHIP and COMMERCE CORPORATION Circular on Request Chandler Bros. & Co. Members Neic York Stock Exchange 34 Pine Street 1338 Chestnut Street New York Philadelphia steady to BOs lower, In between grades. 11 to SI 00 lower, cannera, joe to ouo lower; calves, weak to .10c lower feeders steady lo R0o lower: .lockers r,07.1c lower, SllUriP Receipts lsno head llarket for week: Fat lambs 2'c to 30c lower, aheep, steady; feeders, 50c 0$ I lower. Pittsburgh, Aug 3 I100B Receipts, loon head. Active Jleavles, 123023,10, heavy yorkcrf I24(f24 25, light yorkera and pls 122 tinflss, MIKEI AND IAMI1H Receipts, 300 head Ktiailv. Top sheep 111, top lambs, 11.1 Ml. CAI.VE8 Receipts. 50 head Hteady Top 121. Knst nuffnlo, N. Y Aug 2. CATTI.K Receipt.. 700 head Slow Calves Re ci -t. 250 head Active and fl lower at 1021. HOOS Recelpta, lnn head Active and steady Heavy mined and yorkera. 24 23s Hunt yorkera. I23H23.30: pigs. $:323.25; rough.. (21.50: stags. l2il. atri-Tat. aMTl l.AMTlfL nclnl linn Slay head. .Active and 50o lower. Lambs. 8 wainvra. evwll,iy; UUTaYAU r-unltal Stock of the Company from 11 nnn - ead Market for ono to f2.nii ooo, to be offered to tho stock "mostly steady ' holders at 1200 per share, of which one-half ler atork mostly 'hall be added to and constitute part of the Secretary. rronosala adyanced to -firf.23, Russell bid; Waters and Sellers offered. l'SSJA'Sm. PRnposAt. ron stk.m rujirs, tanks. etc.. for low-pressure Heating Syatem: Department of Agriculture. Washington, D. C , August 1. lnin. Sealed proposal, for furnlrhlng and Installing steam pumps, re ceiving tank and other necessary appurte nances for a low-pressure heating system, at Arlington farm, near uos.iyn Virginia, will be received up to August S, 1010, and then opened Specification, and blueprint, may be obtained upon application to the Chair-1 man Roard nf Awards. Department of. Agriculture Washington, P C, j pRnPOIALH FOR OAHOMNB. oils and r.rtEAHKS Raw Materlata Division. Ottlce I Director of Purchase, llunltlons Duildlng. I Waahlngton, D. C. Sealed proposals will t reolved her until 10 A. M., September (1, 19111, and then opened, for furnishing gasoline, kerosene, lubricating oil., fuel oil , and srta.eg required by Army during Of... tuber. November and. , Daaeinber. 1911. 1 runner loforajaUw M tjinlfaHtnn MERCHANTS: If you are a grocer, druggist, hardware dealer, tobacconist, clothier, furnisher, jeweler any kind of a storekeeper you ghouldn't watt another day before subscribing to the Retail Public Ledger the new twice-a-month periodical for merchants only. Subscriber any they have been waiting for it for yean, Not a trade-paper, but an Inspir ing news-magazine that interestingly tells all sorts of things that merchants want to know, Bugineit problems salesmanship, buy ing, accounting, the handling and training of help, credits, delivering, advertising, collections the Retail Public Ledger tells how they are all being solved in successful stores. Entertaining fiction dealing with the sentiment and drama of storekeepin-f, anecdotes, verse, pho tographs, news of big movements -for merchants' benefit three pleasant hours of entertaining, helpful reading in every issue. Sub scription price, 10 cents a copy, ONE DOLLAR a year (24 Issues). Just slip a dollar into an envelope, with your letterhead or name and address plainly written, and' it wil be tent on the first and third Tuesdays of every month, for a year. Address Retail Public Ledger, 220 Publlc.Ledger Building, Philadelphia. Pa. Do it now M ' ,'. i 'T5 -. a Yt, . f.
Significant historical Pennsylvania newspapers