fTFmmwWw'f'''' ' v apf ',7 -r ,. . '-v'.avms?sjj -" 'fc.- '-SSfiSPiH''?! Er' A7 ". vj ' fCBiVlf'J " '.?.. . ' itf 1.J i'- ;,,. '- c- "fejift EVENING' PUBLIC LEDCFET? PHILADELPHIA", MONDAY, AUGUST '4, 1010 M?V. PHILADELPHIA MARKET PRICES GRAIN AND COTTON ACTIVITY BANKER SEES NEW PROSPERITl i UNPARALLELED U. SPROSPERITY FORECAST BY GIGANTIC NATURAL RESO URCES,DECLARES VANDERLIP Financier Cites Almost Limitless Agricultural Capacity of Country as Basis of Statement Believes Half of Woes Are Attributable to Economic Law, Ignorance and So cial Injustices By FRANK A. VANDEKLIP Something of wbat tlifi great war lins meant to Europe la what I have been trying to describe ,ln the preceding chapters, o all look nt even great events in the light of our own person alities, mid what America is most keenly interested in undoubtedly is what the great war hus meant to America. ' Vrherc are borne points in respect to America's relative position in the world that can he defined With a fair degree 'of. assurance, however. The advantage of America's unique position, combin ing tiic resources of the greatest world capitalist with the resources of the nation richest of ,all others in raw ma terials, give promise of a material pros perity unparalleled. America is almost self-contained ns "to raw materials. We must import rubber, but all other rubber-manufac- ? 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 Texas, Oklahoma and Kansas. 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. Invader Oil & Refining Co. Dept. E. Muskogee, Okla. rUBUDMH EXECUTIVE !rnH.tlon wnnted by well educated man epprlencfil In btifctnps nrgnnlzntlon of iniKiHiriiu Piani. iiu i -. yrnrs oiu, nun dror conception of the functions of (lift financial end of hiitne, und can net n? Trenrer, Secretary or Huh. opus Man nicer with either im established or n re NponMhle new concern. Huh earlier ex perience by engineering education and trulnlntr. and business vxnerlence for tlm fi Inst 1(1 yearn. II 328. I.edeer Office. LIBERTY BONDS BOUGHT and SOLD - Any Denomination Samuel K. Phillips & Co. fl07 CIin.ST.NUT STKKHT Memhera I'lilliulelplili. Htock Exchange The following companies offer INSURANCE of all kinds Beidler & Bookmyer Genei'al INSURANCE BROKERS 424 Walnut Street Lombard t1 Vain at New York Office 95 William Street Commonwealth Casualty Company Oldest Philadelphia Casualty Company Assets $700,000.00 Automobile nml Teums Accident nnd Hlcltness Insurance Attractive Liberal Kates rollclesf rrompt Claim Service Ask Your Broker tor Commonwealth I'roteatlo Call, write or phone Drcxel UulUUng WILLIAMS C& WALTON General Insurance Agents Nos. 416-420 Walnut Street PHILADELPHIA liTiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiii Fire Auto Marine Insurance Company of North America Philadelphia Oldest .American fttrcfc Inturanot Co. your unafa five Capital st.ooo.ooo 80,000,000 Assets Over Rurplua to Policy- lioltlera . .. Losiei I'ald IJ, 000,009 Since 1703 . .0S. 141.989.18 v (L , ' Hom.- OdUc-.Third. nil Walnut Sta. '- Uptown; OOlce 310 Heal Uetate ".: , Trust Hlds.. 1 ABLE AND HONEST HELD KEY TO $& &;!$ij "ll tinftiKnl IJ jltllMlill ; permanent turing tenters must do the same. We J inipoit some ores that, mixed with our own inexhaustible supplies, help to produce a higher quality of product. Among foods, the coffee bean, tea and chocolate are perhaps the only serious demands we must make on other lands. Of course, we must have imports if the world is to pay for what we export, and we can consume large values of foreign fruits, tea, chocolate, nuts, vegetable oils and the luxuries of silk, precious gems and platinum in which to set them. Hut these are not funda mental necessities to our industrial life. Agriculture Fossibilities Then wo may odd to these advantages n background of almost limitless agri cultural capacity. Wc have fields that produce under our methods great yields with the least expenditure of human labor found anywhere in the world, while the products of thoso fields nro moved at the lowest transportation cost of any land transportation in exist ence. There arc other nations that move tonnage on inland waterways more cheaply than wo- do, it is true. There nro other acres that produce per acre a much higher yield, but if wo compare the amount of human labor ex pended in other fields with the amount expended in ours, the difference is start ling. For the whole of England, for example, n recent census shows that the average number of agricultural em ployes per 100 acres is forty-six, while in 1!)10, the date of the last census figures, the 478,451,750 acres of our improved agricultural lands consumed the labor of but 11G5!).:03 agricultural workers in the United States, an aver age of 2.04 per 100 ncres. Labor and Capital Then let us remember that there has been comparatively little direct disor ganization of our wholo machinery of life by the catastrophe of the great war, while in Kuropo there lins been not only immeasurable direct destruction from the war, but, what will prove more harmful than all that, there has been disorganization of tlio delicate inter relations and reactions in the whole in ternational industrial machine which it x-. ' ' ' m m- . I P-rS V ' a j Anuuns ' ' 1 W$fe. :i ; PHILADELPHIA MARKETS GRAIN AND FLOUR WHEAT Receipts. 07,773 bushels. Little Watermelons nnd cantaloupes were more trndlnir nnd prices nominal. The quotation"! plentiful and lower. Other fruits firm. We B.re: No. 1 red winter. S2.S1); No. 1 northern 'mote! Apples, per basket 40a51.:.1- can. spring, $2.31); No. 1 hard winter. $2.31); talmipes, western, per crate, $1.51103; do. No. I red winter. Enrlicky, 2.37; No. and Md.. per crate lii2; water 1 red, smuttv. 12.3(1: No t red. rarllcky melons, Fin., per car. $12.iW350; black. and smutty. $2.34: No. 2 red winter $2.8(1: Np. 2 northern sprtnz. $2.3(1; No. 2 hard winter, $2.36; No. 2 red winter, carllcky, $2.34: No. 2 red. smutty. $2.33; No. 2 red. sarllcky and smutty $2.31: No. 3 red win ter, $2 32: No. 3 northern spring. $2.32: No. 3 hard winter. $2.32; No. 3 red winter, (tnr llcky, $2.30. No. 3 red. smutty. $2.20; No. J red. earilcky and smutty. $2.27; lower grades on their merits. CORN Receipts, 0414 bushels. Demind waa Ilirht and prices were 2c lotver. "Wo quote jellow In car lots for local trade, as to quality and location, at $2.10 422.12. OATS Receipts, 30, OS I bushels. Tho mar ket declined 2c. with little demand. We quote car lots ns to location: No. 1 white, S7CTS7WC No. 2 white. 804 8"c; No. 3 white, 8.1i(rfSllc; No. 4 white, 83H4c. FLOUR Receipts, 2S4.20II pounds In sacks. Trada was quiet, but prlcts ruled steady. The following were the quota tions: To arrive, per 1DB lbs., In 140. pound Jute sacks Winter straight, west ern, old, $10.7.1011; new. 5S0.7HiSil0.2a: near, bv. old. $10010.75: new. li.7.HSM0: Kansas atralBht. new. S1J.S.1O11..10; Kansas, snort patent, old. $1212.B0; new, $11.110011.73: spring short patent, old. J1818.50: do, rntent old. $i2.50(!J13; do. first clear, old, RYE l-TOI'It was quiet and Upchanced. We quote at $8.00 & 0.25 per barrel, in sacks, as to quality. PROVISIONS !' The market ruled firm with a fair Job-hlna- demand for most descriptions. The quo tations: Reef, In seta, smoked nnd air dried, nnc: knuckles and tenders, smoked and. alr-drled. f.Scs pork, family. .17c: hams. 8. P. cured, loose. 3H41c' do. skinned, loose. 87f3Sc; do. do. amoked, 87W88C: do, boiled, boneless, rflc: nlcnlc shoulders. S. P. cured, loose. 2S'4r: do. smoked. 29J3nc; bellies. In uickle. loose. 30c: breakfast ba con, 48c; lard, 3To. REFINED SUGARS T.leht offerlnRs restricted business. Tricea were unchanged on a basis of lie for lino granulated. DAIRY PRODUCTS nUTTERj-Tha market was steady, with a fair demand. The following were the quotations: Sol!ripacked creamery extras. nil'Ac; htKlier scoring Roods. 5714 W.VIWc. the latter for Jobbing sales: extra firsts, B.H4e: jsis. nzvs vpa-tttc; seconds, Micrja?c: sweet !eamery. choice to fancy. nNWirouOiAr: do. fair to good B3W W57Wc: fancy brands of prints Jobbing at 0204c: fair to choice, F.2lllc. KGGS Strictly fine stock continued scart 0 nnd firm. Medium nnd poor eggs were plentiful and dull. The quotations were aa louowa; rree cnaes. nearoy. siu.uu per crate: current receipts, $1.1; west ern extra flrats, $15,00 per case: tlrsts. 11.1: r.earby and western seconds. $10.80012.00: fancy selected eggs Jobbing at IjUfc'Ulc ptr dozen. CHEESE The market ruled firm with de. mand absorbing the limited offerings. Quo tations were aa follows: New York and Wisconsin whole-milk, flats, current make, fancy. H3H S4c: eneclala higher: New York and Wisconsin, whole-mllk flats, current make, fair to good. 82033c: fancy goods were Jobbing at aii S3Vic, POULTRY LIVE The market waa quiet vlth smalt but ample offerings at quoted prices Quo tations were as follows; Fowls, via express. 3.1c. Spring chickens, broilers, not Leghorns, yellow-aklnned. weighing 1 02 lbs. apiece. 184J40c. Spring chickens, broilers, not Leg. horns, yellew.sltlnned. weighing ltfvlM lbs. apiece. 30 837c. White Leghorns, yellow, klnned. weighing 102 lbs. apiece, 830 34c. White Legnorns, yellow-skinned, small, er altes, 800 82c. Roostera. 23024c. Ducks Spring, 323.1c: do. Pekln, old, 280SOcs do. Indian Runner old, 2O02Rc. Pigeons, old, per pair, 4Ufip4oo' do, oung, per4ulr, 3.1W40n. DRKSSED Fowls were in small supply and Orm, Tlrolllng chit kens quiet. The quotations; Fowls, fresh-killed, dry-picked. In boxes, weighing 4 lba. and ver aolee. aoVi rj weighing 3 ',4 lbs.. 30087c: neighing 3 lbs. aplce, 3334c; smaller sizes, 310 32c; fresh.kllled. In barrels, fancy, dry Picked, weighing 4 lbs. and oier apiece. 30as weighing SH lbs.. 3503ftc: weighing 3 lbs. 8233c: smaller sizes MOOsici old roosters, dry-nicked, 25c broilers. Jersey, 4SWo0c: do, other nearby. 3840ot do, western, A7081)r; spring ducks. Long Island. 83c! squabs, per dozen, whltf. weighing 11012 lbs. I8.BO0D.23I do. da weighing 0ln lbs, per dozen, T.n(lO.2!lj do. do. we ghlng' 81bs.tper' dozen.', lfl.TM do. do. weighing T Ibn per dozen, li.808.2B do. do. . weighing BWI1H. ilisper ten. GOVERNMENT U. S. PROSPERITY America has before it nn opportunity for a ,y period of unparalleled prosperity. vv. The great war 'left it with few scars. Its wAoni.H.Ai. nam Mnntn ilinn .linf rt nnv irauuitn UIU lwill. iimu mu i- .j other country in the world. Jt lias the greatest facilities for production. It has the most favor able opportunity for bringing about a sound and adjustment of the conflicting issues between cnpital and labor. Hut to realize on this America must have intelligent, able and honest government. The countries that make the greatest and quickest progress, Mr. Vanderlip notes, arc those whose government U the most responsible and which has the keenest grasp on the problems that face it. will take, at best, n generation to cor- rcct. In the all-important relationship be tween capital and labor we start with some comparative advantages, too. Labor with us has been far better paid nnd has fewer just grievances than has labor in any other industrial nation. Still wc have our share in the world problem of bringing about true co-operation between capital and Inbor. Those nations which make the greatest prog ress in that field will have nn ultimate advantage over those nations which keep up an internnl warfare that fosters discontent, resulting in great masses of population feeling that they nrc living under conditions of bitter injustice. This is true no mntter what other ad vantages the discontented people may have. J have come to believe that half the woes of the world arc directly attrib utable to an ignorance of economic law and to a blindness to social injustices. In the end the prosperity of a people nlways bears a true relation to their enpacity for production. If the capac ity for production be interfered with, as it always must be when workmen are discontented because they feel that they unfairly share in the profits of indus try nnd because of economic fallacies to which they cling that result in n conscious limitation of production, then the limits of national prosperity nrc sharply bounded, no matter what the richness of natural resources may be. Therefore I believe that the measure of our future prosperity in America is definitely relnted to the wisdom with which we work out the relationship be tween cnpital and labor. That relation ship will never be wisely worked out in nn otmospherc of economic ignorance. Our failure to understand the purport nnd significance of some of the great underlying principles of economics is general. There is quite ns much of thnt ignorance in the mnnnging offices as there is in the factories. 'Copyright. 1010. hvtho Macmillan Co. The last of Mr. Vanrterlip's articles will he published tomorrow. The article will be a continuation on "America's . Opportunities." FRESH FRUITS oernes, per qi. . 1 n oe zuc ; peaches, southern. per crate. $204: hucklelierrles. per nt.. In 22c; lemons, per box. $1 n.103.20; orangeo. t-'ai . per box. $3,300(1.0.1. VEGETABLES Potatoes were In small ntinnlv nn ht.t,.. Cabbage also firmer. We quote: White potatoes. Kastern Hhore. Va., per barrel, No 1. $4611.73: No. 2. $103: white potatoes. jersey, per nasaet, .No. 1, 51.20SP1.40: lower 5r,3r?;..lK,'r.?ci inlon. N. J., per basket. 0M. ' v" buah('1-h''",P. ' - LIVESTOCK QUOTATIONS ,.".,. ""',' "uun iieceipts. 20,0001 M,ritinn 11 checks head. Few early sales, choice butcher hoes1' nrisnamu tniiiis firm to 100 higher. Top. $2.12.1. .Most Copenhagen cheek sales all grades. 2.1l?40c lower: practical.., 1 1 1... -ir top late, $22,85; heavv., $21(522. 73: medium 1 Spanish checks 1! 1 nirago, Aug. . iRKiS necelpts. 20.000 SS. .SV!. J"Sl weieiu.j2lW2J.80; light. $21.1.1W21.b.1; heavy packing sows, smooth. $2ii2o21: parking sows, rough, $120; pics $18.73020.2,1. CATTI.K Receipts. 11,000 hend. nettor Kruuva uet-i sieers nnd ouicnera mostly 2.1 higher, more In spots, ithera steadv t more In spots, ithera steady u strong. Calves steady Tleef steers, choice iu (iriiue, fin. ,, iu in. .it.; meuium ami gono. 112,23010.7.1;' common. ln012.'.'!i:, light weight, good and choice. $13 7.1017, .10;Vom rnnn and medium. $. .10013.7.1: butcher heifers, $7014..1O; cows, $0.73 JP13.7.1: calves $10017. HIIEI5P lteceipts. 17,000 head. Native lambs mostly 2.1c higher. Top, $111.2.1; west ern slenv, sheep steady. Fat 3ronlana weth ers, $10.50; feeders slow. Kansas City, Mo., Aug. 4. HOCJS Re- r, .110., Aug, i. nous lie- "' .- - - "" ' head. Lower. iuik, S22M 'report of the combined condition of tl s!'V22i2:2ojmrulhtm,ight,s';i twelve Federal Reserve batiks, at tl coipts, 10,000 22.7fl; heavies, IW22.8.1: light: J21.7.1B22.00; packing sows. 20.73 Pigs, 10W21.7P. CATTLE lteceipts. 18,000 head, and 3000 calves. Steady Heavy beef steers, choice and prime, $lil.H0(a 18.30: medium and good, $13.83010.8,1: common. $11.3.1iiiil3.10, light weights, good and choice. $14, 25(ft 17.40; common and medium. $9fi 14; butcher cattle, heifers, $0,311.14.13: cows, $0.1ofei2 8S; canners and cutters, $3fft0; veal calves light and handy weight. .12.rO014: feeder steers $11.73(313.3.1: stocker steers, $:fl.7.1ll .10 ' SHEEP Receipts, 0000 head. I,nw'er Lambs, 12(ilfl; lambs, culls and common! $HWI1.7S: yearling wethers, 0ii7 tl.2,1; ewes n, (1000.50; ewes, culls and common, tun .1; breeding ewes, $a.30ai3; feeder lambs $12. 75M 14.30. """' rittsbnncll. AUB. t. UOOS Ilee.lr,(. ita.1 head, Market 13 to 23c lower and a'etlve I Total reserves .... Heavy, 22.7523i heavy mixed. 1"8 nnfli nms discounted se 23.73; medium nnd heavy yorkers t"ltfD cured by Government 24.10; light yorkers. I23023; plBS t"" 73 war oblleatlons '.'3: raekers. $15020. . i-P A olher CATTLE lteceipts SOOO head. Oood "So I"" bought In open higher. Common to medium, 23 to ape loVer market One load steers, $1(1.73. Calves, receipts' Total bills on hand. . . . none, (ino dollar lower at $20 ' l'. S. (lov't bonds.... HIIEEP AND I.AMUS lteceipts. 3000 V. S. Victory notes. . . head. Lambs, 30c lower at J13. Sheen steady! U. s- certificates of at $11. sieaay of ,nilebUtincs9 ISnst St. I.oilll. III., AUB. beef steers, meaium and heavy welaht. choice and prime, $17.00; medium and cood. $I2.3017 40; common. $11 W12.50: nht weight, good and choice, $Hi7j common nnu iiifiiiuni. ,". - , 'j"'i 'x"i fc cm no, netter. JJtI5S1'i'i 'VoS'f'nb.'vAWIl'.e? "iH "ni cutters. ,,.J:5,yi,r,'V .S1'"'. light and hnndy weight, $13.30 lB-sp, feeder steers, M.iy18i 'tnek'r iter.. T10.0. ' RHRRe Itecelnts. SS0O henrt. Triv..K Lambs 84 pounds down tUOIIl.TAi culls and common, $009: yearling; wethers, $10 111 ewes, medium and choice, $8.3008; culls and common, $3011. Hast nnlTalo. Auir. 4. CATTLK Receipts. 5(100 head. Active, steady to stronir. Prima steers, $17nl"i shipping steers, $10011.1.30: butchsrs. jnWln.HO! yearlings, $innoW14: rows, H.Bnniti bulls. $8012; Blockers and feeders. $S10; fresh, rows and sprlngera active and strong, $500103. Calves, re ceipts. 1000 head. Active and 80c higher. $0021.50. I100S Receipts, SOOO head, Active: pigs 25c lower: others 50c lower. Heavy, mixed and Yorkers. $23.73: light, Torkera, $23; pIbs.. $22.73023; roughs, $21021,231 stags, 112(3518' ' SHEEP AND LAMDS lteceipts. 1800 head.. Active, lambs 73c'hthen othera.BOa higher, .Lamb. .jl0lO.TJJ: yearlings. Is 4 JIOC1S Jle. I ra mi ill I fill ncan. Ht,nnv. nn Kin nn. ' bulk. $22.30ff 22.75: heftvyw;,B',.M' . "J"."?"- " $. weight. $2222.73i light lights. L1 22; n ademption ' 'fund '30'0" ".'IM heavy packln sows, smooth, 10.T3(?P2o 73 , 'acalnst Keieral rte- Cf.'Sf-r"'"' r?UEh' 18'231.. Plis, ! ?rv. Sink no". ... 10,733 lo.13 "r.?4Vi'ti necelnts. SOOI, h.nrt .,... All other resources ... .0.8s 1801) BUSINESS NOTES Contracts for about 100 steamers liavo been placed by Norwegians with Eng lish yards. Duo to the demand from the Tnllcd States, soy beans sold in Japan for $l-.i!o a hundred pounds. Tlireo of the largest manufacturers In St. Louis of northern pine nnd one of western pine have announced that they will not mnkc any further ad vances on the products of their mills for .1. . ., . the next three months in order to exert J a stabilizing influence on the lumber market. I A report issued by (ho Uurenii of the : Census shows l,400.nCT,82.T pounds of leaf tobacco held on .Tuly 1 last by nun jufneturers nnd dealers, compared with 11,380,019,303 pounds a year ago, l,027,23:i,S7( pound on April 1, nnd l,2.1t,S,S4,.10U pounds on Jnnuary 1. The amount unstemmed on July 1 was 1,235,002,105 pounds nnd stemmed 105.001.G28 pounds. Commercial failures last week In the United States were 110, against 127 last week, eighty-eight in the preceding week and 14.1 the corresponding week Inst year. Failures in Unnnda number five, against twelve last week, eight the preceding week and ten last year. The American Ixicomotlvc Company took orders Inst week for thirty -two engines for Tuba, and Chile nnd India. During tlio Inst few weeks American Locomotive has closed ordcrsf or a total of fifty-five foreign engines and thirty eight domestic. GAIN IN LOCAL LOANS Reserves Lower Than This Week Last Year The average condition of members of the Philadelphia Clearing House Asso ciation for the week preceding today is shown n the weekly statement, with comparisons, ns follows : ALL MRMriEUa Aucilst 4. Decrease. I-oiins $71)0, 112. 000 2,S3l,UO0 l-.xchcs. from Clear ing House 25,721,000 Due from banks ... 111,177,000 Hank deposits .... 142,ltno,ooo IndUld. deposits .. 507,440,000 Tlmo deposits . . . 5,7211,000 Iteserve with I-Vd. .21S.O10 72,000 s.ln.non 5511.11(10 lJH.OOO Hes Mank nnd lerral depositories 5-.50S,000 S3O.O0O Ounh, In vaults ... 13,155,000 Ml.uoo Total reserve held.. 5ii.X77.ono R4fl,nim Iteserve required .. 52,450.000 241,0011 Excess reser a 3.S78.O0O 1103 U00 .ME1IHERS ItnSKKVE SYSTEM .Reserve held $52. SOI. 000 J7SI.O0O Excess reserve 3,251,000 053, OUO TRUST COMPANIES NOT MEMllEltS RE. SERVE SYHTEM Reserve held $3,53(1,000 $112,000 '' 4 Vil. C UII.U IM l.irillli Jn'irSSftion to the deposits above there were this week $21, 320,000 government de- potlts ngulnst which no reserve. Is required.' MONEY-LENDING RATES NEW YORK Monpy on call, mixed rnllntornl at 0 por rrnt for IcmlinR nnd ronowitiR. On all indtiatrial collateral the openiiifc rnto was 7 per cent. 'mere is no cliangnin tlio rates for time money, mixed collateral loans be- ins; quoted nt 0 per cent nnd all indus- 1 tiials nt 7 per cent. While the demand is active the supply of funds for long term periods is no longer larger than It was last week. PHILADELPHIA Call, T.i per cent; time, ;Vi??i per cent: commer cial paper, three to six mouth, .Vitf? fi'i per cent, nnd six mouths, 0 per cent. FOREIGN EXCHANGE New York, Aug. 4. The foreign ex change market was quiet in the early trading with irregular changes. Quotations were : Denuind sterling -i.?iTV,, cables 4.,'iOVi ; frnnc checks 7..'!1, cubles 7.20; Ilollnnd checks :?7.., collies ?'? ; Itnlk cheeks 8.04, cables 8.02: Swiss checks 5,57, cables 5.55; Stockholm checks 24.80, cables 21.115; Christian!:! checks 2.'l.70, cables 2H.S5; ks 22, cables 22.15; 10.10. cables 10.1S. limitations' were without apnrecinblo change in the afternoon. Demand ster ling wuh 4,;!5 and cables at 4,;!0's. BANK CLEARINGS Bank clearings today compared with cor responding dav last two rears. 1010 1018 1017 Phlla. ..J02.882.i118 $34,030,07.1 $10.110 489 rtnston .. 44.SSO.107 40, 100,831 20.723.043 IMlm'Bton 4,010 002 3.301,20.1 Combined Reserve Bank Report Washington, Aug. 4. The weekly 10 the lose of business on Friday, August 1, nnnounced by the federal reserve board, isns follows (000 omitted): RESOURCES August 1. July 23. Cold coin and certifi cates in vault 1211.1,27a 527O,0n aoidsettiemeni iuna. . u-u.simi Tot. co'd held by hanks Gold with Federal lie serve affents tlotd redemption funo; with U. P. Treasruy. JO0S,171 1,071.307 111.1)87 124.007 Total Bold reserves. . JL'.ObS.47S J2.0D3,13t I.eitnl tender, silver etfs., subsldary coin.. 07.832 83,872 (2.150,327 $2,101,023 1,012. HSU 233. 3U0 l.fil(t,2in 231.303 .174,701 373,530 1,222.730 2.24.1.1(18 27.094 27.0.S0 2S0 230 217.012 212.02S Total earning assets $2.4HS.Oi.H 2,S2,559 Hank premises ii.sui 11.7S4 Total resources ... $3.3(13.032 $3,300,371 LIABILITIES Capital paid In $S3,5.12 $R3,317 81.0S7 110. 03S 1,718,300 535,178 117,444 Oovernment polt.: '. ofcaST ,.i)Ue to members' re- I serve account 1.742.478 I Referred allabN ty 'M-"" Hurplus K1.0S7 Deferred avallabfllty Items Other deposits Includ ing Gov't credits 581,232 113,731 Total gross deposits. J2.5U5.7tlS $2,4S7.05a Fed .Hes. notes In ac- . . tual circulation 2,300,820 2,504,407 Fed. lies bank notes In circulation net Ha- . ,'., blllty 200,013 103,840 All other liabilities. Including foreign ,.. gov't credits 17.770 10.3(15 Total llabllltie t5.303,052 13.300.371 rtatlo of total reserves to net deposit ana Fed. Res. note llablll- ties combined 50.5 rtatlo of gold reserves to Federal Reserve,, notea In , circulation, sftar. sattlna aslda eo, PRICES FORCED DOWN IN MARKET FOR CORN Sharp Declines Follow Liquida- 'I tion and Stop-Loss Selling. Oats Rally OHMS I1KI.T WKATIIKIX rOIUVAST CMrairo. Auk 4. IHInnln I'srtly cloudy, poolhlv with lval thunder show jra tonlnht or Tuncliy, continual wnrtn. Minnesota, Town. Xobranka and Kansm -Komewhat unsettLd, but ocnerally fnlr 'onmnt onil Tumlav; continued warm. VUaronaln ITnKttlt tonlsht anil Tues day, prolMhly local 'hundpr ahowfrai warm Tiicuday norlh. Minnesota, North """ oouin Jiikotn PArtlv ciouav win, local thunder ahonJra tnnlaht or Tuesday: not much chanjre In temperature. ron tana Unaettle.l with locnl thunder "how eta tonlaht or Tuesday: warmer tonUtht south. Wyoming l'artlv cloudy with local thunder showers tonight or Tuesday cast Hnd north. Chicago, Aug. 4. Progress of the ef forts of officials of the federal and stnte governments to bring about a reduction In the cost of living, particularly with regard to foodstuffs, led to general liquidation nnd stop-loss selling of corn here today, under which prices were forced down sharply. Other factors In fluencing the decline were generally fa vorable weather conditions nnd lower quotations for hogs. It was plain that the activity to cheapen charges for commodities hud made a profound impression in specula tive circles, und for a time support was poor, but at th" bottom, the buying im proved, resulting in a recovery of pnit of the losses. New York sellers were compelled to cover. The trade was looking forward with great interot to a definite outline of the policy of thy Federal government. Oats also rallied after having dis plnjed pronounced weakness. Early longs unloaded their accumulations, breaking prices sharply, with demand limited to profit-taking and n few scat tered rctitig orders. At the bottom good buying developed on reports that n big amount of export busmen had been worked. Shorts covered. The grain trade regarded the labor situation ns serious and did not believe that much bull action in either corn or oats could develop under tiie circum stances. Leadlne futures rarnred aa follows: Corn (new delivery) Test. Open lllah tow 12:30 lose Kept, .. l.S'J 1.S2 1.77 l.MlVj I.K.- Dee ... 151 1.54 1.411 1.50 l..i. tints Sent. . . "3'j "Jl'-i i 70Vi 71", 71 72 74 71!? 4S.O0 48.00 50.25 31 1.1 31.30 33.00 tai.oo at io vi-.s:. Dec. ... 75 i "II Pork Kept ..49.00 40.10 I.jrd Sept. ..32.00 32.50 Oct ...32.00 32.35 nibs Sept ..211.75 "iO.OO 25.117 Uli. tAslted. 20.1 27.15 NEW YORK COFFEE MARKET New York, Aug. 4. Price movements nfter the opening were within a narrow 1 rauge, and business continued exceed- itMv timet. Sonic uclicve tunc me mum . ., ,,, ,,u ,iiwis ,,,, unon nup ui n' nn... -.-I --- y weather conditions during the next sixty davs. or during the August -September flowering. Should heavy frosts occur !mnci hiclior inicos miKlit easily bo ol I tainod. but on the otlier hand, normal I conditions misht just as easily cause a brctilc in values. Talk of itivostiRation into the Iiik'.i prices in food commodities has tended to cliecl: liu-ino-H from the buyers of the interior, who are purchasinj: cautiously at the present time. Frlda's Today's 11.00 close open Ampust 21 7.1 .... September -I'".1.' '' October '-'I 1 . .Vowmber 21 -v .--a; l-cember 2120 20.0.1 .lanuarv 21 23 .... February 21 -I March 2 20 21 00 APHI " .lune l.is . Mav '20,00 julv '20..S0 nid. p. in. 21.00 BUTTER, EGGS AND CHEESE rsffiftT MtS" tufi. Illih1 rln"''fir5Xow York ccrtilicates of tleposit for ten KGOH lrreril.ir llccrluts. l'.'.iiilil rases, (gold debentures of 1024; Continental Ert!tra fiSl?'-nv.,s: SSSKl01"1- f'Hl.or.-.tio,, temporary c.ntifi- iwkpil firsts. 'v fi.iOe: B.ithcri-d extra flists. m evfi.-, illitli-H No 1. :i'i40e: No. " 803lic; rheeks. SllftSSr. tlrsf. i7tilT,l-. sw-uiuls. 44WHlc: stnte nnd ne;irby hennery whites OTSTTlle, cnlhernl whitis .10ii7.,s we.strrn whites. 4:.0e. Pa -UV coast. .20 .-Se- western anil sciuth-n mitliereil whites, r.().-iilc; state and nenrliy hninery hroivns. .-,SUL'c: uatliered broivni anil mixed. j3W :,-! fair to rrlme, 45M.1.'le. CHBEHn harely steady. Reeelpts. 147S boxes, rut current make, colored, aver.ee rtiri hl'A UX,''ic. Hat current make whites. i-B run nl'i Ifl 3''e. ci'Iorert specials. "veraB" .,'-t:,' -n.w: e-..,h, n S2',4 a3',ic ; wmiu acv i....-., ..- . v . - New Listings on Local Exchange Tliere have been ndmitted to the re ular list of the Philadelphia Stock Ex change S3 15.000 additional common stock" of the (ienernl Asphalt Coinpatry, issued ill exchange for .fr.0.001) luc ferred stock, niaUInn the total ninount of common stock listed $12,O02.S0O and retluciuB the amount of preferred, stock listed nt this date to 512.224.S00 ; SHOO additional cnpital stock of the Amer ican Telephone nml Telegraph Com pany, issued in exchange for SHOO con vertible 4VG per cent bond of the com nanv. diic'lfKW. There bns been nd- sril'.nS2'mItted to the unlisted department !?1!,- iMiiTiM 1 375 additional capital stock of the rmi , i k, iadelphia Electric Conipnn.T, iiiakiiis the 1.108.0.11 . , .' . . ,..,, ,,.!. ir.,,,1 ,,f Hit total uuinuiiL " .-.ii -i- " date .$2S,2fl(l,0."0. There lias been struck off the regular list Sl.rS,000 I'hilndel phin, AVilmington nnd Ilaltimore Hail road stock trust certificates, U, due 1021, canceled by sinking fund. Lit Brothers Declare Extra I,it nrothers have declared a regular semiannual dividend of C per cent and nn extra dividend of 2V6 per cent, pay able August 20 to stockholders of rcc- ord AUgUEl o. AMERICAN SHIP and COMMERCE CORPORATION Circular on Request Chandler Bros. & Co. Members New York Stock Exchange 34 Pine Street 1338 Chestnut Street New York ,, COTTON TURNS WEAK IN EARLY SESSION'S December Leads Decline That Extends Throughout En tire List COTTON' 11EI.T WEATHER CONDITION'S New York, Auc. I The following tem peratures were recorded In the cotton belt this mornlne: Atlanta. Ms Knoxvllte nnd wllmlnaton 70. I'ensacola. Meridian. Ma con and Nashville, 72: Abllere San An tonio, Oklahoma. Montgomery and Au gusta. ,4. Shreveport. Corpus Chrlstl, Fort Smith. Little Rock, Vlcksburs an.i Sa vannah, 70; Memphis. Charleston and Jacksonville, 7S. New Orleans, so: Gal- I "'ton, 32 The following precipitations ' were recorded- S.HS Inches at l'ensacoln. I Meridian 2 OS. Macon, .18. Saannah. .10; Atlanta, ,01. New York, Aug. 4. After u barely steady opening, prices declined twenty eight to thirty-eight points; the mar ket ran into stop orders and became very weak, selling off sixty-five points from Saturday's close on some of the active positions. Such heaviness, in the fnce of the bullish government report of last Friday and further rains in the belt this morn ing, could be explained only by the ominous railroad strike news, nnd the belief in lower charges for commodi ties as ail OtltcOllle. line, nrmlan.l r.,,1.1!,. sentiment over the high cost of living. After the moie urgent liquidation had been absorbed on a break of nbout 100 to 11(5 points from the closing prices of Saturday, the market steadied on covering ami (here were rallies of 30 or 40 points from the lowest during the middle of the morning. The tnlk around the ring; however, refiectcd a nervous or unsettled average sentiment owing to the agitation against the high cost of living and threatening Inuor conditions. This seemed to be creating a more bearish feeling, hut aggressive selling for short account was held in check by (lie nervousness over new crop prospects. Some of tlu reports received from (."orgi.1 this morning claimed thnt re cent excessive temperatures following tlio two weeks of rain had caused con siderable damage. The receipts at the ports for the day nro estimated nt 13,000 Imles against ll,(Kn bales a week ago and 4010 bales a year ago. 1:30 rri.cJ?"' 0f,cn " am- P Auaust . .. September October .. December January .. March ... May July June .... llld. ..'34.115 ..'31.11.-, 81.110 33'50 . .3.1 10 31.1.-, .... 3't li'l 33 40 ..35.00 34.0S ..31.10 31.01 ..3.10.1 34.02 ..3.1.00 ai.iiii 33 74 33. 3S Financial Briefs The exchange') at London nnd Liver- ,,! remained closed today, tlio usual August Holiday. I The Delaware Division Canal Com pany will be quoted ex -dividend todav except for cash. Frnzler & Co. have opened nn office I at (15 Iiroadway, Xctv York, under tlio ! management of John I,. .Montgomery.' The firm was founded in lOirt in I'liila-' dolphin, the partners being Ileiijamin ' West Frazier, F. Wilson 1'ricbett and ! Howard F. Ilausell, Jr. The New York Stibtrensury gained ' $04,000 from the banks on Saturday.1 making 11 cash net sain sioce Friday of $1,424,000. 1 The New York Stock Exchange has received the following npplicatons to list: Fisk Rubber Company, $5,801, 000 second preferred 7 per cent cumu lative convcitibie stock and $1(1. 701.000 comninu ; Fierce Oil Corporation, $0, 204..'W0 fluarauty Trust Company of cotes for ,100,0(10 slinres of capital stock, without nominal or par value; H. V. (iondrich Company. $15,000,(1110 ndjltional 7 per cent cumulative pre ferred stock. Secretary (llnss announces thnt final subscriptions a'lotted fur Treasury cer- ! tifientes, series T-S, dated July 15, 1 nggregate ;:i2.'l,074.500. I Compensation has been signed by the railroad administration with the Deln-j ware, Lackawanna and Western Hail- road Company for $15, 74!), 470. j MERCIER'S CODE OF ETHICS' Col. Van Schalck Delivers Message From Prelate to People of America Old Orrliarii. Me., Aug. 4. "Hetter I be dead t'nn- dishonored is the rule for a man. Tletter be nnnihilateil than dis honored i" the rulr'for a countrv. No man lives for himself; no country ex ists inst for itself." Thus Card inn I Merrier set forth his code of moral ethics to Lt. Col. Tnhn Van Schalck. Jr., of the Ued Cross, in convfrsatlnns nt Malincs, while the latter was doing war work In Helgium. Colonel Vnn Schnlck spoke nt Ferry lloncli lnt night to n convention of the Young Pennies- Chris tian Ininn of the I niversalist cliurcli. Speaking of his oontemnlatcd visit to America next montn, ine cardinal is (Hinted as saying: "I am too old a man to take such n long vovnge. I am needed here. 1 don't see how T can get away. Hut I shall never be happy until I meet your people f'lee to fnce and thank them for saving Helgium." Philadelphia .1 LOCAL MINING STOCKS TONl'AH STOCKS Bill Ask .33 .S7 ..111 .(IS .IS .011 .23 m Hutler 31 MAcXamara S4 MMway '.'N Mlrnsh Extension 07 Montana Hi i'nj'cuc euu '".'.'.'.'.'. :t i i'st En j rlh Hiar 07 OOLDF1EI.D STOCKH -l .03 .10 03 03 04 03 Atlanta. ot lllue IMI1 02 Booth . . . . OH Dlamf II II in Daisy in Ke a anas 113 Oiu 01 muer rick no. Spearhead 07 MISCKLLANEOrs Arizona United ut; Nevada Wondr . 40 Tecopa Mining )oo so l -iJ i!MI Mlllllllllllllllllliiiiiillll t Every To protect depositors' interests Each year this bank has five sworn statements called by the Comptroller of the Currency published in the daily papers. Two examinations by National Bank Examiners. One examination by the Clearing House Examiners. Several examinations by outside Certified Public Accountants. And the following Directors who take an active interest in the success of the bank John J. MacDongld Wilson Caherwood Wm. L. Supplec Thomas J.- Jeffries Joseph H. Parvin Wm. H. Folwell Walter A. Bailey Chas. S, Calwell Alan ii4 Corn Exchange National Bank j PHILADELPHIA Chestnut at Second 'iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiA. LIBERTY LOAN SECURITIE3 Rate 312 3 4 4 4y4 414 4V4 4 4y4 Due 1947 IS23 1947 1942 1947 (942 1938 1923 1928 iEc, $icc, $sp" nun Callable .932 1922 1932 1927 1932 1927 1933 1922 FULL INFORMATION REGARDING TAX FEA. TURES OF THE LIBERTY LOAN SECURITIES WILL BE FURNISHED UPON REQUEST MONTGOMERY & CO. 1ST 8. t-A SALLE ST. CHICAGO OOVEHXMEXI HKCUUITIES DEIWIITSIENT TELEPHONES! HULL, I.OMltAltl) 4320J KEYSTONE, MAIN till - Frazier rGb. INVESTMENT BANKERS ANNOUNCE THE OPENING OF AN OFFICE AT 65 BROADWAY. NEW YORK CITY Jill office an connected ty) prhate telephone PHILADEUPHI.A hoad a sansom tb. RAILROAD EARNINGS WESTERN TACIFIO 1010 June cross '1?.25'?i5 Ualance after taxes.. US1.II94 Net oper. Incomo.. 253,107 Six months' Bross... S,H58.38U Ilalonce after taxea. . 300,371 Net oper Income.. 800.082 InereasVir!f,(4 ;v'2r !i 1170 728. nt-"-iI it- iintti ' Ti.iH-i',ipy 583.743 11UFFALO AND SUSQUEHANNA June Krnsa 'l3?,5?2 Deficit after taxes.. 1H5S Net oprr. delicti .. J.J? ' Six months' irruis 'fl.'V-Ji'i , Deficit after taxes .. 1H5? ! Net oper. retlclt . . . 2U2.274 1 'Decrease. 1 ft'H'H ' lo.tiu.iir A SlM.StM 1. M 418.014 BAR SILVER Commercial bar sljvcr was un-M fy changed in New York today nt $1.00Vii M .f ,M III 1 11 Illlllllllllllllllllllllllllllllllll Safegi Frank H. I Geo. W. B. ii -rts Merritt N. Willits, Jr. Louis R. Page David C. Bradley Paul Thompson W. H. Harding Ira Vaughan D. Wood 2S A:pro. Yield If Culled, or if rielllng ut pur on Ciilliibte Iiat Approx, Yield to Maturity ft 1. , 3.52 3.76 4.37 4.45 4.59 4.67 4.74 4.76 iiiut yo 3.77 4.61 4.95 4.8 1 5.13 4.86 4.779 cr U -iooo DENOMINATIONS 133 S. 4TH ST. PHII.AnKI.PHIA K WALL ST. NEW YORK AUGUST 4, 1919 BALTIMORE IB SOUTH STREET ,-v7 if-, JuA? m ." ii. 81 J !.J it. - '? 4 A SI f i 1 I : 4 '2 45 ! a -. st m II H VI ?ll m m 1 I -1 IM i At yA - .-$ ''vi ji 3? WtWWHaauiiuimiwppiwwB. ltii. . 1 .!' - ,'tf - ,Jy, -X 4.1 ' ?( ! ' W 1 " wv, ej. fvAa - 23f iun'ti'M iklf, ..
Significant historical Pennsylvania newspapers