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PICKING UP BARGAINS "
IN THE SECURITY MARKET
Wide Interest Manifested in Coming Capital-Labor Confer
ence Gossip of the Street
FT ACCOUNTING for the over-a-mlllion-nnd-n -half-share Jny on the
New York Sfflck Exchange on Weilneadny lnl, a broker said It was
partly due to an easier money market, Imt prlueinnlly to the buylns of the
public who two again In the market plekluc up the bantaius which were
thrown overboard by the professional element uhen tliey became thoroughly
frightened over the labor situation, and concluded Hint not only this country
but the whole world wan Koine to the "bow-i)n."
This element, he said, wis ho supremely confident in its opinions that
they unloaded without judgment, nnd when the sudden rhange in Ffiitiment
arrived the public had sensed the situation first, nnd with Its umih! npprerin
Hon for bargains jumped in nnd bought right and lift
Capital-Labor Conference Enlarged
There was almost universal satUfaetion expressed in the linuw-iul district
oyer the report that President Wilson had concluded to have a much larger
representation on his capllal-labor conference than the original plan which
called for fifteen members. It is now said the conference will be held at
the' White House between October ! and 10, and Instead of only fifteen
members in all there will be fifteen representatives of each of the cIhsscs
Interested.
The suggestion that in addition the public be represented also by fifteen
members was received with approval.
Hardening Tendency in Money Market
A broker claims to see a hardening of the money tunrket in the not
distant future, and a consequent curtailment of business in the stock market,
although he claims there is no sign of it ct. lie bases his opinion on the
indications of unusual demands from many quarters this fall for credit. He
said the present, easy money conditions in New York are largely dun to n
recent influx of western money, but from now on it will flow buck again for
the purpose of moving the enormous crops which lime been grown this year.
There will shortly, he added, be a flood of new financing which will
absorb a large amount, which will be taken (are of to nn extent b the local
banks. Add to this, he said, the possibility of nn nctio stock market
wjilch will require large sums, the outlook is decidedly in fmnr of high
money rates.
Husted Dollar Plan Cumbersome
The plan of Representative Husted. of New York, lo .tabilie the dollar
was not looked upon with much favor among certain financiers in this city.
A banker said Mr. llusted's pliin, which is based on one suggested bj n
Harvard professor, seemed to him lis n very cumbersome remedy for the
present high cost of living. It provides for n monthly adjustment of the
number of gold grains in the dollar, based on the value of a number of
commodities covering a wide range, the adjustment to be made by Depart
ment of Labor experts.
The idea is to have the dollar at all times and under all circumstances
purchase the same quantity of the necessities of life.
In presenting his plan Mr. Husted sa.vs: "It is believed to be highlv
desirable to effect such stabiliratiou in pirn basing power if it can be prac
tically accomplished fn older that the ratio between wages nnd prues and
salaries and prices may remain ns constant ns possible "
A well-known investment bunker who is nil iiuthont.v mi economic
subjects said the plan is that of nn economic idiot. Another banker asked
how manj different kinds of dollars would one find in his pockets nt the end
of a j ear if this montblj readjustment wore carried out.
A member of a firm of brokers said thut It would be neces-ary to
provide the people with charts if the sjstem were in force, so that they
could figure out the values of such dollars ns they owned. It is. be con
tinued, simply another form of the silver heresy which obtained several
years ago.
An official of a large bnnk remarked that such fantastic acrobatic
economies were beyond him and he wondered how they ever enme into
existence.
Another banter said a discussion of the matter belongs to the funny
column and not to the financial.
New 5,000,000-Share Oil Corporation
There was a good deal of speculation in the financial district, especially
s among the oil interests yesterday over the report fpun Dover, Del.,
that the Corporation Trust Company of America Iibn just placed on file
an amended certificate of incorporation of the Tnioti Oil Company.
Under the terms of this certificate the lompany's capitalization is
increased from twenty shares without par value to 5,000,000 shares without
par value.
It was the enormous increase in the number of shares which" attracted
attention, some saying it is the largest capitalization of any other oil
' corporation.
X
It tf aa4rat4 that I We filing fe
to between $a0,Q0t),nl !W,0h
Ion enW In till luetwtee Wmirf "I
Important Auto Developments Pending
The atmosphere In the Htreet jrsterday was full of rumors concerning
the automobile Industry, and of mergers nnd consolidations, but nothing
definite could be learned.
It Is said that u certain manufacturer of automobile parts is in the
market for manufacturing plants and Is buying right and left, but whether
on his own account or for others was not in evidence.
Those who claim to know some thlugs thnt might be Interesting also
claim their lips are sealed, but enough was gathered toToncluile that there
arc. Important developments pending In the automobile field which may
matt rlallise any day.
Two Uig Problems of Railroad Situation
There was not thut Interest manifested In financial circles over the
Cummins lnllroad bill which was shown over the Wnrfleld and 1'lunib plans
when they were first launched.
A banker remarked that from such Information as had come to hlni on
the subjei t that two 'important Issues had controlled the minds of the
framers of the bill, namely, how to avoid strikes and labor troubles whlfh
Interfere with transportation, and how to deal fairly with einplojes ami
employers from a financial standiKiint.
These two points, he remarked, are the most perplexing, nnd if this bill
or nny other bill finds a way to accomplish their solution, it deserves the
support of Congress and the community.
i r
FINANCIAL BRIEFS
per tent wns set nside in the report of
Inst year to cover income and excess
prfcits tnxc. in 1017 taxes amounted
, " to only 11 per cent. The amount ion
Knr the jenr ciiiImI July 31 net earn- UidrrVd necessary for the pajment of
tngs of the American numatra lonaeco u i nls n, $.-,,000,000, whereas
Company amounted to $l!!i7,(HHI before
deducting taxes, which compared with
S'.'.TOO.OOO In 1I,R- After deducting the
in 11117 it was XtUIJHHl.
The recommendation of Andrew
preferred dividends this was equivalent Fletcher, president of the American I,o
to $(1 It." a shore on the $i:.r:iJ,8h5 ,romotlve Compnnv . of a Webb l,nw As
nan stock un to a few weeks before the
t flnun nf thn tscnl vent- n tnnti ntftl to
ST.N'Vi.lIKi; and the increased stock is
fc,mjt)CA&NOfamiUUfI To
ward ilia rkm. f 4m wa: ttsMt ' "
marked fihoftegc nf manufactured
Jewelry, Hnd the broad demand for 'gold
metal by the trad Is attributed to nc
llvltles of jewelry manufacturers lo n
plenlsh depleted stocks.
(iolil to amount to Sl.TOO.OOO is being
withdrawn from the New York nssny
office for shipment to Calcutta, India.
This shipment Is being innde bv a New
York agency of ihe Hank of Slonlronl
and presumably represents part of the
priKoods from sales of rupee exchange
miiile Here for account nf the secrc
lar.v of stntp for India.
American Car unit Foundry Company
directors not their meeting .vesterdav In
creased the regular quarterly dividend on
the common stock from 2 per tent to It
per cent, thus putting the shnres nn a
12 per cent annual basis. The reserve
eslnb'lshed against pajment of com
mon dividends was increased from 7,
".OO.IHIfl to $10,SOO,000. or the equiva
lent nf three jenrs' dividends on the
junior shares.
A surplus nf $.10.51)1 .IIRfi and a mir
plus of fr2n.12ii.ni0, available for the
common stock, is reported by the (5en
eral Motors Corporation and subsldinrv
companies for the six months ended
June .'10. In the corresponding period
lat jenr the balance available for divi-
I di-nds was S12.r87,2."(l, and the balance
nvailnb'e for the common stock amount
ed t 11,717,4MI. The net profits for
I tin six months were SIS.OOO.SOO, com-
, pined with $20,078,120 for the same
pel Iml in IMS.
The nvernge price of twenty active
common stock The outstanding com- 'soclatlon for handling foreign trade In
the equipment field was much discussed
yesterday. Lending bankers said that
Mr. Hotelier hnd conferred with them I Industrials declined 0.28 nor cent sen
due to the conversion of cfeDcuiurc txinns , on )M(, matter, liut as far as could be terclav to 108.27, while twenty rail
issued In June. The annual report for I Ascertained no nuiteiial progress linn , road" fell 0.13 per cent to 81. Xi.
the previous year showed earnings equul TPt v,,.,, mn,p 'rno chief obstacle is ., , ,
to $20.7." on the then $0,813,000 out- ,-rtcHt. The one outstanding example
standing common stock after deducting f the extension of long-time credits is
chnrges, war taxes and preferred dlvi- tnP. one of the nle of equipment by the
dends. Italdw in Locomotive "Works to 1'nland.
The I mted States Ornin Corporation . mnllirlt H j, rrpnrr(
bought this week .181.70.. barrels of ,R bp. b , Am(,rirn ,,
wheat flour at prices ranging from ?!).... , ,rnth(lr ,,.., , , flir
to $10.30. according to its w eeklj , flour UJ, rnrc f (, iMimU ,, ,,,
purchase announcement made public to- ( fwrfd Fto(.k umollntiuK , ,t, ,,or
l"u'" icent. Although no oflielul announcement
... i r. . .. j ji..t.i-.i. nf ha" been made it was slated .vesterdu.v
Surplus after preferred dividends ot ,
' '"'"" ' ,...,.,! , that the board at ednesna) s meeting
the Hupp Motorcar Uorporutioii lor ...... , . , . .
'. j it.. -'in min n..,nin.l (authorized the president to oppoint a I
the vear ended June .1, 11110, amounted I ' .
,o $4S0.r,72. This is equivalent to "" " .os? H -J function w II
,-! ..,...,. ,.nlu ii Horn enrnc-i on "r '" "l""' ' "" "'
t
,...). ii,. n . ii ' "'I '
1'rlees for thrown silk linve advsnred
ten cents or more In sympathy with the
rising raw silk market in Yokohama.
The market Is sold so short that few
dealers: have auj thing to offer for Jm
mediate delivery. A new feature of
the market Is the inquiry from South
America for both organr.lnc and tram.
Iliislness In the dry goods expert field
during tho Inst week has been of a
satisfactory volume and nil Indications
point to the normal leliirn of foreign
trade. Ilveu though print cloths have
been u trifle weaker (linn in the previous
weeks, it Is suld that it would appear
that the bottom had been i cached, and
with the government report on cotton
Just published an upward turn In the
market is to be expected.
Inspections of new lines of winter
mllliuery displayed In the wholesale
houses Indicate that the use of fur iu
the making of hats Is receiving con
fldcrable attention. Some' of the man
ufacturers are turning out many mod
els In combination of fur nnd fubric,
designers making a specinl point of
creating stjles which will be ns light
in weight us possible. All kinds of
fur are being used.
More Inquiries are developing In the
fur market fof raw, dressed nnd djod
Australian and New Zealand rabbit
skins. The djed skins, variously known
ns Trench etinej . seallne, etc., lire used
as n substitute for the popular Hudson
seal or seal dyed nmskrnr. Dressed In
this natural stale or djed In. various
shades the rabbit skins nre used ns
trimmings on popular priced conts ond
,salt?i4' foe tf, 'aMkin Kf $hpp fur
ltt& nnd ehlMwwVfrt, o
i . ! ,fl
PbHM for (he tWniatleri of a corpora
tion to foster trade between the United
H fates nnd France nnd to act ns Ameri
can representative for Freuch tnnnu
facturen are being considered by large
French and American Interests, accord
ing to the l'Veucli Commercial llureuu
lu this city. It N planned to establish
oflico)i throughout tho 1'nlted States to
bring the French Industries to the di
rect attention of American merchants.
The neW-ironiMDy pvobabh tuII'Ii1
kBOWtJ Ml J&fe J4stlla o.
poratlwul ,.;- '
' Fortcsstlnit a Ms ffctmwl'far wotor, ,
Mrs in Australia, Major (!oldrd nf i
the llritlsh Hoard of Trade, believes' H
will be possible to manufacture- autoi
mobiles In India and land them lit Au'
tralla nt a cost of $1500 nnd makef
others In Knglund which might be de
livered In Australia for $220Q prices;
which, he declares, will advantageously
compete with the most popular American-made
cars.
!
m
,i . -i. .. .,,! ,. nt, justing the preferred dividend arrear
he common stock, as compared with , ... . ...
, , --.,- -I.o ... i,r nge. Anj plan of this character will
;i surplus of $4o,l.lS, or S1.1J a snare, .... . .. . ,
,- .v.' ..ii.. ;, , require for its approval n two thirds
in the preceding yenr
Directors of the Kerr Lake Mines,
Ltd., announced the share capital has
been reduced fiom $3,000,000 to $2,
1(10.000 bj reducing the par value of
each share fiom $." to $1. A distribu
tion of cnfiital of $1 a shure in pursu
ance of such reduction will be mnde.
Kerr Navigation Company stockhold
ers have ratified the sale of the com-
panj s WI.IlI.i l. vv . tons or ocean
shipping, earnings of same from Jan
uary 1, 1010, its franchises nnd good
will, to the American Ship and Com
merce Navigation Corporation for 40.
000 shares Class A stock and 35,000
shares Class B stock of the lattrr com
pany. As soon as bills of sale have
I been completed the Kerr Company will
I deliver to the new navigation company
$2,000,000 on account of the ships'
seven months' earnings to July 31.
An indication of the large part that
excess profits nnd income taxes are
plnjing in the reports of industrial com
panies is strikingly illustrated in the
case of Mexicnn Petroleum. Of the
balance, after all charges, operating ex
penses, depreciation and the like, 13
!::; v; the united states offers
Nitro, West Virginia, For Sale
BIDS TO BE OPENED SEPTEMBER 30, 1919
A complete, industrial community, embrac
ing 737 manufacturing buildings, housing
accommodations for 20,000 persona and tho
utilities and civic improvements that consti
tute the conveniences of a modern city.
LOCATED 16 miles northwest of Charles
ton.' W. Va., on the main line of the Kanawha
and Michigan Railway, and fronting three
miles on the cast bank of the Kanawha river,
a navigable stream that affords water com
munication with world markets through tho
Great Lakes on the north and the Gulf of
Mexico and the Panama Canal on the south.
This is one of the world's largest SMOKE
LESS, POWDER PLANTS, includes many
manufacturing units, all of which may be
converted readily to commercial industries.
The industrial community includes a SUL
PHURIC ACID PLANT, with a capacity of
700 tons per 24 hours; a NITRIC ACID
PLANT, capacity 300 tons; a COTTON
PURIFICATION PLANT, capacity 225 tons;
nitrating, colloiding and drying plants; RE
FRIGERATING AND ICE PLANTS;, a box
manufacturing plant; machine shop; thirty
storage buildings; sixteen shipping houses, and
numerous miscellaneous buildings.
The civic community embraces 1500 fur
nished portable houses, 75 permanently con
structed executive residences , hotels, board
ing houses, dormitories, clubhouses, general
and special stores, cafeteria, moving-picture
houses, a 400-bed hospital erected under the
supervision of the Federal Public Health Serv
ice, a 24-room schoolhouse, a police Etation,
bank and administrative buildings.
The utilities include a power plant equip
ped to furnish light and supply motive power.
A transportation system, equipped with steam
and storage battery locomotives, and consist
ing of 18 miles of permanent, broad-gauge and
19 miles of narrow-gauge railways, ties the
industrial area together. A modern telephone
system provides intcrplant and residential
communication. Sewerage and water systems
safeguard the health of the community and
provide protection against fire. A pitch-surfaced
macadam road extends through the
reservation.
Nitro is in the center of a region rich in
natural resources. Surrounding coal fields
supply the highest grade of steam and coking
coal. Natural gas is available from wells
located in the immediate vicinity. A high
grade crude petroleum is produced in this
territory.
Labor skilled in iron, steel, chemical, glass
and kindred industries can be recruited from
sections of West Virginia immediately bur
rounding Nitro.
Tho United States recommends that parties
ir.tercsted in particular units of this project
associate themselves for the purpose -of sub
mitting a bid for the entire property. To facili
tate such bidding, government agents will put
interested parties in touch with each other.
Property to Be Sold Includes a CompleteManufacturing Community, the Various
Units of Which Are Readily Adaptable for Use in Various Lines of Industries
Sealed proposals will be received at the office
of I. H. FRANCIS, CHAIRMAN OF THE
ORDNANCE DISTRICT SALVAGE BOARD,
1710 MARKET STREET, PHILADELPHIA.
PA., until 12:00 o'clock noon, September 30.
1919, at which time they will be publicly
opened and read, for the purchase of the
United States Government Explosives Plant
'C," located at Nitro, West Virginia, which
was constructed by the United States for the
'manufacture of smokeless powder. Proposals
must be for the purchase, either for cash or
for part cash and part deferred payments
amply secured, and must cover all right, title
ana interest of the United States in all real
estate appertaining to this plant and all equip
ment, fixtures and personal property thereon
and thereunto belonging, except that title to
certain fixtures and personal property Is re
icrved to the United States, information re
garding which will bo furnished prospective
bidders on request. All proposals are to
be accompanied by a money deposit in the
form of a certified check made payable to
the Treasurer of the United States in the
amount of $500,000. The United States
reserves the right to reject any or all bids
and to accept that bid which it is deemed
will best serve the interests of the United
States.
vote of each class of stock.
Chrster City Councw) awarded a new
cit.v bond issue of !M00,000 to the Mel
Ion National Hank, of Pittsburgh, nt
their bid of premium of $7010 and ac- i
erued interest, making value of the
bonds ?101.07fl
There is unusually heavy demand
for conimeicinl gold now, and it is
estimated sales to the trade run from,
JWM
VffeVX
Yale-locked
Loose Leaf Ledgers
nUtv.NK BOOKS
Pound iDd
Loose Lea f
LllHOOnAWUNO
1'RINTINU
KNOItAVlNO
OFFICfi
enUoncrj
od buopllci
YOUR records are safely kept in
these ledgers. Only the man whp
holds the key can- add or remove any
leaves.
Yale Lock part of binder; steel
back; lOOft expansion; finest quality
binding and paper; like all Mann
products, as good in materials, work
manship and value as can be. produced.
WILLIAM MANH COMPANY
529 MARKET STREET
PHILADELPHIA, PA.
Veto York Offices: S6t Broadway. Founded in 1848
(LL13YD)
Wrong End Foremost.
You know the story of Lawyer Lin
coln's retort when defending a farmer
who was sued for damages for killing
with a pitchfork a valuable dog that at
tacked him. "Why didn't he use the
other end of the fork?" demanded the
plaintiff's lawyer.
"Why didn't the dog go at nry client
with his other end?" replied Lincoln,
and won the case.
Many a forehanded builder has his
plans upset because the lumber comes
to him wrong end foremost shingles
and siding first, then flooring, then
joists last of all. It's no joke to the con
tractor, who has to pay his idle men,
while the days of good building weather
are slipping away.
Our traffic department, always "on the
job," helps us to deliver each kind of lumber
when it is wanted, and often saves the
builder time and money.
Some day you'll build. If you want the
work finished on time, see that the lumber
comes from LLOYD.
William M. Lloyd Company
ESTABLTSHKD 1868
29th Street and Ridge Avenue, Philadelphia
s
in
FACILITIES
There is included in the pioperty to be sold
the following: 1800 acres of land, more or
lets- a SULPHURIC ACID PLANT in seven
unita with a rated capacity of 700 tensper
twenty-four hours; a NITRIC ACID PLANT in
Si..t. -tlorl to deliver 800 tons of nitric
Sr ner day: a COTTON PURIFICATION
r"T.i . m .
Drittin -nf utandard milo mill deiign In four
unite t. with a copacity of 225 tow per day,
adantable to the manufacture of wood as well
as cotton -pulp;' Nitrating, Celloiding and Dry
ing uniWr; a largo machine shopa power plant
of 85.000 rated boiler horsepower; a water
system with a capacity of 60,000,000 gallons
per twenty-four hours, including a purification
works, sixty miles of distributing system and
' ppu'rtenancei; 'sewer, power and UgMing
facilities; a plant railway system, includini;
rolling stock; a box factory; a civic develop
ment comprised of houses for 20,000 persons;
stores, school, hotel, 400-bed hospital, milk
plant, laundry and ice plant.
The plant is located on n navigable river and
on the lines of the Kanawha and Michigan
Railway, and is in the natural gas and coal
belt. There are largo stocks of mechanical
supplies, chemicals and commissary suppliei
and a river fleet consisting of a steamer, der
rick boat, barges, etc
INFORMATION CONCERNING THE
PLANT AND FACILITIES and TERMS AND
CONDITIONS OF THE SALE may be obtained
upon application to I. H. Francis, Chairman.
Ordnance District Salvage Board, 1710 Market
Street, Philadelphia, Pa., or to the Officer in
Charge of the Plant at Nitro, W. Va.
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