pvv " 4!t ' S?l 'rtW l"v,''"7' ' " "' "'ifm, " ' -t-tr -j it; "a," " ' yrjt?fTi kv!irffv' vrf &$igifl!Ej5S $
'm
EVENING" PTJBLIC LEDGER-PHILADELPHIA, SATURDAY, AUGUST 9, 1919
i 5.a
17
iWV''
I'
;v
GOSSIP OF
BREAK IN STOCK MARKET
NO SURPRISE TO BROKERS
Slump Had Been Anticipated, but Came a Day Before
Expected Gossip of the Street
rpHE break In the stock market on Thursday was not unexpected, according
to the statements of some of the leading brokers In the financial district.
The only thing about It which was unexpected, was the time of its happening,
which they believed would be yesterday. Several conservative brokers had
expressed their convictions as stated in this column on Thursday last that
thero would be a secondary reaction from the prices of Wednesday.
Yesterday, for the greater part of the session, the market was looked
upon as waiting market and the impression prevailed that it would continue
so till after the President had delivered his address giving his views on
the high cost of living before a Joint session of Congress at 4 o'clock. There
was a good deal of comment on the hour selected by the President, as it was
pointed out that the Chicago exchanges would be dosed at that time. For
this reason many concluded that the remedy to be proposed for the situation
would bo drastic. On the other hand, the improvement in prices on the
Stock Exchange just before the close of the sess-Ion was looked upon as
an index that the public had no fear of any drastfc remedies being advocated.
When speaking of the violent break in the stock market on Thursday a
- 'well-known broker said he believed the uncertainty of what nttitude the
President might take in his address to Congress had as much to do with
the break in prices as the utterances of the railroad labor leaders. As
regards the latter, he said, he believed the worst is over for the time being,
as he has faith in the men leturning to work at the advice of the President
till their grievances can be threshed out. As for the statement of Glen E.
Plumb before the House Interstate Commerce Commission regarding the
looting of the railroads he believed Mr. Plumb could produce nothing which
had not already been a subject of congressional investigation.
When discussing the possibilities of what the President may recommend
in his address to reduce the cost of living, a prominent downtown banker
said that his remedy would be to at once reduce a lot of the taxation which
is bearing so heavily on Individuals and business, and distribute it so that
coming generations would bear a part of the load.
Mr. Mason Receives Felicitations of Friends
Between what seemed endless telephone calls from his friends In every
part of'the state, interspersed with the personal calls of others, congratulating
him on his new honors, John H. Mason, president of the Commercial
Trust Company, who has just been appointed by Secretary of the Treasury
Glass as director of the war loan organization found a few minutes to say a
word or two of commendation for his associates Secretary Glass and Assist
ant Secretary Leffingwell. Mr. Mason has exceedingly high opinions of
the capabilities of these two gentlemen.
Mr. Mason expects his new duties will necessitate his presence in
Washington about three days each week, and he 6poke very highly of the
attitude of the directors of the Commercial Trust Company, especially
Mr. Cuyler, in making it possible for him to accept his new position.
With his well-known modesty Mr. Mason minimizes the part he has
taken in the past in popularizing the war loans in this state, and more
particularly the very successful campaign of education, which he conducted
among the bankers of the Philadelphia federal reserve district, convincing
them that the purchase of certificates of indebtedness, was for them a money
making proposition. Their subscriptions for the latest issue of $500,000,000
just closed showing almost $1,000,000 over the district's quota proves con
clusively the value of his campaigns. Mr. Mason has a fund of stories
exemplifying how even some of the small bankers through the state
grasped the ideas he was disseminating.
Mr. Mason deplores the lack of world grasp of the present serious
problems facing the United States among certain parties jn Washington,
but he is sufficiently optimistic to believe that matters will work out to a
satisfactory, if belated, conclusion.
When asked his opinion as to the possibility of another Liberty loan
in the near future a's bad been hinted, Mr. Mason said that Secretary Glass
had put himself on public record as saying that the Victory Liberty loan
would be the last of the great public war loans, and he took it for granted
that that statement stands.
Banker Suggests Writing Off Government's Railroad Deficit
A banker when discusMng the deficit occasioned through the operation
of the railroads by the government made the suggestion that in his view
the proper disposition of this debt would be to write It off as one of the
war costs. He said his suggestion was not novel, as he had heard the subject
discussed by practical railroad men and financiers who arrived at the same
conclusion.
Redemption Feature in Copenhagen Bonds
Brown Brothers & Co. announce that in conjunction with Messrs. J.
& W. Seligman & Co., Lee Higginson & Co., and William A. Read & Co.,
they have concluded negotiations with the municipality of Copenhagen, Den
mark, for the purchase of $15,000,000 City of Copenhagen, twenty -five -year
5 per cent Redeemable Sjnking Fund Gold bonds. These bonds will shortly
be offered to the public at 03V4 and accrued interest.
This loan has an unusual feature in an annual redemption of $750,000
bonds to be made beginning 1025 and thereafter until 1044. The city may
at its option increase the amount of any sinking fund payment. Such
payments will constitute the sinking fund of the loan and are to be applied
on July 1, 1025, and each July 1 thereafter to the redemption at par of
bonds whose numbers are to be determined by lot. The yield on the bonds
varies with the ledemption dates for which they may be drawn. For
instance, if drawn in 1025 the return is 0.84 per cent. If drawn in 1030
it is 6.33 per cent, and 6.05 per cent if drawn in 1040. The yield is a trifle
over 6 per cent for bonds held to maturity.
Copenhagen is the chief seaport and leading commercial city of Denmark.
It has the most important free port In Scandinavia. It is stated that the
proceeds of this loan are not to be used for the development of the free port,
but that other funds have been set aside for this purpose and that the
advantage Copenhagen already has in its free port will be materially increased
during the year.
Loans of the city of Copenhagen have always been very popular with
European investors. Many of them were held in France, Great Britain
and Germany prior to 1015, but since the war they have been repurchased by
Danish investors. These bonds bore 34 per cent and 4 per cent interest
and prior to 1014 sold on the London exchange close to par.
No other foreign loan will be issued by the city of Copenhagen for at
least a year.
Although the corporations and the bankers at the moment are more
inclined to offer stocks than they are short-term notes or bonds, the market
for notes continues fairly go,od. It is entirely without striking features,
hbwever.
Most of the demand is coming from discriminating investors who are
anxious to have a part of their money at least in short-term notes. With
the labor situation so seriously disturbed in many respects in this country,
it is altogether probable that the market for short-term notes will be more
or less irregular. . It is believed by the best authorities, however, on this
class, of security," that investors who already have considerable money in
short-term notes, or who may buy them at about present prices will not
suffer.
BUSINESS NOTES
Statements that the large exporta
tion of leather and shoes to Europe
nnd South America were responsible for
the high prices prevailing In the domes
tic market are declared misleading by
dealers.
Commercial failures this week In the
United States were 00, against 110 last
week, 127 In the preceding week and
ICO the corresponding week of last year.
Failures In Canada number 16, against
fi last week, 12 the preceding week and
0 last year.
Direct colors, especially black, con
tinue in good demand from both domes
Vacation Trips by
Coastwise Steamers
If you love the water don't miss these ideal days for a
short restful trip at sea. Pleasant companionships and
every comfort will add to the pleasure of the voyage.
Fares include meals and stateroom berth. Plan to go now.
OLD DOMINION S. S. LINE, for Old Point Comfort, Norfolk,
Newport News, Richmond, Va., and all points South. Leaving
daily except Sunday at 3 P. M., from Plex 25, N. It., New York.
OCEAN S. S. LINE, Mondays and Thursdays at 3 P. M from
Pier 85, N. it., New York, for Savannah, Ga and other Southern
points. ' .
SOUTHERN PACIFIC S. S. LINE, Wed. and Sat at 12 noon from
Pier 48, N. R., New York, for New Orleans, La., Gulf Points and
Pacific Coast.
For passenger information
solidated. Ticket Offices,
1539
rnone locust bbyu.
i. J. BROWN, C, P. A., Coaitwiia SlttBuMp Uui, Pier 49, N. R., N. Y.
WP STATES RAILROAD ADMINISTRATION
THE STREET
tic and foreign consumers, though the
djestuff market as a whole is inclined
to dullness. It is reported the full
strength direct black is still scarce.
"Canned' music" is as much In de
mand as cenned foodstuffs, say manu
facturers of pianos and phonographs,
with the cost of providing It advanc
ing almost daily and the production of
instruments insufficient to keep up with
orders now pouring in.
The Canadian War Mission has
transmitted the information to the De
partment of (oramerce that the Cana
dian Government has placed an ex
port embargo on, hides, skins, and leath
er of all kinds, because of the high
prices prevailing In the domestic mar
kets. and reservations apply to Con-
Chestnut St,
.rmiadelphla.
PHILADELPHIA MARKETS
GRAIN AND FLOUR
T,..,T-ATn- 'it, "1 SI17 h"h Th
rrrket win nulet. Tha quotation! fnllowi
No. 1 red winter, I2,30i No. 1 northern
print fj 30i No 1 hard winter J-i.SDi
No. 1 red winter, garlicky, .' S?i No.
1 red amutty, USA, No, 1 red garlicky
and ftmuttv 12 34: Nn 'J red ulnter 12 StV.
No. 2 northern uprlng. 12 3A; No 2 hard
winter S2 30. No. 2 red winter, garlicky
S2 84, No 2 red. amutty, I2,83i No 2 red
garlicky ana amutty. - 31. .o. trto win
ter. 12 32, No. 8 northern erring. 12 H2 No.
3 hird Writer. 2.32, No. 3 red winter gar
llcky 2.iO. No. 3 red amutty, 2 21). No
8 red, garlicky and amutty, 2 2Ji lower
rtudea on their merlta . . .
CORN Receipts. 1250 buahela Trade waa
alow, but orforlnsa wera very light, and the
market ruled firm and higher e quote jel
low In car lota for local trade. aa to nualltj
and location, at 12 14 OS 1 per buahel
OATS Receipt. SHOO buahela OKerlngs
wero light and the market advanced lc. but
trade waa quiet. Wj quote aa follows Car
lota a to location No 1 white .i'J
No 2 white 80'4?t87c. No. 3 white 854
S(lc. No 4 white. .8SrS4p ,,,.
FLOUR Recelpta. 411.104 , pounds In
acka The market waa quiet and un
changed The quotatlona were a fol
mer ratea. The quotatlona were aa fol
Irwa To arrive, per 100 lbs .In 140
pound Jute aacka Winter straight, west,
em. old. 110 75011: new. t "3,1" S,V ""'
b old, 1010 75: new. I9 710. Kansas
itralght new. M1.23011 80; ksnsii. snnrt
patent, old J12012 80, new, $11 ' ".
spring, short patent, old. 13J113 50. do
patent old, J12.50W1S, do. nrat clear, old.
10 ACTIO
RTD FLOUR sold slowly at 'orrner rates
We quote at 8 tfOBO 2S per barrel. In
sacks, as to quality.
PROVISIONS
The market waa quiet but steady The
quotations Beef. In aets. emoked and air.
dried 55c. knucklea and tenders smoked
and alr-drled, 55c, pork, family. 5,e. hams
S P cured, loose, 30O40C! do aWnnjd.
loose 373c. do. ds amoked 30H0c do
boiled boneless ,55c rlcnlc shoulders 8 P
cured loose, 28Hc, do smoked, 20(5 30c,
bellies In pickle, loose, 30ci breakfast bacon,
44c lard 37e
REFINED SUGARS
There waa little trading, and the market
was unchanged on a basla of Oc for nne gran
ulated
DAIRY PRODUCTS
BUTTER The Froduea Exchange was
closed as usual on Saturday and there
was Mrtuilly no wholesale trading Prices
" H BBI a'llu" TJJSmSm
The
were unchanged The quotatlona were aa
follows: Solid-packed creamery, extras,
55Hc. higher-scoring goods. f,oi058Hc.
the latter for Jobbing sales, extra firsts, Me:
firsts. 824544o. seconds. 80052c! aeet
creamery, choice to fancy, 87HC0V4c: do,
filr to good. 62Wff8r,'ic. fancy brands of
prints Jobblntr at 01003c, fair to choice, B10
HOC
KCItlS Tt1lv An, ,wlM .. .ll..
brought top rrlcea. but much of the eupplv
waa of unattractle stock, which waa dull and
weak Quotatlona. Freo caaes, nearby, J16.80
V.5 "" current receipts, that will grade.
13. fnlr to good, 813 50014 40. western
extra ftrata. 115.60 par case; firsts. 14.40
5- nearby and western seconds. 810 80
12 00. fancy selected eggs Jobbing at 80
01c per dozen
CHEESE Trade waa slow at former
tf ,e T1,e following were the quotations!
New York and Wisconsin, whole.mllk flats,
current make, fancy. 3308Vic; specials
higher. New York and Wisconsin whofe-mllk
flats current make, fair to good 31' 0
32 c. fancy gooda Jobbing at 31085c.
POULTRY
LIVE The marlcat uia milil v.n n.
erally steady. Ducks wer easier. The
Quotations Fowls, l& express, 83038c,
",n oiuv.vrus D.encrs noi uegnorns, yei
low.slilnned, weighing W 02 lbs apiece. 88
J7 4nr spring chickens broilers, not Leg
nofn" ellow-sklnned, weighing 10 IS lbs
apiece 30037c. whlto Leghorns; ellow.
NKlnnarl ualKlna 11. rW it.. .. 4im
34c white Whorni. ellm -skinned, smaller
snrlnr ino- n.i,!. ... ne - j-.
til, '" " .""i "III Villi aVOV'Vi U",
Indian Runner old 2l28c plrfom, old per
13 I T 4nCfT lr HA leAnar . - I . OxAin
DRESSED Demand while not active waa
sufficient to absorb the limited receipts of
flue heavy fowls, prices of which ruled
firm Oth'r kinds of poultry were quiet
and unchanged The quotations were as fol
lows Jouls freah.kllled drj.plcked. In boxes
"cicnirit t3 ins 3nnftic weighing 3
lbs apiece 33 034c, smaller sliee. 81
32c fresh-killed In barrels, fancy, dry
picked welihln 4 lbs find oer apiece.
A?c Vl5.n,n 3V "" 3T03OC, weighing 3
lbs 32031c smaller flies. 8031c old
KISV"8' dn.pickM, 2c broiler". Jersey.
4S4MOc do othr nwrhi. RA.iaA Ha
western. 30 8c spring ducks Lone
ininmi nna n'Bruv inc. SOUADS Tr O02en.
white weighing 11012 lbs 18 3000 25. do.
uo wng-nin i'rin ids per noten. 17 ".off
S2 do do weighing lbs per dozen JOty
0 75 do do weighing 7 lbs per dozen (4 10
f 23 do do weighing 84 Ihs per
do?n $3in!iin dark. II V2 2.-,. mall
and "n 2 fliV3J2
Mileage Limit
Is
All United States Tirespassenger
car and truck, are guaranteed to be
free from imperfections in materials
and workmanship during their entire
life - regardless of mileage run.
The performance of United States Tires and
4
that alone makes possible this unlimited mile
age guarantee.
0
Performance, alone, has created the tremen
dous demand for United States Tires,
a demand that has forced the oldest and
largest rubber company in the world to keep con
tinuously enlarging its manufacturing capacity.
It is this same performance that has made the
adjustment problem one of minor importance to
United States Tire users.
Car owners are getting the results they want
and have a right to expect from United States
Tires.
United State's Tire Company
For passenger and light delivery cars 'Royal
Cord', 'Nobby', 'Chain', 'Usco' and 'Plain'.
Also tires for motor trucks, bicycles and airplanes.
United
are Good Tires
SHORTS IN COTTON
FORCED TO COVER
Profit-Taking in Late Session
Causes Loss of Early
Gains
Now Yorlt, Auk. 0. Talk of a trop
ical storm In the Carrlboan Sea, the
Intensity of which was not known,
and hulllsh crop news from the eastern
and western belt, led to a good demand
for cotton today and the market was
strongr, but profit-taking In the later
part of the session caused the loss of
a part of the gain.
The feeling was more optimistic, due
largely to that portion of President
Wilson's message Indicating a firm
stand in opposition to any such radi
cal measures or changes in economic
conditions as recently advocated by la
bor leaders, and to the return of the
striking railroad shopmen in large
numbers.
Phorti were compelled to cover.
Trading was active, but there appeared
to be little evidence of any increase
in outside speculation.
The close was steady at a net ad
vance of 4S(R50 points.
Test close Opn High Low Cloo
Aug 11 m 31 20 31 20 81 20 81 57
Oct 31 ', SI 81 82 40 31 80 32 12W15
Dec 3171 3' 10 3." 03 32 0(1 82 2815 30
Jan 31 0-, 11 ns 82.50 3188 32 1flfil(l
Mnrehl .11 US H2 00 32 50 3188 32 1H01S
Ma 3170 SJ 82 32 42 32 02 3J1B022
nid
States Tire
LIVEBTOCK QUOTATIONS
Chicago, Aug 0 HOOS Estimated re
ceipts 2000 hendi left oer, (1031 head No
early trading Aerage cost esterday,
tl on Packing house labor situation ap
pears somewhat lmproed, but demand still
erv erlousy curtailed
CATTLE Estimated receipts, tOOO head
SHEEP Estimated receipts 4000 head
rltUhurgti. Aug 0 HOOS Receipts
moo head Market higher Helce 23 40
321 50, heavy vorkera 2.1 O023 70, light
jorkers 122 20022 30. pigs J21 10022
PHEEP P.ecelpta .100 head Market
steady Top sheen J10 78 top lambs JIO 10
CALVES Receipts, mo head Market
steady Top, J21
Kansas City. Aug 0, HOOS R.r-Mpts
,00 head Steady Rulk, 121021 83
mediums. 1213002183, llaht lights 1 lfl
21 2.1 packing sows. 120020 2.1
CATTLE Receipts, 210 head Market for
stock 31c to 40e higher, canners 21c to 30c
higher calves mostly II higher stridors am
feeders weak to unevenly lower, nc Quo
tations SHEEP Receipts 100 hend Market for
week Sheep ateadv. fat lambs steady to rt1c
higher feeders and breeders stcad . no quo.
tatons
Kast nnfTnln, N. Y.. Aug 0 CATTI E
Receipts 310 head Slou Calves recclnts
100 head II 50 lower 10322 '"runs
HOOS Recelpta. 2iio he vl 21c higher
llfmmiHx'fy "'.-"H "" workers
!;3 20222 02 teY- ,M rtl 11,n' sorkcrs
I22 21CT22 10 pigs 122022 2.1 roughs
2il21f20 71 stags I12tri7
SHEEr AND LAMBS Receipts 2O0 held
Active Lambs 21c lower Lambs JlOfl
li 2.1 vesrllnes, 18114 wethers lin',0011,
owes 14010 mixed sheep, HoqiO',0
Fast St. IOllls, Aug 0 HOOS Receipts
2000 head Hlahrr Top 1.18 hulk 22 .10
L"21 heaw weight, 122 10022 7.1. medium
weight J22 31021 light weight, $21 75(t
21 lliht lights 110 10WJ1 50 heavy pack
ing ov smooth J10CT20 packing sows
rough I7, 10(10 pigj 111011)
CATTLE--Recelpt 210 head No sales
Weeks market clovd at highest mark of
seison Oood steers 21 5vc higher, others
J0(S7.1c higher, butrher rittle 2.1iFr.',Oc high
er cannere 500 75c higher stockers Inac
tive SHEEP Receipts 300 head No sales
Sheep teadv and lambs 71c higher for the
week
Sooth Omaha, Aug 0 HOOS Receipts
1100 head Few early sales of g-nod mixed
hogs 10TIV higher Avenge cost ves
terdsv 120 2t
CATTLE Recelpta 800 head
SHEEP Receipts 2100 head
ZATEO,
Gain In Crude Petroleum Production
Washington, Aug. 0. Crude petrole
um oil production of the United States in
June amounted to tipproxlmately 31 ,
2.10,000 barrels, nn Increase of 1,000,
000 barrels, or O.'i per cent, compared
with May's production nnd of 1,(I."0,000
barrels, or o.C per cent, compared with
June of last year, according to figures
of the (icologicnl Survey made avail
able today. The average dailj rate of
production In June was 1,011,300 bar
rels, a quantity greater by 114, SSI bar
rels, or a little more than 10 per cent,
than the aierage dailj rate in the pre
ceding mouth.
GOVERNMENT BONDS
Rid
Panama coupon 2s 1031 . OSS
Panama registered 2a 1030 04
Panama coupon 2a 1P38 . OS't
Panama registered 2v 1038 1184
Panama coupon 3s 1001 hs
OO'i
004
02
02
00
044
mi
100
lno
02
02
loo".
I0ili
100
I Panama registered 3s 1001 8S
rniuppine 4s i34 nil
Philippine 4s 1031 . 00
Philippine 1111a (m
V H Uov coupon 2s linn ontfc
U S Qov registered 2s 1910 PIU,
I S Gov coupon Ms ipti sn
V S Cov registered 3s 1040 so
V H Oov coupon 41. 10S1 loil'l
L" S Cdv register, 1 4s. 10J1 llll'.
Diet of Columbia ,1 Bis 1(124 07
BUTTER, EGGS AND CHEESE
fw '1,5r!-.Auic " "''TTEH easier Re-1
celpts, in 177 tub; Hlgh-s.orlng. ,14 4 0
,,1c extras r40144 tlrsts limine
seconds 4'l4 0"l'ic state durv 110 Vlr
ECKIS Irregular Re. elnts 10S71 cases
Frish gathered extn 114 Ki ','14 storage
packed extra .firsts 11 fi lie storage pa ked
SJ"..,4' SU'iv . T1.'hP.r,'d "Ira firsts 01 W
02c dirties No 1 .inn (lie Vo 2 1001s
checks undergrade .llfi.1.1 firsts 474 i
,11c seconds 44040, ata e nnA nearby
tSSf.'o"' whites 07fl70e gathered whites
500 5c western whites 4S01Ot Parlric
coast 52 'R.ISc w 'stern and southern gath
ere I whites 100 irt state nnd nearbv hen
nery browns 1 ISOOJc githerej brown and
mixed 1TS17C fair to prime 41083c
CHEESE weaker Receipts 2118 boxes
Flat current make rolored average run
314 01-"c fist err n make, whll"
average run 114 0.12 e colored special
32l031c whites specials 324 lV, e
Return
Business to
Business Men
Quickly To
Bring Stability
in Commerce
Vance McCormick
Advises
.
Mi,
4
n
f Mr. McCormick, who 1
has been in close contact l
with President Wilson (
while he was abroad, where
he served as chairman of the I
supreme blockade council )
and as a member of the
supreme economic and repa
rations commissions, has
made a close study, as a
business man, of the causes
which block an immediate
forward stride in American
commerce and manufacture.
On his return from France
the other day with the pres
idential peace party, he
granted an interview to
Charles W. Duke and talked
freely frankly expressing
his views on the peculiar
state of circumstances in'
which the United States
finds herself today.
f$ He insists that a speedy
ratification of the peace
treaty will put us on the
way to a return to normal
conditions. He declares
"What I would emphasize
is the fact that the whole
world is tied hand and foot
by the indecision and uncer
tainty due to delay in get
ting the peace treaty into
effect. The world is seeking
a new balance; a new ful
crum on which to swing
forward into peace and sta
bility. Economic peace can
cuuic amy wnu uic icuiuvu j
ot military structures. Mil- l
itary rule, war boards and
activities everywhere should
all cease with the ratification
of the peace treaty and or
ganizations of business men
free from war restrictions
should supplantthcm. Surely
the time has come when, in'
order that production may
be spurred, the business
man may feel free to act
upon this problem on his
own initiative, wnnour. tne , vl
uncertainties which were 4
necessary during the war
but now must be abolished
if we are to have an expan
sion of trade. The other '
nations of the, earth whose
confidence we have gained,
who have followed us im
plicitly and await us now in
all eagerness, want us to act
quickly. Is it not apparent
that the longer we delay, the
longer we procrastinate and
the more we wrangle and
debate, the more aggravated
becomes the plight of the
world?"
J Mr. McCormick's views
are set down in a readable
article which is one of the
features of the Magazine
Section of tomorrow's
Public Ledger; but it is only
one of the many timely bits ,
which make the Sunday t'
Public Ledger so eagerly 1
sought after.
J There's an intimate peep
at that interesting summer
school for artists established
by the Pennsylvania Acad
emy at Chester Springs,
from the pen of Harvey M.
Watts; Carl W. Ackerman
tells what he thinks the
Kaiser will do when he's
brought to the bar of jus
tice ; there are helpful hints '
for the housewife and many
human notes, for every
member of the family and'
don't overlook Mitchell's i
humorous .cartoon and H. E.-&
V
Johnstone's inimitable wit
on the back page! v,'tjf,
Th Mqgatln Sictlon
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